Funding arb · Price arb /

CAKE

all CAKE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0134%/8h= +14.7% APRpaid last 24h +0.011%

Price spread now: Bybit against ApeX Omni−0.098%99s7-day average −0.067% · you buy dearer than you sell

Net, funding: paid 7d − costs−$73as 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−$700.697% of the position

Long on ApeX Omni Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.036%−$4 on $10k

Price spread, last 3 days (all we have)+0.028%+$3 · spread now −0.098%, 7d avg −0.067%

Together, before fees−0.009%−$1 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bybit is 0.031% cheaper against ApeX Omni than usual: you would sell low and buy high (spread −0.098% now, against its 7-day average of −0.067%). If the spread goes back, that is −$3 on $10k: about 18 hours of funding at the current rate (+$4 a day). The two prices were read 99 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	2.5546	−0.0034	get 0.0004% / 1h	33m 51s	$13K	$698K	50x
Short	Bybit CAKEUSDT	2.5521	0.0100	get 0.0050% / 4h	33m 51s	$5.3M	$3.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.098%Rate

Funding earned: $28.14
Price spread: −0.098% → −0.067%: −$3.08
Slippage, 4 orders: −$48.7
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$44.64
Costs to cover: 0.697%
Break-even: 18.1 days

Slippage from ApeX Omni: live order book, 45 min ago; Bybit: 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, 45 min ago	6.10 bp	15.3 bp −$15	101.9 bp −$1,019	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	3.91 bp	17.6 bp −$18	51.6 bp −$516	doesn't fit	doesn't fit

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	−0.0034%	1h	2.5546	long leg	$13K	$698K	50x
Orderly PERP_CAKE_USDC	+0.0027%	4h	2.5536	−0.039%	$7K	$14K	10x	as long as short
Injective CAKE/USDC PERP	+0.0033%	1h	2.5440	−0.415%	$113	$52K	5.5x	as long as short
BloFin CAKE-USDT	+0.0046%	4h	2.5528	−0.070%	$1.0M	$364K	75x	as long as short
Hyperliquid CAKE	+0.0100%	1h	2.5572	+0.103%	$3.2M	$2.7M	3x	as long as short
Aster CAKEUSDT	+0.0100%	4h	2.5557	+0.042%	$2.4M	$80K	10x	as long as short
Binance CAKEUSDT	+0.0100%	4h	2.5526	−0.078%	$18.3M	$36.2M	75x	as long as short
Bybit CAKEUSDTshort	+0.0100%	4h	2.5521	−0.098%	$5.3M	$3.9M	50x
Gate CAKE_USDT	+0.0100%	4h	2.5529	−0.067%	$891K	$753K	75x	as long as short
MEXC CAKE_USDT	+0.0100%	4h	2.5529	−0.067%	$14.2M	$2.8M	125x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin CAKEUSDTM	+0.0100%	4h	2.5539	−0.027%	$2.5M	$5.6M	50x	as long as short
Bitget CAKEUSDT	+0.0100%	4h	2.5554	+0.031%	$2.7M	$2.7M	75x	as long as short
BingX CAKE-USDT	+0.0100%	4h	2.5524	−0.086%	—	$3.6M	—	as long as short
Variational Omni CAKE	+0.0100%	4h	2.5532	−0.055%	$536K	$480K	—	as long as short
GMX CAKE/USD [WBTC.b-USDC]	L +0.0421% / S −0.0272%	1h	2.5549	+0.013%	$38K	—	100x	as long as short
Kraken Futures PF_CAKEUSD	+0.0750%	1h	2.5606	+0.234%	$55K	$39K	10x	as long as short