Funding arb · Price arb /

CAKE

all CAKE markets

Swap Backtest

Alert: funding

Alert: spread

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

Price spread now: GMX against BingX−0.031%7-day average — · you buy dearer than you sell

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

Long on BingX 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

Funding pays, the price is against you. GMX is 0.031% cheaper against BingX than usual: you would sell low and buy high (spread −0.031% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$3 on $10k: about 14 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	BingX CAKE-USDT	2.5565	0.0100	pay 0.0050% / 4h	58m 28s	—	$3.6M	—
Short	GMX CAKE/USD [WBTC.b-USDC]	2.5557	L +0.0421% / S −0.0272%	get 0.0034% / 1h	58m 28s	$38K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against BingX. 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 BingXbpFee GMXbpOrdersPrice spread, now −0.031%Rate

Funding earned: $36.22
Price spread: −0.031% → 0.000%: −$3.09
Slippage, 4 orders: no order book: not counted
Fee BingX: 5 bp × 2 orders: −$10
Fee GMX: 6 bp × 2 orders: −$12
Net: $11.13
Costs to cover: 0.220%
Break-even: 4.8 days

Slippage unknown: BingX: live order book, 2 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 BingX live order book, 2 min ago	2.55 bp	8.1 bp −$8	10.4 bp −$104	26.8 bp −$2,680	50.9 bp −$25.5K
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	+0.0024%	4h	2.5541	−0.094%	$7K	$14K	10x	as long as short
Injective CAKE/USDC PERP	+0.0033%	1h	2.5440	−0.489%	$113	$52K	5.5x	as long as short
Hyperliquid CAKE	+0.0100%	1h	2.5616	+0.199%	$3.2M	$2.8M	3x	as long as short
Aster CAKEUSDT	+0.0100%	4h	2.5583	+0.072%	$2.4M	$82K	10x	as long as short
Binance CAKEUSDT	+0.0100%	4h	2.5571	+0.023%	$18.4M	$36.5M	75x	as long as short
Bybit CAKEUSDT	+0.0100%	4h	2.5570	+0.020%	$5.3M	$4.0M	50x	as long as short
Gate CAKE_USDT	+0.0100%	4h	2.5552	−0.051%	$894K	$751K	75x	as long as short
MEXC CAKE_USDT	+0.0100%	4h	2.5564	−0.004%	$14.1M	$2.7M	125x	as long as short
KuCoin CAKEUSDTM	+0.0100%	4h	2.5558	−0.027%	$2.5M	$5.7M	50x	as long as short
Bitget CAKEUSDT	+0.0100%	4h	2.5600	+0.137%	$2.7M	$2.7M	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-USDTlong	+0.0100%	4h	2.5565	long leg	—	$3.6M	—
Variational Omni CAKE	+0.0100%	4h	2.5522	−0.170%	$535K	$480K	—	as long as short
ApeX Omni CAKEUSDT	+0.0100%	1h	2.5511	−0.211%	$13K	$699K	50x	as long as short
BloFin CAKE-USDT	+0.0115%	4h	2.5535	−0.117%	$998K	$363K	75x	as long as short
GMX CAKE/USD [WBTC.b-USDC]short	L +0.0421% / S −0.0272%	1h	2.5557	−0.031%	$38K	—	100x
Kraken Futures PF_CAKEUSD	+0.0751%	1h	2.5568	+0.010%	$57K	$37K	10x	as long as short