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 KuCoin spot at $0.0762 and the highest bid on Bybit spot at $0.0762.
The widest SAND perpetual spread is between Binance and Gate: long SAND on Binance at $0.0762 and short on Gate at $0.0762 for 0.00% gross, or -0.16% 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 +0.056% per day, which the position collects while it is open.
For a spot–perpetual (cash-and-carry) trade, the best SAND route is to buy spot on KuCoin and short the perpetual on Gate: +0.01% gross, -0.19% net, with -0.042% a day of funding on the short leg.
Spot–spot SAND arbitrage (buy on KuCoin, withdraw, deposit and sell on Bybit) 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.