Funding arb · Price arb /

CAKE

all CAKE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0316%/8h= −34.6% APRpaid last 24h −0.087%

Price spread now: KuCoin against GMX−0.021%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 KuCoin

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 KuCoin is 0.021% cheaper against GMX than usual: you would sell low and buy high (−$2 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]	2.5035	L +0.0416% / S −0.0269%	pay 0.0052% / 1h	45m 39s	$37K	—	100x
Short	KuCoin CAKEUSDTM	2.5030	0.0100	get 0.0050% / 4h	45m 39s	$2.4M	$5.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.021%Rate

Funding earned: −$66.32
Price spread: −0.021% → 0.000%: −$2.14
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$92.47
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; KuCoin: 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 KuCoin live order book, 2 min ago	3.80 bp	30.0 bp −$30	108.3 bp −$1,083	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	−0.0102%	1h	2.5017	−0.073%	$10K	$679K	50x	as long as short
Orderly PERP_CAKE_USDC	+0.0013%	4h	2.5022	−0.053%	$7K	$14K	10x	as long as short
Injective CAKE/USDC PERP	+0.0033%	1h	2.5440	+1.616%	$113	$52K	5.5x	as long as short
Hyperliquid CAKE	+0.0100%	1h	2.5044	+0.034%	$3.1M	$2.5M	3x	as long as short
Aster CAKEUSDT	+0.0100%	4h	2.5046	+0.042%	$2.4M	$72K	10x	as long as short
Binance CAKEUSDT	+0.0100%	4h	2.5030	−0.020%	$17.9M	$31.2M	75x	as long as short
Bybit CAKEUSDT	+0.0100%	4h	2.5010	−0.101%	$5.2M	$3.6M	50x	as long as short
Gate CAKE_USDT	+0.0100%	4h	2.5016	−0.077%	$872K	$641K	75x	as long as short
MEXC CAKE_USDT	+0.0100%	4h	2.5024	−0.045%	$13.6M	$2.9M	125x	as long as short
KuCoin CAKEUSDTMshort	+0.0100%	4h	2.5030	−0.021%	$2.4M	$5.4M	50x

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget CAKEUSDT	+0.0100%	4h	2.5032	−0.013%	$2.6M	$2.3M	75x	as long as short
BingX CAKE-USDT	+0.0100%	4h	2.5019	−0.065%	—	$3.7M	—	as long as short
Variational Omni CAKE	+0.0100%	4h	2.5000	−0.140%	$519K	$469K	—	as long as short
BloFin CAKE-USDT	+0.0132%	4h	2.5028	−0.029%	$848K	$366K	75x	as long as short
GMX CAKE/USD [WBTC.b-USDC]long	L +0.0416% / S −0.0269%	1h	2.5035	long leg	$37K	—	100x
Kraken Futures PF_CAKEUSD	+0.0751%	1h	2.5054	+0.076%	$53K	$38K	10x	as long as short