Funding arb · Price arb /

CAKE

all CAKE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0169%/8h= +18.5% APRpaid last 24h +0.045%

Price spread now: GMX against Aster−0.063%7-day average — · you buy dearer than you sell

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

Long on Aster Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropAster: Stage 5 · farm boardneeds both histories

Funding pays, the price is against you. GMX is 0.063% cheaper against Aster than usual: you would sell low and buy high (spread −0.063% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$6 on $10k: about 30 hours of funding at the current rate (+$5 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster CAKEUSDT	2.5161	0.0100	pay 0.0050% / 4h	2h 09m	$2.4M	$76K	10x
Short	GMX CAKE/USD [WBTC.b-USDC]	2.5145	L +0.0417% / S −0.0269%	get 0.0034% / 1h	9m 54s	$37K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Aster. 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 AsterbpFee GMXbpOrdersPrice spread, now −0.063%Rate

Funding earned: $35.46
Price spread: −0.063% → 0.000%: −$6.35
Slippage, 4 orders: no order book: not counted
Fee Aster: 4 bp × 2 orders: −$8
Fee GMX: 6 bp × 2 orders: −$12
Net: $9.11
Costs to cover: 0.200%
Break-even: 5.2 days

Slippage unknown: Aster: live order book, 3 min ago; GMX: no order-book sample. 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 Aster live order book, 3 min ago	3.78 bp	32.6 bp −$33	1218.4 bp −$12.2K	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

CAKE on 15 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	+0.0013%	4h	2.5138	−0.091%	$7K	$14K	10x	as long as short
Injective CAKE/USDC PERP	+0.0033%	1h	2.5440	+1.110%	$113	$52K	5.5x	as long as short
Hyperliquid CAKE	+0.0100%	1h	2.5155	−0.022%	$3.1M	$2.6M	3x	as long as short
Aster CAKEUSDTlong	+0.0100%	4h	2.5161	long leg	$2.4M	$76K	10x
Binance CAKEUSDT	+0.0100%	4h	2.5124	−0.145%	$17.9M	$33.8M	75x	as long as short
Bybit CAKEUSDT	+0.0100%	4h	2.5120	−0.162%	$5.2M	$3.7M	50x	as long as short
Gate CAKE_USDT	+0.0100%	4h	2.5127	−0.134%	$876K	$673K	75x	as long as short
MEXC CAKE_USDT	+0.0100%	4h	2.5130	−0.123%	$13.7M	$2.9M	125x	as long as short
KuCoin CAKEUSDTM	+0.0100%	4h	2.5133	−0.111%	$2.4M	$5.5M	50x	as long as short
Bitget CAKEUSDT	+0.0100%	4h	2.5140	−0.083%	$2.6M	$2.5M	75x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX CAKE-USDT	+0.0100%	4h	2.5126	−0.138%	—	$3.6M	—	as long as short
Variational Omni CAKE	+0.0100%	4h	2.5131	−0.120%	$533K	$460K	—	as long as short
ApeX Omni CAKEUSDT	+0.0100%	1h	2.5159	−0.007%	$11K	$683K	50x	as long as short
GMX CAKE/USD [WBTC.b-USDC]short	L +0.0417% / S −0.0269%	1h	2.5145	−0.063%	$37K	—	100x
Kraken Futures PF_CAKEUSD	+0.0833%	1h	2.5152	−0.034%	$54K	$37K	10x	as long as short