Funding arb · Price arb /

CAKE

all CAKE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0676%/8h= −74.0% APRpaid last 24h −0.267%

Price spread now: Bybit against Kraken Futures−0.210%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 Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.846%−$85 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 −$20 a day on $10k at the current rate, and Bybit is 0.210% cheaper against Kraken Futures than usual: you would sell low and buy high (−$21 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	2.5468	0.0776	pay 0.0097% / 1h	12m 06s	$57K	$37K	10x
Short	Bybit CAKEUSDT	2.5414	0.0100	get 0.0050% / 4h	1h 12m	$5.3M	$4.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.210%Rate

Funding earned: −$142.01
Price spread: −0.210% → 0.000%: −$21.01
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$184.02
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: Kraken Futures: no order-book sample; Bybit: 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 Kraken Futures no order-book sample	—	—	—	—	—
Sell Bybit live order book, 1 min ago	1.97 bp	20.3 bp −$20	51.9 bp −$519	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	+0.0020%	4h	2.5425	−0.167%	$7K	$14K	10x	as long as short
Injective CAKE/USDC PERP	+0.0033%	1h	2.5440	−0.108%	$113	$52K	5.5x	as long as short
BloFin CAKE-USDT	+0.0055%	4h	2.5400	−0.265%	$996K	$363K	75x	as long as short
Hyperliquid CAKE	+0.0100%	1h	2.5468	+0.002%	$3.2M	$3.2M	3x	as long as short
Aster CAKEUSDT	+0.0100%	4h	2.5443	−0.096%	$2.4M	$87K	10x	as long as short
Binance CAKEUSDT	+0.0100%	4h	2.5424	−0.170%	$18.3M	$38.2M	75x	as long as short
Bybit CAKEUSDTshort	+0.0100%	4h	2.5414	−0.210%	$5.3M	$4.0M	50x
Gate CAKE_USDT	+0.0100%	4h	2.5410	−0.226%	$888K	$766K	75x	as long as short
MEXC CAKE_USDT	+0.0100%	4h	2.5430	−0.147%	$14.1M	$2.8M	125x	as long as short
KuCoin CAKEUSDTM	+0.0100%	4h	2.5434	−0.132%	$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	2.5444	−0.092%	$2.7M	$2.8M	75x	as long as short
BingX CAKE-USDT	+0.0100%	4h	2.5424	−0.171%	—	$3.6M	—	as long as short
Variational Omni CAKE	+0.0100%	4h	2.5367	−0.395%	$532K	$492K	—	as long as short
ApeX Omni CAKEUSDT	+0.0100%	1h	2.5398	−0.273%	$13K	$699K	50x	as long as short
GMX CAKE/USD [WBTC.b-USDC]	L +0.0420% / S −0.0272%	1h	2.5430	−0.148%	$38K	—	100x	as long as short
Kraken Futures PF_CAKEUSDlong	+0.0776%	1h	2.5468	long leg	$57K	$37K	10x