Funding arb · Price arb /

NATGAS

RWAall NATGAS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0068%/8h= +7.4% APRpaid last 24h +0.020%

Price spread now: Phemex against Lighter+0.007%7-day average +0.117% · you sell dearer than you buy

Net, funding: paid 7d − costs−$146as in the Funding arb table

Net, price: spread back to 7d avg − costs−$96as in the Price arb table

costs, in and out, $10k−$850.847% of the position

Long on Lighter Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.613%−$61 on $10k

Price spread, last 4 days (all we have)−0.033%−$3 · spread now +0.007%, 7d avg +0.117%

Together, before fees−0.646%+ Points / potential airdropLighter: Season 3 · farm board−$65 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phemex is 0.110% cheaper against Lighter than usual: you would sell low and buy high (spread +0.007% now, against its 7-day average of +0.117%). If the spread goes back, that is −$11 on $10k: about 5.4 days of funding at the current rate (+$2 a day). Mind the row above: over the last 7 days funding on this pair cost −0.613%, 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	3.0068	0.0032	pay 0.0004% / 1h	9m 32s	$629K	$504K	10x
Short	Phemex NGUSDT	3.0070	0.0100	get 0.0050% / 4h	2h 09m	$1.5M	$93K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.007%Rate

Funding earned: $14.28
Price spread: +0.007% → +0.117%: −$11.02
Slippage, 4 orders: −$72.7
Fee Lighter: 0 bp × 2 orders: $0
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$81.44
Costs to cover: 0.847%
Break-even: 46.9 days

Slippage from Lighter: live order book, 31 min ago; Phemex: 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, 31 min ago	0.83 bp	2.5 bp −$2	14.2 bp −$142	84.0 bp −$8,395	doesn't fit
Sell Phemex live order book, 3 min ago	1.66 bp	36.5 bp −$37	doesn't fit	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	2.8471	−5.311%	—	—	—	as long as short
SunX NATGAS-USDT	0.0000%	4h	3.0092	+0.080%	$2K	$2.4M	20x	as long as short
Hotstuff NATGAS-PERP	+0.0016%	1h	3.0073	+0.017%	$35K	—	20x	as long as short
Lighter NATGASlong	+0.0032%	1h	3.0068	long leg	$629K	$504K	10x
Extended XNG-USD	+0.0032%	1h	3.0052	−0.053%	$110K	$333K	5x	as long as short
QFEX NATGAS-USD	+0.0033%	1h	3.0050	−0.060%	$660K	$96K	20x	as long as short
Vest NG-PERP	+0.0046%	1h	3.0060	−0.027%	—	$14K	10x	as long as short
Ondo Perps NATGAS-USD.P	+0.0050%	1h	3.0049	−0.063%	$83K	$26K	10x	as long as short
tradeXYZ xyz:NATGAS	+0.0059%	1h	3.0073	+0.017%	$6.0M	$5.5M	10x	as long as short
Paradex NG-USD-PERP	+0.0063%	8h	3.0076	+0.025%	$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	3.0059	−0.030%	$68K	$33K	10x	as long as short
ApeX Omni NATGASUSDT	+0.0100%	1h	3.0000	−0.226%	$37K	$218K	50x	as long as short
Orderly PERP_NATGAS_USDC_mythos	+0.0100%	8h	3.0000	−0.226%	$3K	$544	10x	as long as short
Phemex NGUSDTshort	+0.0100%	4h	3.0070	+0.007%	$1.5M	$93K	10x
HTX NATGAS-USDT	+0.0139%	4h	3.0080	+0.040%	$107K	$212K	75x	as long as short
GRVT NATGAS_USDT_Perp	+0.0170%	4h	3.0052	−0.053%	$13K	$212K	25x	as long as short
KuCoin NATGASUSDTM	+0.0318%	4h	3.0060	−0.027%	$1.0M	$946K	20x	as long as short
Aster NATGASUSDT	+0.0340%	4h	3.0077	+0.030%	$265K	$75K	50x	as long as short
GMX NATGAS/USD [ETH-USDC]	L +0.0527% / S −0.0528%	1h	3.0075	+0.023%	$88K	—	45x	as long as short
Variational Omni NATGAS	+0.0561%	4h	3.0060	−0.027%	$317K	$432K	—	as long as short
Binance NATGASUSDT	+0.0582%	4h	3.0061	−0.024%	$10.3M	$28.5M	100x	as long as short
edgeX NATGASUSDC	+0.0592%	4h	3.0060	−0.027%	$85K	$212K	20x	as long as short
Gate NG_USDT	+0.0611%	8h	3.0100	+0.106%	$1.5M	$196K	100x	as long as short
BloFin NG-USDT	+0.0644%	8h	3.0060	−0.027%	$82K	$195K	20x	as long as short
OKX NG-USDT-SWAP	+0.0653%	8h	3.0050	−0.060%	$867K	$1.7M	50x	as long as short
Bitget NATGASUSDT	+0.0988%	4h	3.0030	−0.126%	$9.9M	$3.2M	100x	as long as short
Kraken Futures PF_NATGASUSD	+0.1180%	1h	3.0096	+0.092%	$56K	$35K	20x	as long as short