Funding arb · Price arb /

CAKE

all CAKE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0315%/8h= −34.5% APRpaid last 24h −0.086%

Price spread now: Binance against GMX−0.090%7-day average — · you buy dearer than you sell

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

Long on GMX Short on Binance

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 against this trade now: funding costs −$9 a day on $10k at the current rate, and Binance is 0.090% cheaper against GMX than usual: you would sell low and buy high (−$9 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	GMX CAKE/USD [WBTC.b-USDC]	2.4937	L +0.0415% / S −0.0269%	pay 0.0052% / 1h	41m 45s	$37K	—	100x
Short	Binance CAKEUSDT	2.4915	0.0100	get 0.0050% / 4h	2h 41m	$17.6M	$30.7M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now −0.090%Rate

Funding earned: −$66.22
Price spread: −0.090% → 0.000%: −$8.97
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Binance: 5 bp × 2 orders: −$10
Net: −$97.2
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Binance: live order book, 15 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 Binance live order book, 15 min ago	1.00 bp	11.5 bp −$11	30.3 bp −$303	138.4 bp −$13.8K	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
Bybit CAKEUSDT	−0.0403%	4h	2.4892	−0.182%	$5.2M	$3.5M	50x	as long as short
ApeX Omni CAKEUSDT	−0.0215%	1h	2.4993	+0.223%	$11K	$678K	50x	as long as short
Orderly PERP_CAKE_USDC	−0.0033%	4h	2.4923	−0.058%	$7K	$14K	10x	as long as short
KuCoin CAKEUSDTM	+0.0022%	4h	2.4913	−0.098%	$2.4M	$5.3M	50x	as long as short
Injective CAKE/USDC PERP	+0.0033%	1h	2.5440	+2.016%	$113	$52K	5.5x	as long as short
Variational Omni CAKE	+0.0068%	4h	2.4961	+0.093%	$511K	$460K	—	as long as short
Hyperliquid CAKE	+0.0100%	1h	2.4937	−0.001%	$3.1M	$2.1M	3x	as long as short
Aster CAKEUSDT	+0.0100%	4h	2.4951	+0.054%	$2.3M	$76K	10x	as long as short
Binance CAKEUSDTshort	+0.0100%	4h	2.4915	−0.090%	$17.6M	$30.7M	75x
Gate CAKE_USDT	+0.0100%	4h	2.4903	−0.138%	$865K	$607K	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	2.4920	−0.070%	$13.2M	$2.8M	125x	as long as short
Bitget CAKEUSDT	+0.0100%	4h	2.4947	+0.039%	$2.5M	$2.3M	75x	as long as short
BingX CAKE-USDT	+0.0100%	4h	2.4907	−0.122%	—	$3.8M	—	as long as short
BloFin CAKE-USDT	+0.0114%	4h	2.4953	+0.063%	$830K	$316K	75x	as long as short
GMX CAKE/USD [WBTC.b-USDC]long	L +0.0415% / S −0.0269%	1h	2.4937	long leg	$37K	—	100x
Kraken Futures PF_CAKEUSD	+0.0703%	1h	2.4973	+0.144%	$52K	$37K	10x	as long as short