Funding arb · Price arb /

SAND

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0132%/8h= −14.5% APRpaid last 24h +0.022%

Price spread now: Gate against Kraken Futures−0.245%7-day average −0.069% · you buy dearer than you sell

Net, funding: paid 7d − costs−$111as in the Funding arb table

Net, price: spread back to 7d avg − costs−$165as in the Price arb table

costs, in and out, $10k−$1481.478% of the position

Long on Kraken Futures Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+0.363%+$36 on $10k

Price spread, last 4 days (all we have)+0.270%+$27 · spread now −0.245%, 7d avg −0.069%

Together, before fees+0.633%+$63 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Gate is 0.175% cheaper against Kraken Futures than usual: you would sell low and buy high (−$18 if the spread goes back to its 7-day average of −0.069%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.363%, 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	0.04155	0.0112	pay 0.0014% / 1h	28m 21s	$156K	$104K	25x
Short	Gate SAND_USDT	0.04145	−0.0020	pay 0.0020% / 8h	2h 28m	$462K	$658K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.245%Rate

Funding earned: −$27.76
Price spread: −0.245% → −0.069%: −$17.53
Slippage, 4 orders: −$122.75
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$193.05
Costs to cover: 1.478%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 19 min ago; Gate: live order book, 18 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, 19 min ago	14.29 bp	55.6 bp −$56	119.4 bp −$1,194	doesn't fit	doesn't fit
Sell Gate live order book, 18 min ago	3.58 bp	30.6 bp −$31	doesn't fit	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	−0.0379%	8h	0.04156	+0.029%	$114K	$4K	—	as long as short
Aster SANDUSDT	−0.0361%	8h	0.04153	−0.059%	$14K	$16K	10x	as long as short
Hyperliquid SAND	−0.0342%	1h	0.04145	−0.257%	$573K	$325K	5x	as long as short
Extended SAND-USD	−0.0272%	1h	0.04143	−0.295%	$3K	$225K	10x	as long as short
Binance SANDUSDT	−0.0271%	8h	0.04145	−0.245%	$6.6M	$12.7M	75x	as long as short
BloFin SAND-USDT	−0.0267%	8h	0.04162	+0.164%	$327K	$137K	75x	as long as short
MEXC SAND_USDT	−0.0266%	8h	0.04143	−0.293%	$11.3M	$1.9M	200x	as long as short
Bitget SANDUSDT	−0.0231%	8h	0.04148	−0.172%	$1.7M	$552K	10x	as long as short
KuCoin SANDUSDTM	−0.0196%	8h	0.04150	−0.124%	$2.5M	$353K	50x	as long as short
OKX SAND-USDT-SWAP	−0.0181%	8h	0.04143	−0.293%	$1.6M	$3.1M	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	−0.0071%	8h	0.04143	−0.293%	$3.4M	$3.7M	75x	as long as short
BingX SAND-USDT	−0.0027%	8h	0.04141	−0.341%	—	$2.4M	—	as long as short
Gate SAND_USDTshort	−0.0020%	8h	0.04145	−0.245%	$462K	$658K	75x
Injective SAND/USDC PERP	+0.0033%	1h	0.04129	−0.630%	$757	$795	5.5x	as long as short
Kraken Futures PF_SANDUSDlong	+0.0112%	1h	0.04155	long leg	$156K	$104K	25x