CAKE

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0086%/8h= +9.5% APRnext payment +$0.43 per $10,000 · paid last 24h +0.010%

Price spread now: Bybit against Orderly−0.129%50s7-day average — · you buy dearer than you sell

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

Long on Orderly Short on Bybit

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

Funding pays, the price is against you. Bybit is 0.129% cheaper against Orderly than usual: you would sell low and buy high (spread −0.129% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$13 on $10k: about 5.0 days of funding at the current rate (+$3 a day). The two prices were read 50 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	Orderly PERP_CAKE_USDC	2.5533	0.0014	pay 0.0007% / 4h	2h 13m	$7K	$14K	10x
Short	Bybit CAKEUSDT	2.5500	0.0100	get 0.0050% / 4h	2h 13m	$5.3M	$4.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.129%Rate

Funding earned: $18.15
Price spread: −0.129% → 0.000%: −$12.92
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$11.77
Costs to cover: 0.170%
Break-even: 11.5 days

Slippage unknown: Orderly: no order-book sample; Bybit: live order book, 4 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 Bybit live order book, 4 min ago	3.91 bp	32.5 bp −$33	55.4 bp −$554	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 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_USDClong	+0.0014%	4h	2.5533	long leg	$7K	$14K	10x
Injective CAKE/USDC PERP	+0.0033%	1h	2.5440	−0.364%	$113	$52K	5.5x	as long as short
BloFin CAKE-USDT	+0.0081%	4h	2.5543	+0.039%	$997K	$356K	75x	as long as short
Hyperliquid CAKE	+0.0100%	1h	2.5530	−0.012%	$3.2M	$3.3M	3x	as long as short
Aster CAKEUSDT	+0.0100%	4h	2.5546	+0.051%	$2.4M	$90K	10x	as long as short
Binance CAKEUSDT	+0.0100%	4h	2.5524	−0.035%	$18.3M	$38.6M	75x	as long as short
Bybit CAKEUSDTshort	+0.0100%	4h	2.5500	−0.129%	$5.3M	$4.1M	50x
Gate CAKE_USDT	+0.0100%	4h	2.5516	−0.067%	$890K	$861K	75x	as long as short
MEXC CAKE_USDT	+0.0100%	4h	2.5528	−0.020%	$14.2M	$2.9M	125x	as long as short
KuCoin CAKEUSDTM	+0.0100%	4h	2.5542	+0.035%	$2.5M	$5.7M	50x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget CAKEUSDT	+0.0100%	4h	2.5509	−0.094%	$2.7M	$2.8M	75x	as long as short
BingX CAKE-USDT	+0.0100%	4h	2.5528	−0.020%	—	$3.5M	—	as long as short
Variational Omni CAKE	+0.0100%	4h	2.5534	+0.003%	$546K	$497K	—	as long as short
ApeX Omni CAKEUSDT	+0.0100%	1h	2.5543	+0.039%	$13K	$697K	50x	as long as short
GMX CAKE/USD [WBTC.b-USDC]	L +0.0420% / S −0.0272%	1h	2.5539	+0.025%	$38K	—	100x	as long as short
Kraken Futures PF_CAKEUSD	+0.0495%	1h	2.5591	+0.225%	$57K	$38K	10x	as long as short