Funding arb · Price arb /

SAND

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0084%/8h= −9.1% APRpaid last 24h −0.033%

Price spread now: Hyperliquid against OKX+0.066%7-day average −0.057% · you sell dearer than you buy

Net, funding: paid 7d − costs−$100as in the Funding arb table

Net, price: spread back to 7d avg − costs−$78as in the Price arb table

costs, in and out, $10k−$900.902% of the position

Long on OKX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.097%−$10 on $10k

Price spread, last 4 days (all we have)−0.079%−$8 · spread now +0.066%, 7d avg −0.057%

Together, before fees−0.176%+ Points / potential airdropHyperliquid: Season 2 · farm board−$18 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Hyperliquid is 0.123% dearer against OKX than usual: you sell high and buy low (spread +0.066% now, against its 7-day average of −0.057%): +$12 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 4.9 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX SAND-USDT-SWAP	0.04221	−0.0284	get 0.0284% / 8h	7h 53m	$1.6M	$3.4M	50x
Short	Hyperliquid SAND	0.04224	−0.0368	pay 0.0046% / 1h	53m 53s	$581K	$339K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against OKX. 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 OKXbpFee HyperliquidbpOrdersPrice spread, now +0.066%Rate

Funding earned: −$17.54
Price spread: +0.066% → −0.057%: $12.32
Slippage, 4 orders: −$71.24
Fee OKX: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$95.46
Costs to cover: 0.902%
Break-even: never at this rate

Slippage from OKX: live order book, 3 min ago; Hyperliquid: live order book, 66 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 OKX live order book, 3 min ago	2.37 bp	18.1 bp −$18	710.6 bp −$7,106	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 66 min ago	1.31 bp	29.0 bp −$29	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
Bybit SANDUSDT	−0.0725%	8h	0.04224	+0.071%	$3.6M	$4.1M	75x	as long as short
Gate SAND_USDT	−0.0627%	8h	0.04225	+0.095%	$494K	$615K	75x	as long as short
Aster SANDUSDT	−0.0538%	8h	0.04232	+0.253%	$14K	$16K	10x	as long as short
BloFin SAND-USDT	−0.0471%	8h	0.04225	+0.095%	$337K	$151K	75x	as long as short
Variational Omni SAND	−0.0471%	8h	0.04224	+0.078%	$116K	$4K	—	as long as short
Binance SANDUSDT	−0.0459%	8h	0.04224	+0.071%	$6.9M	$14.0M	75x	as long as short
MEXC SAND_USDT	−0.0459%	8h	0.04223	+0.047%	$11.2M	$1.9M	200x	as long as short
Extended SAND-USD	−0.0456%	1h	0.04222	+0.019%	$6K	$228K	10x	as long as short
KuCoin SANDUSDTM	−0.0388%	8h	0.04221	0.000%	$2.6M	$421K	50x	as long as short
Hyperliquid SANDshort	−0.0368%	1h	0.04224	+0.066%	$581K	$339K	5x

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX SAND-USDT-SWAPlong	−0.0284%	8h	0.04221	long leg	$1.6M	$3.4M	50x
Bitget SANDUSDT	−0.0252%	8h	0.04219	−0.047%	$1.8M	$553K	10x	as long as short
BingX SAND-USDT	−0.0177%	8h	0.04226	+0.118%	—	$2.4M	—	as long as short
Injective SAND/USDC PERP	+0.0033%	1h	0.04129	−2.180%	$757	$795	5.5x	as long as short
Kraken Futures PF_SANDUSD	+0.0043%	1h	0.04236	+0.352%	$160K	$108K	25x	as long as short