The Sandbox perpsSAND

Crypto perp · Binance, OKX, Hyperliquid · #197 by volume

0.04006-3.84% 24h

Binance USDT · 24h 0.03929 – 0.04203

24h volume: $15.8M; #197 of 910
Open interest: $9.2M; +2.7% contracts · 24h
Spread: 2.47 bps; median · 24h
Size at best price: $826; mean · 24h
Net taker flow: −$526.8K; every contract · 24h
Funding: −0.0046%; per period · BIN

Aperiodic metrics · SAND · 24 h

Are takers buying or selling SAND?

Takers sold $525.0K more than they bought on Binance, OKX and Hyperliquid over 24 h; the heaviest hour, 03:20 UTC, saw $202.1K.

+$202.1K0−$202.1K

23:20 UTCnow

flow.volume_delta_notionalbusiest contract on each venue · hourly · 24 h

What does it cost to cross SAND's spread?

L1 liquidity

2.47 bps median on Binance USDT, wider than 62% of the 200 most traded perps.

#1BTC0.014 bps
#2ETH0.051 bps
#3SOXL1.56 bps
#5SOL1.25 bps
#10AKE3.20 bps
#25SP5000.13 bps
#50MUU5.64 bps
#100MVLL8.76 bps
#197SAND2.47 bps
#200AIN2.70 bps

l1_liquidity.spread_bpsbusiest contract · median · 24 h

How much size waits at SAND's best price?

L1 liquidity

$826 at the best bid and ask on Binance USDT, on average, thinner than 74% of the 200 most traded perps.

#1BTC$651.3K
#2ETH$269.7K
#3SOXL$87.0K
#5SOL$157.7K
#10AKE$562
#25SP500$105.4K
#50MUU$22.5K
#100MVLL$13.7K
#197SAND$826
#200AIN$181

l1_liquidity.total_dollar_depthbusiest contract · mean · 24 h

Which way is SAND's book leaning?

L2 imbalance

Leaned to the bid in 22 of 24 hours on Binance USDT; 53% bids over the day.

57% bid043% bid

23:20 UTCnow

l2_imbalance.imbalance_ratio_10Binance USDT · top 10 levels · hourly

Where does SAND trade?

OHLCV

Binance USDT took 70% of $15.8M traded in 24 h.

volume sharespread

Binance USDT70%2.47
OKX USDT29%2.47
Hyperliquid USDC1.1%5.75

ohlcv.volume_notionaleach contract · 24 h

Does SAND trade away from its index?

Basis

16.4 bps below its index on Binance USDT now; 5.75 bps to 14.2 bps below over 24 h.

+14.2 bps0−14.2 bps

23:20 UTCnow

basis.basis_bpsBinance USDT · hourly

Is leverage building in SAND?

Open interest

$9.2M open across 3 contracts: +2.7% in contracts, −1.2% in dollars over 24 h.

$9.4M$9.0M

23:20 UTCnow

open_interest.open_interestbusiest contract on each venue · hourly

Who pays funding on SAND?

Funding

Longs pay on 2 of 3 contracts; Binance USDT charges −0.0046% a period (Hyperliquid’s are hourly).

Binance USDT−0.0046%
OKX USDT+0.0021%
Hyperliquid USDC+0.0013%

← shorts paylongs pay →

funding.funding_rateeach contract · per funding period · now

SAND's 3 contracts · now

Named by Atlas →

Contract	Price	24h	Volume 24h	Open interest	Funding	Spread	Charts
Binance USDTperpetual-SAND-USDT:USDT	0.04006	-3.84%	$11.1M	$6.4M	−0.0046%	2.47	Charts →
OKX USDTperpetual-SAND-USDT:USDT	0.04008	-3.77%	$4.5M	$2.2M	+0.0021%	2.47	Charts →
Hyperliquid USDCperpetual-SAND-USDC:USDC	0.04002	-3.88%	$166.7K	$632.5K	+0.0013%	5.75	Charts →

History · a year of 5m bars per series · busiest contract on each venue

Every chart for SAND →

Python

import os
from datetime import date

from aperiodic import get_derivative_metrics, get_metrics

# aperiodic.io/markets: SAND on Binance, OKX and Hyperliquid
# 5m bars, 2025-11-12 to 2026-11-12. Install: pip install "aperiodic[polars]"
# Needs an API key (https://aperiodic.io/home/api) on a plan with flow, basis, open_interest, funding (Pro) and l1_liquidity, l2_imbalance (Prime).
# OKX: okx-perps l1_liquidity and l2_liquidity count contracts, not coins (BTC-USDT-SWAP is 0.01 BTC each). Multiply by the contract size to match the page.
API_KEY = os.environ["APERIODIC_API_KEY"]
# timestamp="true" keys bars on capture time, as on the page; "exchange" keys them on exchange time.
PERIOD = dict(
    interval="5m",
    timestamp="true",
    start_date=date(2025, 11, 12),
    end_date=date(2026, 11, 12),
)
CONTRACTS = [
    ("binance-futures", "perpetual-SAND-USDT:USDT"),
    ("okx-perps", "perpetual-SAND-USDT:USDT"),
    ("hyperliquid-perps", "perpetual-SAND-USDC:USDC"),
]

