Funding arb · Price arb /

CAKE

all CAKE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.011%

Price spread now: Variational Omni against ApeX Omni−0.008%58s7-day average −0.055% · you buy dearer than you sell

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

Long on ApeX Omni Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.033%+$3 on $10k

Price spread, last 3 days (all we have)−0.058%−$6 · spread now −0.008%, 7d avg −0.055%

Together, before fees−0.025%+ Points / potential airdropVariational Omni: Active · farm board−$2 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: Variational Omni is 0.047% dearer against ApeX Omni than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of −0.055%. The two prices were read 58 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	2.5435	0.0100	pay 0.0013% / 1h	54m 23s	$13K	$698K	50x
Short	Variational Omni CAKE	2.5433	0.0100	get 0.0050% / 4h	1h 54m	$542K	$491K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −0.008%Rate

Funding earned: $0
Price spread: −0.008% → −0.055%: $4.67
Slippage, 4 orders: no order book: not counted
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$5.33
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: ApeX Omni: live order book, 29 min ago; Variational Omni: RFQ quote, 30 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, 29 min ago	6.06 bp	13.8 bp −$14	84.0 bp −$840	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 30 min ago	6.63 bp	doesn't fit	52.8 bp −$528	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	+0.0014%	4h	2.5448	+0.051%	$7K	$14K	10x	as long as short
Injective CAKE/USDC PERP	+0.0033%	1h	2.5440	+0.020%	$113	$52K	5.5x	as long as short
Hyperliquid CAKE	+0.0100%	1h	2.5487	+0.204%	$3.2M	$3.3M	3x	as long as short
Aster CAKEUSDT	+0.0100%	4h	2.5486	+0.200%	$2.4M	$89K	10x	as long as short
Binance CAKEUSDT	+0.0100%	4h	2.5452	+0.065%	$18.3M	$38.5M	75x	as long as short
Bybit CAKEUSDT	+0.0100%	4h	2.5440	+0.020%	$5.3M	$4.1M	50x	as long as short
Gate CAKE_USDT	+0.0100%	4h	2.5456	+0.083%	$888K	$761K	75x	as long as short
MEXC CAKE_USDT	+0.0100%	4h	2.5463	+0.110%	$14.2M	$2.8M	125x	as long as short
KuCoin CAKEUSDTM	+0.0100%	4h	2.5484	+0.193%	$2.5M	$5.7M	50x	as long as short
Bitget CAKEUSDT	+0.0100%	4h	2.5470	+0.138%	$2.7M	$2.8M	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	2.5460	+0.098%	—	$3.5M	—	as long as short
Variational Omni CAKEshort	+0.0100%	4h	2.5433	−0.008%	$542K	$491K	—
ApeX Omni CAKEUSDTlong	+0.0100%	1h	2.5435	long leg	$13K	$698K	50x
BloFin CAKE-USDT	+0.0138%	4h	2.5467	+0.126%	$996K	$355K	75x	as long as short
GMX CAKE/USD [WBTC.b-USDC]	L +0.0420% / S −0.0272%	1h	2.5457	+0.087%	$38K	—	100x	as long as short
Kraken Futures PF_CAKEUSD	+0.0772%	1h	2.5597	+0.636%	$57K	$37K	10x	as long as short