NG Funding Rate — perpetuals across 4 venues

TradFi perpetual · compared across 4 venues · net of estimated fees · updated every few minutes

NG is a commodity-linked perpetual referencing NG. Its price tracks the commodity, not an equity.

Live annualized NG perpetual funding across all 4 venues Perpia tracks. Right now NG funding is positive on 4 and negative on 0, ranging from +39.9% on Gate.io to +11.1% on Hyperliquid — a spread of 28.8%. The widest delta-neutral trade is long Hyperliquid / short Gate.io at 26.1% net APR.

venues

paying positive

28.8%

funding spread

Best NG spread now

26.1%

net APR after fees

Long Hyperliquid→Short Gate.io

size depends on live venue depth — see the real cap in the scanner

NG funding trend & liquidity

168h of history

28.8%

current gross APR

1.8%

24h average

-7.6%

7-day average

$1.5M

pair OI · lower leg

$1.0M

24h volume · lower leg

Averages are historical funding over the window shown. A current rate near the 7-day average may indicate the spread has persisted; a rate far above it is usually a short-lived spike. OI and volume are the smaller (binding) leg of the best pair — the ceiling on tradeable size.

NG funding rate history

30d · 6h buckets · 6 venues

280%0-25.8%

5 Aug4 Sep

NG — average across 6 venuesOKXGate.ioParadexVest

Annualized funding, averaged into 6-hour buckets. The bold line is the mean across venues quoting in that bucket; the faint lines are individual venues. Mean over the window: +20.3%. A break in a line means no data was recorded for that stretch, not a zero rate.

NG funding rate by venue

4 pairs scanned

Venue	Funding APR	Interval
Gate.io ↗	+39.9%	8h
OKX ↗	+38.1%	8h
trade.xyz ↗	+11.1%	1h
Hyperliquid ↗	+11.1%	1h

Rates annualized; updated ~every few minutes from live venue data. Venue names link to that exchange's full funding table; ↗ opens the market on the exchange itself. Every spread between these two venues is on the Hyperliquid vs Gate.io page.

NG arbitrage — 30-day backtest

long Hyperliquid · short Gate.io

-8.3%

backtested APR

−$68

historical net P&L on $10,000

0.81%

max drawdown

$10,000$9,932

30 days agostarting capital $10,000today

Over the last 30 days, holding long Hyperliquid / short Gate.io would have produced -8.3% APR — versus the 26.1% the live spread implies right now (equity $10,000 → $9,932). This is a backtest on historical funding, not a live result: funding drifts and decays, so backtested results rarely match the current headline rate — which is why size and holding window matter more than the top-line number.

Open full interactive backtest →

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NG funding — FAQ

Is NG funding positive right now?

NG perpetual funding is positive on 4 of 4 venues Perpia tracks. The highest is +39.9% on Gate.io; the lowest is +11.1% on Hyperliquid.

What is the best NG funding arbitrage right now?

Go long Hyperliquid and short Gate.io for about 26.1% net APR after fees — the widest delta-neutral NG spread Perpia currently sees.

Which exchange has the highest NG funding rate?

Gate.io, at +39.9% annualized. Funding shifts continuously, so check the live table above before trading.

How NG funding arbitrage works

Funding arbitrage combines opposing positions on two venues — long the one paying the most negative funding, short the one paying the most positive — to reduce directional exposure and capture the difference between their funding payments. Fees, slippage, basis divergence and liquidation risk can reduce the result. See the methodology for how it is measured and the guide for the full walkthrough.

Markets related to NG

Markets also quoted on both Gate.io and Hyperliquid — the same two exchanges you would already have funded for the NG trade.

See every spread between them on the Gate.io vs Hyperliquid page.

Open the live scanner →All funding rates Funding by exchange How we calculate this