Funding arb · Price arb /

NATGAS

RWAall NATGAS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0509%/8h= +55.7% APRpaid last 24h +0.094%

Price spread now: Bitget against GMX−0.083%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on GMX Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Bitget is 0.083% cheaper against GMX than usual: you would sell low and buy high (spread −0.083% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$8 on $10k: about 13 hours of funding at the current rate (+$15 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX NATGAS/USD [ETH-USDC]	3.0035	L +0.0459% / S −0.0399%	pay 0.0057% / 1h	8m 36s	$92K	—	45x
Short	Bitget NATGASUSDT	3.0010	0.0968	get 0.0484% / 4h	8m 36s	$9.9M	$3.3M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against GMX. 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 GMXbpFee BitgetbpOrdersPrice spread, now −0.083%Rate

Funding earned: $106.89
Price spread: −0.083% → 0.000%: −$8.32
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Bitget: 6 bp × 2 orders: −$12
Net: $74.57
Costs to cover: 0.240%
Break-even: 2.1 days

Slippage unknown: GMX: no order-book sample; Bitget: live order book, 5 min ago. Net counts fees only.

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 GMX no order-book sample	—	—	—	—	—
Sell Bitget live order book, 5 min ago	1.67 bp	9.9 bp −$10	18.1 bp −$181	63.5 bp −$6,352	doesn't fit

GMX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
SunX NATGAS-USDT	0.0000%	4h	3.0052	+0.057%	$2K	$2.4M	20x	as long as short
QFEX NATGAS-USD	+0.0022%	1h	3.0030	−0.017%	$669K	$91K	20x	as long as short
Lighter NATGAS	+0.0032%	1h	3.0035	0.000%	$619K	$494K	10x	as long as short
Extended XNG-USD	+0.0032%	1h	3.0026	−0.029%	$110K	$405K	5x	as long as short
Vest NG-PERP	+0.0046%	1h	3.0030	−0.017%	—	$14K	10x	as long as short
Ondo Perps NATGAS-USD.P	+0.0050%	1h	3.0015	−0.067%	$82K	$26K	10x	as long as short
Paradex NG-USD-PERP	+0.0053%	8h	3.0050	+0.049%	$5K	—	5x	as long as short
tradeXYZ xyz:NATGAS	+0.0067%	1h	3.0027	−0.027%	$6.0M	$5.7M	10x	as long as short
Pacifica NATGAS	+0.0100%	1h	3.0014	−0.070%	$68K	$33K	10x	as long as short
ApeX Omni NATGASUSDT	+0.0100%	1h	3.0000	−0.117%	$37K	$216K	50x	as long as short

Show all 26 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_NATGAS_USDC_mythos	+0.0100%	8h	3.0000	−0.117%	$3K	$544	10x	as long as short
Phemex NGUSDT	+0.0100%	4h	3.0030	−0.017%	$1.5M	$93K	10x	as long as short
Hotstuff NATGAS-PERP	+0.0152%	1h	3.0033	−0.007%	$35K	—	20x	as long as short
HTX NATGAS-USDT	+0.0161%	4h	3.0055	+0.067%	$105K	$211K	75x	as long as short
GRVT NATGAS_USDT_Perp	+0.0306%	4h	3.0030	−0.016%	$25K	$227K	25x	as long as short
KuCoin NATGASUSDTM	+0.0322%	4h	3.0020	−0.050%	$1.0M	$1.0M	20x	as long as short
Aster NATGASUSDT	+0.0366%	4h	3.0020	−0.050%	$265K	$72K	50x	as long as short
GMX NATGAS/USD [ETH-USDC]long	L +0.0459% / S −0.0399%	1h	3.0035	long leg	$92K	—	45x
Gate NG_USDT	+0.0496%	8h	3.0070	+0.117%	$1.5M	$194K	100x	as long as short
BloFin NG-USDT	+0.0500%	8h	3.0040	+0.017%	$81K	$192K	20x	as long as short
OKX NG-USDT-SWAP	+0.0514%	8h	3.0030	−0.017%	$861K	$1.7M	50x	as long as short
Variational Omni NATGAS	+0.0574%	4h	3.0029	−0.018%	$317K	$449K	—	as long as short
Binance NATGASUSDT	+0.0586%	4h	3.0030	−0.017%	$10.2M	$28.5M	100x	as long as short
edgeX NATGASUSDC	+0.0606%	4h	3.0030	−0.015%	$85K	$212K	20x	as long as short
Bitget NATGASUSDTshort	+0.0968%	4h	3.0010	−0.083%	$9.9M	$3.3M	100x
Kraken Futures PF_NATGASUSD	+0.0994%	1h	3.0045	+0.034%	$54K	$33K	20x	as long as short