Funding you earn now, next payment 03:00 UTC−0.1009%/8h= −110.5% APRpaid last 24h −0.166%
Price spread now: Phemex against Kraken Futures−0.040%7-day average — · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 7 days−0.490%−$49 on $10k
+Price spread, last 7 days—no price history on both exchanges yet
=Together, before fees—needs both histories
Both sides work against this trade now: funding costs −$30 a day on $10k at the current rate, and Phemex is 0.040% cheaper against Kraken Futures than usual: you would sell low and buy high (−$4 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.490% in total (about -25.6% 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 | Kraken Futures PF_NATGASUSD | 3.0032 | 0.1109 | pay 0.0139% / 1h | 23m 27s | $53K | $34K | 20x |
| Short | Phemex NGUSDT | 3.0020 | 0.0100 | get 0.0050% / 4h | 1h 23m | $1.5M | $95K | 10x |
Kraken Futures PF_NATGASUSD
Phemex NGUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phemex 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 itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$211.88
- Price spread: −0.040% → 0.000%
- −$4.01
- Slippage, 4 orders
- no order book: not counted
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Fee Phemex: 6 bp × 2 orders
- −$12
- Net
- −$237.89
- Costs to cover
- 0.220%
- Break-even
- never at this rate
Slippage unknown: Kraken Futures: no order-book sample; Phemex: live order book, 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 Kraken Futures no order-book sample | — | — | — | — | — |
| Sell Phemex live order book, 4 min ago | 1.66 bp | 29.8 bp −$30 | doesn't fit | doesn't fit | doesn't fit |
Kraken Futures: 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 | 3.0042 | +0.033% | $2K | $2.4M | 20x | as long as short |
| QFEX NATGAS-USD | +0.0019% | 1h | 3.0010 | −0.073% | $659K | $85K | 20x | as long as short |
| Lighter NATGAS | +0.0032% | 1h | 3.0020 | −0.040% | $619K | $494K | 10x | as long as short |
| Vest NG-PERP | +0.0046% | 1h | 3.0020 | −0.040% | — | $378 | 10x | as long as short |
| Ondo Perps NATGAS-USD.P | +0.0050% | 1h | 3.0038 | +0.020% | $82K | $26K | 10x | as long as short |
| Paradex NG-USD-PERP | +0.0066% | 8h | 3.0026 | −0.019% | $5K | — | 5x | as long as short |
| tradeXYZ xyz:NATGAS | +0.0095% | 1h | 3.0010 | −0.073% | $6.0M | $5.9M | 10x | as long as short |
| Pacifica NATGAS | +0.0100% | 1h | 3.0012 | −0.067% | $68K | $33K | 10x | as long as short |
| ApeX Omni NATGASUSDT | +0.0100% | 1h | 3.0000 | −0.107% | $37K | $215K | 50x | as long as short |
| Orderly PERP_NATGAS_USDC_mythos | +0.0100% | 8h | 3.0000 | −0.107% | $3K | $544 | 10x | as long as short |
SunX NATGAS-USDT
QFEX NATGAS-USD
Lighter NATGAS
Vest NG-PERP
Ondo Perps NATGAS-USD.P
Paradex NG-USD-PERP
tradeXYZ xyz:NATGAS
Pacifica NATGAS
ApeX Omni NATGASUSDT
Orderly PERP_NATGAS_USDC_mythosShow all 26 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Phemex NGUSDTshort | +0.0100% | 4h | 3.0020 | −0.040% | $1.5M | $95K | 10x | |
| Hotstuff NATGAS-PERP | +0.0112% | 1h | 3.0013 | −0.063% | $35K | — | 20x | as long as short |
| Extended XNG-USD | +0.0120% | 1h | 3.0001 | −0.102% | $110K | $444K | 5x | as long as short |
| HTX NATGAS-USDT | +0.0252% | 4h | 3.0040 | +0.027% | $101K | $213K | 75x | as long as short |
| KuCoin NATGASUSDTM | +0.0358% | 4h | 3.0010 | −0.073% | $1.1M | $1.1M | 20x | as long as short |
| Aster NATGASUSDT | +0.0378% | 4h | 3.0016 | −0.052% | $265K | $73K | 50x | as long as short |
| GRVT NATGAS_USDT_Perp | +0.0404% | 4h | 3.0027 | −0.018% | $12K | $214K | 25x | as long as short |
| GMX NATGAS/USD [ETH-USDC] | L +0.0434% / S −0.0373% | 1h | 3.0025 | −0.023% | $92K | — | 45x | as long as short |
| OKX NG-USDT-SWAP | +0.0436% | 8h | 3.0020 | −0.040% | $853K | $1.7M | 50x | as long as short |
| BloFin NG-USDT | +0.0443% | 8h | 2.9990 | −0.140% | $81K | $188K | 20x | as long as short |
| Gate NG_USDT | +0.0448% | 8h | 3.0060 | +0.093% | $1.5M | $209K | 100x | as long as short |
| Variational Omni NATGAS | +0.0547% | 4h | 3.0019 | −0.044% | $311K | $444K | — | as long as short |
| Binance NATGASUSDT | +0.0590% | 4h | 3.0020 | −0.040% | $10.2M | $28.9M | 100x | as long as short |
| edgeX NATGASUSDC | +0.0598% | 4h | 3.0019 | −0.045% | $85K | $212K | 20x | as long as short |
| Bitget NATGASUSDT | +0.0964% | 4h | 2.9990 | −0.140% | $9.9M | $3.4M | 100x | as long as short |
| Kraken Futures PF_NATGASUSDlong | +0.1109% | 1h | 3.0032 | long leg | $53K | $34K | 20x |
Hotstuff NATGAS-PERP
Extended XNG-USD
HTX NATGAS-USDT
KuCoin NATGASUSDTM
Aster NATGASUSDT
GRVT NATGAS_USDT_Perp
GMX NATGAS/USD [ETH-USDC]
OKX NG-USDT-SWAP
BloFin NG-USDT
Gate NG_USDT
Variational Omni NATGAS
Binance NATGASUSDT
edgeX NATGASUSDC
Bitget NATGASUSDT