Funding arb · Price arb /

NATGAS

RWAall NATGAS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0983%/8h= +107.6% APRpaid last 24h +0.238%

Price spread now: Bitget against QFEX−0.067%56s7-day average −0.029% · 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—prices read too far apart to compare

costs, in and out, $10k−$370.375% of the position

Long on QFEX Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.506%+$51 on $10k

Price spread, last 4 days (all we have)+0.025%+$3 · spread now −0.067%, 7d avg −0.029%

Together, before fees+0.532%+$53 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bitget is 0.038% cheaper against QFEX than usual: you would sell low and buy high (spread −0.067% now, against its 7-day average of −0.029%). If the spread goes back, that is −$4 on $10k: about 3 hours of funding at the current rate (+$29 a day). At the pace of the last 4 days (+0.506% in total) that is about 7 hours. The two prices were read 56 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX NATGAS-USD	3.0050	0.0033	pay 0.0004% / 1h	24m 43s	$660K	$96K	20x
Short	Bitget NATGASUSDT	3.0030	0.1016	get 0.0508% / 4h	2h 24m	$9.9M	$3.2M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against QFEX. 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 QFEXbpFee BitgetbpOrdersPrice spread, now −0.067%Rate

Funding earned: $206.34
Price spread: −0.067% → −0.029%: −$3.79
Slippage, 4 orders: −$15.49
Fee QFEX: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: $165.06
Costs to cover: 0.375%
Break-even: 1.4 days

Slippage from QFEX: live order book, just now; Bitget: live order book, 4 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 QFEX live order book, just now	3.33 bp	8.3 bp −$8	8.3 bp −$83	11.8 bp −$1,181	doesn't fit
Sell Bitget live order book, 4 min ago	1.66 bp	10.8 bp −$11	20.1 bp −$201	64.3 bp −$6,434	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	2.8456	−5.304%	—	—	—	as long as short
SunX NATGAS-USDT	0.0000%	4h	3.0072	+0.073%	$2K	$2.4M	20x	as long as short
Lighter NATGAS	+0.0032%	1h	3.0059	+0.030%	$629K	$504K	10x	as long as short
Extended XNG-USD	+0.0032%	1h	3.0049	−0.004%	$110K	$334K	5x	as long as short
QFEX NATGAS-USDlong	+0.0033%	1h	3.0050	long leg	$660K	$96K	20x
Vest NG-PERP	+0.0046%	1h	3.0050	0.000%	—	$14K	10x	as long as short
Ondo Perps NATGAS-USD.P	+0.0050%	1h	3.0070	+0.067%	$83K	$26K	10x	as long as short
Paradex NG-USD-PERP	+0.0069%	8h	3.0074	+0.081%	$5K	—	5x	as long as short
tradeXYZ xyz:NATGAS	+0.0071%	1h	3.0055	+0.017%	$6.0M	$5.6M	10x	as long as short
Pacifica NATGAS	+0.0100%	1h	3.0047	−0.010%	$68K	$33K	10x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni NATGASUSDT	+0.0100%	1h	3.0000	−0.166%	$37K	$218K	50x	as long as short
Orderly PERP_NATGAS_USDC_mythos	+0.0100%	8h	3.0000	−0.166%	$3K	$544	10x	as long as short
Phemex NGUSDT	+0.0100%	4h	3.0050	0.000%	$1.5M	$93K	10x	as long as short
Hotstuff NATGAS-PERP	+0.0104%	1h	3.0055	+0.017%	$35K	—	20x	as long as short
HTX NATGAS-USDT	+0.0216%	4h	3.0070	+0.067%	$107K	$212K	75x	as long as short
GRVT NATGAS_USDT_Perp	+0.0240%	4h	3.0041	−0.031%	$13K	$212K	25x	as long as short
KuCoin NATGASUSDTM	+0.0356%	4h	3.0040	−0.033%	$1.0M	$958K	20x	as long as short
Aster NATGASUSDT	+0.0386%	4h	3.0080	+0.099%	$264K	$75K	50x	as long as short
GMX NATGAS/USD [ETH-USDC]	L +0.0520% / S −0.0467%	1h	3.0055	+0.017%	$92K	—	45x	as long as short
Variational Omni NATGAS	+0.0592%	4h	3.0050	0.000%	$317K	$432K	—	as long as short
Gate NG_USDT	+0.0595%	8h	3.0080	+0.100%	$1.5M	$195K	100x	as long as short
Binance NATGASUSDT	+0.0617%	4h	3.0060	+0.033%	$10.3M	$28.3M	100x	as long as short
edgeX NATGASUSDC	+0.0638%	4h	3.0050	0.000%	$85K	$212K	20x	as long as short
BloFin NG-USDT	+0.0644%	8h	3.0040	−0.033%	$82K	$195K	20x	as long as short
OKX NG-USDT-SWAP	+0.0657%	8h	3.0050	0.000%	$867K	$1.7M	50x	as long as short
Bitget NATGASUSDTshort	+0.1016%	4h	3.0030	−0.067%	$9.9M	$3.2M	100x
Kraken Futures PF_NATGASUSD	+0.1181%	1h	3.0076	+0.085%	$56K	$35K	20x	as long as short