Funding arb · Price arb /

NATGAS

RWAall NATGAS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0185%/8h= +20.3% APRpaid last 24h +0.094%

Price spread now: Variational Omni against Lighter−0.027%7-day average +0.114% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Lighter Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.620%−$62 on $10k

Price spread, last 4 days (all we have)−0.013%−$1 · spread now −0.027%, 7d avg +0.114%

Together, before fees−0.632%+ Points / potential airdropLighter: Season 3 · Variational Omni: Active · farm board−$63 on $10k · with fees, hour by hour

Funding pays, the price is against you. Variational Omni is 0.141% cheaper against Lighter than usual: you would sell low and buy high (spread −0.027% now, against its 7-day average of +0.114%). If the spread goes back, that is −$14 on $10k: about 2.5 days of funding at the current rate (+$6 a day). Mind the row above: over the last 4 days funding on this pair cost −0.620%, 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	2.9977	0.0032	pay 0.0004% / 1h	16m 23s	$681K	$756K	10x
Short	Variational Omni NATGAS	2.9969	0.0217	get 0.0109% / 4h	2h 16m	$355K	$429K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Lighter. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpOrdersPrice spread, now −0.027%Rate

Funding earned: $38.89
Price spread: −0.027% → +0.114%: −$14.1
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $24.8
Costs to cover: 0.000%
Break-even: 2.5 days

Slippage unknown: Lighter: live order book, 31 min ago; Variational Omni: RFQ quote, 35 min ago. 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 Lighter live order book, 31 min ago	2.34 bp	2.3 bp −$2	16.1 bp −$161	85.2 bp −$8,522	doesn't fit
Sell Variational Omni RFQ quote, 35 min ago	4.49 bp	doesn't fit	9.4 bp −$94	doesn't fit	doesn't fit

NATGAS on 27 exchanges

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	−0.0072%	1h	2.9983	+0.020%	$35K	—	20x	as long as short
GRVT NATGAS_USDT_Perp	0.0000%	4h	2.9961	−0.053%	$20K	$208K	25x	as long as short
gTrade (Gains Network) NATGAS/USD	L 0.0000% / S 0.0000%	1h	2.8346	−5.441%	—	—	—	as long as short
SunX NATGAS-USDT	0.0000%	4h	2.9992	+0.050%	$2K	$1.8M	20x	as long as short
HTX NATGAS-USDT	0.0000%	4h	2.9982	+0.017%	$118K	$221K	75x	as long as short
QFEX NATGAS-USD	+0.0024%	1h	2.9970	−0.023%	$660K	$98K	20x	as long as short
Lighter NATGASlong	+0.0032%	1h	2.9977	long leg	$681K	$756K	10x
Extended XNG-USD	+0.0032%	1h	2.9964	−0.042%	$141K	$361K	5x	as long as short
Vest NG-PERP	+0.0046%	1h	2.9980	+0.010%	—	$14K	10x	as long as short
tradeXYZ xyz:NATGAS	+0.0050%	1h	2.9971	−0.020%	$6.0M	$5.7M	10x	as long as short

Show all 27 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps NATGAS-USD.P	+0.0050%	1h	2.9955	−0.073%	$84K	$28K	10x	as long as short
Paradex NG-USD-PERP	+0.0053%	8h	2.9983	+0.020%	$5K	—	5x	as long as short
Aster NATGASUSDT	+0.0063%	4h	2.9989	+0.040%	$258K	$74K	50x	as long as short
Pacifica NATGAS	+0.0100%	1h	2.9960	−0.057%	$68K	$39K	10x	as long as short
ApeX Omni NATGASUSDT	+0.0100%	1h	3.0000	+0.077%	$37K	$213K	50x	as long as short
Orderly PERP_NATGAS_USDC_mythos	+0.0100%	8h	3.0000	+0.077%	$3K	$544	10x	as long as short
Phemex NGUSDT	+0.0100%	4h	2.9970	−0.023%	$1.5M	$92K	10x	as long as short
KuCoin NATGASUSDTM	+0.0186%	4h	2.9970	−0.023%	$1.1M	$820K	20x	as long as short
Variational Omni NATGASshort	+0.0217%	4h	2.9969	−0.027%	$355K	$429K	—
Binance NATGASUSDT	+0.0250%	4h	2.9966	−0.035%	$9.7M	$31.6M	100x	as long as short
edgeX NATGASUSDC	+0.0269%	4h	2.9969	−0.028%	$85K	$212K	20x	as long as short
Gate NG_USDT	+0.0276%	8h	3.0010	+0.110%	$1.5M	$204K	100x	as long as short
Kraken Futures PF_NATGASUSD	+0.0298%	1h	2.9976	−0.003%	$54K	$46K	20x	as long as short
OKX NG-USDT-SWAP	+0.0411%	8h	2.9970	−0.023%	$838K	$2.0M	50x	as long as short
BloFin NG-USDT	+0.0416%	8h	2.9970	−0.023%	$78K	$198K	20x	as long as short
GMX NATGAS/USD [ETH-USDC]	L +0.0538% / S −0.0542%	1h	2.9975	−0.007%	$88K	—	45x	as long as short
Bitget NATGASUSDT	+0.0776%	4h	2.9940	−0.123%	$9.9M	$2.9M	100x	as long as short