Funding arb · Price arb /

CAKE

all CAKE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0397%/8h= −43.5% APRpaid last 24h −0.274%

Price spread now: Bitget against Kraken Futures−0.237%7-day average — · you buy dearer than you sell

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

Long on Kraken Futures Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.700%−$70 on $10k

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

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$12 a day on $10k at the current rate, and Bitget is 0.237% cheaper against Kraken Futures than usual: you would sell low and buy high (−$24 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	Kraken Futures PF_CAKEUSD	2.5499	0.0497	pay 0.0062% / 1h	52m 29s	$57K	$39K	10x
Short	Bitget CAKEUSDT	2.5438	0.0100	get 0.0050% / 4h	2h 52m	$2.7M	$3.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Kraken Futures. 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 Kraken FuturesbpFee BitgetbpOrdersPrice spread, now −0.237%Rate

Funding earned: −$83.4
Price spread: −0.237% → 0.000%: −$23.73
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$129.13
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Kraken Futures: no order-book sample; Bitget: live order book, 5 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 Kraken Futures no order-book sample	—	—	—	—	—
Sell Bitget live order book, 5 min ago	3.34 bp	12.3 bp −$12	34.1 bp −$341	doesn't fit	doesn't fit

Kraken Futures: 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	+0.0005%	4h	2.5442	−0.222%	$7K	$15K	10x	as long as short
Injective CAKE/USDC PERP	+0.0033%	1h	2.5440	−0.229%	$113	$52K	5.5x	as long as short
BloFin CAKE-USDT	+0.0070%	4h	2.5452	−0.182%	$995K	$347K	75x	as long as short
Hyperliquid CAKE	+0.0100%	1h	2.5481	−0.069%	$3.1M	$3.3M	3x	as long as short
Aster CAKEUSDT	+0.0100%	4h	2.5457	−0.163%	$2.4M	$99K	10x	as long as short
Binance CAKEUSDT	+0.0100%	4h	2.5436	−0.245%	$18.2M	$39.6M	75x	as long as short
Bybit CAKEUSDT	+0.0100%	4h	2.5426	−0.284%	$5.3M	$4.2M	50x	as long as short
Gate CAKE_USDT	+0.0100%	4h	2.5438	−0.237%	$886K	$858K	75x	as long as short
MEXC CAKE_USDT	+0.0100%	4h	2.5441	−0.226%	$14.2M	$2.8M	125x	as long as short
KuCoin CAKEUSDTM	+0.0100%	4h	2.5455	−0.171%	$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 CAKEUSDTshort	+0.0100%	4h	2.5438	−0.237%	$2.7M	$3.0M	75x
BingX CAKE-USDT	+0.0100%	4h	2.5438	−0.237%	—	$3.5M	—	as long as short
Variational Omni CAKE	+0.0100%	4h	2.5465	−0.132%	$544K	$497K	—	as long as short
ApeX Omni CAKEUSDT	+0.0100%	1h	2.5489	−0.037%	$13K	$695K	50x	as long as short
GMX CAKE/USD [WBTC.b-USDC]	L +0.0420% / S −0.0272%	1h	2.5460	−0.149%	$38K	—	100x	as long as short
Kraken Futures PF_CAKEUSDlong	+0.0497%	1h	2.5499	long leg	$57K	$39K	10x