Funding arb · Price arb /

CAKE

all CAKE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0412%/8h= −45.1% APRpaid last 24h −0.098%

Price spread now: Orderly against GMX−0.023%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 Orderly

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 −$12 a day on $10k at the current rate, and Orderly is 0.023% 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]	2.5480	L +0.0420% / S −0.0272%	pay 0.0053% / 1h	37m 17s	$38K	—	100x
Short	Orderly PERP_CAKE_USDC	2.5474	0.0008	get 0.0004% / 4h	2h 37m	$7K	$14K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.023%Rate

Funding earned: −$86.57
Price spread: −0.023% → 0.000%: −$2.31
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$106.88
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Orderly: no order-book sample. 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 Orderly no order-book sample	—	—	—	—	—

GMX and Orderly: 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_USDCshort	+0.0008%	4h	2.5474	−0.023%	$7K	$14K	10x
Injective CAKE/USDC PERP	+0.0033%	1h	2.5440	−0.157%	$113	$52K	5.5x	as long as short
BloFin CAKE-USDT	+0.0048%	4h	2.5450	−0.117%	$992K	$351K	75x	as long as short
Hyperliquid CAKE	+0.0100%	1h	2.5513	+0.129%	$3.1M	$3.3M	3x	as long as short
Aster CAKEUSDT	+0.0100%	4h	2.5482	+0.010%	$2.4M	$99K	10x	as long as short
Binance CAKEUSDT	+0.0100%	4h	2.5479	−0.003%	$18.3M	$38.9M	75x	as long as short
Bybit CAKEUSDT	+0.0100%	4h	2.5463	−0.066%	$5.3M	$4.1M	50x	as long as short
Gate CAKE_USDT	+0.0100%	4h	2.5451	−0.113%	$887K	$858K	75x	as long as short
MEXC CAKE_USDT	+0.0100%	4h	2.5478	−0.007%	$14.3M	$2.9M	125x	as long as short
KuCoin CAKEUSDTM	+0.0100%	4h	2.5469	−0.043%	$2.5M	$5.7M	50x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget CAKEUSDT	+0.0100%	4h	2.5480	0.000%	$2.7M	$2.8M	75x	as long as short
BingX CAKE-USDT	+0.0100%	4h	2.5471	−0.035%	—	$3.5M	—	as long as short
Variational Omni CAKE	+0.0100%	4h	2.5450	−0.117%	$544K	$497K	—	as long as short
ApeX Omni CAKEUSDT	+0.0100%	1h	2.5455	−0.098%	$13K	$695K	50x	as long as short
GMX CAKE/USD [WBTC.b-USDC]long	L +0.0420% / S −0.0272%	1h	2.5480	long leg	$38K	—	100x
Kraken Futures PF_CAKEUSD	+0.0497%	1h	2.5488	+0.030%	$57K	$38K	10x	as long as short