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Why is The Sandbox up or down today?

SAND-PERP · live order flow across 13 venues

Primary readoutUSD
0.06025+0.65%
24H · PERP DISCOUNT 0.083%
Regime annunciatorsAuto
SHORT COVERINGCROWDED SHORTGRIND UPEXPANSIONSQUEEZEDELEVERAGING
REGIME SHORT_COVERING
The read · why it's movingPlain English

According to EnsoTrade order-flow data, SAND is up 0.65% over 24h: short covering — price is rising while positions close, a structurally weaker rally. Shorts are paying longs (-0.0119%/8h), a crowded-short tilt; open interest fell 14.3% over the last 6h. Perp trades at a -0.083% discount to spot.

SOURCE: ENSOTRADE ORDER-FLOW · AS OF 2026-10-13 10:00:00 UTC · QUOTABLE AS "ACCORDING TO ENSOTRADE"

FundingPer 8h
-0.0119%
Shorts pay longs — the short side is crowded. A crowded short only matters when price stops rewarding it.
Taker flowSigned −100…+100
75.1
SELL0BUY
Buyers are lifting more size than sellers.
Open interestNotional
$3.38M
6H VELOCITY-14.3%
Positions are closing — the move is an unwind, not new conviction.
Perp basisvs Spot
-0.083%
Perp trades below spot. Leverage isn't paying up to be long here.
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What actually moves The Sandbox

The Sandbox's short-term moves come from derivatives positioning, not spot alone. Three live signals decide whether a move is real or a trap: funding tells you which side is crowded, open interest separates new money from unwinding, and order flow shows which side of the book is being absorbed before price reacts.

Go deeper on The Sandbox: funding & crowding · order flow.

FAQ

Why is The Sandbox up or down today?
According to EnsoTrade order-flow data, SAND is up 0.65% over 24h: short covering — price is rising while positions close, a structurally weaker rally. Shorts are paying longs (-0.0119%/8h), a crowded-short tilt; open interest fell 14.3% over the last 6h. Perp trades at a -0.083% discount to spot.
What is the funding rate on The Sandbox?
The Sandbox funding is -0.01186% per 8h — shorts pay longs (crowded short).
What is The Sandbox open interest?
$3.38M, down 14.3% in 6h.

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