Funding arb · Price arb /

SAND

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0384%/8h= +42.1% APRpaid last 24h +0.162%

Price spread now: Injective against Variational Omni−1.767%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 4 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 1.767% cheaper against Variational Omni than usual: you would sell low and buy high (spread −1.767% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$177 on $10k: about 15 days of funding at the current rate (+$12 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni SAND	0.04203	−0.0351	get 0.0351% / 8h	2h 55m	$115K	$4K	—
Short	Injective SAND/USDC PERP	0.04129	0.0033	get 0.0004% / 1h	55m 02s	$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 −1.767%Rate

Funding earned: $80.7
Price spread: −1.767% → 0.000%: −$176.68
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: −$96
Costs to cover: 0.000%
Break-even: 15.3 days

Slippage unknown: Variational Omni: RFQ quote, 59 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, 59 min ago	7.11 bp	doesn't fit	49.8 bp −$498	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 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
Hyperliquid SAND	−0.0425%	1h	0.04201	−0.056%	$581K	$324K	5x	as long as short
Variational Omni SANDlong	−0.0351%	8h	0.04203	long leg	$115K	$4K	—
Aster SANDUSDT	−0.0327%	8h	0.04205	+0.032%	$14K	$16K	10x	as long as short
BloFin SAND-USDT	−0.0248%	8h	0.04202	−0.030%	$330K	$154K	75x	as long as short
Extended SAND-USD	−0.0240%	1h	0.04198	−0.133%	$6K	$222K	10x	as long as short
Binance SANDUSDT	−0.0236%	8h	0.04203	−0.006%	$6.8M	$12.6M	75x	as long as short
MEXC SAND_USDT	−0.0236%	8h	0.04203	−0.006%	$11.5M	$1.9M	200x	as long as short
Bitget SANDUSDT	−0.0236%	8h	0.04198	−0.125%	$1.7M	$554K	10x	as long as short
KuCoin SANDUSDTM	−0.0148%	8h	0.04196	−0.173%	$2.6M	$344K	50x	as long as short
OKX SAND-USDT-SWAP	−0.0117%	8h	0.04202	−0.030%	$1.7M	$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	−0.0007%	8h	0.04204	+0.018%	$3.5M	$3.6M	75x	as long as short
BingX SAND-USDT	−0.0006%	8h	0.04197	−0.149%	—	$2.4M	—	as long as short
Injective SAND/USDC PERPshort	+0.0033%	1h	0.04129	−1.767%	$757	$795	5.5x
Gate SAND_USDT	+0.0038%	8h	0.04203	−0.006%	$473K	$648K	75x	as long as short
Kraken Futures PF_SANDUSD	+0.0111%	1h	0.04207	+0.099%	$157K	$105K	25x	as long as short