Funding arb · Price arb /

CAKE

all CAKE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0021%/8h= −2.3% APRpaid last 24h −0.014%

Price spread now: ApeX Omni against Bybit+0.088%89s7-day average +0.064% · you sell dearer than you buy

Net, funding: paid 7d − costs−$67as 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−$690.690% of the position

Long on Bybit Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days+0.024%+$2 on $10k

Price spread, last 4 days (all we have)−0.022%−$2 · spread now +0.088%, 7d avg +0.064%

Together, before fees+0.003%$0 on $10k · with fees, hour by hour

The price spread pays, funding is against you. ApeX Omni is 0.024% dearer against Bybit than usual: you sell high and buy low (spread +0.088% now, against its 7-day average of +0.064%): +$2 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 3.8 days. The two prices were read 89 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	Bybit CAKEUSDT	2.4900	−0.0095	get 0.0047% / 4h	3h 12m	$5.2M	$3.5M	50x
Short	ApeX Omni CAKEUSDT	2.4922	−0.0116	pay 0.0015% / 1h	12m 08s	$10K	$678K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Bybit. 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 BybitbpFee ApeX OmnibpOrdersPrice spread, now +0.088%Rate

Funding earned: −$4.43
Price spread: +0.088% → +0.064%: $2.4
Slippage, 4 orders: −$47.99
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$71.03
Costs to cover: 0.690%
Break-even: never at this rate

Slippage from Bybit: live order book, 1 min ago; ApeX Omni: live order book, 41 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 Bybit live order book, 1 min ago	2.01 bp	21.3 bp −$21	52.4 bp −$524	doesn't fit	doesn't fit
Sell ApeX Omni live order book, 41 min ago	3.19 bp	9.9 bp −$10	92.6 bp −$926	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 CAKEUSDTshort	−0.0116%	1h	2.4922	+0.088%	$10K	$678K	50x
Bybit CAKEUSDTlong	−0.0095%	4h	2.4900	long leg	$5.2M	$3.5M	50x
Orderly PERP_CAKE_USDC	−0.0004%	4h	2.4900	0.000%	$7K	$14K	10x	as long as short
Injective CAKE/USDC PERP	+0.0033%	1h	2.5440	+2.169%	$113	$52K	5.5x	as long as short
Hyperliquid CAKE	+0.0100%	1h	2.4940	+0.161%	$3.1M	$2.2M	3x	as long as short
Aster CAKEUSDT	+0.0100%	4h	2.4922	+0.087%	$2.3M	$77K	10x	as long as short
Binance CAKEUSDT	+0.0100%	4h	2.4907	+0.028%	$17.7M	$31.1M	75x	as long as short
Gate CAKE_USDT	+0.0100%	4h	2.4906	+0.024%	$866K	$637K	75x	as long as short
MEXC CAKE_USDT	+0.0100%	4h	2.4907	+0.028%	$13.2M	$2.8M	125x	as long as short
KuCoin CAKEUSDTM	+0.0100%	4h	2.4899	−0.004%	$2.4M	$5.4M	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	2.4930	+0.120%	$2.5M	$2.4M	75x	as long as short
BingX CAKE-USDT	+0.0100%	4h	2.4913	+0.052%	—	$3.8M	—	as long as short
Variational Omni CAKE	+0.0100%	4h	2.4921	+0.083%	$510K	$473K	—	as long as short
BloFin CAKE-USDT	+0.0113%	4h	2.4935	+0.141%	$991K	$353K	75x	as long as short
Kraken Futures PF_CAKEUSD	+0.0353%	1h	2.4947	+0.189%	$52K	$38K	10x	as long as short
GMX CAKE/USD [WBTC.b-USDC]	L +0.0415% / S −0.0269%	1h	2.4916	+0.065%	$37K	—	100x	as long as short