Funding arb · Price arb /

CAKE

all CAKE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.014%

Price spread now: Hyperliquid against ApeX Omni−0.063%7-day average +0.006% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on ApeX Omni Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.146%+$15 on $10k

Price spread, last 3 days (all we have)+0.002%$0 · spread now −0.063%, 7d avg +0.006%

Together, before fees+0.148%+ Points / potential airdropHyperliquid: Season 2 · farm board+$15 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Hyperliquid is 0.069% cheaper against ApeX Omni than usual: you would sell low and buy high, −$7 on $10k if it goes back to its 7-day average of +0.006%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni CAKEUSDT	2.5320	0.0100	pay 0.0013% / 1h	56m 48s	$11K	$699K	50x
Short	Hyperliquid CAKE	2.5304	0.0100	get 0.0013% / 1h	56m 48s	$3.2M	$2.7M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

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

latest

Price spreadloading…

Funding on every exchange

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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 HyperliquidbpOrdersPrice spread, now −0.063%Rate

Funding earned: $0
Price spread: −0.063% → +0.006%: −$6.95
Slippage, 4 orders: no order book: not counted
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$25.95
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: ApeX Omni: live order book, 12 min ago; Hyperliquid: live order book, 5 min ago. Net counts fees only.

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, 12 min ago	5.90 bp	13.5 bp −$13	102.4 bp −$1,024	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 5 min ago	1.18 bp	doesn't fit	doesn't fit	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
Orderly PERP_CAKE_USDC	+0.0024%	4h	2.5311	−0.036%	$7K	$14K	10x	as long as short
Injective CAKE/USDC PERP	+0.0033%	1h	2.5440	+0.474%	$113	$52K	5.5x	as long as short
Hyperliquid CAKEshort	+0.0100%	1h	2.5304	−0.063%	$3.2M	$2.7M	3x
Aster CAKEUSDT	+0.0100%	4h	2.5303	−0.066%	$2.4M	$75K	10x	as long as short
Binance CAKEUSDT	+0.0100%	4h	2.5270	−0.197%	$18.1M	$34.6M	75x	as long as short
Bybit CAKEUSDT	+0.0100%	4h	2.5268	−0.205%	$5.3M	$3.8M	50x	as long as short
Gate CAKE_USDT	+0.0100%	4h	2.5278	−0.166%	$888K	$656K	75x	as long as short
MEXC CAKE_USDT	+0.0100%	4h	2.5276	−0.174%	$13.9M	$2.8M	125x	as long as short
KuCoin CAKEUSDTM	+0.0100%	4h	2.5284	−0.142%	$2.4M	$5.5M	50x	as long as short
Bitget CAKEUSDT	+0.0100%	4h	2.5299	−0.083%	$2.6M	$2.5M	75x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX CAKE-USDT	+0.0100%	4h	2.5275	−0.178%	—	$3.5M	—	as long as short
Variational Omni CAKE	+0.0100%	4h	2.5296	−0.096%	$530K	$443K	—	as long as short
ApeX Omni CAKEUSDTlong	+0.0100%	1h	2.5320	long leg	$11K	$699K	50x
BloFin CAKE-USDT	+0.0111%	4h	2.5297	−0.091%	$995K	$360K	75x	as long as short
GMX CAKE/USD [WBTC.b-USDC]	L +0.0421% / S −0.0272%	1h	2.5328	+0.030%	$38K	—	100x	as long as short
Kraken Futures PF_CAKEUSD	+0.0825%	1h	2.5387	+0.266%	$55K	$37K	10x	as long as short