Funding arb · Price arb /

SAND

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0016%/8h= +1.8% APRpaid last 24h +0.062%

Price spread now: Injective against Gate−0.697%7-day average — · you buy dearer than you sell

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

Long on Gate Short on Injective

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—needs both histories

Funding pays, the price is against you. Injective is 0.697% cheaper against Gate than usual: you would sell low and buy high (spread −0.697% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$70 on $10k: about 5 months of funding at the current rate ($0 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate SAND_USDT	0.04158	0.0017	pay 0.0017% / 8h	2h 39m	$468K	$651K	75x
Short	Injective SAND/USDC PERP	0.04129	0.0033	get 0.0004% / 1h	39m 18s	$757	$795	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Gate. 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 GatebpFee InjectivebpOrdersPrice spread, now −0.697%Rate

Funding earned: $3.43
Price spread: −0.697% → 0.000%: −$69.75
Slippage, 4 orders: no order book: not counted
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$81.34
Costs to cover: 0.150%
Break-even: 173.0 days

Slippage unknown: Gate: live order book, 7 min ago; Injective: 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 Gate live order book, 7 min ago	3.58 bp	31.5 bp −$32	doesn't fit	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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.

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
Hyperliquid SAND	−0.0463%	1h	0.04154	−0.087%	$575K	$324K	5x	as long as short
Variational Omni SAND	−0.0370%	8h	0.04159	+0.020%	$114K	$4K	—	as long as short
Aster SANDUSDT	−0.0351%	8h	0.04164	+0.150%	$14K	$16K	10x	as long as short
BloFin SAND-USDT	−0.0283%	8h	0.04162	+0.096%	$327K	$137K	75x	as long as short
Binance SANDUSDT	−0.0258%	8h	0.04162	+0.096%	$6.7M	$12.6M	75x	as long as short
Extended SAND-USD	−0.0256%	1h	0.04161	+0.070%	$3K	$225K	10x	as long as short
MEXC SAND_USDT	−0.0255%	8h	0.04158	0.000%	$11.3M	$1.9M	200x	as long as short
Bitget SANDUSDT	−0.0238%	8h	0.04153	−0.120%	$1.7M	$555K	10x	as long as short
OKX SAND-USDT-SWAP	−0.0165%	8h	0.04161	+0.072%	$1.7M	$3.1M	50x	as long as short
KuCoin SANDUSDTM	−0.0163%	8h	0.04154	−0.096%	$2.5M	$352K	50x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit SANDUSDT	−0.0047%	8h	0.04160	+0.048%	$3.4M	$3.6M	75x	as long as short
BingX SAND-USDT	−0.0026%	8h	0.04162	+0.096%	—	$2.4M	—	as long as short
Gate SAND_USDTlong	+0.0017%	8h	0.04158	long leg	$468K	$651K	75x
Injective SAND/USDC PERPshort	+0.0033%	1h	0.04129	−0.697%	$757	$795	5.5x
Kraken Futures PF_SANDUSD	+0.0112%	1h	0.04164	+0.153%	$156K	$104K	25x	as long as short