Funding arb · Price arb /

CAKE

all CAKE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0100%/8h= −11.0% APRpaid last 24h −0.023%

Price spread now: Injective against BloFin−0.149%7-day average — · you buy dearer than you sell

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

Long on BloFin Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−0.215%−$22 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Injective is 0.149% cheaper against BloFin than usual: you would sell low and buy high (−$15 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin CAKE-USDT	2.5478	0.0134	pay 0.0067% / 4h	2h 44m	$998K	$352K	75x
Short	Injective CAKE/USDC PERP	2.5440	0.0033	get 0.0004% / 1h	44m 44s	$113	$52K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against BloFin. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BloFinbpFee InjectivebpOrdersPrice spread, now −0.149%Rate

Funding earned: −$21.04
Price spread: −0.149% → 0.000%: −$14.91
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$47.97
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: BloFin: live order book, 42 min ago; Injective: 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 BloFin live order book, 42 min ago	0.78 bp	12.7 bp −$13	28.2 bp −$282	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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	+0.0006%	4h	2.5456	−0.086%	$7K	$14K	10x	as long as short
Injective CAKE/USDC PERPshort	+0.0033%	1h	2.5440	−0.149%	$113	$52K	5.5x
Hyperliquid CAKE	+0.0100%	1h	2.5479	+0.004%	$3.1M	$3.3M	3x	as long as short
Aster CAKEUSDT	+0.0100%	4h	2.5461	−0.067%	$2.4M	$99K	10x	as long as short
Binance CAKEUSDT	+0.0100%	4h	2.5442	−0.140%	$18.2M	$39.2M	75x	as long as short
Bybit CAKEUSDT	+0.0100%	4h	2.5436	−0.165%	$5.3M	$4.2M	50x	as long as short
Gate CAKE_USDT	+0.0100%	4h	2.5434	−0.173%	$886K	$858K	75x	as long as short
MEXC CAKE_USDT	+0.0100%	4h	2.5444	−0.133%	$14.2M	$2.9M	125x	as long as short
KuCoin CAKEUSDTM	+0.0100%	4h	2.5459	−0.075%	$2.5M	$5.7M	50x	as long as short
Bitget CAKEUSDT	+0.0100%	4h	2.5457	−0.082%	$2.7M	$3.0M	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	2.5446	−0.126%	—	$3.5M	—	as long as short
Variational Omni CAKE	+0.0100%	4h	2.5430	−0.188%	$543K	$497K	—	as long as short
ApeX Omni CAKEUSDT	+0.0100%	1h	2.5436	−0.165%	$13K	$696K	50x	as long as short
BloFin CAKE-USDTlong	+0.0134%	4h	2.5478	long leg	$998K	$352K	75x
GMX CAKE/USD [WBTC.b-USDC]	L +0.0420% / S −0.0272%	1h	2.5462	−0.064%	$38K	—	100x	as long as short
Kraken Futures PF_CAKEUSD	+0.0497%	1h	2.5502	+0.096%	$57K	$38K	10x	as long as short