Funding arb · Price arb /

CAKE

all CAKE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.023%

Price spread now: Aster against Injective−0.420%7-day average — · you buy dearer than you sell

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

Long on Injective Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days+0.101%+$10 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropAster: Stage 5 · farm boardneeds both histories

Funding pays, the price is against you. Aster is 0.420% cheaper against Injective than usual: you would sell low and buy high (spread −0.420% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$42 on $10k: about 21 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective CAKE/USDC PERP	2.5440	0.0033	pay 0.0004% / 1h	57m 09s	$113	$52K	5.5x
Short	Aster CAKEUSDT	2.5333	0.0100	get 0.0050% / 4h	2h 57m	$2.4M	$75K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Injective. 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 InjectivebpFee AsterbpOrdersPrice spread, now −0.420%Rate

Funding earned: $14
Price spread: −0.420% → 0.000%: −$42.04
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Aster: 4 bp × 2 orders: −$8
Net: −$36.06
Costs to cover: 0.080%
Break-even: 25.0 days

Slippage unknown: Injective: no order-book sample; Aster: live order book, 1 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 Injective no order-book sample	—	—	—	—	—
Sell Aster live order book, 1 min ago	4.14 bp	28.7 bp −$29	1711.3 bp −$17.1K	doesn't fit	doesn't fit

Injective: 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	+0.0024%	4h	2.5311	−0.507%	$7K	$14K	10x	as long as short
Injective CAKE/USDC PERPlong	+0.0033%	1h	2.5440	long leg	$113	$52K	5.5x
Hyperliquid CAKE	+0.0100%	1h	2.5318	−0.480%	$3.2M	$2.7M	3x	as long as short
Aster CAKEUSDTshort	+0.0100%	4h	2.5333	−0.420%	$2.4M	$75K	10x
Binance CAKEUSDT	+0.0100%	4h	2.5307	−0.524%	$18.2M	$34.6M	75x	as long as short
Bybit CAKEUSDT	+0.0100%	4h	2.5287	−0.601%	$5.3M	$3.8M	50x	as long as short
Gate CAKE_USDT	+0.0100%	4h	2.5280	−0.629%	$888K	$656K	75x	as long as short
MEXC CAKE_USDT	+0.0100%	4h	2.5306	−0.527%	$13.9M	$2.8M	125x	as long as short
KuCoin CAKEUSDTM	+0.0100%	4h	2.5302	−0.542%	$2.4M	$5.5M	50x	as long as short
Bitget CAKEUSDT	+0.0100%	4h	2.5300	−0.550%	$2.6M	$2.5M	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	2.5282	−0.621%	—	$3.5M	—	as long as short
Variational Omni CAKE	+0.0100%	4h	2.5296	−0.568%	$530K	$443K	—	as long as short
ApeX Omni CAKEUSDT	+0.0100%	1h	2.5320	−0.472%	$11K	$699K	50x	as long as short
BloFin CAKE-USDT	+0.0111%	4h	2.5297	−0.562%	$995K	$360K	75x	as long as short
GMX CAKE/USD [WBTC.b-USDC]	L +0.0421% / S −0.0272%	1h	2.5328	−0.442%	$38K	—	100x	as long as short
Kraken Futures PF_CAKEUSD	+0.0825%	1h	2.5387	−0.207%	$55K	$37K	10x	as long as short