SAND arbitrage explained
Right now The Sandbox (SAND) trades on 11 venues we scan: 10 perpetual markets, 7 spot markets and 1 DEX pool. The lowest ask is on Aster perp at $0.0736 and the highest bid on Binance spot at $0.0739.
The widest SAND perpetual spread is between Aster and Binance: long SAND on Aster at $0.0736 and short on Binance at $0.0736 for +0.08% gross, or -0.08% after the 0.16% two-leg fee model. No transfer is needed: both positions stay on their exchanges until the prices converge. The funding difference on this pair is -0.012% per day, which the position pays while it is open.
For a spot–perpetual (cash-and-carry) trade, the best SAND route is to buy spot on Gate and short the perpetual on Binance: -0.23% gross, -0.43% net, with -0.354% a day of funding on the short leg.
Spot–spot SAND arbitrage (buy on Gate, withdraw, deposit and sell on Binance) shows +0.09% gross right now. It only works if withdrawals on the buying exchange and deposits on the selling exchange are open, so check the D/W dots before moving coins.
Small SAND gaps usually disappear after fees, slippage and funding. Look at the Net column, the executable Depth and the spread history before trading: a gap that has been open for days is a different trade from a one-minute spike.
Related: SAND funding rates · SAND spread charts · The Sandbox price · arbitrage scanner for all coins.