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= −35.1% APRpaid last 24h −0.088%

Price spread now: Variational Omni against GMX−0.191%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 Variational Omni

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—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and Variational Omni is 0.191% cheaper against GMX than usual: you would sell low and buy high (−$19 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]	2.5482	L +0.0420% / S −0.0272%	pay 0.0053% / 1h	55m 19s	$38K	—	100x
Short	Variational Omni CAKE	2.5433	0.0100	get 0.0050% / 4h	1h 55m	$542K	$491K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −0.191%Rate

Funding earned: −$67.22
Price spread: −0.191% → 0.000%: −$19.1
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$98.33
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Variational Omni: RFQ quote, 29 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 Variational Omni RFQ quote, 29 min ago	6.63 bp	doesn't fit	52.8 bp −$528	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
Orderly PERP_CAKE_USDC	+0.0015%	4h	2.5477	−0.018%	$7K	$14K	10x	as long as short
Injective CAKE/USDC PERP	+0.0033%	1h	2.5440	−0.163%	$113	$52K	5.5x	as long as short
Hyperliquid CAKE	+0.0100%	1h	2.5511	+0.116%	$3.2M	$3.3M	3x	as long as short
Aster CAKEUSDT	+0.0100%	4h	2.5487	+0.021%	$2.4M	$89K	10x	as long as short
Binance CAKEUSDT	+0.0100%	4h	2.5489	+0.028%	$18.3M	$38.5M	75x	as long as short
Bybit CAKEUSDT	+0.0100%	4h	2.5460	−0.084%	$5.3M	$4.1M	50x	as long as short
Gate CAKE_USDT	+0.0100%	4h	2.5458	−0.092%	$888K	$761K	75x	as long as short
MEXC CAKE_USDT	+0.0100%	4h	2.5483	+0.006%	$14.2M	$2.8M	125x	as long as short
KuCoin CAKEUSDTM	+0.0100%	4h	2.5483	+0.006%	$2.5M	$5.7M	50x	as long as short
Bitget CAKEUSDT	+0.0100%	4h	2.5489	+0.029%	$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-USDT	+0.0100%	4h	2.5483	+0.006%	—	$3.5M	—	as long as short
Variational Omni CAKEshort	+0.0100%	4h	2.5433	−0.191%	$542K	$491K	—
ApeX Omni CAKEUSDT	+0.0100%	1h	2.5435	−0.183%	$13K	$698K	50x	as long as short
BloFin CAKE-USDT	+0.0138%	4h	2.5467	−0.057%	$996K	$355K	75x	as long as short
GMX CAKE/USD [WBTC.b-USDC]long	L +0.0420% / S −0.0272%	1h	2.5482	long leg	$38K	—	100x
Kraken Futures PF_CAKEUSD	+0.0772%	1h	2.5597	+0.453%	$57K	$37K	10x	as long as short