Funding arb · Price arb /

CAKE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Hyperliquid against Gate+0.124%7-day average +0.060% · you sell dearer than you buy

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

Long on Gate Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.006%+$1 on $10k

Price spread, last 4 days (all we have)−0.012%−$1 · spread now +0.124%, 7d avg +0.060%

Together, before fees−0.007%+ Points / potential airdropHyperliquid: Season 2 · farm board−$1 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 0.064% dearer against Gate than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of +0.060%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate CAKE_USDT	2.4959	0.0100	pay 0.0050% / 4h	7m 02s	$869K	$643K	75x
Short	Hyperliquid CAKE	2.4990	0.0100	get 0.0013% / 1h	7m 02s	$3.1M	$2.5M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Gate. 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 GatebpFee HyperliquidbpOrdersPrice spread, now +0.124%Rate

Funding earned: $0
Price spread: +0.124% → +0.060%: $6.37
Slippage, 4 orders: no order book: not counted
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$17.63
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: Gate: live order book, 50 min ago; Hyperliquid: live order book, 4 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 Gate live order book, 50 min ago	3.58 bp	32.9 bp −$33	133.1 bp −$1,331	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 4 min ago	1.20 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	−0.0005%	1h	2.5002	+0.172%	$10K	$679K	50x	as long as short
Orderly PERP_CAKE_USDC	+0.0019%	4h	2.4974	+0.060%	$7K	$14K	10x	as long as short
Injective CAKE/USDC PERP	+0.0033%	1h	2.5440	+1.927%	$113	$52K	5.5x	as long as short
Hyperliquid CAKEshort	+0.0100%	1h	2.4990	+0.124%	$3.1M	$2.5M	3x
Aster CAKEUSDT	+0.0100%	4h	2.5001	+0.168%	$2.3M	$80K	10x	as long as short
Binance CAKEUSDT	+0.0100%	4h	2.4963	+0.016%	$17.8M	$31.2M	75x	as long as short
Bybit CAKEUSDT	+0.0100%	4h	2.4940	−0.076%	$5.2M	$3.6M	50x	as long as short
Gate CAKE_USDTlong	+0.0100%	4h	2.4959	long leg	$869K	$643K	75x
MEXC CAKE_USDT	+0.0100%	4h	2.4969	+0.040%	$13.3M	$2.9M	125x	as long as short
KuCoin CAKEUSDTM	+0.0100%	4h	2.4965	+0.024%	$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	2.4989	+0.120%	$2.6M	$2.3M	75x	as long as short
BingX CAKE-USDT	+0.0100%	4h	2.4967	+0.032%	—	$3.8M	—	as long as short
Variational Omni CAKE	+0.0100%	4h	2.4980	+0.086%	$518K	$469K	—	as long as short
BloFin CAKE-USDT	+0.0124%	4h	2.4973	+0.056%	$996K	$356K	75x	as long as short
GMX CAKE/USD [WBTC.b-USDC]	L +0.0415% / S −0.0269%	1h	2.4983	+0.096%	$37K	—	100x	as long as short
Kraken Futures PF_CAKEUSD	+0.0753%	1h	2.4975	+0.062%	$52K	$38K	10x	as long as short