Funding arb · Price arb /

NATGAS

RWAall NATGAS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0514%/8h= −56.3% APRpaid last 24h −0.068%

Price spread now: Extended against OKX+0.020%7-day average +0.026% · you sell dearer than you buy

Net, funding: paid 7d − costs−$48as in the Funding arb table

Net, price: spread back to 7d avg − costs−$30as in the Price arb table

costs, in and out, $10k−$290.290% of the position

Long on OKX Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days−0.193%−$19 on $10k

Price spread, last 4 days (all we have)−0.048%−$5 · spread now +0.020%, 7d avg +0.026%

Together, before fees−0.241%+ Points / potential airdropExtended: Active · farm board−$24 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.026%, so right now this pair is about funding alone: −$15 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.193% in total (about -10.0% 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	OKX NG-USDT-SWAP	3.0010	0.0546	pay 0.0546% / 8h	4m 00s	$802K	$1.9M	50x
Short	Extended XNG-USD	3.0016	0.0032	get 0.0004% / 1h	4m 00s	$109K	$271K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended against OKX. 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 OKXbpFee ExtendedbpOrdersPrice spread, now +0.020%Rate

Funding earned: −$107.97
Price spread: +0.020% → +0.026%: −$0.64
Slippage, 4 orders: −$14
Fee OKX: 5 bp × 2 orders: −$10
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$137.61
Costs to cover: 0.290%
Break-even: never at this rate

Slippage from OKX: live order book, 3 min ago; Extended: live order book, 33 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 OKX live order book, 3 min ago	1.67 bp	10.4 bp −$10	21.5 bp −$215	doesn't fit	doesn't fit
Sell Extended live order book, 33 min ago	0.83 bp	3.9 bp −$4	9.0 bp −$90	doesn't fit	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	2.8384	−5.418%	—	—	—	as long as short
SunX NATGAS-USDT	0.0000%	4h	3.0042	+0.107%	$2K	$2.4M	20x	as long as short
HTX NATGAS-USDT	0.0000%	4h	3.0027	+0.057%	$118K	$221K	75x	as long as short
QFEX NATGAS-USD	+0.0004%	1h	3.0020	+0.033%	$659K	$96K	20x	as long as short
Lighter NATGAS	+0.0032%	1h	3.0030	+0.067%	$631K	$495K	10x	as long as short
Extended XNG-USDshort	+0.0032%	1h	3.0016	+0.020%	$109K	$271K	5x
GRVT NATGAS_USDT_Perp	+0.0042%	4h	3.0020	+0.033%	$18K	$229K	25x	as long as short
Vest NG-PERP	+0.0046%	1h	3.0030	+0.067%	—	$14K	10x	as long as short
tradeXYZ xyz:NATGAS	+0.0050%	1h	3.0019	+0.030%	$6.0M	$5.3M	10x	as long as short
Ondo Perps NATGAS-USD.P	+0.0050%	1h	3.0015	+0.017%	$82K	$26K	10x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex NG-USD-PERP	+0.0051%	8h	3.0029	+0.065%	$5K	—	5x	as long as short
Hotstuff NATGAS-PERP	+0.0096%	1h	3.0031	+0.070%	$35K	—	20x	as long as short
Pacifica NATGAS	+0.0100%	1h	3.0002	−0.027%	$69K	$32K	10x	as long as short
ApeX Omni NATGASUSDT	+0.0100%	1h	3.0100	+0.300%	$37K	$215K	50x	as long as short
Orderly PERP_NATGAS_USDC_mythos	+0.0100%	8h	3.0000	−0.033%	$3K	$544	10x	as long as short
Phemex NGUSDT	+0.0100%	4h	3.0020	+0.033%	$1.5M	$90K	10x	as long as short
KuCoin NATGASUSDTM	+0.0140%	4h	3.0010	0.000%	$1.0M	$864K	20x	as long as short
Aster NATGASUSDT	+0.0145%	4h	3.0040	+0.100%	$264K	$69K	50x	as long as short
Variational Omni NATGAS	+0.0339%	4h	3.0031	+0.070%	$318K	$390K	—	as long as short
Binance NATGASUSDT	+0.0359%	4h	3.0020	+0.033%	$10.4M	$28.6M	100x	as long as short
edgeX NATGASUSDC	+0.0387%	4h	3.0037	+0.089%	$85K	$212K	20x	as long as short
BloFin NG-USDT	+0.0530%	8h	3.0010	0.000%	$76K	$198K	20x	as long as short
OKX NG-USDT-SWAPlong	+0.0546%	8h	3.0010	long leg	$802K	$1.9M	50x
Gate NG_USDT	+0.0568%	8h	3.0050	+0.133%	$1.5M	$197K	100x	as long as short
GMX NATGAS/USD [ETH-USDC]	L +0.0586% / S −0.0600%	1h	3.0025	+0.050%	$88K	—	45x	as long as short
Bitget NATGASUSDT	+0.0826%	4h	3.0000	−0.033%	$9.9M	$3.0M	100x	as long as short
Kraken Futures PF_NATGASUSD	+0.0862%	1h	3.0039	+0.097%	$56K	$35K	20x	as long as short