Funding arb · Price arb /

NATGAS

RWAall NATGAS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0619%/8h= −67.7% APRpaid last 24h −0.085%

Price spread now: QFEX against BloFin0.000%7-day average +0.018% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$42as in the Price arb table

costs, in and out, $10k−$410.405% of the position

Long on BloFin Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.173%−$17 on $10k

Price spread, last 4 days (all we have)+0.008%+$1 · spread now 0.000%, 7d avg +0.018%

Together, before fees−0.165%−$16 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.018%, so right now this pair is about funding alone: −$19 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.173% in total (about -17.2% 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	BloFin NG-USDT	3.0070	0.0652	pay 0.0652% / 8h	2h 08m	$81K	$195K	20x
Short	QFEX NATGAS-USD	3.0070	0.0033	get 0.0004% / 1h	8m 18s	$660K	$96K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against BloFin. 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 BloFinbpFee QFEXbpOrdersPrice spread, now 0.000%Rate

Funding earned: −$129.91
Price spread: 0.000% → +0.018%: −$1.77
Slippage, 4 orders: −$18.51
Fee BloFin: 6 bp × 2 orders: −$12
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$172.19
Costs to cover: 0.405%
Break-even: never at this rate

Slippage from BloFin: live order book, 7 min ago; QFEX: live order book, 17 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 BloFin live order book, 7 min ago	3.33 bp	11.7 bp −$12	14.4 bp −$144	56.4 bp −$5,640	doesn't fit
Sell QFEX live order book, 17 min ago	3.33 bp	8.3 bp −$8	8.3 bp −$83	12.6 bp −$1,262	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	2.8465	−5.338%	—	—	—	as long as short
SunX NATGAS-USDT	0.0000%	4h	3.0102	+0.106%	$2K	$2.4M	20x	as long as short
Lighter NATGAS	+0.0032%	1h	3.0076	+0.020%	$629K	$504K	10x	as long as short
Extended XNG-USD	+0.0032%	1h	3.0068	−0.005%	$110K	$333K	5x	as long as short
Hotstuff NATGAS-PERP	+0.0032%	1h	3.0082	+0.040%	$35K	—	20x	as long as short
QFEX NATGAS-USDshort	+0.0033%	1h	3.0070	0.000%	$660K	$96K	20x
Vest NG-PERP	+0.0046%	1h	3.0080	+0.033%	—	$14K	10x	as long as short
Ondo Perps NATGAS-USD.P	+0.0050%	1h	3.0049	−0.070%	$83K	$26K	10x	as long as short
tradeXYZ xyz:NATGAS	+0.0058%	1h	3.0076	+0.020%	$6.0M	$5.5M	10x	as long as short
Paradex NG-USD-PERP	+0.0063%	8h	3.0093	+0.076%	$5K	—	5x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica NATGAS	+0.0100%	1h	3.0076	+0.020%	$68K	$33K	10x	as long as short
ApeX Omni NATGASUSDT	+0.0100%	1h	3.0000	−0.233%	$37K	$218K	50x	as long as short
Orderly PERP_NATGAS_USDC_mythos	+0.0100%	8h	3.0000	−0.233%	$3K	$544	10x	as long as short
Phemex NGUSDT	+0.0100%	4h	3.0070	0.000%	$1.5M	$93K	10x	as long as short
HTX NATGAS-USDT	+0.0130%	4h	3.0080	+0.033%	$107K	$211K	75x	as long as short
GRVT NATGAS_USDT_Perp	+0.0170%	4h	3.0052	−0.060%	$13K	$212K	25x	as long as short
KuCoin NATGASUSDTM	+0.0316%	4h	3.0060	−0.033%	$1.0M	$945K	20x	as long as short
Aster NATGASUSDT	+0.0338%	4h	3.0095	+0.084%	$265K	$75K	50x	as long as short
GMX NATGAS/USD [ETH-USDC]	L +0.0528% / S −0.0529%	1h	3.0075	+0.017%	$88K	—	45x	as long as short
Variational Omni NATGAS	+0.0561%	4h	3.0060	−0.034%	$317K	$432K	—	as long as short
Binance NATGASUSDT	+0.0580%	4h	3.0070	0.000%	$10.3M	$28.5M	100x	as long as short
edgeX NATGASUSDC	+0.0592%	4h	3.0060	−0.034%	$85K	$212K	20x	as long as short
Gate NG_USDT	+0.0613%	8h	3.0100	+0.100%	$1.5M	$196K	100x	as long as short
OKX NG-USDT-SWAP	+0.0652%	8h	3.0050	−0.067%	$867K	$1.7M	50x	as long as short
BloFin NG-USDTlong	+0.0652%	8h	3.0070	long leg	$81K	$195K	20x
Bitget NATGASUSDT	+0.0986%	4h	3.0040	−0.100%	$9.9M	$3.2M	100x	as long as short
Kraken Futures PF_NATGASUSD	+0.1180%	1h	3.0096	+0.085%	$56K	$35K	20x	as long as short