Funding arb · Price arb /

NATGAS

RWAall NATGAS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0177%/8h= +19.3% APRpaid last 24h −0.213%

Price spread now: Orderly against Kraken Futures−0.106%7-day average — · you buy dearer than you sell

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

Long on Kraken Futures Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 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. Orderly is 0.106% cheaper against Kraken Futures than usual: you would sell low and buy high (spread −0.106% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$11 on $10k: about 2.0 days of funding at the current rate (+$5 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_NATGASUSD	3.0032	−0.0077	get 0.0010% / 1h	42m 50s	$54K	$46K	20x
Short	Orderly PERP_NATGAS_USDC_mythos	3.0000	0.0100	get 0.0100% / 8h	5h 42m	$3K	$544	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Kraken Futures. 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 Kraken FuturesbpFee OrderlybpOrdersPrice spread, now −0.106%Rate

Funding earned: $37.07
Price spread: −0.106% → 0.000%: −$10.61
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: $10.46
Costs to cover: 0.160%
Break-even: 5.0 days

Slippage unknown: Kraken Futures: no order-book sample; Orderly: no order-book sample. 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 Kraken Futures no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

Kraken Futures and Orderly: 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 exchanges

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
Hotstuff NATGAS-PERP	−0.1600%	1h	3.0017	−0.049%	$35K	—	20x	as long as short
Kraken Futures PF_NATGASUSDlong	−0.0077%	1h	3.0032	long leg	$54K	$46K	20x
QFEX NATGAS-USD	−0.0004%	1h	3.0020	−0.040%	$661K	$99K	20x	as long as short
Aster NATGASUSDT	0.0000%	4h	3.0000	−0.106%	$258K	$74K	50x	as long as short
GRVT NATGAS_USDT_Perp	0.0000%	4h	3.0034	+0.006%	$19K	$200K	25x	as long as short
gTrade (Gains Network) NATGAS/USD	L 0.0000% / S 0.0000%	1h	2.8355	−5.584%	—	—	—	as long as short
SunX NATGAS-USDT	0.0000%	4h	3.0052	+0.067%	$2K	$1.7M	20x	as long as short
HTX NATGAS-USDT	0.0000%	4h	3.0050	+0.060%	$118K	$220K	75x	as long as short
Lighter NATGAS	+0.0032%	1h	3.0022	−0.033%	$649K	$793K	10x	as long as short
Extended XNG-USD	+0.0032%	1h	3.0018	−0.047%	$122K	$368K	5x	as long as short

Show all 27 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest NG-PERP	+0.0046%	1h	3.0030	−0.006%	—	$14K	10x	as long as short
tradeXYZ xyz:NATGAS	+0.0050%	1h	3.0022	−0.033%	$6.0M	$4.9M	10x	as long as short
Ondo Perps NATGAS-USD.P	+0.0050%	1h	3.0013	−0.063%	$84K	$28K	10x	as long as short
Paradex NG-USD-PERP	+0.0051%	8h	3.0025	−0.022%	$5K	—	5x	as long as short
Variational Omni NATGAS	+0.0088%	4h	3.0027	−0.015%	$356K	$426K	—	as long as short
Pacifica NATGAS	+0.0100%	1h	3.0000	−0.106%	$68K	$39K	10x	as long as short
ApeX Omni NATGASUSDT	+0.0100%	1h	3.0000	−0.106%	$37K	$215K	50x	as long as short
Orderly PERP_NATGAS_USDC_mythosshort	+0.0100%	8h	3.0000	−0.106%	$3K	$544	10x
Phemex NGUSDT	+0.0100%	4h	3.0030	−0.006%	$1.5M	$93K	10x	as long as short
KuCoin NATGASUSDTM	+0.0130%	4h	3.0000	−0.106%	$1.1M	$797K	20x	as long as short
edgeX NATGASUSDC	+0.0166%	4h	3.0024	−0.028%	$85K	$212K	20x	as long as short
Binance NATGASUSDT	+0.0169%	4h	3.0030	−0.006%	$10.0M	$32.7M	100x	as long as short
Gate NG_USDT	+0.0270%	8h	3.0050	+0.060%	$1.5M	$200K	100x	as long as short
OKX NG-USDT-SWAP	+0.0346%	8h	3.0010	−0.073%	$833K	$2.0M	50x	as long as short
BloFin NG-USDT	+0.0371%	8h	3.0000	−0.106%	$80K	$201K	20x	as long as short
GMX NATGAS/USD [ETH-USDC]	L +0.0493% / S −0.0486%	1h	3.0035	+0.010%	$88K	—	45x	as long as short
Bitget NATGASUSDT	+0.0710%	4h	3.0000	−0.106%	$9.9M	$2.9M	100x	as long as short