Funding arb · Price arb /

NATGAS

RWAall NATGAS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0558%/8h= −61.2% APRpaid last 24h −0.125%

Price spread now: QFEX against edgeX+0.034%57s7-day average −0.022% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

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

costs, in and out, $10k−$710.713% of the position

Long on edgeX Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.179%−$18 on $10k

Price spread, last 4 days (all we have)−0.042%−$4 · spread now +0.034%, 7d avg −0.022%

Together, before fees−0.221%+ Points / potential airdropedgeX: Active · farm board−$22 on $10k · with fees, hour by hour

The price spread pays, funding is against you. QFEX is 0.056% dearer against edgeX than usual: you sell high and buy low (spread +0.034% now, against its 7-day average of −0.022%): +$6 on $10k if it goes back. Holding the pair costs −$17 a day in funding at the current rate, which eats that in about 8 hours. At the pace of the last 4 days (−0.179% in total) that is about 27 hours. The two prices were read 57 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 4 days it paid -0.179% in total (about -17.8% 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	edgeX NATGASUSDC	3.0060	0.0592	pay 0.0296% / 4h	2h 08m	$85K	$212K	20x
Short	QFEX NATGAS-USD	3.0070	0.0033	get 0.0004% / 1h	8m 04s	$660K	$96K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against edgeX. 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 edgeXbpFee QFEXbpOrdersPrice spread, now +0.034%Rate

Funding earned: −$117.28
Price spread: +0.034% → −0.022%: $5.57
Slippage, 4 orders: −$52.33
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$183.04
Costs to cover: 0.713%
Break-even: never at this rate

Slippage from edgeX: live order book, 39 min ago; QFEX: live order book, 17 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 edgeX live order book, 39 min ago	13.32 bp	33.6 bp −$34	42.2 bp −$422	doesn't fit	doesn't fit
Sell QFEX live order book, 17 min ago	3.33 bp	8.3 bp −$8	8.3 bp −$83	12.6 bp −$1,262	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	2.8465	−5.305%	—	—	—	as long as short
SunX NATGAS-USDT	0.0000%	4h	3.0102	+0.141%	$2K	$2.4M	20x	as long as short
Lighter NATGAS	+0.0032%	1h	3.0076	+0.054%	$629K	$504K	10x	as long as short
Extended XNG-USD	+0.0032%	1h	3.0068	+0.029%	$110K	$333K	5x	as long as short
Hotstuff NATGAS-PERP	+0.0032%	1h	3.0082	+0.074%	$35K	—	20x	as long as short
QFEX NATGAS-USDshort	+0.0033%	1h	3.0070	+0.034%	$660K	$96K	20x
Vest NG-PERP	+0.0046%	1h	3.0080	+0.067%	—	$14K	10x	as long as short
Ondo Perps NATGAS-USD.P	+0.0050%	1h	3.0049	−0.036%	$83K	$26K	10x	as long as short
tradeXYZ xyz:NATGAS	+0.0057%	1h	3.0074	+0.047%	$6.0M	$5.5M	10x	as long as short
Paradex NG-USD-PERP	+0.0063%	8h	3.0093	+0.111%	$5K	—	5x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica NATGAS	+0.0100%	1h	3.0076	+0.054%	$68K	$33K	10x	as long as short
ApeX Omni NATGASUSDT	+0.0100%	1h	3.0000	−0.199%	$37K	$218K	50x	as long as short
Orderly PERP_NATGAS_USDC_mythos	+0.0100%	8h	3.0000	−0.199%	$3K	$544	10x	as long as short
Phemex NGUSDT	+0.0100%	4h	3.0070	+0.034%	$1.5M	$93K	10x	as long as short
HTX NATGAS-USDT	+0.0130%	4h	3.0080	+0.067%	$107K	$211K	75x	as long as short
GRVT NATGAS_USDT_Perp	+0.0170%	4h	3.0052	−0.025%	$13K	$212K	25x	as long as short
KuCoin NATGASUSDTM	+0.0316%	4h	3.0060	+0.001%	$1.0M	$945K	20x	as long as short
Aster NATGASUSDT	+0.0338%	4h	3.0097	+0.123%	$265K	$75K	50x	as long as short
GMX NATGAS/USD [ETH-USDC]	L +0.0528% / S −0.0529%	1h	3.0075	+0.051%	$88K	—	45x	as long as short
Variational Omni NATGAS	+0.0561%	4h	3.0060	0.000%	$317K	$432K	—	as long as short
Binance NATGASUSDT	+0.0580%	4h	3.0070	+0.034%	$10.3M	$28.5M	100x	as long as short
edgeX NATGASUSDClong	+0.0592%	4h	3.0060	long leg	$85K	$212K	20x
Gate NG_USDT	+0.0613%	8h	3.0100	+0.134%	$1.5M	$196K	100x	as long as short
OKX NG-USDT-SWAP	+0.0652%	8h	3.0050	−0.032%	$867K	$1.7M	50x	as long as short
BloFin NG-USDT	+0.0652%	8h	3.0070	+0.034%	$81K	$195K	20x	as long as short
Bitget NATGASUSDT	+0.0986%	4h	3.0040	−0.066%	$9.9M	$3.2M	100x	as long as short
Kraken Futures PF_NATGASUSD	+0.1180%	1h	3.0096	+0.119%	$56K	$35K	20x	as long as short