Funding arb · Price arb /

NATGAS

RWAall NATGAS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0068%/8h= −7.4% APRpaid last 24h −0.020%

Price spread now: Lighter against Orderly+0.100%7-day average — · you sell dearer than you buy

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

Long on Orderly Short on Lighter

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—+ Points / potential airdropLighter: Season 3 · farm boardneeds both histories

The price spread pays, funding is against you. Lighter is 0.100% dearer against Orderly than usual: you sell high and buy low (spread +0.100% now, against zero (this spread has no 7-day history yet)): +$10 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 4.9 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_NATGAS_USDC_mythos	3.0000	0.0100	pay 0.0100% / 8h	4m 07s	$3K	$544	10x
Short	Lighter NATGAS	3.0030	0.0032	get 0.0004% / 1h	4m 07s	$631K	$495K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Orderly. 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 OrderlybpFee LighterbpOrdersPrice spread, now +0.100%Rate

Funding earned: −$14.28
Price spread: +0.100% → 0.000%: $10
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Lighter: 0 bp × 2 orders: $0
Net: −$10.28
Costs to cover: 0.060%
Break-even: from the start

Slippage unknown: Orderly: no order-book sample; Lighter: live order book, 26 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 Orderly no order-book sample	—	—	—	—	—
Sell Lighter live order book, 26 min ago	1.83 bp	2.5 bp −$2	15.4 bp −$154	84.5 bp −$8,449	doesn't fit

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 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	−5.387%	—	—	—	as long as short
SunX NATGAS-USDT	0.0000%	4h	3.0042	+0.140%	$2K	$2.4M	20x	as long as short
HTX NATGAS-USDT	0.0000%	4h	3.0027	+0.090%	$118K	$221K	75x	as long as short
QFEX NATGAS-USD	+0.0004%	1h	3.0020	+0.067%	$659K	$96K	20x	as long as short
Lighter NATGASshort	+0.0032%	1h	3.0030	+0.100%	$631K	$495K	10x
Extended XNG-USD	+0.0032%	1h	3.0016	+0.053%	$109K	$271K	5x	as long as short
GRVT NATGAS_USDT_Perp	+0.0042%	4h	3.0020	+0.067%	$18K	$229K	25x	as long as short
Vest NG-PERP	+0.0046%	1h	3.0030	+0.100%	—	$14K	10x	as long as short
tradeXYZ xyz:NATGAS	+0.0050%	1h	3.0019	+0.063%	$6.0M	$5.3M	10x	as long as short
Ondo Perps NATGAS-USD.P	+0.0050%	1h	3.0015	+0.050%	$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	+0.098%	$5K	—	5x	as long as short
Hotstuff NATGAS-PERP	+0.0096%	1h	3.0031	+0.103%	$35K	—	20x	as long as short
Pacifica NATGAS	+0.0100%	1h	3.0002	+0.007%	$69K	$32K	10x	as long as short
ApeX Omni NATGASUSDT	+0.0100%	1h	3.0100	+0.333%	$37K	$215K	50x	as long as short
Orderly PERP_NATGAS_USDC_mythoslong	+0.0100%	8h	3.0000	long leg	$3K	$544	10x
Phemex NGUSDT	+0.0100%	4h	3.0020	+0.067%	$1.5M	$90K	10x	as long as short
KuCoin NATGASUSDTM	+0.0140%	4h	3.0010	+0.033%	$1.0M	$864K	20x	as long as short
Aster NATGASUSDT	+0.0145%	4h	3.0040	+0.133%	$264K	$69K	50x	as long as short
Variational Omni NATGAS	+0.0339%	4h	3.0031	+0.103%	$318K	$390K	—	as long as short
Binance NATGASUSDT	+0.0359%	4h	3.0020	+0.067%	$10.4M	$28.6M	100x	as long as short
edgeX NATGASUSDC	+0.0387%	4h	3.0037	+0.122%	$85K	$212K	20x	as long as short
BloFin NG-USDT	+0.0530%	8h	3.0010	+0.033%	$76K	$198K	20x	as long as short
OKX NG-USDT-SWAP	+0.0546%	8h	3.0010	+0.033%	$802K	$1.9M	50x	as long as short
Gate NG_USDT	+0.0568%	8h	3.0050	+0.167%	$1.5M	$197K	100x	as long as short
GMX NATGAS/USD [ETH-USDC]	L +0.0586% / S −0.0600%	1h	3.0025	+0.083%	$88K	—	45x	as long as short
Bitget NATGASUSDT	+0.0826%	4h	3.0000	0.000%	$9.9M	$3.0M	100x	as long as short
Kraken Futures PF_NATGASUSD	+0.0862%	1h	3.0039	+0.130%	$56K	$35K	20x	as long as short