Funding arb · Price arb /

CAKE

all CAKE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0103%/8h= +11.3% APRpaid last 24h +0.013%

Price spread now: BingX against ApeX Omni+0.171%83s7-day average −0.051% · you sell dearer than you buy

Net, funding: paid 7d − costs−$47as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$470.466% of the position

Long on ApeX Omni Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.001%$0 on $10k

Price spread, last 4 days (all we have)−0.290%−$29 · spread now +0.171%, 7d avg −0.051%

Together, before fees−0.291%−$29 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and BingX is 0.222% dearer against ApeX Omni than usual: you sell high and buy low: +$22 more if the spread goes back to its 7-day average of −0.051%. The two prices were read 83 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni CAKEUSDT	2.5092	−0.0003	get 0.0000% / 1h	30m 00s	$11K	$678K	50x
Short	BingX CAKE-USDT	2.5135	0.0100	get 0.0050% / 4h	30m 00s	—	$3.8M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against ApeX Omni. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

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 ApeX OmnibpFee BingXbpOrdersPrice spread, now +0.171%Rate

Funding earned: $21.71
Price spread: +0.171% → −0.051%: $22.2
Slippage, 4 orders: −$26.57
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$2.66
Costs to cover: 0.466%
Break-even: 7.9 days

Slippage from ApeX Omni: live order book, 28 min ago; BingX: live order book, 4 min ago.

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 ApeX Omni live order book, 28 min ago	7.17 bp	15.1 bp −$15	92.6 bp −$926	doesn't fit	doesn't fit
Sell BingX live order book, 4 min ago	2.40 bp	7.4 bp −$7	9.5 bp −$95	24.6 bp −$2,465	47.2 bp −$23.6K

CAKE on 16 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
ApeX Omni CAKEUSDTlong	−0.0003%	1h	2.5092	long leg	$11K	$678K	50x
Orderly PERP_CAKE_USDC	+0.0018%	4h	2.5113	+0.084%	$7K	$14K	10x	as long as short
Injective CAKE/USDC PERP	+0.0033%	1h	2.5440	+1.387%	$113	$52K	5.5x	as long as short
Hyperliquid CAKE	+0.0100%	1h	2.5155	+0.251%	$3.1M	$2.5M	3x	as long as short
Aster CAKEUSDT	+0.0100%	4h	2.5133	+0.162%	$2.4M	$79K	10x	as long as short
Binance CAKEUSDT	+0.0100%	4h	2.5121	+0.116%	$17.9M	$31.3M	75x	as long as short
Bybit CAKEUSDT	+0.0100%	4h	2.5106	+0.056%	$5.2M	$3.6M	50x	as long as short
Gate CAKE_USDT	+0.0100%	4h	2.5127	+0.139%	$875K	$642K	75x	as long as short
MEXC CAKE_USDT	+0.0100%	4h	2.5118	+0.104%	$13.4M	$2.9M	125x	as long as short
KuCoin CAKEUSDTM	+0.0100%	4h	2.5130	+0.151%	$2.4M	$5.4M	50x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget CAKEUSDT	+0.0100%	4h	2.5140	+0.191%	$2.6M	$2.3M	75x	as long as short
BingX CAKE-USDTshort	+0.0100%	4h	2.5135	+0.171%	—	$3.8M	—
Variational Omni CAKE	+0.0100%	4h	2.5096	+0.014%	$521K	$469K	—	as long as short
BloFin CAKE-USDT	+0.0134%	4h	2.5098	+0.024%	$998K	$367K	75x	as long as short
GMX CAKE/USD [WBTC.b-USDC]	L +0.0417% / S −0.0269%	1h	2.5127	+0.138%	$37K	—	100x	as long as short
Kraken Futures PF_CAKEUSD	+0.0748%	1h	2.5134	+0.167%	$53K	$38K	10x	as long as short