Funding arb · Price arb /

NATGAS

RWAall NATGAS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0327%/8h= −35.8% APRpaid last 24h −0.121%

Price spread now: Orderly 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 Orderly

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

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and Orderly is 0.083% cheaper against GMX than usual: you would sell low and buy high (−$8 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX NATGAS/USD [ETH-USDC]	3.0025	L +0.0427% / S −0.0365%	pay 0.0053% / 1h	48m 53s	$92K	—	45x
Short	Orderly PERP_NATGAS_USDC_mythos	3.0000	0.0100	get 0.0100% / 8h	5h 48m	$3K	$544	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.083%Rate

Funding earned: −$68.73
Price spread: −0.083% → 0.000%: −$8.33
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$95.05
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Orderly: 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 GMX no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

GMX and Orderly: 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
gTrade (Gains Network) NATGAS/USD	L 0.0000% / S 0.0000%	1h	2.8385	−5.462%	—	—	—	as long as short
SunX NATGAS-USDT	0.0000%	4h	3.0041	+0.053%	$2K	$2.4M	20x	as long as short
QFEX NATGAS-USD	+0.0019%	1h	3.0020	−0.017%	$659K	$85K	20x	as long as short
Lighter NATGAS	+0.0032%	1h	3.0026	+0.003%	$619K	$445K	10x	as long as short
Extended XNG-USD	+0.0032%	1h	3.0001	−0.079%	$110K	$442K	5x	as long as short
Vest NG-PERP	+0.0046%	1h	3.0010	−0.050%	—	$378	10x	as long as short
Ondo Perps NATGAS-USD.P	+0.0050%	1h	3.0031	+0.020%	$82K	$26K	10x	as long as short
Paradex NG-USD-PERP	+0.0063%	8h	3.0029	+0.014%	$5K	—	5x	as long as short
tradeXYZ xyz:NATGAS	+0.0065%	1h	3.0009	−0.053%	$5.9M	$5.9M	10x	as long as short
Pacifica NATGAS	+0.0100%	1h	2.9998	−0.090%	$68K	$33K	10x	as long as short

Show all 26 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni NATGASUSDT	+0.0100%	1h	3.0000	−0.083%	$37K	$218K	50x	as long as short
Orderly PERP_NATGAS_USDC_mythosshort	+0.0100%	8h	3.0000	−0.083%	$3K	$544	10x
Phemex NGUSDT	+0.0100%	4h	3.0030	+0.017%	$1.5M	$95K	10x	as long as short
HTX NATGAS-USDT	+0.0216%	4h	3.0041	+0.053%	$98K	$212K	75x	as long as short
KuCoin NATGASUSDTM	+0.0268%	4h	3.0010	−0.050%	$1.0M	$1.1M	20x	as long as short
Hotstuff NATGAS-PERP	+0.0272%	1h	3.0023	−0.007%	$35K	—	20x	as long as short
Aster NATGASUSDT	+0.0287%	4h	3.0011	−0.048%	$265K	$73K	50x	as long as short
GRVT NATGAS_USDT_Perp	+0.0364%	4h	3.0010	−0.050%	$12K	$214K	25x	as long as short
OKX NG-USDT-SWAP	+0.0387%	8h	3.0020	−0.017%	$862K	$1.7M	50x	as long as short
Gate NG_USDT	+0.0404%	8h	3.0050	+0.083%	$1.5M	$208K	100x	as long as short
GMX NATGAS/USD [ETH-USDC]long	L +0.0427% / S −0.0365%	1h	3.0025	long leg	$92K	—	45x
Variational Omni NATGAS	+0.0459%	4h	3.0009	−0.053%	$311K	$444K	—	as long as short
Binance NATGASUSDT	+0.0505%	4h	3.0020	−0.017%	$10.2M	$28.9M	100x	as long as short
edgeX NATGASUSDC	+0.0510%	4h	3.0010	−0.050%	$85K	$212K	20x	as long as short
Bitget NATGASUSDT	+0.0826%	4h	3.0000	−0.083%	$9.9M	$3.4M	100x	as long as short
Kraken Futures PF_NATGASUSD	+0.1109%	1h	3.0034	+0.029%	$54K	$36K	20x	as long as short