Funding arb · Price arb /

NATGAS

RWAall NATGAS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0838%/8h= −91.8% APRpaid last 24h −0.234%

Price spread now: Lighter against Bitget+0.123%7-day average −0.056% · you sell dearer than you buy

Net, funding: paid 7d − costs−$71as in the Funding arb table

Net, price: spread back to 7d avg − costs−$17as in the Price arb table

costs, in and out, $10k−$340.344% of the position

Long on Bitget Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.363%−$36 on $10k

Price spread, last 4 days (all we have)+0.015%+$1 · spread now +0.123%, 7d avg −0.056%

Together, before fees−0.348%+ Points / potential airdropLighter: Season 3 · farm board−$35 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Lighter is 0.179% dearer against Bitget than usual: you sell high and buy low (spread +0.123% now, against its 7-day average of −0.056%): +$18 on $10k if it goes back. Holding the pair costs −$25 a day in funding at the current rate, which eats that in about 17 hours. At the pace of the last 7 days (−0.363% in total) that is about 3.5 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.363% in total (about -18.9% 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	Bitget NATGASUSDT	3.0040	0.0870	pay 0.0435% / 4h	34m 20s	$9.9M	$3.0M	100x
Short	Lighter NATGAS	3.0077	0.0032	get 0.0004% / 1h	34m 20s	$631K	$494K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Bitget. 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 BitgetbpFee LighterbpOrdersPrice spread, now +0.123%Rate

Funding earned: −$175.98
Price spread: +0.123% → −0.056%: $17.91
Slippage, 4 orders: −$22.42
Fee Bitget: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$192.49
Costs to cover: 0.344%
Break-even: never at this rate

Slippage from Bitget: live order book, 4 min ago; Lighter: live order book, 61 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 Bitget live order book, 4 min ago	1.66 bp	10.5 bp −$11	22.0 bp −$220	56.3 bp −$5,629	doesn't fit
Sell Lighter live order book, 61 min ago	0.83 bp	9.2 bp −$9	18.3 bp −$183	85.4 bp −$8,544	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	−0.0072%	1h	3.0070	+0.100%	$35K	—	20x	as long as short
gTrade (Gains Network) NATGAS/USD	L 0.0000% / S 0.0000%	1h	2.8439	−5.330%	—	—	—	as long as short
SunX NATGAS-USDT	0.0000%	4h	3.0082	+0.140%	$2K	$2.4M	20x	as long as short
HTX NATGAS-USDT	0.0000%	4h	3.0076	+0.120%	$117K	$216K	75x	as long as short
QFEX NATGAS-USD	+0.0004%	1h	3.0050	+0.033%	$660K	$96K	20x	as long as short
Lighter NATGASshort	+0.0032%	1h	3.0077	+0.123%	$631K	$494K	10x
Extended XNG-USD	+0.0032%	1h	3.0061	+0.070%	$111K	$271K	5x	as long as short
Vest NG-PERP	+0.0046%	1h	3.0070	+0.100%	—	$14K	10x	as long as short
tradeXYZ xyz:NATGAS	+0.0050%	1h	3.0069	+0.097%	$6.0M	$5.2M	10x	as long as short
Ondo Perps NATGAS-USD.P	+0.0050%	1h	3.0081	+0.136%	$83K	$26K	10x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex NG-USD-PERP	+0.0052%	8h	3.0073	+0.110%	$5K	—	5x	as long as short
GRVT NATGAS_USDT_Perp	+0.0084%	4h	3.0039	−0.002%	$15K	$222K	25x	as long as short
Pacifica NATGAS	+0.0100%	1h	3.0061	+0.069%	$70K	$32K	10x	as long as short
ApeX Omni NATGASUSDT	+0.0100%	1h	3.0100	+0.200%	$37K	$216K	50x	as long as short
Orderly PERP_NATGAS_USDC_mythos	+0.0100%	8h	3.0000	−0.133%	$3K	$544	10x	as long as short
Phemex NGUSDT	+0.0100%	4h	3.0080	+0.133%	$1.5M	$91K	10x	as long as short
KuCoin NATGASUSDTM	+0.0174%	4h	3.0050	+0.033%	$1.0M	$886K	20x	as long as short
Aster NATGASUSDT	+0.0187%	4h	3.0069	+0.096%	$265K	$65K	50x	as long as short
Variational Omni NATGAS	+0.0402%	4h	3.0069	+0.097%	$319K	$390K	—	as long as short
Binance NATGASUSDT	+0.0423%	4h	3.0075	+0.118%	$10.4M	$28.5M	100x	as long as short
edgeX NATGASUSDC	+0.0441%	4h	3.0054	+0.047%	$85K	$212K	20x	as long as short
GMX NATGAS/USD [ETH-USDC]	L +0.0577% / S −0.0588%	1h	3.0075	+0.117%	$88K	—	45x	as long as short
Gate NG_USDT	+0.0579%	8h	3.0080	+0.133%	$1.5M	$195K	100x	as long as short
OKX NG-USDT-SWAP	+0.0622%	8h	3.0050	+0.033%	$854K	$1.8M	50x	as long as short
BloFin NG-USDT	+0.0643%	8h	3.0060	+0.067%	$82K	$198K	20x	as long as short
Kraken Futures PF_NATGASUSD	+0.0861%	1h	3.0082	+0.139%	$56K	$36K	20x	as long as short
Bitget NATGASUSDTlong	+0.0870%	4h	3.0040	long leg	$9.9M	$3.0M	100x