Funding arb · Price arb /

CAKE

all CAKE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Hyperliquid against Aster+0.008%7-day average −0.024% · you sell dearer than you buy

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

Long on Aster Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.028%−$3 on $10k

Price spread, last 7 days−0.089%−$9 · spread now +0.008%, 7d avg −0.024%

Together, before fees−0.117%+ Points / potential airdropAster: Stage 5 · Hyperliquid: Season 2 · farm board−$12 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 0.033% dearer against Aster than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of −0.024%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster CAKEUSDT	2.5143	0.0100	pay 0.0050% / 4h	58m 29s	$2.4M	$72K	10x
Short	Hyperliquid CAKE	2.5145	0.0100	get 0.0013% / 1h	58m 29s	$3.1M	$2.5M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.008%Rate

Funding earned: $0
Price spread: +0.008% → −0.024%: $3.25
Slippage, 4 orders: no order book: not counted
Fee Aster: 4 bp × 2 orders: −$8
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$13.75
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Aster: live order book, 5 min ago; Hyperliquid: live order book, 3 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 Aster live order book, 5 min ago	2.59 bp	32.6 bp −$33	1203.3 bp −$12.0K	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 3 min ago	0.20 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	+0.0014%	4h	2.5120	−0.091%	$7K	$14K	10x	as long as short
Injective CAKE/USDC PERP	+0.0033%	1h	2.5440	+1.182%	$113	$52K	5.5x	as long as short
Hyperliquid CAKEshort	+0.0100%	1h	2.5145	+0.008%	$3.1M	$2.5M	3x
Aster CAKEUSDTlong	+0.0100%	4h	2.5143	long leg	$2.4M	$72K	10x
Binance CAKEUSDT	+0.0100%	4h	2.5132	−0.041%	$18.0M	$31.3M	75x	as long as short
Bybit CAKEUSDT	+0.0100%	4h	2.5120	−0.091%	$5.2M	$3.6M	50x	as long as short
Gate CAKE_USDT	+0.0100%	4h	2.5126	−0.067%	$875K	$640K	75x	as long as short
MEXC CAKE_USDT	+0.0100%	4h	2.5123	−0.079%	$13.7M	$2.9M	125x	as long as short
KuCoin CAKEUSDTM	+0.0100%	4h	2.5141	−0.007%	$2.4M	$5.5M	50x	as long as short
Bitget CAKEUSDT	+0.0100%	4h	2.5143	0.000%	$2.6M	$2.3M	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	2.5119	−0.095%	—	$3.7M	—	as long as short
Variational Omni CAKE	+0.0100%	4h	2.5115	−0.111%	$521K	$469K	—	as long as short
ApeX Omni CAKEUSDT	+0.0100%	1h	2.5133	−0.039%	$11K	$680K	50x	as long as short
BloFin CAKE-USDT	+0.0152%	4h	2.5131	−0.047%	$1.0M	$368K	75x	as long as short
GMX CAKE/USD [WBTC.b-USDC]	L +0.0416% / S −0.0269%	1h	2.5123	−0.081%	$37K	—	100x	as long as short
Kraken Futures PF_CAKEUSD	+0.0746%	1h	2.5224	+0.322%	$54K	$37K	10x	as long as short