Funding arb · Price arb /

CAKE

all CAKE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.019%

Price spread now: ApeX Omni against Hyperliquid−0.270%7-day average −0.002% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Hyperliquid Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days−0.146%−$15 on $10k

Price spread, last 3 days (all we have)+0.333%+$33 · spread now −0.270%, 7d avg −0.002%

Together, before fees+0.187%+ Points / potential airdropHyperliquid: Season 2 · farm board+$19 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: ApeX Omni is 0.268% cheaper against Hyperliquid than usual: you would sell low and buy high, −$27 on $10k if it goes back to its 7-day average of −0.002%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid CAKE	2.5580	0.0100	pay 0.0013% / 1h	0m 36s	$3.2M	$2.8M	3x
Short	ApeX Omni CAKEUSDT	2.5511	0.0100	get 0.0013% / 1h	0m 36s	$13K	$699K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Hyperliquid. 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 HyperliquidbpFee ApeX OmnibpOrdersPrice spread, now −0.270%Rate

Funding earned: $0
Price spread: −0.270% → −0.002%: −$26.8
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$45.8
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 1 min ago; ApeX Omni: live order book, 18 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 Hyperliquid live order book, 1 min ago	1.17 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell ApeX Omni live order book, 18 min ago	6.10 bp	14.0 bp −$14	105.9 bp −$1,059	doesn't fit	doesn't fit

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	+0.0023%	4h	2.5528	−0.203%	$7K	$14K	10x	as long as short
Injective CAKE/USDC PERP	+0.0033%	1h	2.5440	−0.547%	$113	$52K	5.5x	as long as short
BloFin CAKE-USDT	+0.0079%	4h	2.5527	−0.207%	$996K	$363K	75x	as long as short
Hyperliquid CAKElong	+0.0100%	1h	2.5580	long leg	$3.2M	$2.8M	3x
Aster CAKEUSDT	+0.0100%	4h	2.5559	−0.082%	$2.4M	$82K	10x	as long as short
Binance CAKEUSDT	+0.0100%	4h	2.5550	−0.117%	$18.3M	$36.5M	75x	as long as short
Bybit CAKEUSDT	+0.0100%	4h	2.5543	−0.145%	$5.3M	$4.0M	50x	as long as short
Gate CAKE_USDT	+0.0100%	4h	2.5538	−0.164%	$893K	$768K	75x	as long as short
MEXC CAKE_USDT	+0.0100%	4h	2.5546	−0.133%	$14.1M	$2.8M	125x	as long as short
KuCoin CAKEUSDTM	+0.0100%	4h	2.5558	−0.086%	$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	2.5568	−0.047%	$2.7M	$2.7M	75x	as long as short
BingX CAKE-USDT	+0.0100%	4h	2.5549	−0.121%	—	$3.6M	—	as long as short
Variational Omni CAKE	+0.0100%	4h	2.5447	−0.522%	$534K	$492K	—	as long as short
ApeX Omni CAKEUSDTshort	+0.0100%	1h	2.5511	−0.270%	$13K	$699K	50x
GMX CAKE/USD [WBTC.b-USDC]	L +0.0422% / S −0.0272%	1h	2.5538	−0.166%	$38K	—	100x	as long as short
Kraken Futures PF_CAKEUSD	+0.0773%	1h	2.5567	−0.051%	$57K	$37K	10x	as long as short