Funding arb · Price arb /

NATGAS

RWAall NATGAS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.024%

Price spread now: QFEX against Phemex−0.067%7-day average −0.015% · 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−$93as in the Price arb table

costs, in and out, $10k−$880.878% of the position

Long on Phemex Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.091%−$9 on $10k

Price spread, last 4 days (all we have)+0.042%+$4 · spread now −0.067%, 7d avg −0.015%

Together, before fees−0.049%−$5 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and QFEX is 0.051% cheaper against Phemex than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.015%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex NGUSDT	3.0070	0.0100	pay 0.0050% / 4h	2h 09m	$1.5M	$93K	10x
Short	QFEX NATGAS-USD	3.0050	0.0033	get 0.0004% / 1h	9m 00s	$660K	$96K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against Phemex. 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 PhemexbpFee QFEXbpOrdersPrice spread, now −0.067%Rate

Funding earned: −$13.98
Price spread: −0.067% → −0.015%: −$5.13
Slippage, 4 orders: −$65.81
Fee Phemex: 6 bp × 2 orders: −$12
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$106.91
Costs to cover: 0.878%
Break-even: never at this rate

Slippage from Phemex: live order book, 4 min ago; QFEX: live order book, 16 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 Phemex live order book, 4 min ago	1.66 bp	34.7 bp −$35	doesn't fit	doesn't fit	doesn't fit
Sell QFEX live order book, 16 min ago	3.33 bp	8.3 bp −$8	8.3 bp −$83	12.6 bp −$1,262	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	2.8454	−5.374%	—	—	—	as long as short
SunX NATGAS-USDT	0.0000%	4h	3.0082	+0.040%	$2K	$2.4M	20x	as long as short
Hotstuff NATGAS-PERP	+0.0016%	1h	3.0073	+0.010%	$35K	—	20x	as long as short
Lighter NATGAS	+0.0032%	1h	3.0062	−0.027%	$629K	$504K	10x	as long as short
Extended XNG-USD	+0.0032%	1h	3.0065	−0.017%	$110K	$333K	5x	as long as short
QFEX NATGAS-USDshort	+0.0033%	1h	3.0050	−0.067%	$660K	$96K	20x
Vest NG-PERP	+0.0046%	1h	3.0060	−0.033%	—	$14K	10x	as long as short
Ondo Perps NATGAS-USD.P	+0.0050%	1h	3.0049	−0.070%	$83K	$26K	10x	as long as short
tradeXYZ xyz:NATGAS	+0.0060%	1h	3.0062	−0.027%	$6.0M	$5.5M	10x	as long as short
Paradex NG-USD-PERP	+0.0063%	8h	3.0076	+0.018%	$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	−0.037%	$68K	$33K	10x	as long as short
ApeX Omni NATGASUSDT	+0.0100%	1h	3.0000	−0.233%	$37K	$218K	50x	as long as short
Orderly PERP_NATGAS_USDC_mythos	+0.0100%	8h	3.0000	−0.233%	$3K	$544	10x	as long as short
Phemex NGUSDTlong	+0.0100%	4h	3.0070	long leg	$1.5M	$93K	10x
HTX NATGAS-USDT	+0.0135%	4h	3.0081	+0.037%	$107K	$212K	75x	as long as short
GRVT NATGAS_USDT_Perp	+0.0170%	4h	3.0052	−0.060%	$13K	$212K	25x	as long as short
KuCoin NATGASUSDTM	+0.0318%	4h	3.0050	−0.067%	$1.0M	$945K	20x	as long as short
Aster NATGASUSDT	+0.0340%	4h	3.0090	+0.065%	$265K	$75K	50x	as long as short
GMX NATGAS/USD [ETH-USDC]	L +0.0528% / S −0.0528%	1h	3.0065	−0.017%	$88K	—	45x	as long as short
Variational Omni NATGAS	+0.0561%	4h	3.0060	−0.034%	$317K	$432K	—	as long as short
Binance NATGASUSDT	+0.0582%	4h	3.0075	+0.015%	$10.3M	$28.5M	100x	as long as short
edgeX NATGASUSDC	+0.0592%	4h	3.0060	−0.034%	$85K	$212K	20x	as long as short
Gate NG_USDT	+0.0611%	8h	3.0090	+0.067%	$1.5M	$196K	100x	as long as short
BloFin NG-USDT	+0.0652%	8h	3.0070	0.000%	$81K	$195K	20x	as long as short
OKX NG-USDT-SWAP	+0.0653%	8h	3.0050	−0.067%	$867K	$1.7M	50x	as long as short
Bitget NATGASUSDT	+0.0988%	4h	3.0040	−0.100%	$9.9M	$3.2M	100x	as long as short
Kraken Futures PF_NATGASUSD	+0.1181%	1h	3.0083	+0.043%	$56K	$35K	20x	as long as short