Funding arb · Price arb /

SAND

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0084%/8h= −9.2% APRpaid last 24h −0.034%

Price spread now: Extended against BingX+0.035%7-day average −0.043% · you sell dearer than you buy

Net, funding: paid 7d − costs−$73as in the Funding arb table

Net, price: spread back to 7d avg − costs−$47as in the Price arb table

costs, in and out, $10k−$550.545% of the position

Long on BingX Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days−0.187%−$19 on $10k

Price spread, last 4 days (all we have)−0.089%−$9 · spread now +0.035%, 7d avg −0.043%

Together, before fees−0.276%+ Points / potential airdropExtended: Active · farm board−$28 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Extended is 0.078% dearer against BingX than usual: you sell high and buy low (spread +0.035% now, against its 7-day average of −0.043%): +$8 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 3.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX SAND-USDT	0.04173	0.0100	pay 0.0100% / 8h	31m 56s	—	$2.4M	—
Short	Extended SAND-USD	0.04174	0.0016	get 0.0002% / 1h	31m 56s	$3K	$194K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended against BingX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BingXbpFee ExtendedbpOrdersPrice spread, now +0.035%Rate

Funding earned: −$17.64
Price spread: +0.035% → −0.043%: $7.76
Slippage, 4 orders: −$39.55
Fee BingX: 5 bp × 2 orders: −$10
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$64.43
Costs to cover: 0.545%
Break-even: never at this rate

Slippage from BingX: live order book, 2 min ago; Extended: live order book, 45 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 BingX live order book, 2 min ago	3.60 bp	14.5 bp −$15	24.1 bp −$241	147.4 bp −$14.7K	doesn't fit
Sell Extended live order book, 45 min ago	2.40 bp	11.7 bp −$12	84.8 bp −$848	doesn't fit	doesn't fit

SAND on 15 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
Variational Omni SAND	−0.0224%	8h	0.04172	−0.023%	$114K	$4K	—	as long as short
Kraken Futures PF_SANDUSD	−0.0140%	1h	0.04178	+0.108%	$154K	$106K	25x	as long as short
Hyperliquid SAND	−0.0115%	1h	0.04170	−0.062%	$575K	$450K	5x	as long as short
Aster SANDUSDT	−0.0086%	8h	0.04182	+0.207%	$14K	$18K	10x	as long as short
Bitget SANDUSDT	−0.0024%	8h	0.04172	−0.024%	$1.7M	$540K	10x	as long as short
KuCoin SANDUSDTM	−0.0013%	8h	0.04174	+0.024%	$2.6M	$381K	50x	as long as short
BloFin SAND-USDT	−0.0003%	8h	0.04175	+0.048%	$323K	$293K	75x	as long as short
Extended SAND-USDshort	+0.0016%	1h	0.04174	+0.035%	$3K	$194K	10x
Binance SANDUSDT	+0.0019%	8h	0.04173	−0.004%	$6.6M	$12.4M	75x	as long as short
MEXC SAND_USDT	+0.0019%	8h	0.04172	−0.024%	$11.7M	$1.7M	200x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective SAND/USDC PERP	+0.0033%	1h	0.04129	−1.054%	$757	$795	5.5x	as long as short
Bybit SANDUSDT	+0.0060%	8h	0.04173	0.000%	$3.4M	$3.3M	75x	as long as short
OKX SAND-USDT-SWAP	+0.0100%	8h	0.04177	+0.096%	$1.8M	$3.3M	50x	as long as short
Gate SAND_USDT	+0.0100%	8h	0.04177	+0.096%	$473K	$558K	75x	as long as short
BingX SAND-USDTlong	+0.0100%	8h	0.04173	long leg	—	$2.4M	—