Funding arb · Price arb /

NATGAS

RWAall NATGAS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0132%/8h= −14.5% APRpaid last 24h −0.004%

Price spread now: Hotstuff against Phemex+0.033%7-day average — · you sell dearer than you buy

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

Long on Phemex Short on Hotstuff

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHotstuff: Active · farm boardneeds both histories

The price spread pays, funding is against you. Hotstuff is 0.033% dearer against Phemex than usual: you sell high and buy low (spread +0.033% now, against zero (this spread has no 7-day history yet)): +$3 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 20 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex NGUSDT	3.0030	0.0100	pay 0.0050% / 4h	6m 07s	$1.5M	$90K	10x
Short	Hotstuff NATGAS-PERP	3.0040	−0.0032	pay 0.0004% / 1h	6m 07s	$35K	—	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hotstuff against Phemex. 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 PhemexbpFee HotstuffbpOrdersPrice spread, now +0.033%Rate

Funding earned: −$27.72
Price spread: +0.033% → 0.000%: $3.33
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Net: −$41.39
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 2 min ago; Hotstuff: 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 Phemex live order book, 2 min ago	3.33 bp	31.5 bp −$31	doesn't fit	doesn't fit	doesn't fit
Sell Hotstuff no order-book sample	—	—	—	—	—

Hotstuff: 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
Hotstuff NATGAS-PERPshort	−0.0032%	1h	3.0040	+0.033%	$35K	—	20x
SunX NATGAS-USDT	0.0000%	4h	3.0052	+0.073%	$2K	$2.4M	20x	as long as short
HTX NATGAS-USDT	0.0000%	4h	3.0078	+0.160%	$119K	$221K	75x	as long as short
QFEX NATGAS-USD	+0.0004%	1h	3.0030	0.000%	$659K	$96K	20x	as long as short
Lighter NATGAS	+0.0032%	1h	3.0036	+0.020%	$631K	$495K	10x	as long as short
Extended XNG-USD	+0.0032%	1h	3.0027	−0.011%	$109K	$273K	5x	as long as short
GRVT NATGAS_USDT_Perp	+0.0044%	4h	3.0005	−0.082%	$15K	$222K	25x	as long as short
Vest NG-PERP	+0.0046%	1h	3.0030	0.000%	—	$14K	10x	as long as short
tradeXYZ xyz:NATGAS	+0.0050%	1h	3.0032	+0.007%	$6.0M	$5.3M	10x	as long as short
Ondo Perps NATGAS-USD.P	+0.0050%	1h	3.0003	−0.090%	$82K	$26K	10x	as long as short

Show all 26 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex NG-USD-PERP	+0.0051%	8h	3.0043	+0.044%	$5K	—	5x	as long as short
Pacifica NATGAS	+0.0100%	1h	3.0014	−0.053%	$69K	$32K	10x	as long as short
ApeX Omni NATGASUSDT	+0.0100%	1h	3.0000	−0.100%	$37K	$215K	50x	as long as short
Orderly PERP_NATGAS_USDC_mythos	+0.0100%	8h	3.0000	−0.100%	$3K	$544	10x	as long as short
Phemex NGUSDTlong	+0.0100%	4h	3.0030	long leg	$1.5M	$90K	10x
KuCoin NATGASUSDTM	+0.0140%	4h	3.0020	−0.033%	$1.0M	$864K	20x	as long as short
Aster NATGASUSDT	+0.0149%	4h	3.0040	+0.033%	$264K	$69K	50x	as long as short
Variational Omni NATGAS	+0.0349%	4h	3.0011	−0.062%	$318K	$390K	—	as long as short
Binance NATGASUSDT	+0.0363%	4h	3.0030	0.000%	$10.4M	$28.6M	100x	as long as short
edgeX NATGASUSDC	+0.0385%	4h	3.0011	−0.063%	$85K	$212K	20x	as long as short
BloFin NG-USDT	+0.0536%	8h	3.0000	−0.100%	$80K	$198K	20x	as long as short
OKX NG-USDT-SWAP	+0.0551%	8h	3.0020	−0.033%	$802K	$1.9M	50x	as long as short
Gate NG_USDT	+0.0570%	8h	3.0060	+0.100%	$1.5M	$197K	100x	as long as short
GMX NATGAS/USD [ETH-USDC]	L +0.0591% / S −0.0607%	1h	3.0035	+0.017%	$88K	—	45x	as long as short
Bitget NATGASUSDT	+0.0826%	4h	3.0010	−0.067%	$9.9M	$3.0M	100x	as long as short
Kraken Futures PF_NATGASUSD	+0.0862%	1h	3.0050	+0.066%	$56K	$35K	20x	as long as short