Funding arb · Price arb /

NATGAS

RWAall NATGAS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0486%/8h= −53.2% APRpaid last 24h −0.026%

Price spread now: QFEX against HTX−0.106%7-day average −0.073% · 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−$41as in the Price arb table

costs, in and out, $10k−$370.371% of the position

Long on HTX Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.013%−$1 on $10k

Price spread, last 4 days (all we have)+0.033%+$3 · spread now −0.106%, 7d avg −0.073%

Together, before fees+0.020%+$2 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$15 a day on $10k at the current rate, and QFEX is 0.034% cheaper against HTX than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.073%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.013% in total (about -1.3% 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	HTX NATGAS-USDT	3.0072	0.0495	pay 0.0247% / 4h	3h 03m	$107K	$212K	75x
Short	QFEX NATGAS-USD	3.0040	0.0009	get 0.0001% / 1h	3m 26s	$659K	$96K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against HTX. 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 HTXbpFee QFEXbpOrdersPrice spread, now −0.106%Rate

Funding earned: −$102.1
Price spread: −0.106% → −0.073%: −$3.38
Slippage, 4 orders: −$15.13
Fee HTX: 6 bp × 2 orders: −$12
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$142.62
Costs to cover: 0.371%
Break-even: never at this rate

Slippage from HTX: live order book, 48 min ago; QFEX: live order book, 27 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 HTX live order book, 48 min ago	1.50 bp	7.5 bp −$7	14.0 bp −$140	doesn't fit	doesn't fit
Sell QFEX live order book, 27 min ago	3.33 bp	8.3 bp −$8	8.3 bp −$83	12.4 bp −$1,240	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	2.8440	−5.427%	—	—	—	as long as short
SunX NATGAS-USDT	0.0000%	4h	3.0072	0.000%	$2K	$2.4M	20x	as long as short
QFEX NATGAS-USDshort	+0.0009%	1h	3.0040	−0.106%	$659K	$96K	20x
Lighter NATGAS	+0.0032%	1h	3.0045	−0.090%	$629K	$503K	10x	as long as short
Vest NG-PERP	+0.0046%	1h	3.0050	−0.073%	—	$14K	10x	as long as short
Ondo Perps NATGAS-USD.P	+0.0050%	1h	3.0080	+0.027%	$83K	$26K	10x	as long as short
Hotstuff NATGAS-PERP	+0.0072%	1h	3.0051	−0.070%	$35K	—	20x	as long as short
tradeXYZ xyz:NATGAS	+0.0094%	1h	3.0050	−0.073%	$6.0M	$5.6M	10x	as long as short
Paradex NG-USD-PERP	+0.0095%	8h	3.0066	−0.021%	$5K	—	5x	as long as short
Pacifica NATGAS	+0.0100%	1h	3.0040	−0.106%	$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	−0.239%	$37K	$218K	50x	as long as short
Orderly PERP_NATGAS_USDC_mythos	+0.0100%	8h	3.0000	−0.239%	$3K	$544	10x	as long as short
Phemex NGUSDT	+0.0100%	4h	3.0050	−0.073%	$1.5M	$93K	10x	as long as short
Extended XNG-USD	+0.0208%	1h	3.0038	−0.113%	$110K	$364K	5x	as long as short
KuCoin NATGASUSDTM	+0.0364%	4h	3.0040	−0.106%	$1.0M	$982K	20x	as long as short
Aster NATGASUSDT	+0.0431%	4h	3.0060	−0.040%	$264K	$74K	50x	as long as short
GRVT NATGAS_USDT_Perp	+0.0438%	4h	3.0041	−0.104%	$13K	$223K	25x	as long as short
HTX NATGAS-USDTlong	+0.0495%	4h	3.0072	long leg	$107K	$212K	75x
GMX NATGAS/USD [ETH-USDC]	L +0.0497% / S −0.0442%	1h	3.0055	−0.057%	$92K	—	45x	as long as short
Gate NG_USDT	+0.0557%	8h	3.0090	+0.060%	$1.5M	$193K	100x	as long as short
BloFin NG-USDT	+0.0603%	8h	3.0060	−0.040%	$81K	$195K	20x	as long as short
OKX NG-USDT-SWAP	+0.0612%	8h	3.0050	−0.073%	$867K	$1.7M	50x	as long as short
Variational Omni NATGAS	+0.0642%	4h	3.0060	−0.041%	$317K	$449K	—	as long as short
Binance NATGASUSDT	+0.0665%	4h	3.0050	−0.073%	$10.3M	$28.2M	100x	as long as short
edgeX NATGASUSDC	+0.0668%	4h	3.0052	−0.066%	$85K	$213K	20x	as long as short
Kraken Futures PF_NATGASUSD	+0.0855%	1h	3.0068	−0.013%	$56K	$35K	20x	as long as short
Bitget NATGASUSDT	+0.1036%	4h	3.0020	−0.173%	$9.9M	$3.2M	100x	as long as short