Funding arb · Price arb /

SAND

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0362%/8h= +39.6% APRpaid last 24h +0.162%

Price spread now: Injective against Variational Omni−0.739%7-day average — · you buy dearer than you sell

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

Long on Variational Omni Short on Injective

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

Funding pays, the price is against you. Injective is 0.739% cheaper against Variational Omni than usual: you would sell low and buy high (spread −0.739% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$74 on $10k: about 6.8 days of funding at the current rate (+$11 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni SAND	0.04160	−0.0329	get 0.0329% / 8h	6h 20m	$114K	$4K	—
Short	Injective SAND/USDC PERP	0.04129	0.0033	get 0.0004% / 1h	20m 41s	$757	$795	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Variational Omni. 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 Variational OmnibpFee InjectivebpOrdersPrice spread, now −0.739%Rate

Funding earned: $76
Price spread: −0.739% → 0.000%: −$73.88
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $2.1
Costs to cover: 0.000%
Break-even: 6.8 days

Slippage unknown: Variational Omni: RFQ quote, 48 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 Variational Omni RFQ quote, 48 min ago	7.14 bp	doesn't fit	47.6 bp −$476	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 14 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 SANDlong	−0.0329%	8h	0.04160	long leg	$114K	$4K	—
Aster SANDUSDT	−0.0149%	8h	0.04167	+0.173%	$14K	$17K	10x	as long as short
Bybit SANDUSDT	−0.0073%	8h	0.04157	−0.066%	$3.4M	$3.5M	75x	as long as short
Extended SAND-USD	−0.0040%	1h	0.04156	−0.093%	$6K	$171K	10x	as long as short
MEXC SAND_USDT	−0.0037%	8h	0.04155	−0.114%	$11.4M	$1.7M	200x	as long as short
Binance SANDUSDT	−0.0035%	8h	0.04160	+0.007%	$6.4M	$12.2M	75x	as long as short
Bitget SANDUSDT	−0.0012%	8h	0.04161	+0.031%	$1.7M	$579K	10x	as long as short
KuCoin SANDUSDTM	+0.0007%	8h	0.04162	+0.055%	$2.5M	$375K	50x	as long as short
Injective SAND/USDC PERPshort	+0.0033%	1h	0.04129	−0.739%	$757	$795	5.5x
Hyperliquid SAND	+0.0100%	1h	0.04155	−0.111%	$573K	$361K	5x	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX SAND-USDT-SWAP	+0.0100%	8h	0.04156	−0.090%	$1.7M	$3.2M	50x	as long as short
Gate SAND_USDT	+0.0100%	8h	0.04160	+0.006%	$460K	$625K	75x	as long as short
BingX SAND-USDT	+0.0100%	8h	0.04160	+0.006%	—	$2.4M	—	as long as short
Kraken Futures PF_SANDUSD	+0.0430%	1h	0.04169	+0.217%	$155K	$113K	25x	as long as short