Funding arb · Price arb /

SAND

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0288%/8h= −31.6% APRpaid last 24h +0.003%

Price spread now: Bitget against Kraken Futures−0.362%7-day average −0.163% · you buy dearer than you sell

Net, funding: paid 7d − costs−$82as in the Funding arb table

Net, price: spread back to 7d avg − costs−$146as in the Price arb table

costs, in and out, $10k−$1261.259% of the position

Long on Kraken Futures Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.435%+$43 on $10k

Price spread, last 4 days (all we have)+0.504%+$50 · spread now −0.362%, 7d avg −0.163%

Together, before fees+0.939%+$94 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and Bitget is 0.200% cheaper against Kraken Futures than usual: you would sell low and buy high (−$20 if the spread goes back to its 7-day average of −0.163%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.435%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_SANDUSD	0.04164	0.0240	pay 0.0030% / 1h	41m 14s	$155K	$103K	25x
Short	Bitget SANDUSDT	0.04149	−0.0048	pay 0.0048% / 8h	5h 41m	$1.7M	$547K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Kraken Futures. 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 Kraken FuturesbpFee BitgetbpOrdersPrice spread, now −0.362%Rate

Funding earned: −$60.56
Price spread: −0.362% → −0.163%: −$19.98
Slippage, 4 orders: −$103.9
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$206.43
Costs to cover: 1.259%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 21 min ago; Bitget: live order book, 1 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 Kraken Futures live order book, 21 min ago	10.81 bp	56.0 bp −$56	100.1 bp −$1,001	doesn't fit	doesn't fit
Sell Bitget live order book, 1 min ago	2.41 bp	20.3 bp −$20	33.0 bp −$330	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	−0.0353%	8h	0.04151	−0.320%	$113K	$4K	—	as long as short
Hyperliquid SAND	−0.0193%	1h	0.04153	−0.259%	$574K	$358K	5x	as long as short
Aster SANDUSDT	−0.0163%	8h	0.04165	+0.025%	$14K	$16K	10x	as long as short
Bybit SANDUSDT	−0.0120%	8h	0.04163	−0.026%	$3.4M	$3.4M	75x	as long as short
BloFin SAND-USDT	−0.0057%	8h	0.04152	−0.290%	$319K	$246K	75x	as long as short
Binance SANDUSDT	−0.0056%	8h	0.04155	−0.218%	$6.4M	$11.9M	75x	as long as short
Extended SAND-USD	−0.0056%	1h	0.04154	−0.244%	$3K	$173K	10x	as long as short
MEXC SAND_USDT	−0.0056%	8h	0.04156	−0.194%	$11.6M	$1.7M	200x	as long as short
Bitget SANDUSDTshort	−0.0048%	8h	0.04149	−0.362%	$1.7M	$547K	10x
Gate SAND_USDT	−0.0039%	8h	0.04158	−0.146%	$458K	$617K	75x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin SANDUSDTM	−0.0012%	8h	0.04155	−0.218%	$2.5M	$374K	50x	as long as short
Injective SAND/USDC PERP	+0.0033%	1h	0.04129	−0.843%	$757	$795	5.5x	as long as short
OKX SAND-USDT-SWAP	+0.0091%	8h	0.04157	−0.170%	$1.7M	$3.1M	50x	as long as short
BingX SAND-USDT	+0.0097%	8h	0.04161	−0.074%	—	$2.4M	—	as long as short
Kraken Futures PF_SANDUSDlong	+0.0240%	1h	0.04164	long leg	$155K	$103K	25x