Funding arb · Price arb /

NATGAS

RWAall NATGAS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0277%/8h= −30.3% APRpaid last 24h −0.088%

Price spread now: Hotstuff against Variational Omni+0.087%7-day average — · you sell dearer than you buy

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

Long on Variational Omni Short on Hotstuff

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropVariational Omni: Active · Hotstuff: Active · farm boardneeds both histories

The price spread pays, funding is against you. Hotstuff is 0.087% dearer against Variational Omni than usual: you sell high and buy low (spread +0.087% now, against zero (this spread has no 7-day history yet)): +$9 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 25 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni NATGAS	3.0070	0.0493	pay 0.0247% / 4h	1h 18m	$319K	$393K	—
Short	Hotstuff NATGAS-PERP	3.0096	0.0216	get 0.0027% / 1h	18m 10s	$35K	—	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hotstuff 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 HotstuffbpOrdersPrice spread, now +0.087%Rate

Funding earned: −$58.2
Price spread: +0.087% → 0.000%: $8.73
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Net: −$54.46
Costs to cover: 0.050%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 26 min ago; Hotstuff: no order-book sample. 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, 26 min ago	4.49 bp	doesn't fit	14.0 bp −$140	doesn't fit	doesn't fit
Sell Hotstuff no order-book sample	—	—	—	—	—

Hotstuff: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	2.8476	−5.300%	—	—	—	as long as short
SunX NATGAS-USDT	0.0000%	4h	3.0112	+0.141%	$2K	$2.4M	20x	as long as short
QFEX NATGAS-USD	+0.0002%	1h	3.0080	+0.034%	$660K	$96K	20x	as long as short
Lighter NATGAS	+0.0032%	1h	3.0093	+0.077%	$630K	$502K	10x	as long as short
Extended XNG-USD	+0.0032%	1h	3.0079	+0.031%	$111K	$283K	5x	as long as short
Vest NG-PERP	+0.0046%	1h	3.0090	+0.067%	—	$14K	10x	as long as short
HTX NATGAS-USDT	+0.0048%	4h	3.0106	+0.121%	$107K	$202K	75x	as long as short
tradeXYZ xyz:NATGAS	+0.0050%	1h	3.0086	+0.054%	$6.0M	$5.4M	10x	as long as short
Ondo Perps NATGAS-USD.P	+0.0050%	1h	3.0090	+0.067%	$83K	$26K	10x	as long as short
Paradex NG-USD-PERP	+0.0054%	8h	3.0105	+0.119%	$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	3.0074	+0.014%	$68K	$33K	10x	as long as short
ApeX Omni NATGASUSDT	+0.0100%	1h	3.0100	+0.101%	$37K	$217K	50x	as long as short
Orderly PERP_NATGAS_USDC_mythos	+0.0100%	8h	3.0100	+0.101%	$3K	$544	10x	as long as short
Phemex NGUSDT	+0.0100%	4h	3.0100	+0.101%	$1.5M	$93K	10x	as long as short
GRVT NATGAS_USDT_Perp	+0.0148%	4h	3.0070	+0.001%	$22K	$211K	25x	as long as short
Hotstuff NATGAS-PERPshort	+0.0216%	1h	3.0096	+0.087%	$35K	—	20x
KuCoin NATGASUSDTM	+0.0238%	4h	3.0060	−0.032%	$1.0M	$912K	20x	as long as short
Aster NATGASUSDT	+0.0270%	4h	3.0105	+0.116%	$265K	$68K	50x	as long as short
Variational Omni NATGASlong	+0.0493%	4h	3.0070	long leg	$319K	$393K	—
Binance NATGASUSDT	+0.0513%	4h	3.0090	+0.067%	$10.3M	$28.6M	100x	as long as short
edgeX NATGASUSDC	+0.0546%	4h	3.0070	0.000%	$85K	$212K	20x	as long as short
GMX NATGAS/USD [ETH-USDC]	L +0.0557% / S −0.0564%	1h	3.0095	+0.084%	$88K	—	45x	as long as short
Gate NG_USDT	+0.0614%	8h	3.0100	+0.101%	$1.5M	$196K	100x	as long as short
BloFin NG-USDT	+0.0637%	8h	3.0080	+0.034%	$83K	$198K	20x	as long as short
OKX NG-USDT-SWAP	+0.0652%	8h	3.0080	+0.034%	$876K	$1.8M	50x	as long as short
Bitget NATGASUSDT	+0.0944%	4h	3.0040	−0.099%	$9.9M	$3.1M	100x	as long as short
Kraken Futures PF_NATGASUSD	+0.0986%	1h	3.0109	+0.130%	$56K	$36K	20x	as long as short