Funding arb · Price arb /

CAKE

all CAKE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0942%/8h= +103.1% APRpaid last 24h +0.045%

Price spread now: GMX against Bybit+0.210%7-day average — · you sell dearer than you buy

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

Long on Bybit 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

Both sides work for this trade now. Funding pays +$28 a day on $10k at the current rate, and GMX is 0.210% dearer against Bybit than usual: you sell high and buy low: +$21 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit CAKEUSDT	2.5033	−0.0673	get 0.0336% / 4h	1h 59m	$5.2M	$3.5M	50x
Short	GMX CAKE/USD [WBTC.b-USDC]	2.5085	L +0.0417% / S −0.0269%	get 0.0034% / 1h	59m 58s	$37K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now +0.210%Rate

Funding earned: $197.72
Price spread: +0.210% → 0.000%: $20.97
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee GMX: 6 bp × 2 orders: −$12
Net: $195.69
Costs to cover: 0.230%
Break-even: 0.1 days

Slippage unknown: Bybit: live order book, 3 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 Bybit live order book, 3 min ago	2.00 bp	25.0 bp −$25	77.5 bp −$775	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
Bybit CAKEUSDTlong	−0.0673%	4h	2.5033	long leg	$5.2M	$3.5M	50x
Variational Omni CAKE	−0.0281%	4h	2.5040	+0.029%	$514K	$434K	—	as long as short
ApeX Omni CAKEUSDT	−0.0248%	1h	2.5073	+0.160%	$11K	$674K	50x	as long as short
KuCoin CAKEUSDTM	−0.0112%	4h	2.5047	+0.056%	$2.4M	$5.3M	50x	as long as short
Orderly PERP_CAKE_USDC	−0.0077%	4h	2.5064	+0.124%	$7K	$14K	10x	as long as short
Injective CAKE/USDC PERP	+0.0033%	1h	2.5440	+1.626%	$113	$52K	5.5x	as long as short
Hyperliquid CAKE	+0.0100%	1h	2.5074	+0.163%	$3.1M	$1.9M	3x	as long as short
Aster CAKEUSDT	+0.0100%	4h	2.5076	+0.172%	$2.4M	$77K	10x	as long as short
Binance CAKEUSDT	+0.0100%	4h	2.5046	+0.052%	$17.6M	$29.8M	75x	as long as short
Gate CAKE_USDT	+0.0100%	4h	2.5030	−0.012%	$867K	$609K	75x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC CAKE_USDT	+0.0100%	4h	2.5048	+0.060%	$13.4M	$2.8M	125x	as long as short
Bitget CAKEUSDT	+0.0100%	4h	2.5058	+0.100%	$2.5M	$2.2M	75x	as long as short
BingX CAKE-USDT	+0.0100%	4h	2.5042	+0.036%	—	$3.8M	—	as long as short
BloFin CAKE-USDT	+0.0154%	4h	2.5054	+0.084%	$984K	$317K	75x	as long as short
GMX CAKE/USD [WBTC.b-USDC]short	L +0.0417% / S −0.0269%	1h	2.5085	+0.210%	$37K	—	100x
Kraken Futures PF_CAKEUSD	+0.0697%	1h	2.5178	+0.578%	$53K	$34K	10x	as long as short