Funding arb · Price arb /

NATGAS

RWAall NATGAS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0009%/8h= +1.0% APRpaid last 24h +0.006%

Price spread now: QFEX against SunX−0.106%7-day average −0.082% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$67as in the Price arb table

costs, in and out, $10k−$640.642% of the position

Long on SunX Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.019%+$2 on $10k

Price spread, last 4 days (all we have)+0.023%+$2 · spread now −0.106%, 7d avg −0.082%

Together, before fees+0.042%+$4 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: QFEX is 0.025% cheaper against SunX than usual: you would sell low and buy high, −$2 on $10k if it goes back to its 7-day average of −0.082%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX NATGAS-USDT	3.0072	0	get 0.0000% / 4h	3h 04m	$2K	$2.4M	20x
Short	QFEX NATGAS-USD	3.0040	0.0009	get 0.0001% / 1h	4m 15s	$659K	$96K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against SunX. 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 SunXbpFee QFEXbpOrdersPrice spread, now −0.106%Rate

Funding earned: $1.83
Price spread: −0.106% → −0.082%: −$2.45
Slippage, 4 orders: −$46.23
Fee SunX: 4 bp × 2 orders: −$8
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$64.86
Costs to cover: 0.642%
Break-even: 254.9 days

Slippage from SunX: live order book, 3 min ago; QFEX: live order book, 26 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 SunX live order book, 3 min ago	15.12 bp	19.5 bp −$20	doesn't fit	doesn't fit	doesn't fit
Sell QFEX live order book, 26 min ago	3.33 bp	8.3 bp −$8	8.3 bp −$83	12.4 bp −$1,240	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	2.8440	−5.427%	—	—	—	as long as short
SunX NATGAS-USDTlong	0.0000%	4h	3.0072	long leg	$2K	$2.4M	20x
QFEX NATGAS-USDshort	+0.0009%	1h	3.0040	−0.106%	$659K	$96K	20x
Lighter NATGAS	+0.0032%	1h	3.0045	−0.090%	$629K	$503K	10x	as long as short
Hotstuff NATGAS-PERP	+0.0032%	1h	3.0047	−0.083%	$35K	—	20x	as long as short
Vest NG-PERP	+0.0046%	1h	3.0050	−0.073%	—	$14K	10x	as long as short
Ondo Perps NATGAS-USD.P	+0.0050%	1h	3.0080	+0.027%	$83K	$26K	10x	as long as short
tradeXYZ xyz:NATGAS	+0.0095%	1h	3.0050	−0.073%	$6.0M	$5.6M	10x	as long as short
Paradex NG-USD-PERP	+0.0096%	8h	3.0066	−0.021%	$5K	—	5x	as long as short
Pacifica NATGAS	+0.0100%	1h	3.0040	−0.106%	$68K	$33K	10x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni NATGASUSDT	+0.0100%	1h	3.0000	−0.239%	$37K	$218K	50x	as long as short
Orderly PERP_NATGAS_USDC_mythos	+0.0100%	8h	3.0000	−0.239%	$3K	$544	10x	as long as short
Phemex NGUSDT	+0.0100%	4h	3.0050	−0.073%	$1.5M	$93K	10x	as long as short
Extended XNG-USD	+0.0208%	1h	3.0038	−0.112%	$110K	$364K	5x	as long as short
KuCoin NATGASUSDTM	+0.0364%	4h	3.0040	−0.106%	$1.0M	$982K	20x	as long as short
Aster NATGASUSDT	+0.0432%	4h	3.0060	−0.040%	$264K	$74K	50x	as long as short
GRVT NATGAS_USDT_Perp	+0.0448%	4h	3.0050	−0.073%	$13K	$223K	25x	as long as short
HTX NATGAS-USDT	+0.0495%	4h	3.0072	0.000%	$107K	$212K	75x	as long as short
GMX NATGAS/USD [ETH-USDC]	L +0.0497% / S −0.0442%	1h	3.0055	−0.057%	$92K	—	45x	as long as short
Gate NG_USDT	+0.0556%	8h	3.0090	+0.060%	$1.5M	$193K	100x	as long as short
BloFin NG-USDT	+0.0603%	8h	3.0060	−0.040%	$81K	$195K	20x	as long as short
OKX NG-USDT-SWAP	+0.0612%	8h	3.0050	−0.073%	$867K	$1.7M	50x	as long as short
Variational Omni NATGAS	+0.0642%	4h	3.0060	−0.041%	$317K	$449K	—	as long as short
Binance NATGASUSDT	+0.0665%	4h	3.0050	−0.073%	$10.3M	$28.2M	100x	as long as short
edgeX NATGASUSDC	+0.0676%	4h	3.0070	−0.008%	$85K	$212K	20x	as long as short
Kraken Futures PF_NATGASUSD	+0.0855%	1h	3.0068	−0.013%	$56K	$35K	20x	as long as short
Bitget NATGASUSDT	+0.1038%	4h	3.0030	−0.140%	$9.9M	$3.2M	100x	as long as short