Funding arb · Price arb /

CAKE

all CAKE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Hyperliquid against KuCoin+0.167%7-day average +0.013% · you sell dearer than you buy

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

Long on KuCoin Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.045%+$5 on $10k

Price spread, last 7 days−0.124%−$12 · spread now +0.167%, 7d avg +0.013%

Together, before fees−0.078%+ Points / potential airdropHyperliquid: Season 2 · farm board−$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: Hyperliquid is 0.153% dearer against KuCoin than usual: you sell high and buy low, +$15 on $10k if it goes back to its 7-day average of +0.013%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin CAKEUSDTM	2.5214	0.0100	pay 0.0050% / 4h	2h 54m	$2.4M	$5.5M	50x
Short	Hyperliquid CAKE	2.5256	0.0100	get 0.0013% / 1h	54m 53s	$3.2M	$2.7M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.167%Rate

Funding earned: $0
Price spread: +0.167% → +0.013%: $15.33
Slippage, 4 orders: no order book: not counted
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$5.67
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: KuCoin: live order book, 8 min ago; Hyperliquid: live order book, 6 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 KuCoin live order book, 8 min ago	4.34 bp	39.1 bp −$39	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 6 min ago	1.18 bp	doesn't fit	doesn't fit	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
ApeX Omni CAKEUSDT	−0.0095%	1h	2.5301	+0.345%	$11K	$699K	50x	as long as short
Orderly PERP_CAKE_USDC	+0.0024%	4h	2.5209	−0.020%	$7K	$14K	10x	as long as short
Injective CAKE/USDC PERP	+0.0033%	1h	2.5440	+0.896%	$113	$52K	5.5x	as long as short
BloFin CAKE-USDT	+0.0068%	4h	2.5215	+0.004%	$991K	$359K	75x	as long as short
Hyperliquid CAKEshort	+0.0100%	1h	2.5256	+0.167%	$3.2M	$2.7M	3x
Aster CAKEUSDT	+0.0100%	4h	2.5235	+0.084%	$2.4M	$75K	10x	as long as short
Binance CAKEUSDT	+0.0100%	4h	2.5228	+0.055%	$18.1M	$34.7M	75x	as long as short
Bybit CAKEUSDT	+0.0100%	4h	2.5208	−0.024%	$5.3M	$3.8M	50x	as long as short
Gate CAKE_USDT	+0.0100%	4h	2.5207	−0.028%	$884K	$661K	75x	as long as short
MEXC CAKE_USDT	+0.0100%	4h	2.5225	+0.044%	$13.8M	$2.8M	125x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin CAKEUSDTMlong	+0.0100%	4h	2.5214	long leg	$2.4M	$5.5M	50x
Bitget CAKEUSDT	+0.0100%	4h	2.5233	+0.075%	$2.6M	$2.5M	75x	as long as short
BingX CAKE-USDT	+0.0100%	4h	2.5224	+0.040%	—	$3.5M	—	as long as short
Variational Omni CAKE	+0.0100%	4h	2.5216	+0.008%	$537K	$459K	—	as long as short
GMX CAKE/USD [WBTC.b-USDC]	L +0.0421% / S −0.0272%	1h	2.5228	+0.055%	$37K	—	100x	as long as short
Kraken Futures PF_CAKEUSD	+0.0827%	1h	2.5333	+0.473%	$55K	$37K	10x	as long as short