Funding arb · Price arb /

CAKE

all CAKE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.004%

Price spread now: Hyperliquid against Bitget+0.086%7-day average +0.049% · you sell dearer than you buy

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

Long on Bitget Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.041%+$4 on $10k

Price spread, last 7 days−0.107%−$11 · spread now +0.086%, 7d avg +0.049%

Together, before fees−0.066%+ Points / potential airdropHyperliquid: Season 2 · farm board−$7 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 0.037% dearer against Bitget than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of +0.049%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget CAKEUSDT	2.5666	0.0100	pay 0.0050% / 4h	16m 27s	$2.7M	$2.6M	75x
Short	Hyperliquid CAKE	2.5688	0.0100	get 0.0013% / 1h	16m 27s	$3.2M	$2.7M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Bitget. 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 BitgetbpFee HyperliquidbpOrdersPrice spread, now +0.086%Rate

Funding earned: $0
Price spread: +0.086% → +0.049%: $3.71
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$17.29
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: Bitget: live order book, 1 min ago; Hyperliquid: live order book, 5 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 Bitget live order book, 1 min ago	3.12 bp	11.4 bp −$11	30.8 bp −$308	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 5 min ago	1.17 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
ApeX Omni CAKEUSDT	−0.0105%	1h	2.5624	−0.164%	$13K	$698K	50x	as long as short
Orderly PERP_CAKE_USDC	+0.0022%	4h	2.5628	−0.148%	$7K	$14K	10x	as long as short
Injective CAKE/USDC PERP	+0.0033%	1h	2.5440	−0.881%	$113	$52K	5.5x	as long as short
BloFin CAKE-USDT	+0.0069%	4h	2.5624	−0.164%	$1.0M	$365K	75x	as long as short
Hyperliquid CAKEshort	+0.0100%	1h	2.5688	+0.086%	$3.2M	$2.7M	3x
Aster CAKEUSDT	+0.0100%	4h	2.5657	−0.033%	$2.4M	$78K	10x	as long as short
Binance CAKEUSDT	+0.0100%	4h	2.5650	−0.061%	$18.4M	$36.0M	75x	as long as short
Bybit CAKEUSDT	+0.0100%	4h	2.5636	−0.117%	$5.3M	$3.9M	50x	as long as short
Gate CAKE_USDT	+0.0100%	4h	2.5642	−0.094%	$895K	$755K	75x	as long as short
MEXC CAKE_USDT	+0.0100%	4h	2.5649	−0.066%	$14.3M	$2.8M	125x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin CAKEUSDTM	+0.0100%	4h	2.5654	−0.047%	$2.5M	$5.6M	50x	as long as short
Bitget CAKEUSDTlong	+0.0100%	4h	2.5666	long leg	$2.7M	$2.6M	75x
BingX CAKE-USDT	+0.0100%	4h	2.5647	−0.074%	—	$3.6M	—	as long as short
Variational Omni CAKE	+0.0100%	4h	2.5587	−0.310%	$538K	$480K	—	as long as short
GMX CAKE/USD [WBTC.b-USDC]	L +0.0422% / S −0.0272%	1h	2.5648	−0.069%	$38K	—	100x	as long as short
Kraken Futures PF_CAKEUSD	+0.0748%	1h	2.5663	−0.011%	$55K	$39K	10x	as long as short