Funding arb · Price arb /

CAKE

all CAKE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.011%

Price spread now: ApeX Omni against KuCoin−0.113%52s7-day average +0.003% · you buy dearer than you sell

Net, funding: paid 7d − costs−$124as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1141.139% of the position

Long on KuCoin Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days−0.098%−$10 on $10k

Price spread, last 3 days (all we have)+0.176%+$18 · spread now −0.113%, 7d avg +0.003%

Together, before fees+0.078%+$8 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: ApeX Omni is 0.117% cheaper against KuCoin than usual: you would sell low and buy high, −$12 on $10k if it goes back to its 7-day average of +0.003%. The two prices were read 52 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin CAKEUSDTM	2.5605	0.0100	pay 0.0050% / 4h	2h 22m	$2.5M	$5.7M	50x
Short	ApeX Omni CAKEUSDT	2.5576	0.0100	get 0.0013% / 1h	22m 39s	$13K	$696K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against KuCoin. 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 KuCoinbpFee ApeX OmnibpOrdersPrice spread, now −0.113%Rate

Funding earned: $0
Price spread: −0.113% → +0.003%: −$11.65
Slippage, 4 orders: −$91.95
Fee KuCoin: 6 bp × 2 orders: −$12
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$125.6
Costs to cover: 1.139%
Break-even: never at this rate

Slippage from KuCoin: live order book, 5 min ago; ApeX Omni: live order book, 65 min ago.

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 KuCoin live order book, 5 min ago	4.70 bp	41.6 bp −$42	114.0 bp −$1,140	doesn't fit	doesn't fit
Sell ApeX Omni live order book, 65 min ago	4.50 bp	13.9 bp −$14	95.9 bp −$959	doesn't fit	doesn't fit

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	+0.0011%	4h	2.5607	+0.008%	$7K	$14K	10x	as long as short
Injective CAKE/USDC PERP	+0.0033%	1h	2.5440	−0.644%	$113	$52K	5.5x	as long as short
Aster CAKEUSDT	+0.0100%	4h	2.5607	+0.009%	$2.4M	$99K	10x	as long as short
Binance CAKEUSDT	+0.0100%	4h	2.5594	−0.043%	$18.4M	$38.8M	75x	as long as short
Bybit CAKEUSDT	+0.0100%	4h	2.5590	−0.059%	$5.3M	$4.1M	50x	as long as short
Gate CAKE_USDT	+0.0100%	4h	2.5592	−0.051%	$891K	$859K	75x	as long as short
MEXC CAKE_USDT	+0.0100%	4h	2.5593	−0.047%	$14.2M	$2.9M	125x	as long as short
KuCoin CAKEUSDTMlong	+0.0100%	4h	2.5605	long leg	$2.5M	$5.7M	50x
Bitget CAKEUSDT	+0.0100%	4h	2.5600	−0.020%	$2.7M	$2.8M	75x	as long as short
BingX CAKE-USDT	+0.0100%	4h	2.5593	−0.047%	—	$3.5M	—	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni CAKE	+0.0100%	4h	2.5554	−0.199%	$546K	$497K	—	as long as short
ApeX Omni CAKEUSDTshort	+0.0100%	1h	2.5576	−0.113%	$13K	$696K	50x
BloFin CAKE-USDT	+0.0110%	4h	2.5594	−0.043%	$996K	$356K	75x	as long as short
Hyperliquid CAKE	+0.0115%	1h	2.5631	+0.102%	$3.2M	$3.3M	3x	as long as short
GMX CAKE/USD [WBTC.b-USDC]	L +0.0421% / S −0.0272%	1h	2.5599	−0.024%	$38K	—	100x	as long as short
Kraken Futures PF_CAKEUSD	+0.0495%	1h	2.5629	+0.092%	$57K	$38K	10x	as long as short