Funding arb · Price arb /

NATGAS

RWAall NATGAS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0541%/8h= +59.3% APRpaid last 24h +0.092%

Price spread now: Variational Omni against Hotstuff−0.041%46s7-day average — · you buy dearer than you sell

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

Long on Hotstuff Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropHotstuff: Active · Variational Omni: Active · farm boardneeds both histories

Funding pays, the price is against you. Variational Omni is 0.041% cheaper against Hotstuff than usual: you would sell low and buy high (spread −0.041% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$4 on $10k: about 6 hours of funding at the current rate (+$16 a day). The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hotstuff NATGAS-PERP	3.0062	0.0096	pay 0.0012% / 1h	44m 38s	$35K	—	20x
Short	Variational Omni NATGAS	3.0050	0.0637	get 0.0319% / 4h	2h 44m	$317K	$449K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Hotstuff. 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 HotstuffbpFee Variational OmnibpOrdersPrice spread, now −0.041%Rate

Funding earned: $113.67
Price spread: −0.041% → 0.000%: −$4.08
Slippage, 4 orders: no order book: not counted
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $104.59
Costs to cover: 0.050%
Break-even: 0.6 days

Slippage unknown: Hotstuff: no order-book sample; Variational Omni: RFQ quote, 4 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 Hotstuff no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 4 min ago	4.49 bp	doesn't fit	8.2 bp −$82	doesn't fit	doesn't fit

Hotstuff: 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 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	2.8446	−5.376%	—	—	—	as long as short
SunX NATGAS-USDT	0.0000%	4h	3.0082	+0.067%	$2K	$2.4M	20x	as long as short
Lighter NATGAS	+0.0032%	1h	3.0054	−0.027%	$629K	$503K	10x	as long as short
QFEX NATGAS-USD	+0.0033%	1h	3.0050	−0.040%	$660K	$96K	20x	as long as short
Vest NG-PERP	+0.0046%	1h	3.0060	−0.007%	—	$14K	10x	as long as short
Extended XNG-USD	+0.0048%	1h	3.0048	−0.047%	$110K	$364K	5x	as long as short
Ondo Perps NATGAS-USD.P	+0.0050%	1h	3.0042	−0.067%	$82K	$26K	10x	as long as short
Paradex NG-USD-PERP	+0.0079%	8h	3.0076	+0.046%	$5K	—	5x	as long as short
Hotstuff NATGAS-PERPlong	+0.0096%	1h	3.0062	long leg	$35K	—	20x
Pacifica NATGAS	+0.0100%	1h	3.0034	−0.093%	$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 NATGASUSDT	+0.0100%	1h	3.0000	−0.206%	$37K	$218K	50x	as long as short
Orderly PERP_NATGAS_USDC_mythos	+0.0100%	8h	3.0000	−0.206%	$3K	$544	10x	as long as short
Phemex NGUSDT	+0.0100%	4h	3.0060	−0.007%	$1.5M	$92K	10x	as long as short
tradeXYZ xyz:NATGAS	+0.0129%	1h	3.0059	−0.010%	$6.0M	$5.6M	10x	as long as short
HTX NATGAS-USDT	+0.0369%	4h	3.0072	+0.033%	$107K	$212K	75x	as long as short
KuCoin NATGASUSDTM	+0.0382%	4h	3.0050	−0.040%	$1.0M	$973K	20x	as long as short
GRVT NATGAS_USDT_Perp	+0.0390%	4h	3.0045	−0.056%	$13K	$224K	25x	as long as short
Aster NATGASUSDT	+0.0429%	4h	3.0054	−0.027%	$264K	$74K	50x	as long as short
GMX NATGAS/USD [ETH-USDC]	L +0.0504% / S −0.0449%	1h	3.0065	+0.010%	$92K	—	45x	as long as short
Gate NG_USDT	+0.0578%	8h	3.0100	+0.126%	$1.5M	$193K	100x	as long as short
Variational Omni NATGASshort	+0.0637%	4h	3.0050	−0.041%	$317K	$449K	—
BloFin NG-USDT	+0.0639%	8h	3.0050	−0.040%	$82K	$195K	20x	as long as short
OKX NG-USDT-SWAP	+0.0643%	8h	3.0060	−0.007%	$869K	$1.7M	50x	as long as short
Binance NATGASUSDT	+0.0662%	4h	3.0064	+0.008%	$10.3M	$28.2M	100x	as long as short
edgeX NATGASUSDC	+0.0682%	4h	3.0050	−0.041%	$85K	$213K	20x	as long as short
Bitget NATGASUSDT	+0.1028%	4h	3.0030	−0.106%	$9.9M	$3.2M	100x	as long as short
Kraken Futures PF_NATGASUSD	+0.1181%	1h	3.0083	+0.070%	$56K	$35K	20x	as long as short