Funding arb · Price arb /

SAND

all SAND markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0177%/8h= −19.4% APRpaid last 24h −0.045%

Price spread now: Kraken Futures against BingX+0.042%53s7-day average +0.089% · you sell dearer than you buy

Net, funding: paid 7d − costs−$168as 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−$1211.215% of the position

Long on BingX Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.463%−$46 on $10k

Price spread, last 4 days (all we have)−0.054%−$5 · spread now +0.042%, 7d avg +0.089%

Together, before fees−0.517%−$52 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Kraken Futures is 0.047% cheaper against BingX than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.089%). Swap the legs. The two prices were read 53 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	BingX SAND-USDT	0.04199	−0.0038	get 0.0038% / 8h	1h 50m	—	$2.4M	—
Short	Kraken Futures PF_SANDUSD	0.04201	−0.0215	pay 0.0027% / 1h	50m 27s	$158K	$104K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against BingX. 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 BingXbpFee Kraken FuturesbpOrdersPrice spread, now +0.042%Rate

Funding earned: −$37.26
Price spread: +0.042% → +0.089%: −$4.68
Slippage, 4 orders: −$101.49
Fee BingX: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$163.43
Costs to cover: 1.215%
Break-even: never at this rate

Slippage from BingX: live order book, 13 min ago; Kraken Futures: live order book, 57 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, 13 min ago	4.74 bp	17.8 bp −$18	27.1 bp −$271	216.6 bp −$21.7K	doesn't fit
Sell Kraken Futures live order book, 57 min ago	14.29 bp	30.0 bp −$30	59.8 bp −$598	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
Aster SANDUSDT	−0.0387%	8h	0.04196	−0.080%	$14K	$16K	10x	as long as short
Variational Omni SAND	−0.0371%	8h	0.04191	−0.195%	$114K	$4K	—	as long as short
BloFin SAND-USDT	−0.0321%	8h	0.04192	−0.167%	$331K	$139K	75x	as long as short
Extended SAND-USD	−0.0296%	1h	0.04195	−0.104%	$6K	$228K	10x	as long as short
Binance SANDUSDT	−0.0295%	8h	0.04200	+0.024%	$6.8M	$13.1M	75x	as long as short
MEXC SAND_USDT	−0.0294%	8h	0.04200	+0.024%	$11.3M	$1.9M	200x	as long as short
Hyperliquid SAND	−0.0262%	1h	0.04197	−0.036%	$582K	$328K	5x	as long as short
Bitget SANDUSDT	−0.0219%	8h	0.04194	−0.119%	$1.7M	$544K	10x	as long as short
Kraken Futures PF_SANDUSDshort	−0.0215%	1h	0.04201	+0.042%	$158K	$104K	25x
KuCoin SANDUSDTM	−0.0197%	8h	0.04190	−0.214%	$2.6M	$375K	50x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX SAND-USDT-SWAP	−0.0179%	8h	0.04200	+0.024%	$1.7M	$3.2M	50x	as long as short
Bybit SANDUSDT	−0.0051%	8h	0.04199	0.000%	$3.5M	$3.8M	75x	as long as short
BingX SAND-USDTlong	−0.0038%	8h	0.04199	long leg	—	$2.4M	—
Gate SAND_USDT	−0.0019%	8h	0.04198	−0.024%	$484K	$665K	75x	as long as short
Injective SAND/USDC PERP	+0.0033%	1h	0.04129	−1.667%	$757	$795	5.5x	as long as short