Funding arb · Price arb /

NATGAS

RWAall NATGAS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0302%/8h= −33.1% APRpaid last 24h −0.081%

Price spread now: ApeX Omni against Variational Omni+0.103%88s7-day average −0.009% · you sell dearer than you buy

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

Long on Variational Omni Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.045%−$4 on $10k

Price spread, last 4 days (all we have)+0.006%+$1 · spread now +0.103%, 7d avg −0.009%

Together, before fees−0.038%+ Points / potential airdropVariational Omni: Active · farm board−$4 on $10k · with fees, hour by hour

The price spread pays, funding is against you. ApeX Omni is 0.112% dearer against Variational Omni than usual: you sell high and buy low (spread +0.103% now, against its 7-day average of −0.009%): +$11 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 30 hours. At the pace of the last 4 days (−0.045% in total) that is about 9.2 days. The two prices were read 88 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.045% in total (about -4.5% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni NATGAS	3.0069	0.0402	pay 0.0201% / 4h	34m 02s	$319K	$390K	—
Short	ApeX Omni NATGASUSDT	3.0100	0.0100	get 0.0013% / 1h	34m 02s	$37K	$216K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Variational Omni. 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 Variational OmnibpFee ApeX OmnibpOrdersPrice spread, now +0.103%Rate

Funding earned: −$63.44
Price spread: +0.103% → −0.009%: $11.2
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$62.25
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 5 min ago; ApeX Omni: live order book, 2 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 Variational Omni RFQ quote, 5 min ago	4.49 bp	doesn't fit	12.1 bp −$121	doesn't fit	doesn't fit
Sell ApeX Omni live order book, 2 min ago	16.64 bp	56.6 bp −$57	270.0 bp −$2,700	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
Hotstuff NATGAS-PERP	−0.0072%	1h	3.0070	+0.003%	$35K	—	20x	as long as short
gTrade (Gains Network) NATGAS/USD	L 0.0000% / S 0.0000%	1h	2.8439	−5.421%	—	—	—	as long as short
SunX NATGAS-USDT	0.0000%	4h	3.0082	+0.043%	$2K	$2.4M	20x	as long as short
HTX NATGAS-USDT	0.0000%	4h	3.0076	+0.023%	$117K	$216K	75x	as long as short
QFEX NATGAS-USD	+0.0004%	1h	3.0050	−0.064%	$660K	$96K	20x	as long as short
Lighter NATGAS	+0.0032%	1h	3.0077	+0.026%	$631K	$494K	10x	as long as short
Extended XNG-USD	+0.0032%	1h	3.0061	−0.027%	$111K	$271K	5x	as long as short
Vest NG-PERP	+0.0046%	1h	3.0070	+0.003%	—	$14K	10x	as long as short
tradeXYZ xyz:NATGAS	+0.0050%	1h	3.0072	+0.010%	$6.0M	$5.2M	10x	as long as short
Ondo Perps NATGAS-USD.P	+0.0050%	1h	3.0081	+0.039%	$83K	$26K	10x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex NG-USD-PERP	+0.0052%	8h	3.0073	+0.013%	$5K	—	5x	as long as short
GRVT NATGAS_USDT_Perp	+0.0084%	4h	3.0039	−0.099%	$15K	$222K	25x	as long as short
Pacifica NATGAS	+0.0100%	1h	3.0061	−0.028%	$70K	$32K	10x	as long as short
ApeX Omni NATGASUSDTshort	+0.0100%	1h	3.0100	+0.103%	$37K	$216K	50x
Orderly PERP_NATGAS_USDC_mythos	+0.0100%	8h	3.0000	−0.230%	$3K	$544	10x	as long as short
Phemex NGUSDT	+0.0100%	4h	3.0080	+0.036%	$1.5M	$91K	10x	as long as short
KuCoin NATGASUSDTM	+0.0174%	4h	3.0060	−0.030%	$1.0M	$886K	20x	as long as short
Aster NATGASUSDT	+0.0187%	4h	3.0067	−0.006%	$265K	$65K	50x	as long as short
Variational Omni NATGASlong	+0.0402%	4h	3.0069	long leg	$319K	$390K	—
Binance NATGASUSDT	+0.0423%	4h	3.0075	+0.019%	$10.4M	$28.5M	100x	as long as short
edgeX NATGASUSDC	+0.0441%	4h	3.0054	−0.050%	$85K	$212K	20x	as long as short
GMX NATGAS/USD [ETH-USDC]	L +0.0577% / S −0.0588%	1h	3.0075	+0.019%	$88K	—	45x	as long as short
Gate NG_USDT	+0.0579%	8h	3.0090	+0.069%	$1.5M	$195K	100x	as long as short
OKX NG-USDT-SWAP	+0.0622%	8h	3.0050	−0.064%	$854K	$1.8M	50x	as long as short
BloFin NG-USDT	+0.0643%	8h	3.0060	−0.030%	$82K	$198K	20x	as long as short
Kraken Futures PF_NATGASUSD	+0.0861%	1h	3.0082	+0.042%	$56K	$36K	20x	as long as short
Bitget NATGASUSDT	+0.0870%	4h	3.0040	−0.097%	$9.9M	$3.0M	100x	as long as short