Funding arb · Price arb /

SAND

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0291%/8h= −31.9% APRpaid last 24h +0.041%

Price spread now: OKX against Kraken Futures−0.209%45s7-day average −0.075% · you buy dearer than you sell

Net, funding: paid 7d − costs−$86as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1231.234% of the position

Long on Kraken Futures Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.377%+$38 on $10k

Price spread, last 4 days (all we have)+0.234%+$23 · spread now −0.209%, 7d avg −0.075%

Together, before fees+0.611%+$61 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 OKX is 0.134% cheaper against Kraken Futures than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of −0.075%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.377%, so the current rate has only just turned against you. The two prices were read 45 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_SANDUSD	0.04164	0.0112	pay 0.0014% / 1h	24m 32s	$156K	$104K	25x
Short	OKX SAND-USDT-SWAP	0.04155	−0.0179	pay 0.0179% / 8h	2h 24m	$1.6M	$3.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.209%Rate

Funding earned: −$61.1
Price spread: −0.209% → −0.075%: −$13.39
Slippage, 4 orders: −$103.43
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$197.91
Costs to cover: 1.234%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 23 min ago; OKX: live order book, 3 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, 23 min ago	14.29 bp	55.6 bp −$56	119.4 bp −$1,194	doesn't fit	doesn't fit
Sell OKX live order book, 3 min ago	2.42 bp	17.8 bp −$18	59.7 bp −$597	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	−0.0397%	8h	0.04143	−0.502%	$113K	$4K	—	as long as short
Aster SANDUSDT	−0.0372%	8h	0.04161	−0.072%	$14K	$16K	10x	as long as short
Hyperliquid SAND	−0.0309%	1h	0.04151	−0.310%	$574K	$325K	5x	as long as short
Extended SAND-USD	−0.0280%	1h	0.04156	−0.188%	$3K	$225K	10x	as long as short
Binance SANDUSDT	−0.0277%	8h	0.04156	−0.185%	$6.7M	$12.7M	75x	as long as short
MEXC SAND_USDT	−0.0277%	8h	0.04160	−0.089%	$11.3M	$1.9M	200x	as long as short
BloFin SAND-USDT	−0.0273%	8h	0.04150	−0.329%	$326K	$137K	75x	as long as short
Bitget SANDUSDT	−0.0225%	8h	0.04151	−0.305%	$1.7M	$551K	10x	as long as short
KuCoin SANDUSDTM	−0.0202%	8h	0.04145	−0.450%	$2.5M	$353K	50x	as long as short
OKX SAND-USDT-SWAPshort	−0.0179%	8h	0.04155	−0.209%	$1.6M	$3.1M	50x

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit SANDUSDT	−0.0070%	8h	0.04155	−0.209%	$3.4M	$3.7M	75x	as long as short
BingX SAND-USDT	−0.0047%	8h	0.04154	−0.233%	—	$2.4M	—	as long as short
Gate SAND_USDT	−0.0043%	8h	0.04153	−0.257%	$466K	$663K	75x	as long as short
Injective SAND/USDC PERP	+0.0033%	1h	0.04129	−0.834%	$757	$795	5.5x	as long as short
Kraken Futures PF_SANDUSDlong	+0.0112%	1h	0.04164	long leg	$156K	$104K	25x