Funding arb · Price arb /

CAKE

all CAKE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0251%/8h= +27.5% APRpaid last 24h +0.059%

Price spread now: GMX against Orderly+0.052%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 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 +$8 a day on $10k at the current rate, and GMX is 0.052% dearer against Orderly than usual: you sell high and buy low: +$5 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	2.4993	0.0017	pay 0.0009% / 4h	3m 26s	$7K	$14K	10x
Short	GMX CAKE/USD [WBTC.b-USDC]	2.5006	L +0.0415% / S −0.0269%	get 0.0034% / 1h	3m 26s	$37K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now +0.052%Rate

Funding earned: $52.8
Price spread: +0.052% → 0.000%: $5.23
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee GMX: 6 bp × 2 orders: −$12
Net: $40.03
Costs to cover: 0.180%
Break-even: 1.7 days

Slippage unknown: Orderly: no order-book sample; 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 Orderly no order-book sample	—	—	—	—	—
Sell GMX no order-book sample	—	—	—	—	—

Orderly and 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
ApeX Omni CAKEUSDT	−0.0001%	1h	2.4938	−0.220%	$10K	$679K	50x	as long as short
Orderly PERP_CAKE_USDClong	+0.0017%	4h	2.4993	long leg	$7K	$14K	10x
Injective CAKE/USDC PERP	+0.0033%	1h	2.5440	+1.789%	$113	$52K	5.5x	as long as short
Hyperliquid CAKE	+0.0100%	1h	2.5005	+0.048%	$3.1M	$2.5M	3x	as long as short
Aster CAKEUSDT	+0.0100%	4h	2.4996	+0.011%	$2.3M	$79K	10x	as long as short
Binance CAKEUSDT	+0.0100%	4h	2.4995	+0.006%	$17.9M	$31.4M	75x	as long as short
Bybit CAKEUSDT	+0.0100%	4h	2.4966	−0.108%	$5.2M	$3.6M	50x	as long as short
Gate CAKE_USDT	+0.0100%	4h	2.4975	−0.072%	$871K	$645K	75x	as long as short
MEXC CAKE_USDT	+0.0100%	4h	2.4996	+0.012%	$13.3M	$2.9M	125x	as long as short
KuCoin CAKEUSDTM	+0.0100%	4h	2.4986	−0.028%	$2.4M	$5.4M	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	2.4994	+0.004%	$2.4M	$2.4M	75x	as long as short
BingX CAKE-USDT	+0.0100%	4h	2.4975	−0.072%	—	$3.8M	—	as long as short
Variational Omni CAKE	+0.0100%	4h	2.4946	−0.190%	$517K	$469K	—	as long as short
BloFin CAKE-USDT	+0.0101%	4h	2.4942	−0.204%	$994K	$355K	75x	as long as short
GMX CAKE/USD [WBTC.b-USDC]short	L +0.0415% / S −0.0269%	1h	2.5006	+0.052%	$37K	—	100x
Kraken Futures PF_CAKEUSD	+0.0752%	1h	2.4990	−0.010%	$52K	$38K	10x	as long as short