Funding arb · Price arb /

NATGAS

RWAall NATGAS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0233%/8h= +25.5% APRpaid last 24h +0.086%

Price spread now: Gate against SunX+0.027%53s7-day average −0.042% · you sell dearer than you buy

Net, funding: paid 7d − costs−$28as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$920.922% of the position

Long on SunX Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+0.640%+$64 on $10k

Price spread, last 3 days (all we have)−0.033%−$3 · spread now +0.027%, 7d avg −0.042%

Together, before fees+0.606%+$61 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Gate is 0.069% dearer against SunX than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of −0.042%. The two prices were read 53 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX NATGAS-USDT	2.9942	0	get 0.0000% / 4h	1h 26m	$2K	$2.6M	20x
Short	Gate NG_USDT	2.9950	0.0233	get 0.0233% / 8h	1h 26m	$1.5M	$306K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against SunX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee SunXbpFee GatebpOrdersPrice spread, now +0.027%Rate

Funding earned: $48.93
Price spread: +0.027% → −0.042%: $6.87
Slippage, 4 orders: −$69.24
Fee SunX: 4 bp × 2 orders: −$8
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$36.44
Costs to cover: 0.922%
Break-even: 12.2 days

Slippage from SunX: live order book, 11 min ago; Gate: live order book, 1 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy SunX live order book, 11 min ago	15.02 bp	19.4 bp −$19	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 1 min ago	1.67 bp	18.2 bp −$18	58.1 bp −$581	doesn't fit	doesn't fit

NATGAS on 27 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hotstuff NATGAS-PERP	−0.0016%	1h	2.9913	−0.097%	$35K	—	20x	as long as short
gTrade (Gains Network) NATGAS/USD	L 0.0000% / S 0.0000%	1h	2.8260	−5.618%	—	—	—	as long as short
SunX NATGAS-USDTlong	0.0000%	4h	2.9942	long leg	$2K	$2.6M	20x
Lighter NATGAS	+0.0032%	1h	2.9911	−0.104%	$618K	$411K	10x	as long as short
Vest NG-PERP	+0.0046%	1h	2.9920	−0.073%	—	$378	10x	as long as short
tradeXYZ xyz:NATGAS	+0.0050%	1h	2.9914	−0.094%	$5.9M	$6.0M	10x	as long as short
Ondo Perps NATGAS-USD.P	+0.0050%	1h	2.9908	−0.114%	$84K	$50K	10x	as long as short
Pacifica NATGAS	+0.0100%	1h	2.9901	−0.136%	$68K	$34K	10x	as long as short
ApeX Omni NATGASUSDT	+0.0100%	1h	2.9900	−0.140%	$36K	$216K	50x	as long as short
Orderly PERP_NATGAS_USDC_mythos	+0.0100%	8h	2.9900	−0.140%	$3K	$544	10x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex NGUSDT	+0.0100%	4h	2.9920	−0.073%	$1.5M	$101K	10x	as long as short
Paradex NG-USD-PERP	+0.0130%	8h	2.9921	−0.071%	$5K	—	5x	as long as short
Extended XNG-USD	+0.0152%	1h	2.9901	−0.138%	$110K	$1.2M	5x	as long as short
QFEX NATGAS-USD	+0.0160%	1h	2.9910	−0.107%	$656K	$86K	20x	as long as short
Gate NG_USDTshort	+0.0233%	8h	2.9950	+0.027%	$1.5M	$306K	100x
KuCoin NATGASUSDTM	+0.0258%	4h	2.9920	−0.073%	$1.0M	$1.2M	20x	as long as short
HTX NATGAS-USDT	+0.0290%	4h	2.9946	+0.013%	$98K	$215K	75x	as long as short
BloFin NG-USDT	+0.0335%	8h	2.9910	−0.107%	$84K	$189K	20x	as long as short
OKX NG-USDT-SWAP	+0.0336%	8h	2.9920	−0.073%	$855K	$1.7M	50x	as long as short
GMX NATGAS/USD [ETH-USDC]	L +0.0406% / S −0.0333%	1h	2.9925	−0.057%	$93K	—	45x	as long as short
GRVT NATGAS_USDT_Perp	+0.0440%	4h	2.9916	−0.088%	$13K	$246K	25x	as long as short
Kraken Futures PF_NATGASUSD	+0.0515%	1h	2.9940	−0.006%	$52K	$44K	20x	as long as short
Aster NATGASUSDT	+0.0594%	4h	2.9940	−0.007%	$265K	$105K	50x	as long as short
Variational Omni NATGAS	+0.0644%	4h	2.9931	−0.036%	$311K	$446K	—	as long as short
Binance NATGASUSDT	+0.0670%	4h	2.9925	−0.058%	$10.1M	$31.1M	100x	as long as short
edgeX NATGASUSDC	+0.0711%	4h	2.9921	−0.069%	$85K	$211K	20x	as long as short
Bitget NATGASUSDT	+0.0884%	4h	2.9900	−0.140%	$10.0M	$4.0M	100x	as long as short