Funding arb · Price arb /

CAKE

all CAKE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0724%/8h= −79.3% APRpaid last 24h −0.278%

Price spread now: Orderly against Kraken Futures−0.087%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 Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

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 −$22 a day on $10k at the current rate, and Orderly is 0.087% cheaper against Kraken Futures than usual: you would sell low and buy high (−$9 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	2.5597	0.0750	pay 0.0094% / 1h	54m 11s	$57K	$37K	10x
Short	Orderly PERP_CAKE_USDC	2.5575	0.0026	get 0.0013% / 4h	54m 11s	$7K	$14K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.087%Rate

Funding earned: −$152.02
Price spread: −0.087% → 0.000%: −$8.7
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$176.72
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Kraken Futures: no order-book sample; Orderly: no order-book sample. 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 Orderly no order-book sample	—	—	—	—	—

Kraken Futures and Orderly: 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_USDCshort	+0.0026%	4h	2.5575	−0.087%	$7K	$14K	10x
Injective CAKE/USDC PERP	+0.0033%	1h	2.5440	−0.614%	$113	$52K	5.5x	as long as short
ApeX Omni CAKEUSDT	+0.0048%	1h	2.5572	−0.099%	$13K	$699K	50x	as long as short
BloFin CAKE-USDT	+0.0068%	4h	2.5573	−0.095%	$999K	$364K	75x	as long as short
Hyperliquid CAKE	+0.0100%	1h	2.5612	+0.058%	$3.2M	$2.7M	3x	as long as short
Aster CAKEUSDT	+0.0100%	4h	2.5594	−0.012%	$2.4M	$80K	10x	as long as short
Binance CAKEUSDT	+0.0100%	4h	2.5571	−0.104%	$18.4M	$36.4M	75x	as long as short
Bybit CAKEUSDT	+0.0100%	4h	2.5568	−0.114%	$5.3M	$3.9M	50x	as long as short
Gate CAKE_USDT	+0.0100%	4h	2.5563	−0.134%	$894K	$751K	75x	as long as short
MEXC CAKE_USDT	+0.0100%	4h	2.5570	−0.107%	$14.1M	$2.7M	125x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin CAKEUSDTM	+0.0100%	4h	2.5585	−0.048%	$2.5M	$5.6M	50x	as long as short
Bitget CAKEUSDT	+0.0100%	4h	2.5599	+0.007%	$2.7M	$2.7M	75x	as long as short
BingX CAKE-USDT	+0.0100%	4h	2.5576	−0.083%	—	$3.6M	—	as long as short
Variational Omni CAKE	+0.0100%	4h	2.5562	−0.140%	$536K	$480K	—	as long as short
GMX CAKE/USD [WBTC.b-USDC]	L +0.0421% / S −0.0272%	1h	2.5589	−0.031%	$38K	—	100x	as long as short
Kraken Futures PF_CAKEUSDlong	+0.0750%	1h	2.5597	long leg	$57K	$37K	10x