Funding arb · Price arb /

CAKE

all CAKE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0059%/8h= +6.5% APRpaid last 24h +0.001%

Price spread now: ApeX Omni against Orderly+0.079%7-day average — · you sell dearer than you buy

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

Long on Orderly Short on ApeX Omni

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 for this trade now. Funding pays +$2 a day on $10k at the current rate, and ApeX Omni is 0.079% dearer against Orderly than usual: you sell high and buy low: +$8 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	Orderly PERP_CAKE_USDC	2.5205	0.0018	pay 0.0009% / 4h	2h 29m	$7K	$14K	10x
Short	ApeX Omni CAKEUSDT	2.5225	0.0077	get 0.0010% / 1h	29m 27s	$11K	$681K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Orderly. 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 OrderlybpFee ApeX OmnibpOrdersPrice spread, now +0.079%Rate

Funding earned: $12.38
Price spread: +0.079% → 0.000%: $7.93
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: $4.32
Costs to cover: 0.160%
Break-even: 4.6 days

Slippage unknown: Orderly: no order-book sample; ApeX Omni: live order book, 39 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 Orderly no order-book sample	—	—	—	—	—
Sell ApeX Omni live order book, 39 min ago	5.90 bp	12.9 bp −$13	96.0 bp −$960	doesn't fit	doesn't fit

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 15 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_USDClong	+0.0018%	4h	2.5205	long leg	$7K	$14K	10x
Injective CAKE/USDC PERP	+0.0033%	1h	2.5440	+0.932%	$113	$52K	5.5x	as long as short
ApeX Omni CAKEUSDTshort	+0.0077%	1h	2.5225	+0.079%	$11K	$681K	50x
Hyperliquid CAKE	+0.0100%	1h	2.5247	+0.167%	$3.2M	$2.6M	3x	as long as short
Aster CAKEUSDT	+0.0100%	4h	2.5247	+0.167%	$2.4M	$75K	10x	as long as short
Binance CAKEUSDT	+0.0100%	4h	2.5207	+0.007%	$18.0M	$33.8M	75x	as long as short
Bybit CAKEUSDT	+0.0100%	4h	2.5201	−0.016%	$5.3M	$3.7M	50x	as long as short
Gate CAKE_USDT	+0.0100%	4h	2.5200	−0.020%	$878K	$670K	75x	as long as short
MEXC CAKE_USDT	+0.0100%	4h	2.5224	+0.075%	$13.8M	$2.9M	125x	as long as short
KuCoin CAKEUSDTM	+0.0100%	4h	2.5210	+0.020%	$2.4M	$5.5M	50x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget CAKEUSDT	+0.0100%	4h	2.5226	+0.083%	$2.6M	$2.5M	75x	as long as short
BingX CAKE-USDT	+0.0100%	4h	2.5217	+0.048%	—	$3.5M	—	as long as short
Variational Omni CAKE	+0.0100%	4h	2.5191	−0.055%	$536K	$458K	—	as long as short
GMX CAKE/USD [WBTC.b-USDC]	L +0.0417% / S −0.0269%	1h	2.5223	+0.071%	$37K	—	100x	as long as short
Kraken Futures PF_CAKEUSD	+0.0830%	1h	2.5257	+0.208%	$54K	$37K	10x	as long as short