Funding arb · Price arb /

CAKE

all CAKE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0651%/8h= −71.3% APRpaid last 24h −0.263%

Price spread now: Gate against Kraken Futures−0.178%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 Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.684%−$68 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 Gate is 0.178% cheaper against Kraken Futures than usual: you would sell low and buy high (−$18 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	2.5564	0.0751	pay 0.0094% / 1h	29m 35s	$55K	$39K	10x
Short	Gate CAKE_USDT	2.5518	0.0100	get 0.0050% / 4h	29m 35s	$891K	$753K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.178%Rate

Funding earned: −$136.75
Price spread: −0.178% → 0.000%: −$17.83
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$179.58
Costs to cover: 0.250%
Break-even: never at this rate

Slippage unknown: Kraken Futures: no order-book sample; Gate: live order book, 47 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 Gate live order book, 47 min ago	3.15 bp	36.7 bp −$37	83.1 bp −$831	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
ApeX Omni CAKEUSDT	−0.0029%	1h	2.5546	−0.069%	$13K	$696K	50x	as long as short
Orderly PERP_CAKE_USDC	+0.0026%	4h	2.5524	−0.155%	$7K	$14K	10x	as long as short
Injective CAKE/USDC PERP	+0.0033%	1h	2.5440	−0.483%	$113	$52K	5.5x	as long as short
Hyperliquid CAKE	+0.0100%	1h	2.5566	+0.009%	$3.2M	$2.7M	3x	as long as short
Aster CAKEUSDT	+0.0100%	4h	2.5557	−0.027%	$2.4M	$80K	10x	as long as short
Binance CAKEUSDT	+0.0100%	4h	2.5526	−0.148%	$18.3M	$36.1M	75x	as long as short
Bybit CAKEUSDT	+0.0100%	4h	2.5520	−0.170%	$5.3M	$3.9M	50x	as long as short
Gate CAKE_USDTshort	+0.0100%	4h	2.5518	−0.178%	$891K	$753K	75x
MEXC CAKE_USDT	+0.0100%	4h	2.5524	−0.155%	$14.2M	$2.8M	125x	as long as short
KuCoin CAKEUSDTM	+0.0100%	4h	2.5544	−0.077%	$2.5M	$5.6M	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	2.5554	−0.037%	$2.7M	$2.6M	75x	as long as short
BingX CAKE-USDT	+0.0100%	4h	2.5526	−0.147%	—	$3.6M	—	as long as short
Variational Omni CAKE	+0.0100%	4h	2.5522	−0.162%	$536K	$480K	—	as long as short
BloFin CAKE-USDT	+0.0144%	4h	2.5524	−0.155%	$1.0M	$363K	75x	as long as short
GMX CAKE/USD [WBTC.b-USDC]	L +0.0421% / S −0.0272%	1h	2.5538	−0.100%	$38K	—	100x	as long as short
Kraken Futures PF_CAKEUSDlong	+0.0751%	1h	2.5564	long leg	$55K	$39K	10x