Funding arb · Price arb /

NATGAS

RWAall NATGAS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0526%/8h= +57.6% APRpaid last 24h +0.081%

Price spread now: OKX against Lighter+0.013%7-day average +0.075% · you sell dearer than you buy

Net, funding: paid 7d − costs−$67as in the Funding arb table

Net, price: spread back to 7d avg − costs−$34as in the Price arb table

costs, in and out, $10k−$280.282% of the position

Long on Lighter Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.384%−$38 on $10k

Price spread, last 4 days (all we have)−0.038%−$4 · spread now +0.013%, 7d avg +0.075%

Together, before fees−0.422%+ Points / potential airdropLighter: Season 3 · farm board−$42 on $10k · with fees, hour by hour

Funding pays, the price is against you. OKX is 0.062% cheaper against Lighter than usual: you would sell low and buy high (spread +0.013% now, against its 7-day average of +0.075%). If the spread goes back, that is −$6 on $10k: about 9 hours of funding at the current rate (+$16 a day). Mind the row above: over the last 7 days funding on this pair cost −0.384%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter NATGAS	3.0006	0.0032	pay 0.0004% / 1h	38m 36s	$626K	$501K	10x
Short	OKX NG-USDT-SWAP	3.0010	0.0558	get 0.0558% / 8h	3h 38m	$863K	$1.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.013%Rate

Funding earned: $110.48
Price spread: +0.013% → +0.075%: −$6.15
Slippage, 4 orders: −$18.25
Fee Lighter: 0 bp × 2 orders: $0
Fee OKX: 5 bp × 2 orders: −$10
Net: $76.09
Costs to cover: 0.282%
Break-even: 2.2 days

Slippage from Lighter: live order book, 7 min ago; OKX: live order book, 3 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, 7 min ago	0.67 bp	0.7 bp −$1	19.1 bp −$191	94.2 bp −$9,422	doesn't fit
Sell OKX live order book, 3 min ago	1.67 bp	11.1 bp −$11	19.8 bp −$198	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
gTrade (Gains Network) NATGAS/USD	L 0.0000% / S 0.0000%	1h	2.8396	−5.366%	—	—	—	as long as short
SunX NATGAS-USDT	0.0000%	4h	3.0032	+0.087%	$2K	$2.4M	20x	as long as short
Hotstuff NATGAS-PERP	+0.0008%	1h	3.0007	+0.003%	$35K	—	20x	as long as short
QFEX NATGAS-USD	+0.0009%	1h	3.0010	+0.013%	$668K	$91K	20x	as long as short
Lighter NATGASlong	+0.0032%	1h	3.0006	long leg	$626K	$501K	10x
Extended XNG-USD	+0.0032%	1h	2.9998	−0.027%	$110K	$395K	5x	as long as short
Vest NG-PERP	+0.0046%	1h	3.0010	+0.013%	—	$14K	10x	as long as short
Ondo Perps NATGAS-USD.P	+0.0050%	1h	2.9999	−0.023%	$82K	$26K	10x	as long as short
tradeXYZ xyz:NATGAS	+0.0056%	1h	3.0006	0.000%	$6.0M	$5.7M	10x	as long as short
Paradex NG-USD-PERP	+0.0074%	8h	3.0022	+0.055%	$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	2.9989	−0.057%	$68K	$33K	10x	as long as short
ApeX Omni NATGASUSDT	+0.0100%	1h	3.0000	−0.020%	$37K	$217K	50x	as long as short
Orderly PERP_NATGAS_USDC_mythos	+0.0100%	8h	3.0000	−0.020%	$3K	$544	10x	as long as short
Phemex NGUSDT	+0.0100%	4h	3.0010	+0.013%	$1.5M	$93K	10x	as long as short
KuCoin NATGASUSDTM	+0.0326%	4h	3.0010	+0.013%	$1.0M	$1.0M	20x	as long as short
Aster NATGASUSDT	+0.0374%	4h	3.0038	+0.107%	$263K	$74K	50x	as long as short
HTX NATGAS-USDT	+0.0386%	4h	3.0055	+0.163%	$107K	$213K	75x	as long as short
GRVT NATGAS_USDT_Perp	+0.0468%	4h	3.0020	+0.047%	$12K	$230K	25x	as long as short
GMX NATGAS/USD [ETH-USDC]	L +0.0472% / S −0.0414%	1h	3.0015	+0.030%	$92K	—	45x	as long as short
Gate NG_USDT	+0.0530%	8h	3.0050	+0.147%	$1.5M	$192K	100x	as long as short
BloFin NG-USDT	+0.0538%	8h	3.0020	+0.047%	$81K	$193K	20x	as long as short
OKX NG-USDT-SWAPshort	+0.0558%	8h	3.0010	+0.013%	$863K	$1.7M	50x
Variational Omni NATGAS	+0.0576%	4h	3.0020	+0.046%	$316K	$449K	—	as long as short
Binance NATGASUSDT	+0.0597%	4h	3.0021	+0.049%	$10.2M	$28.4M	100x	as long as short
edgeX NATGASUSDC	+0.0600%	4h	3.0010	+0.013%	$85K	$212K	20x	as long as short
Kraken Futures PF_NATGASUSD	+0.0856%	1h	3.0032	+0.086%	$55K	$35K	20x	as long as short
Bitget NATGASUSDT	+0.0976%	4h	2.9990	−0.053%	$9.9M	$3.2M	100x	as long as short