Funding you earn now, next payment 04:00 UTC+0.0275%/8h= +30.2% APRnext payment +$1.38 per $10,000 · paid last 24h +0.085%
Price spread now: Binance against Phemex0.000%7-day average +0.025% · you sell dearer than you buy
Net, funding: paid 7d − costs−$66as in the Funding arb table
Net, price: spread back to 7d avg − costs−$81as in the Price arb table
costs, in and out, $10k−$780.781% of the position
Funding, last 7 days+0.125%+$12 on $10k
+Price spread, last 2 days (all we have)−0.008%−$1 · spread now 0.000%, 7d avg +0.025%
=Funding pays, the price is against you. Binance is 0.025% cheaper against Phemex than usual: you would sell low and buy high (spread 0.000% now, against its 7-day average of +0.025%). If the spread goes back, that is −$2 on $10k: about 7 hours of funding at the current rate (+$8 a day). At the pace of the last 7 days (+0.125% in total) that is about 33 hours.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.125% in total (about 6.5% a year). A funding rate is set anew for every payment; at this rate the next one is about +$1.38 per $10,000. 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 | Phemex NGUSDT | 3.0040 | 0.0100 | pay 0.0050% / 4h | 2h 36m | $1.5M | $94K | 10x |
| Short | Binance NATGASUSDT | 3.0040 | 0.0375 | get 0.0188% / 4h | 2h 36m | $10.1M | $29.1M | 100x |
Phemex NGUSDT
Binance NATGASUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Binance against Phemex. 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
- $57.85
- Price spread: 0.000% → +0.025%
- −$2.46
- Slippage, 4 orders
- −$56.09
- Fee Phemex: 6 bp × 2 orders
- −$12
- Fee Binance: 5 bp × 2 orders
- −$10
- Net
- −$22.69
- Costs to cover
- 0.781%
- Break-even
- 9.7 days
Slippage from Phemex: live order book, 1 min ago; Binance: live order book, 4 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 Phemex live order book, 1 min ago | 1.66 bp | 30.8 bp −$31 | doesn't fit | doesn't fit | doesn't fit |
| Sell Binance live order book, 4 min ago | 1.66 bp | 6.7 bp −$7 | 9.1 bp −$91 | 37.5 bp −$3,754 | 135.9 bp −$68.0K |
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 | |
|---|---|---|---|---|---|---|---|---|
| Hotstuff NATGAS-PERP | −0.0024% | 1h | 3.0027 | −0.043% | $35K | — | 20x | as long as short |
| gTrade (Gains Network) NATGAS/USD | L 0.0000% / S 0.0000% | 1h | 2.8396 | −5.473% | — | — | — | as long as short |
| SunX NATGAS-USDT | 0.0000% | 4h | 3.0062 | +0.073% | $2K | $2.6M | 20x | as long as short |
| QFEX NATGAS-USD | +0.0019% | 1h | 3.0030 | −0.033% | $659K | $86K | 20x | as long as short |
| Vest NG-PERP | +0.0046% | 1h | 3.0030 | −0.033% | — | $378 | 10x | as long as short |
| tradeXYZ xyz:NATGAS | +0.0050% | 1h | 3.0029 | −0.037% | $5.9M | $5.9M | 10x | as long as short |
| Ondo Perps NATGAS-USD.P | +0.0050% | 1h | 3.0022 | −0.060% | $82K | $27K | 10x | as long as short |
| Extended XNG-USD | +0.0056% | 1h | 3.0017 | −0.077% | $110K | $450K | 5x | as long as short |
| Paradex NG-USD-PERP | +0.0063% | 8h | 3.0063 | +0.076% | $5K | — | 5x | as long as short |
| Lighter NATGAS | +0.0088% | 1h | 3.0039 | −0.003% | $618K | $444K | 10x | as long as short |
Hotstuff NATGAS-PERP
gTrade (Gains Network) NATGAS/USD
SunX NATGAS-USDT
QFEX NATGAS-USD
Vest NG-PERP
tradeXYZ xyz:NATGAS
Ondo Perps NATGAS-USD.P
Extended XNG-USD
Paradex NG-USD-PERP
Lighter NATGASShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Pacifica NATGAS | +0.0100% | 1h | 3.0030 | −0.033% | $68K | $33K | 10x | as long as short |
| KuCoin NATGASUSDTM | +0.0100% | 4h | 3.0030 | −0.033% | $1.0M | $1.1M | 20x | as long as short |
| ApeX Omni NATGASUSDT | +0.0100% | 1h | 3.0000 | −0.133% | $37K | $217K | 50x | as long as short |
| Orderly PERP_NATGAS_USDC_mythos | +0.0100% | 8h | 3.0000 | −0.133% | $3K | $544 | 10x | as long as short |
| Phemex NGUSDTlong | +0.0100% | 4h | 3.0040 | long leg | $1.5M | $94K | 10x | |
| Aster NATGASUSDT | +0.0171% | 4h | 3.0030 | −0.033% | $266K | $73K | 50x | as long as short |
| HTX NATGAS-USDT | +0.0256% | 4h | 3.0059 | +0.063% | $98K | $213K | 75x | as long as short |
| Variational Omni NATGAS | +0.0284% | 4h | 3.0030 | −0.032% | $312K | $443K | — | as long as short |
| BloFin NG-USDT | +0.0307% | 8h | 2.9980 | −0.200% | $81K | $188K | 20x | as long as short |
| OKX NG-USDT-SWAP | +0.0326% | 8h | 3.0020 | −0.067% | $868K | $1.7M | 50x | as long as short |
| edgeX NATGASUSDC | +0.0364% | 4h | 3.0040 | 0.000% | $85K | $212K | 20x | as long as short |
| Binance NATGASUSDTshort | +0.0375% | 4h | 3.0040 | 0.000% | $10.1M | $29.1M | 100x | |
| GRVT NATGAS_USDT_Perp | +0.0406% | 4h | 3.0040 | −0.001% | $12K | $214K | 25x | as long as short |
| Gate NG_USDT | +0.0414% | 8h | 3.0060 | +0.067% | $1.5M | $218K | 100x | as long as short |
| GMX NATGAS/USD [ETH-USDC] | L +0.0420% / S −0.0356% | 1h | 3.0045 | +0.017% | $92K | — | 45x | as long as short |
| Bitget NATGASUSDT | +0.0594% | 4h | 3.0010 | −0.100% | $9.9M | $3.5M | 100x | as long as short |
| Kraken Futures PF_NATGASUSD | +0.0824% | 1h | 3.0065 | +0.083% | $54K | $37K | 20x | as long as short |
Pacifica NATGAS
KuCoin NATGASUSDTM
ApeX Omni NATGASUSDT
Orderly PERP_NATGAS_USDC_mythos
Aster NATGASUSDT
HTX NATGAS-USDT
Variational Omni NATGAS
BloFin NG-USDT
OKX NG-USDT-SWAP
edgeX NATGASUSDC
GRVT NATGAS_USDT_Perp
Gate NG_USDT
GMX NATGAS/USD [ETH-USDC]
Bitget NATGASUSDT
Kraken Futures PF_NATGASUSD