Funding arb · Price arb /

CAKE

all CAKE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0027%/8h= −3.0% APRpaid last 24h −0.013%

Price spread now: ApeX Omni against Binance−0.111%99s7-day average +0.041% · you buy dearer than you sell

Net, funding: paid 7d − costs−$61as 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−$470.466% of the position

Long on Binance Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days−0.148%−$15 on $10k

Price spread, last 4 days (all we have)+0.381%+$38 · spread now −0.111%, 7d avg +0.041%

Together, before fees+0.233%+$23 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and ApeX Omni is 0.153% cheaper against Binance than usual: you would sell low and buy high (−$15 if the spread goes back to its 7-day average of +0.041%). Swap the legs. 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	Binance CAKEUSDT	2.5129	0.0100	pay 0.0050% / 4h	1h 43m	$17.9M	$31.9M	75x
Short	ApeX Omni CAKEUSDT	2.5101	0.0073	get 0.0009% / 1h	43m 49s	$11K	$683K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Binance. 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 BinancebpFee ApeX OmnibpOrdersPrice spread, now −0.111%Rate

Funding earned: −$5.7
Price spread: −0.111% → +0.041%: −$15.25
Slippage, 4 orders: −$26.64
Fee Binance: 5 bp × 2 orders: −$10
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$67.59
Costs to cover: 0.466%
Break-even: never at this rate

Slippage from Binance: live order book, 13 min ago; ApeX Omni: live order book, 20 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 Binance live order book, 13 min ago	0.20 bp	11.2 bp −$11	33.1 bp −$331	doesn't fit	doesn't fit
Sell ApeX Omni live order book, 20 min ago	4.57 bp	12.4 bp −$12	88.1 bp −$881	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	+0.0013%	4h	2.5101	−0.111%	$7K	$14K	10x	as long as short
Injective CAKE/USDC PERP	+0.0033%	1h	2.5440	+1.238%	$113	$52K	5.5x	as long as short
ApeX Omni CAKEUSDTshort	+0.0073%	1h	2.5101	−0.111%	$11K	$683K	50x
Hyperliquid CAKE	+0.0100%	1h	2.5136	+0.028%	$3.1M	$2.5M	3x	as long as short
Aster CAKEUSDT	+0.0100%	4h	2.5131	+0.008%	$2.4M	$72K	10x	as long as short
Binance CAKEUSDTlong	+0.0100%	4h	2.5129	long leg	$17.9M	$31.9M	75x
Bybit CAKEUSDT	+0.0100%	4h	2.5116	−0.052%	$5.2M	$3.6M	50x	as long as short
Gate CAKE_USDT	+0.0100%	4h	2.5098	−0.123%	$875K	$648K	75x	as long as short
MEXC CAKE_USDT	+0.0100%	4h	2.5119	−0.040%	$13.7M	$2.9M	125x	as long as short
KuCoin CAKEUSDTM	+0.0100%	4h	2.5108	−0.084%	$2.4M	$5.5M	50x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget CAKEUSDT	+0.0100%	4h	2.5139	+0.040%	$2.6M	$2.4M	75x	as long as short
BingX CAKE-USDT	+0.0100%	4h	2.5127	−0.008%	—	$3.7M	—	as long as short
Variational Omni CAKE	+0.0100%	4h	2.5051	−0.312%	$532K	$458K	—	as long as short
BloFin CAKE-USDT	+0.0141%	4h	2.5086	−0.171%	$994K	$382K	75x	as long as short
GMX CAKE/USD [WBTC.b-USDC]	L +0.0416% / S −0.0269%	1h	2.5107	−0.088%	$37K	—	100x	as long as short
Kraken Futures PF_CAKEUSD	+0.1555%	1h	2.5127	−0.007%	$54K	$37K	10x	as long as short