Natural Gas (NATGAS)
Perp: NATGAS on HL · Hedge: /NG (Futures)
Funding (ann.)
+7.4%
Basis
+5.30%
Open interest
$7,932,273
Status
delayed
Research note: basis exceeds research limit
Funding rate — annualized, 1736 settlement snapshots
Timezone: UTC · Units: % annualized · Source: dellserver funding-arb daemon (delayed export) · Last update: 2026-09-15T09:00:01+00:00
Basis — (perp mark − hedge) / hedge
Timezone: UTC · Units: % · Source: dellserver funding-arb daemon (delayed export) · Last update: 2026-09-15T09:00:01+00:00
Open interest — historical liquidity
Timezone: UTC · Units: USD notional · Source: dellserver funding-arb daemon (delayed export) · Last update: 2026-09-15T09:00:01+00:00
Persistence
65% of snapshots over the trailing 168h met the research condition: FR >= 100% APR, 7-day window.
Relevant paper trades
| Opened | Direction | Status | Net P&L | All-in P&L | Close reason |
|---|---|---|---|---|---|
| 2026-09-08 16:04 UTC | short_hl_long_ib | closed | +$410.82 | +$129.59 | emergency FR=-123% |
| 2026-06-09 16:04 UTC | short_hl_long_ib | closed | +$193.18 | — | neg_FR_grace 4.0h |
Known limitations
- The hedge leg only trades during its market's own hours; the perp trades 24/7 — see Methodology for how naked-leg windows are handled.
- Funding and basis figures are delayed, not real-time — see the status strip at the top of every page.