Funding arb · Price arb /

NATGAS

RWAall NATGAS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0583%/8h= +63.9% APRpaid last 24h +0.081%

Price spread now: BloFin against Lighter−0.063%60s7-day average +0.080% · you buy dearer than you sell

Net, funding: paid 7d − costs−$76as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

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

Long on Lighter Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.387%−$39 on $10k

Price spread, last 4 days (all we have)+0.017%+$2 · spread now −0.063%, 7d avg +0.080%

Together, before fees−0.371%+ Points / potential airdropLighter: Season 3 · farm board−$37 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.143% cheaper against Lighter than usual: you would sell low and buy high (spread −0.063% now, against its 7-day average of +0.080%). If the spread goes back, that is −$14 on $10k: about 20 hours of funding at the current rate (+$17 a day). Mind the row above: over the last 7 days funding on this pair cost −0.387%, so the current rate has only just turned in your favour. The two prices were read 60 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.387% in total (about -20.2% 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	Lighter NATGAS	3.0079	0.0032	pay 0.0004% / 1h	32m 17s	$632K	$494K	10x
Short	BloFin NG-USDT	3.0060	0.0615	get 0.0615% / 8h	32m 17s	$82K	$198K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Lighter. 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 LighterbpFee BloFinbpOrdersPrice spread, now −0.063%Rate

Funding earned: $122.49
Price spread: −0.063% → +0.080%: −$14.3
Slippage, 4 orders: −$25.12
Fee Lighter: 0 bp × 2 orders: $0
Fee BloFin: 6 bp × 2 orders: −$12
Net: $71.08
Costs to cover: 0.371%
Break-even: 2.9 days

Slippage from Lighter: live order book, 63 min ago; BloFin: live order book, 38 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 Lighter live order book, 63 min ago	0.83 bp	4.1 bp −$4	15.0 bp −$150	80.8 bp −$8,078	doesn't fit
Sell BloFin live order book, 38 min ago	3.32 bp	9.3 bp −$9	15.2 bp −$152	doesn't fit	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
Hotstuff NATGAS-PERP	−0.0088%	1h	3.0072	−0.023%	$35K	—	20x	as long as short
gTrade (Gains Network) NATGAS/USD	L 0.0000% / S 0.0000%	1h	2.8450	−5.416%	—	—	—	as long as short
SunX NATGAS-USDT	0.0000%	4h	3.0092	+0.043%	$2K	$2.4M	20x	as long as short
HTX NATGAS-USDT	0.0000%	4h	3.0088	+0.030%	$117K	$217K	75x	as long as short
QFEX NATGAS-USD	+0.0004%	1h	3.0070	−0.030%	$660K	$96K	20x	as long as short
Lighter NATGASlong	+0.0032%	1h	3.0079	long leg	$632K	$494K	10x
Extended XNG-USD	+0.0032%	1h	3.0068	−0.037%	$111K	$271K	5x	as long as short
Vest NG-PERP	+0.0046%	1h	3.0070	−0.030%	—	$14K	10x	as long as short
tradeXYZ xyz:NATGAS	+0.0050%	1h	3.0078	−0.003%	$6.0M	$5.2M	10x	as long as short
Ondo Perps NATGAS-USD.P	+0.0050%	1h	3.0088	+0.030%	$83K	$26K	10x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex NG-USD-PERP	+0.0051%	8h	3.0079	−0.002%	$5K	—	5x	as long as short
GRVT NATGAS_USDT_Perp	+0.0076%	4h	3.0050	−0.096%	$15K	$222K	25x	as long as short
Pacifica NATGAS	+0.0100%	1h	3.0071	−0.028%	$70K	$32K	10x	as long as short
ApeX Omni NATGASUSDT	+0.0100%	1h	3.0000	−0.263%	$37K	$216K	50x	as long as short
Orderly PERP_NATGAS_USDC_mythos	+0.0100%	8h	3.0000	−0.263%	$3K	$544	10x	as long as short
Phemex NGUSDT	+0.0100%	4h	3.0070	−0.030%	$1.5M	$91K	10x	as long as short
KuCoin NATGASUSDTM	+0.0168%	4h	3.0060	−0.063%	$1.0M	$885K	20x	as long as short
Aster NATGASUSDT	+0.0185%	4h	3.0066	−0.044%	$265K	$65K	50x	as long as short
Variational Omni NATGAS	+0.0402%	4h	3.0069	−0.033%	$319K	$390K	—	as long as short
Binance NATGASUSDT	+0.0420%	4h	3.0070	−0.030%	$10.4M	$28.5M	100x	as long as short
edgeX NATGASUSDC	+0.0441%	4h	3.0054	−0.083%	$85K	$212K	20x	as long as short
GMX NATGAS/USD [ETH-USDC]	L +0.0578% / S −0.0590%	1h	3.0075	−0.013%	$88K	—	45x	as long as short
Gate NG_USDT	+0.0578%	8h	3.0090	+0.037%	$1.5M	$195K	100x	as long as short
BloFin NG-USDTshort	+0.0615%	8h	3.0060	−0.063%	$82K	$198K	20x
OKX NG-USDT-SWAP	+0.0617%	8h	3.0050	−0.096%	$854K	$1.8M	50x	as long as short
Kraken Futures PF_NATGASUSD	+0.0860%	1h	3.0090	+0.037%	$56K	$36K	20x	as long as short
Bitget NATGASUSDT	+0.0868%	4h	3.0040	−0.130%	$9.9M	$3.0M	100x	as long as short