Funding arb · Price arb /

CAKE

all CAKE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0320%/8h= −35.0% APRpaid last 24h −0.088%

Price spread now: BingX against GMX+0.024%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 BingX

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

The price spread pays, funding is against you. BingX is 0.024% dearer against GMX than usual: you sell high and buy low (spread +0.024% now, against zero (this spread has no 7-day history yet)): +$2 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 6 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX CAKE/USD [WBTC.b-USDC]	2.5423	L +0.0420% / S −0.0272%	pay 0.0052% / 1h	50m 44s	$38K	—	100x
Short	BingX CAKE-USDT	2.5429	0.0100	get 0.0050% / 4h	1h 50m	—	$3.5M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now +0.024%Rate

Funding earned: −$67.16
Price spread: +0.024% → 0.000%: $2.44
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee BingX: 5 bp × 2 orders: −$10
Net: −$86.72
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; BingX: live order book, 14 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 BingX live order book, 14 min ago	3.34 bp	10.2 bp −$10	13.3 bp −$133	24.4 bp −$2,440	44.8 bp −$22.4K

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	+0.0014%	4h	2.5423	+0.001%	$7K	$14K	10x	as long as short
Injective CAKE/USDC PERP	+0.0033%	1h	2.5440	+0.068%	$113	$52K	5.5x	as long as short
Hyperliquid CAKE	+0.0100%	1h	2.5466	+0.170%	$3.1M	$3.3M	3x	as long as short
Aster CAKEUSDT	+0.0100%	4h	2.5454	+0.123%	$2.4M	$89K	10x	as long as short
Binance CAKEUSDT	+0.0100%	4h	2.5435	+0.048%	$18.3M	$38.5M	75x	as long as short
Bybit CAKEUSDT	+0.0100%	4h	2.5422	−0.003%	$5.3M	$4.1M	50x	as long as short
Gate CAKE_USDT	+0.0100%	4h	2.5406	−0.066%	$887K	$761K	75x	as long as short
MEXC CAKE_USDT	+0.0100%	4h	2.5434	+0.044%	$14.2M	$2.8M	125x	as long as short
KuCoin CAKEUSDTM	+0.0100%	4h	2.5451	+0.111%	$2.5M	$5.7M	50x	as long as short
Bitget CAKEUSDT	+0.0100%	4h	2.5449	+0.103%	$2.7M	$2.8M	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-USDTshort	+0.0100%	4h	2.5429	+0.024%	—	$3.5M	—
Variational Omni CAKE	+0.0100%	4h	2.5433	+0.039%	$542K	$491K	—	as long as short
ApeX Omni CAKEUSDT	+0.0100%	1h	2.5424	+0.005%	$13K	$698K	50x	as long as short
BloFin CAKE-USDT	+0.0106%	4h	2.5408	−0.058%	$995K	$354K	75x	as long as short
GMX CAKE/USD [WBTC.b-USDC]long	L +0.0420% / S −0.0272%	1h	2.5423	long leg	$38K	—	100x
Kraken Futures PF_CAKEUSD	+0.0778%	1h	2.5421	−0.008%	$57K	$37K	10x	as long as short