frames = {}
for exchange, symbol in CONTRACTS:
    frames["flow", exchange, symbol] = get_metrics(
        api_key=API_KEY,
        metric="flow",
        exchange=exchange,
        symbol=symbol,
        **PERIOD,
    )
    frames["l1_liquidity", exchange, symbol] = get_metrics(
        api_key=API_KEY,
        metric="l1_liquidity",
        exchange=exchange,
        symbol=symbol,
        **PERIOD,
    )
    frames["l2_imbalance", exchange, symbol] = get_metrics(
        api_key=API_KEY,
        metric="l2_imbalance",
        exchange=exchange,
        symbol=symbol,
        **PERIOD,
    )
    frames["basis", exchange, symbol] = get_derivative_metrics(
        api_key=API_KEY,
        metric="basis",
        exchange=exchange,
        symbol=symbol,
        **PERIOD,
    )
    frames["open_interest", exchange, symbol] = get_derivative_metrics(
        api_key=API_KEY,
        metric="open_interest",
        exchange=exchange,
        symbol=symbol,
        **PERIOD,
    )
    frames["funding", exchange, symbol] = get_derivative_metrics(
        api_key=API_KEY,
        metric="funding",
        exchange=exchange,
        symbol=symbol,
        **PERIOD,
    )

Every number is from Aperiodic's own 5-minute bars, 15 minutes behind.

Contract

Price

24h

Volume 24h

Open interest

Funding

Spread

Binance USDTperpetual-SAND-USDT:USDT

0.04006

-3.84%

$11.1M

$6.4M

−0.0046%

2.47

Charts →

OKX USDTperpetual-SAND-USDT:USDT

0.04008

-3.77%

$4.5M

$2.2M

+0.0021%

2.47

Charts →

Hyperliquid USDCperpetual-SAND-USDC:USDC

0.04002

-3.88%

$166.7K

$632.5K

+0.0013%

5.75

Charts →

import os from datetime import date from aperiodic import get_derivative_metrics, get_metrics # aperiodic.io/markets: SAND on Binance, OKX and Hyperliquid # 5m bars, 2025-11-12 to 2026-11-12. Install: pip install "aperiodic[polars]" # Needs an API key (https://aperiodic.io/home/api) on a plan with flow, basis, open_interest, funding (Pro) and l1_liquidity, l2_imbalance (Prime). # OKX: okx-perps l1_liquidity and l2_liquidity count contracts, not coins (BTC-USDT-SWAP is 0.01 BTC each). Multiply by the contract size to match the page. API_KEY = os.environ["APERIODIC_API_KEY"] # timestamp="true" keys bars on capture time, as on the page; "exchange" keys them on exchange time. PERIOD = dict( interval="5m", timestamp="true", start_date=date(2025, 11, 12), end_date=date(2026, 11, 12), ) CONTRACTS = [ ("binance-futures", "perpetual-SAND-USDT:USDT"), ("okx-perps", "perpetual-SAND-USDT:USDT"), ("hyperliquid-perps", "perpetual-SAND-USDC:USDC"), ] frames = {} for exchange, symbol in CONTRACTS: frames["flow", exchange, symbol] = get_metrics( api_key=API_KEY, metric="flow", exchange=exchange, symbol=symbol, **PERIOD, ) frames["l1_liquidity", exchange, symbol] = get_metrics( api_key=API_KEY, metric="l1_liquidity", exchange=exchange, symbol=symbol, **PERIOD, ) frames["l2_imbalance", exchange, symbol] = get_metrics( api_key=API_KEY, metric="l2_imbalance", exchange=exchange, symbol=symbol, **PERIOD, ) frames["basis", exchange, symbol] = get_derivative_metrics( api_key=API_KEY, metric="basis", exchange=exchange, symbol=symbol, **PERIOD, ) frames["open_interest", exchange, symbol] = get_derivative_metrics( api_key=API_KEY, metric="open_interest", exchange=exchange, symbol=symbol, **PERIOD, ) frames["funding", exchange, symbol] = get_derivative_metrics( api_key=API_KEY, metric="funding", exchange=exchange, symbol=symbol, **PERIOD, )