Funding arb · Price arb /

NATGAS

RWAall NATGAS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0421%/8h= −46.1% APRpaid last 24h −0.026%

Price spread now: QFEX against HTX−0.153%7-day average −0.073% · 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−$45as in the Price arb table

costs, in and out, $10k−$370.371% of the position

Long on HTX Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.013%−$1 on $10k

Price spread, last 4 days (all we have)+0.079%+$8 · spread now −0.153%, 7d avg −0.073%

Together, before fees+0.067%+$7 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$13 a day on $10k at the current rate, and QFEX is 0.080% cheaper against HTX than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.073%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.013% in total (about -1.3% 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	HTX NATGAS-USDT	3.0056	0.0430	pay 0.0215% / 4h	3h 42m	$107K	$214K	75x
Short	QFEX NATGAS-USD	3.0010	0.0009	get 0.0001% / 1h	42m 03s	$668K	$91K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against HTX. 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 HTXbpFee QFEXbpOrdersPrice spread, now −0.153%Rate

Funding earned: −$88.36
Price spread: −0.153% → −0.073%: −$8.05
Slippage, 4 orders: −$15.13
Fee HTX: 6 bp × 2 orders: −$12
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$133.54
Costs to cover: 0.371%
Break-even: never at this rate

Slippage from HTX: live order book, 9 min ago; QFEX: live order book, 53 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 HTX live order book, 9 min ago	1.50 bp	7.5 bp −$7	14.0 bp −$140	doesn't fit	doesn't fit
Sell QFEX live order book, 53 min ago	3.33 bp	8.3 bp −$8	8.3 bp −$83	11.9 bp −$1,191	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	2.8406	−5.490%	—	—	—	as long as short
SunX NATGAS-USDT	0.0000%	4h	3.0031	−0.083%	$2K	$2.4M	20x	as long as short
QFEX NATGAS-USDshort	+0.0009%	1h	3.0010	−0.153%	$668K	$91K	20x
Lighter NATGAS	+0.0032%	1h	3.0005	−0.170%	$626K	$501K	10x	as long as short
Extended XNG-USD	+0.0032%	1h	2.9998	−0.195%	$110K	$395K	5x	as long as short
Vest NG-PERP	+0.0046%	1h	3.0010	−0.153%	—	$14K	10x	as long as short
Ondo Perps NATGAS-USD.P	+0.0050%	1h	3.0039	−0.057%	$82K	$26K	10x	as long as short
tradeXYZ xyz:NATGAS	+0.0059%	1h	3.0004	−0.173%	$6.0M	$5.7M	10x	as long as short
Paradex NG-USD-PERP	+0.0076%	8h	3.0017	−0.129%	$5K	—	5x	as long as short
Pacifica NATGAS	+0.0100%	1h	2.9983	−0.243%	$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	−0.186%	$37K	$217K	50x	as long as short
Orderly PERP_NATGAS_USDC_mythos	+0.0100%	8h	3.0000	−0.186%	$3K	$544	10x	as long as short
Phemex NGUSDT	+0.0100%	4h	3.0010	−0.153%	$1.5M	$93K	10x	as long as short
Hotstuff NATGAS-PERP	+0.0208%	1h	3.0006	−0.166%	$35K	—	20x	as long as short
KuCoin NATGASUSDTM	+0.0328%	4h	3.0010	−0.153%	$1.0M	$1.0M	20x	as long as short
Aster NATGASUSDT	+0.0376%	4h	3.0040	−0.052%	$264K	$74K	50x	as long as short
HTX NATGAS-USDTlong	+0.0430%	4h	3.0056	long leg	$107K	$214K	75x
GMX NATGAS/USD [ETH-USDC]	L +0.0471% / S −0.0413%	1h	3.0015	−0.136%	$92K	—	45x	as long as short
BloFin NG-USDT	+0.0528%	8h	3.0030	−0.087%	$81K	$191K	20x	as long as short
Gate NG_USDT	+0.0529%	8h	3.0050	−0.020%	$1.5M	$192K	100x	as long as short
OKX NG-USDT-SWAP	+0.0556%	8h	3.0010	−0.153%	$861K	$1.7M	50x	as long as short
Variational Omni NATGAS	+0.0576%	4h	3.0020	−0.121%	$316K	$449K	—	as long as short
GRVT NATGAS_USDT_Perp	+0.0596%	4h	3.0017	−0.129%	$12K	$230K	25x	as long as short
Binance NATGASUSDT	+0.0599%	4h	3.0010	−0.153%	$10.2M	$28.4M	100x	as long as short
edgeX NATGASUSDC	+0.0600%	4h	3.0046	−0.034%	$85K	$213K	20x	as long as short
Kraken Futures PF_NATGASUSD	+0.0856%	1h	3.0024	−0.106%	$53K	$33K	20x	as long as short
Bitget NATGASUSDT	+0.0980%	4h	2.9990	−0.220%	$9.9M	$3.2M	100x	as long as short