Funding arb · Price arb /

NATGAS

RWAall NATGAS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0511%/8h= +56.0% APRpaid last 24h +0.094%

Price spread now: Bitget against GMX−0.083%7-day average — · you buy dearer than you sell

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

Long on GMX Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

Together, before fees—needs both histories

Funding pays, the price is against you. Bitget is 0.083% cheaper against GMX than usual: you would sell low and buy high (spread −0.083% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$8 on $10k: about 13 hours of funding at the current rate (+$15 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX NATGAS/USD [ETH-USDC]	3.0015	L +0.0471% / S −0.0413%	pay 0.0059% / 1h	43m 20s	$92K	—	45x
Short	Bitget NATGASUSDT	2.9990	0.0982	get 0.0491% / 4h	3h 43m	$9.9M	$3.2M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against GMX. 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 GMXbpFee BitgetbpOrdersPrice spread, now −0.083%Rate

Funding earned: $107.34
Price spread: −0.083% → 0.000%: −$8.33
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Bitget: 6 bp × 2 orders: −$12
Net: $75.02
Costs to cover: 0.240%
Break-even: 2.1 days

Slippage unknown: GMX: no order-book sample; Bitget: live order book, 5 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 GMX no order-book sample	—	—	—	—	—
Sell Bitget live order book, 5 min ago	1.66 bp	9.8 bp −$10	20.0 bp −$200	82.6 bp −$8,261	doesn't fit

GMX: 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	2.8401	−5.377%	—	—	—	as long as short
SunX NATGAS-USDT	0.0000%	4h	3.0041	+0.087%	$2K	$2.4M	20x	as long as short
QFEX NATGAS-USD	+0.0009%	1h	3.0010	−0.017%	$668K	$91K	20x	as long as short
Lighter NATGAS	+0.0032%	1h	3.0003	−0.040%	$626K	$501K	10x	as long as short
Extended XNG-USD	+0.0032%	1h	2.9998	−0.058%	$110K	$395K	5x	as long as short
Vest NG-PERP	+0.0046%	1h	3.0010	−0.017%	—	$14K	10x	as long as short
Ondo Perps NATGAS-USD.P	+0.0050%	1h	3.0039	+0.080%	$82K	$26K	10x	as long as short
tradeXYZ xyz:NATGAS	+0.0065%	1h	3.0001	−0.047%	$6.0M	$5.7M	10x	as long as short
Paradex NG-USD-PERP	+0.0077%	8h	3.0023	+0.028%	$5K	—	5x	as long as short
Pacifica NATGAS	+0.0100%	1h	2.9985	−0.100%	$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	−0.050%	$37K	$217K	50x	as long as short
Orderly PERP_NATGAS_USDC_mythos	+0.0100%	8h	3.0000	−0.050%	$3K	$544	10x	as long as short
Phemex NGUSDT	+0.0100%	4h	3.0020	+0.017%	$1.5M	$93K	10x	as long as short
Hotstuff NATGAS-PERP	+0.0184%	1h	3.0008	−0.023%	$35K	—	20x	as long as short
KuCoin NATGASUSDTM	+0.0326%	4h	3.0010	−0.017%	$1.0M	$1.0M	20x	as long as short
Aster NATGASUSDT	+0.0376%	4h	3.0042	+0.088%	$264K	$74K	50x	as long as short
GMX NATGAS/USD [ETH-USDC]long	L +0.0471% / S −0.0413%	1h	3.0015	long leg	$92K	—	45x
HTX NATGAS-USDT	+0.0501%	4h	3.0054	+0.130%	$107K	$214K	75x	as long as short
BloFin NG-USDT	+0.0526%	8h	3.0030	+0.050%	$81K	$191K	20x	as long as short
Gate NG_USDT	+0.0529%	8h	3.0050	+0.117%	$1.5M	$192K	100x	as long as short
OKX NG-USDT-SWAP	+0.0555%	8h	3.0010	−0.017%	$861K	$1.7M	50x	as long as short
Variational Omni NATGAS	+0.0576%	4h	3.0020	+0.016%	$316K	$449K	—	as long as short
GRVT NATGAS_USDT_Perp	+0.0596%	4h	3.0017	+0.007%	$12K	$230K	25x	as long as short
Binance NATGASUSDT	+0.0599%	4h	3.0010	−0.017%	$10.2M	$28.4M	100x	as long as short
edgeX NATGASUSDC	+0.0600%	4h	3.0046	+0.102%	$85K	$213K	20x	as long as short
Kraken Futures PF_NATGASUSD	+0.0856%	1h	3.0035	+0.067%	$54K	$33K	20x	as long as short
Bitget NATGASUSDTshort	+0.0982%	4h	2.9990	−0.083%	$9.9M	$3.2M	100x