Funding arb · Price arb /

NATGAS

RWAall NATGAS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0137%/8h= −15.1% APRpaid last 24h −0.081%

Price spread now: QFEX against Gate−0.100%7-day average −0.044% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$67as in the Price arb table

costs, in and out, $10k−$620.618% of the position

Long on Gate Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.123%−$12 on $10k

Price spread, last 4 days (all we have)+0.010%+$1 · spread now −0.100%, 7d avg −0.044%

Together, before fees−0.113%−$11 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and QFEX is 0.056% cheaper against Gate than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.044%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate NG_USDT	2.9980	0.0167	pay 0.0167% / 8h	13m 23s	$1.5M	$285K	100x
Short	QFEX NATGAS-USD	2.9950	0.0030	get 0.0004% / 1h	13m 23s	$657K	$86K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against Gate. 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 GatebpFee QFEXbpOrdersPrice spread, now −0.100%Rate

Funding earned: −$28.87
Price spread: −0.100% → −0.044%: −$5.65
Slippage, 4 orders: −$36.77
Fee Gate: 7.5 bp × 2 orders: −$15
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$96.29
Costs to cover: 0.618%
Break-even: never at this rate

Slippage from Gate: live order book, 4 min ago; QFEX: live order book, 51 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 Gate live order book, 4 min ago	1.67 bp	27.3 bp −$27	72.0 bp −$720	doesn't fit	doesn't fit
Sell QFEX live order book, 51 min ago	1.67 bp	9.9 bp −$10	10.0 bp −$100	13.2 bp −$1,319	doesn't fit

NATGAS on 26 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
GRVT NATGAS_USDT_Perp	0.0000%	4h	2.9948	−0.106%	$13K	$238K	25x	as long as short
SunX NATGAS-USDT	0.0000%	4h	2.9972	−0.027%	$2K	$2.6M	20x	as long as short
HTX NATGAS-USDT	0.0000%	4h	2.9987	+0.023%	$98K	$212K	75x	as long as short
QFEX NATGAS-USDshort	+0.0030%	1h	2.9950	−0.100%	$657K	$86K	20x
Lighter NATGAS	+0.0032%	1h	2.9968	−0.040%	$616K	$419K	10x	as long as short
Extended XNG-USD	+0.0032%	1h	2.9943	−0.123%	$110K	$453K	5x	as long as short
Aster NATGASUSDT	+0.0041%	4h	2.9960	−0.067%	$265K	$73K	50x	as long as short
Vest NG-PERP	+0.0046%	1h	2.9960	−0.067%	—	$378	10x	as long as short
tradeXYZ xyz:NATGAS	+0.0050%	1h	2.9947	−0.110%	$5.9M	$6.0M	10x	as long as short
Ondo Perps NATGAS-USD.P	+0.0050%	1h	2.9973	−0.023%	$84K	$43K	10x	as long as short

Show all 26 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex NG-USD-PERP	+0.0065%	8h	2.9955	−0.084%	$5K	—	5x	as long as short
Hotstuff NATGAS-PERP	+0.0072%	1h	2.9951	−0.097%	$35K	—	20x	as long as short
Variational Omni NATGAS	+0.0080%	4h	2.9951	−0.098%	$311K	$443K	—	as long as short
Pacifica NATGAS	+0.0100%	1h	2.9951	−0.095%	$68K	$33K	10x	as long as short
KuCoin NATGASUSDTM	+0.0100%	4h	2.9950	−0.100%	$1.0M	$1.2M	20x	as long as short
ApeX Omni NATGASUSDT	+0.0100%	1h	2.9900	−0.267%	$36K	$217K	50x	as long as short
Orderly PERP_NATGAS_USDC_mythos	+0.0100%	8h	3.0000	+0.067%	$3K	$544	10x	as long as short
Phemex NGUSDT	+0.0100%	4h	2.9960	−0.067%	$1.5M	$97K	10x	as long as short
OKX NG-USDT-SWAP	+0.0121%	8h	2.9960	−0.067%	$856K	$1.7M	50x	as long as short
BloFin NG-USDT	+0.0151%	8h	2.9960	−0.067%	$80K	$189K	20x	as long as short
Gate NG_USDTlong	+0.0167%	8h	2.9980	long leg	$1.5M	$285K	100x
Binance NATGASUSDT	+0.0167%	4h	2.9950	−0.100%	$10.1M	$29.9M	100x	as long as short
edgeX NATGASUSDC	+0.0204%	4h	2.9951	−0.098%	$85K	$213K	20x	as long as short
Bitget NATGASUSDT	+0.0260%	4h	2.9930	−0.167%	$10.0M	$3.7M	100x	as long as short
GMX NATGAS/USD [ETH-USDC]	L +0.0406% / S −0.0333%	1h	2.9955	−0.083%	$93K	—	45x	as long as short
Kraken Futures PF_NATGASUSD	+0.1217%	1h	2.9965	−0.051%	$52K	$39K	20x	as long as short