Funding arb · Price arb /

CAKE

all CAKE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0172%/8h= +18.9% APRpaid last 24h +0.045%

Price spread now: GMX against MEXC+0.036%7-day average — · you sell dearer than you buy

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

Long on MEXC Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 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 for this trade now. Funding pays +$5 a day on $10k at the current rate, and GMX is 0.036% dearer against MEXC than usual: you sell high and buy low: +$4 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC CAKE_USDT	2.5481	0.0100	pay 0.0050% / 4h	3h 39m	$14.1M	$2.8M	125x
Short	GMX CAKE/USD [WBTC.b-USDC]	2.5490	L +0.0421% / S −0.0272%	get 0.0034% / 1h	39m 20s	$38K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against MEXC. 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 MEXCbpFee GMXbpOrdersPrice spread, now +0.036%Rate

Funding earned: $36.22
Price spread: +0.036% → 0.000%: $3.55
Slippage, 4 orders: no order book: not counted
Fee MEXC: 2 bp × 2 orders: −$4
Fee GMX: 6 bp × 2 orders: −$12
Net: $23.77
Costs to cover: 0.160%
Break-even: 2.4 days

Slippage unknown: MEXC: live order book, 4 min ago; GMX: 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 MEXC live order book, 4 min ago	0.59 bp	6.4 bp −$6	33.7 bp −$337	115.9 bp −$11.6K	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: 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	+0.0023%	4h	2.5483	+0.008%	$7K	$14K	10x	as long as short
Injective CAKE/USDC PERP	+0.0033%	1h	2.5440	−0.161%	$113	$52K	5.5x	as long as short
Hyperliquid CAKE	+0.0100%	1h	2.5516	+0.137%	$3.2M	$2.6M	3x	as long as short
Aster CAKEUSDT	+0.0100%	4h	2.5504	+0.090%	$2.4M	$78K	10x	as long as short
Binance CAKEUSDT	+0.0100%	4h	2.5471	−0.039%	$18.2M	$35.6M	75x	as long as short
Bybit CAKEUSDT	+0.0100%	4h	2.5450	−0.122%	$5.3M	$3.9M	50x	as long as short
Gate CAKE_USDT	+0.0100%	4h	2.5487	+0.024%	$894K	$681K	75x	as long as short
MEXC CAKE_USDTlong	+0.0100%	4h	2.5481	long leg	$14.1M	$2.8M	125x
KuCoin CAKEUSDTM	+0.0100%	4h	2.5484	+0.012%	$2.5M	$5.5M	50x	as long as short
Bitget CAKEUSDT	+0.0100%	4h	2.5492	+0.043%	$2.7M	$2.6M	75x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX CAKE-USDT	+0.0100%	4h	2.5482	+0.004%	—	$3.6M	—	as long as short
Variational Omni CAKE	+0.0100%	4h	2.5461	−0.078%	$535K	$469K	—	as long as short
ApeX Omni CAKEUSDT	+0.0100%	1h	2.5484	+0.012%	$11K	$697K	50x	as long as short
BloFin CAKE-USDT	+0.0124%	4h	2.5480	−0.004%	$996K	$363K	75x	as long as short
GMX CAKE/USD [WBTC.b-USDC]short	L +0.0421% / S −0.0272%	1h	2.5490	+0.036%	$38K	—	100x
Kraken Futures PF_CAKEUSD	+0.0708%	1h	2.5517	+0.141%	$55K	$37K	10x	as long as short