Funding arb · Price arb /

CAKE

all CAKE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0172%/8h= +18.9% APRpaid last 24h +0.045%

Price spread now: GMX against Binance−0.011%7-day average — · you buy dearer than you sell

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

Long on Binance 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—needs both histories

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: +$5 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance CAKEUSDT	2.5433	0.0100	pay 0.0050% / 4h	1h 50m	$18.3M	$38.5M	75x
Short	GMX CAKE/USD [WBTC.b-USDC]	2.5431	L +0.0420% / S −0.0272%	get 0.0034% / 1h	50m 18s	$38K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now −0.011%Rate

Funding earned: $36.22
Price spread: −0.011% → 0.000%: −$1.13
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee GMX: 6 bp × 2 orders: −$12
Net: $13.09
Costs to cover: 0.220%
Break-even: 4.5 days

Slippage unknown: Binance: live order book, 7 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 Binance live order book, 7 min ago	0.59 bp	10.7 bp −$11	31.8 bp −$318	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 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	2.5416	−0.068%	$7K	$14K	10x	as long as short
Injective CAKE/USDC PERP	+0.0033%	1h	2.5440	+0.026%	$113	$52K	5.5x	as long as short
Hyperliquid CAKE	+0.0100%	1h	2.5456	+0.089%	$3.1M	$3.3M	3x	as long as short
Aster CAKEUSDT	+0.0100%	4h	2.5454	+0.082%	$2.4M	$89K	10x	as long as short
Binance CAKEUSDTlong	+0.0100%	4h	2.5433	long leg	$18.3M	$38.5M	75x
Bybit CAKEUSDT	+0.0100%	4h	2.5422	−0.045%	$5.3M	$4.0M	50x	as long as short
Gate CAKE_USDT	+0.0100%	4h	2.5410	−0.092%	$887K	$761K	75x	as long as short
MEXC CAKE_USDT	+0.0100%	4h	2.5431	−0.009%	$14.2M	$2.8M	125x	as long as short
KuCoin CAKEUSDTM	+0.0100%	4h	2.5443	+0.038%	$2.5M	$5.7M	50x	as long as short
Bitget CAKEUSDT	+0.0100%	4h	2.5450	+0.065%	$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	2.5420	−0.053%	—	$3.5M	—	as long as short
Variational Omni CAKE	+0.0100%	4h	2.5398	−0.140%	$541K	$491K	—	as long as short
ApeX Omni CAKEUSDT	+0.0100%	1h	2.5424	−0.037%	$13K	$698K	50x	as long as short
BloFin CAKE-USDT	+0.0106%	4h	2.5408	−0.100%	$995K	$354K	75x	as long as short
GMX CAKE/USD [WBTC.b-USDC]short	L +0.0420% / S −0.0272%	1h	2.5431	−0.011%	$38K	—	100x
Kraken Futures PF_CAKEUSD	+0.0777%	1h	2.5437	+0.014%	$57K	$37K	10x	as long as short