Funding arb · Price arb /

CAKE

all CAKE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0340%/8h= −37.3% APRpaid last 24h −0.088%

Price spread now: BloFin against GMX−0.059%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 BloFin

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 −$10 a day on $10k at the current rate, and BloFin is 0.059% cheaper against GMX than usual: you would sell low and buy high (−$6 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]	2.5489	L +0.0421% / S −0.0272%	pay 0.0053% / 1h	5m 22s	$38K	—	100x
Short	BloFin CAKE-USDT	2.5474	0.0080	get 0.0040% / 4h	5m 22s	$1.0M	$363K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.059%Rate

Funding earned: −$71.5
Price spread: −0.059% → 0.000%: −$5.92
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$101.42
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; BloFin: 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 BloFin live order book, 2 min ago	0.79 bp	8.7 bp −$9	18.6 bp −$186	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
ApeX Omni CAKEUSDT	−0.0095%	1h	2.5492	+0.011%	$13K	$697K	50x	as long as short
Orderly PERP_CAKE_USDC	+0.0021%	4h	2.5474	−0.059%	$7K	$14K	10x	as long as short
Injective CAKE/USDC PERP	+0.0033%	1h	2.5440	−0.193%	$113	$52K	5.5x	as long as short
BloFin CAKE-USDTshort	+0.0080%	4h	2.5474	−0.059%	$1.0M	$363K	75x
Hyperliquid CAKE	+0.0100%	1h	2.5512	+0.091%	$3.2M	$2.7M	3x	as long as short
Aster CAKEUSDT	+0.0100%	4h	2.5495	+0.024%	$2.4M	$78K	10x	as long as short
Binance CAKEUSDT	+0.0100%	4h	2.5480	−0.037%	$18.3M	$35.9M	75x	as long as short
Bybit CAKEUSDT	+0.0100%	4h	2.5480	−0.036%	$5.3M	$3.9M	50x	as long as short
Gate CAKE_USDT	+0.0100%	4h	2.5483	−0.024%	$890K	$755K	75x	as long as short
MEXC CAKE_USDT	+0.0100%	4h	2.5482	−0.028%	$14.2M	$2.8M	125x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin CAKEUSDTM	+0.0100%	4h	2.5489	0.000%	$2.5M	$5.6M	50x	as long as short
Bitget CAKEUSDT	+0.0100%	4h	2.5492	+0.011%	$2.7M	$2.6M	75x	as long as short
BingX CAKE-USDT	+0.0100%	4h	2.5473	−0.063%	—	$3.6M	—	as long as short
Variational Omni CAKE	+0.0100%	4h	2.5462	−0.108%	$534K	$469K	—	as long as short
GMX CAKE/USD [WBTC.b-USDC]long	L +0.0421% / S −0.0272%	1h	2.5489	long leg	$38K	—	100x
Kraken Futures PF_CAKEUSD	+0.0751%	1h	2.5584	+0.371%	$55K	$39K	10x	as long as short