Funding arb · Price arb /

CAKE

all CAKE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0020%/8h= +2.2% APRpaid last 24h +0.014%

Price spread now: BloFin against Injective−2.083%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 BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.218%+$22 on $10k

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

Together, before fees—needs both histories

Funding pays, the price is against you. BloFin is 2.083% cheaper against Injective than usual: you would sell low and buy high (spread −2.083% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$208 on $10k: about 11 months of funding at the current rate (+$1 a day). At the pace of the last 7 days (+0.218% in total) that is about 2 months.

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	39m 38s	$113	$52K	5.5x
Short	BloFin CAKE-USDT	2.4910	0.0053	get 0.0027% / 4h	3h 39m	$987K	$314K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −2.083%Rate

Funding earned: $4.23
Price spread: −2.083% → 0.000%: −$208.33
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$216.12
Costs to cover: 0.120%
Break-even: 364.7 days

Slippage unknown: Injective: no order-book sample; BloFin: live order book, 37 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 BloFin live order book, 37 min ago	1.21 bp	10.0 bp −$10	23.8 bp −$238	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
Bybit CAKEUSDT	−0.1761%	4h	2.4910	−2.083%	$5.3M	$3.2M	50x	as long as short
Variational Omni CAKE	−0.0476%	4h	2.4891	−2.158%	$514K	$421K	—	as long as short
Kraken Futures PF_CAKEUSD	−0.0282%	1h	2.4947	−1.937%	$55K	$45K	10x	as long as short
ApeX Omni CAKEUSDT	−0.0144%	1h	2.4946	−1.942%	$11K	$669K	50x	as long as short
Orderly PERP_CAKE_USDC	−0.0138%	4h	2.4918	−2.052%	$7K	$14K	10x	as long as short
Injective CAKE/USDC PERPlong	+0.0033%	1h	2.5440	long leg	$113	$52K	5.5x
MEXC CAKE_USDT	+0.0044%	4h	2.4922	−2.036%	$15.2M	$2.9M	125x	as long as short
Binance CAKEUSDT	+0.0047%	4h	2.4925	−2.024%	$17.5M	$27.3M	75x	as long as short
BloFin CAKE-USDTshort	+0.0053%	4h	2.4910	−2.083%	$987K	$314K	75x
KuCoin CAKEUSDTM	+0.0084%	4h	2.4930	−2.005%	$2.4M	$5.1M	50x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid CAKE	+0.0100%	1h	2.4943	−1.954%	$3.1M	$1.8M	3x	as long as short
Aster CAKEUSDT	+0.0100%	4h	2.4947	−1.938%	$2.3M	$107K	10x	as long as short
Gate CAKE_USDT	+0.0100%	4h	2.4905	−2.103%	$889K	$590K	75x	as long as short
Bitget CAKEUSDT	+0.0100%	4h	2.4909	−2.087%	$2.6M	$2.0M	75x	as long as short
BingX CAKE-USDT	+0.0100%	4h	2.4914	−2.068%	—	$3.8M	—	as long as short
GMX CAKE/USD [WBTC.b-USDC]	L +0.0380% / S −0.0214%	1h	2.4966	−1.861%	$37K	—	100x	as long as short