Funding arb · Price arb /

CAKE

all CAKE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0317%/8h= −34.7% APRpaid last 24h −0.087%

Price spread now: Bybit against GMX−0.064%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 Bybit

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 Bybit is 0.064% 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]	2.5136	L +0.0417% / S −0.0269%	pay 0.0052% / 1h	8m 42s	$37K	—	100x
Short	Bybit CAKEUSDT	2.5120	0.0100	get 0.0050% / 4h	2h 08m	$5.2M	$3.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.064%Rate

Funding earned: −$66.49
Price spread: −0.064% → 0.000%: −$6.38
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$95.87
Costs to cover: 0.230%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Bybit: 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 GMX no order-book sample	—	—	—	—	—
Sell Bybit live order book, 4 min ago	1.99 bp	23.5 bp −$23	72.1 bp −$721	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 15 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	+0.0013%	4h	2.5124	−0.048%	$7K	$14K	10x	as long as short
Injective CAKE/USDC PERP	+0.0033%	1h	2.5440	+1.209%	$113	$52K	5.5x	as long as short
Hyperliquid CAKE	+0.0100%	1h	2.5150	+0.056%	$3.1M	$2.6M	3x	as long as short
Aster CAKEUSDT	+0.0100%	4h	2.5153	+0.066%	$2.4M	$76K	10x	as long as short
Binance CAKEUSDT	+0.0100%	4h	2.5127	−0.037%	$17.9M	$33.8M	75x	as long as short
Bybit CAKEUSDTshort	+0.0100%	4h	2.5120	−0.064%	$5.2M	$3.7M	50x
Gate CAKE_USDT	+0.0100%	4h	2.5112	−0.096%	$876K	$673K	75x	as long as short
MEXC CAKE_USDT	+0.0100%	4h	2.5128	−0.032%	$13.7M	$2.9M	125x	as long as short
KuCoin CAKEUSDTM	+0.0100%	4h	2.5134	−0.008%	$2.4M	$5.5M	50x	as long as short
Bitget CAKEUSDT	+0.0100%	4h	2.5134	−0.008%	$2.6M	$2.5M	75x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX CAKE-USDT	+0.0100%	4h	2.5119	−0.068%	—	$3.6M	—	as long as short
Variational Omni CAKE	+0.0100%	4h	2.5131	−0.022%	$533K	$460K	—	as long as short
ApeX Omni CAKEUSDT	+0.0100%	1h	2.5152	+0.063%	$11K	$683K	50x	as long as short
GMX CAKE/USD [WBTC.b-USDC]long	L +0.0417% / S −0.0269%	1h	2.5136	long leg	$37K	—	100x
Kraken Futures PF_CAKEUSD	+0.0834%	1h	2.5131	−0.021%	$54K	$37K	10x	as long as short