Funding arb · Price arb /

CAKE

all CAKE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.004%

Price spread now: Gate against Hyperliquid−0.179%7-day average −0.055% · you buy dearer than you sell

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

Long on Hyperliquid Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.006%−$1 on $10k

Price spread, last 4 days (all we have)+0.110%+$11 · spread now −0.179%, 7d avg −0.055%

Together, before fees+0.104%+ Points / potential airdropHyperliquid: Season 2 · farm board+$10 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: Gate is 0.124% cheaper against Hyperliquid than usual: you would sell low and buy high, −$12 on $10k if it goes back to its 7-day average of −0.055%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid CAKE	2.5688	0.0100	pay 0.0013% / 1h	16m 28s	$3.2M	$2.7M	3x
Short	Gate CAKE_USDT	2.5642	0.0100	get 0.0050% / 4h	16m 28s	$895K	$755K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against Hyperliquid. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 GatebpOrdersPrice spread, now −0.179%Rate

Funding earned: $0
Price spread: −0.179% → −0.055%: −$12.45
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$36.45
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 5 min ago; Gate: live order book, 60 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, 5 min ago	1.17 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 60 min ago	3.15 bp	36.7 bp −$37	83.1 bp −$831	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
ApeX Omni CAKEUSDT	−0.0105%	1h	2.5624	−0.249%	$13K	$698K	50x	as long as short
Orderly PERP_CAKE_USDC	+0.0022%	4h	2.5628	−0.234%	$7K	$14K	10x	as long as short
Injective CAKE/USDC PERP	+0.0033%	1h	2.5440	−0.965%	$113	$52K	5.5x	as long as short
BloFin CAKE-USDT	+0.0069%	4h	2.5624	−0.249%	$1.0M	$365K	75x	as long as short
Hyperliquid CAKElong	+0.0100%	1h	2.5688	long leg	$3.2M	$2.7M	3x
Aster CAKEUSDT	+0.0100%	4h	2.5657	−0.119%	$2.4M	$78K	10x	as long as short
Binance CAKEUSDT	+0.0100%	4h	2.5650	−0.147%	$18.4M	$36.0M	75x	as long as short
Bybit CAKEUSDT	+0.0100%	4h	2.5636	−0.202%	$5.3M	$3.9M	50x	as long as short
Gate CAKE_USDTshort	+0.0100%	4h	2.5642	−0.179%	$895K	$755K	75x
MEXC CAKE_USDT	+0.0100%	4h	2.5649	−0.152%	$14.3M	$2.8M	125x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin CAKEUSDTM	+0.0100%	4h	2.5654	−0.132%	$2.5M	$5.6M	50x	as long as short
Bitget CAKEUSDT	+0.0100%	4h	2.5666	−0.086%	$2.7M	$2.6M	75x	as long as short
BingX CAKE-USDT	+0.0100%	4h	2.5647	−0.160%	—	$3.6M	—	as long as short
Variational Omni CAKE	+0.0100%	4h	2.5587	−0.395%	$538K	$480K	—	as long as short
GMX CAKE/USD [WBTC.b-USDC]	L +0.0422% / S −0.0272%	1h	2.5648	−0.155%	$38K	—	100x	as long as short
Kraken Futures PF_CAKEUSD	+0.0748%	1h	2.5663	−0.097%	$55K	$39K	10x	as long as short