Funding arb · Price arb /

CAKE

all CAKE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0320%/8h= −35.0% APRpaid last 24h −0.088%

Price spread now: Aster against GMX0.000%7-day average — · you sell dearer than you buy

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

Long on GMX Short on Aster

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—+ Points / potential airdropAster: Stage 5 · farm boardneeds both histories

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$10 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX CAKE/USD [WBTC.b-USDC]	2.5469	L +0.0420% / S −0.0272%	pay 0.0053% / 1h	41m 04s	$38K	—	100x
Short	Aster CAKEUSDT	2.5469	0.0100	get 0.0050% / 4h	2h 41m	$2.4M	$99K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against GMX. 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 GMXbpFee AsterbpOrdersPrice spread, now 0.000%Rate

Funding earned: −$67.21
Price spread: 0.000% → 0.000%: $0.03
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Aster: 4 bp × 2 orders: −$8
Net: −$87.18
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Aster: live order book, 2 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 GMX no order-book sample	—	—	—	—	—
Sell Aster live order book, 2 min ago	4.12 bp	24.0 bp −$24	1688.4 bp −$16.9K	doesn't fit	doesn't fit

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
Orderly PERP_CAKE_USDC	+0.0006%	4h	2.5458	−0.044%	$7K	$14K	10x	as long as short
Injective CAKE/USDC PERP	+0.0033%	1h	2.5440	−0.115%	$113	$52K	5.5x	as long as short
Hyperliquid CAKE	+0.0100%	1h	2.5504	+0.138%	$3.1M	$3.3M	3x	as long as short
Aster CAKEUSDTshort	+0.0100%	4h	2.5469	0.000%	$2.4M	$99K	10x
Binance CAKEUSDT	+0.0100%	4h	2.5460	−0.038%	$18.2M	$39.0M	75x	as long as short
Bybit CAKEUSDT	+0.0100%	4h	2.5450	−0.076%	$5.3M	$4.1M	50x	as long as short
Gate CAKE_USDT	+0.0100%	4h	2.5440	−0.115%	$887K	$858K	75x	as long as short
MEXC CAKE_USDT	+0.0100%	4h	2.5460	−0.036%	$14.2M	$2.9M	125x	as long as short
KuCoin CAKEUSDTM	+0.0100%	4h	2.5462	−0.028%	$2.5M	$5.7M	50x	as long as short
Bitget CAKEUSDT	+0.0100%	4h	2.5458	−0.044%	$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	2.5449	−0.079%	—	$3.5M	—	as long as short
Variational Omni CAKE	+0.0100%	4h	2.5430	−0.154%	$543K	$497K	—	as long as short
ApeX Omni CAKEUSDT	+0.0100%	1h	2.5457	−0.048%	$13K	$696K	50x	as long as short
BloFin CAKE-USDT	+0.0146%	4h	2.5450	−0.076%	$995K	$351K	75x	as long as short
GMX CAKE/USD [WBTC.b-USDC]long	L +0.0420% / S −0.0272%	1h	2.5469	long leg	$38K	—	100x
Kraken Futures PF_CAKEUSD	+0.0498%	1h	2.5480	+0.041%	$56K	$38K	10x	as long as short