Funding arb · Price arb /

NATGAS

RWAall NATGAS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0286%/8h= +31.3% APRpaid last 24h +0.042%

Price spread now: KuCoin against ApeX Omni−0.033%82s7-day average −0.039% · you buy dearer than you sell

Net, funding: paid 7d − costs−$175as 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−$1811.812% of the position

Long on ApeX Omni Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.062%+$6 on $10k

Price spread, last 4 days (all we have)+0.066%+$7 · spread now −0.033%, 7d avg −0.039%

Together, before fees+0.128%+$13 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.039%, so right now this pair is about funding alone: +$9 a day on $10k at the current rate. The two prices were read 82 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.062% in total (about 3.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni NATGASUSDT	3.0000	0.0100	pay 0.0013% / 1h	0m 18s	$37K	$214K	50x
Short	KuCoin NATGASUSDTM	2.9990	0.0386	get 0.0193% / 4h	1h 00m	$1.1M	$1.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against ApeX Omni. 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 ApeX OmnibpFee KuCoinbpOrdersPrice spread, now −0.033%Rate

Funding earned: $60.06
Price spread: −0.033% → −0.039%: $0.56
Slippage, 4 orders: −$159.2
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$120.58
Costs to cover: 1.812%
Break-even: 21.1 days

Slippage from ApeX Omni: live order book, 61 min ago; KuCoin: live order book, 4 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 ApeX Omni live order book, 61 min ago	33.33 bp	73.2 bp −$73	287.3 bp −$2,873	doesn't fit	doesn't fit
Sell KuCoin live order book, 4 min ago	1.67 bp	22.4 bp −$22	538.8 bp −$5,388	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
gTrade (Gains Network) NATGAS/USD	L 0.0000% / S 0.0000%	1h	2.8425	−5.250%	—	—	—	as long as short
SunX NATGAS-USDT	0.0000%	4h	3.0032	+0.107%	$2K	$2.4M	20x	as long as short
QFEX NATGAS-USD	+0.0019%	1h	3.0000	0.000%	$658K	$85K	20x	as long as short
Lighter NATGAS	+0.0032%	1h	3.0008	+0.027%	$618K	$495K	10x	as long as short
Hotstuff NATGAS-PERP	+0.0032%	1h	3.0008	+0.027%	$35K	—	20x	as long as short
Vest NG-PERP	+0.0046%	1h	3.0010	+0.033%	—	$378	10x	as long as short
Ondo Perps NATGAS-USD.P	+0.0050%	1h	3.0028	+0.093%	$82K	$26K	10x	as long as short
Paradex NG-USD-PERP	+0.0060%	8h	3.0016	+0.054%	$5K	—	5x	as long as short
tradeXYZ xyz:NATGAS	+0.0093%	1h	3.0008	+0.027%	$6.0M	$5.9M	10x	as long as short
Pacifica NATGAS	+0.0100%	1h	2.9978	−0.073%	$68K	$33K	10x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni NATGASUSDTlong	+0.0100%	1h	3.0000	long leg	$37K	$214K	50x
Orderly PERP_NATGAS_USDC_mythos	+0.0100%	8h	3.0000	0.000%	$3K	$544	10x	as long as short
Phemex NGUSDT	+0.0100%	4h	3.0010	+0.033%	$1.5M	$95K	10x	as long as short
Extended XNG-USD	+0.0128%	1h	2.9995	−0.017%	$110K	$445K	5x	as long as short
HTX NATGAS-USDT	+0.0239%	4h	3.0028	+0.093%	$105K	$216K	75x	as long as short
GRVT NATGAS_USDT_Perp	+0.0382%	4h	3.0002	+0.008%	$25K	$227K	25x	as long as short
KuCoin NATGASUSDTMshort	+0.0386%	4h	2.9990	−0.033%	$1.1M	$1.1M	20x
Aster NATGASUSDT	+0.0410%	4h	3.0002	+0.006%	$265K	$73K	50x	as long as short
GMX NATGAS/USD [ETH-USDC]	L +0.0443% / S −0.0382%	1h	3.0015	+0.050%	$92K	—	45x	as long as short
Gate NG_USDT	+0.0460%	8h	3.0040	+0.133%	$1.5M	$211K	100x	as long as short
OKX NG-USDT-SWAP	+0.0480%	8h	3.0000	0.000%	$853K	$1.7M	50x	as long as short
BloFin NG-USDT	+0.0481%	8h	3.0000	0.000%	$80K	$188K	20x	as long as short
Variational Omni NATGAS	+0.0595%	4h	3.0009	+0.029%	$311K	$444K	—	as long as short
edgeX NATGASUSDC	+0.0617%	4h	2.9999	−0.003%	$85K	$213K	20x	as long as short
Binance NATGASUSDT	+0.0623%	4h	3.0016	+0.052%	$10.2M	$28.9M	100x	as long as short
Bitget NATGASUSDT	+0.0996%	4h	2.9980	−0.067%	$9.9M	$3.4M	100x	as long as short
Kraken Futures PF_NATGASUSD	+0.1109%	1h	3.0025	+0.083%	$53K	$34K	20x	as long as short