Funding you earn now, next payment 05:00 UTC+0.0096%/8h= +10.5% APRpaid last 24h +0.018%
Price spread now: Hyperliquid against Orderly+0.092%7-day average — · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
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—+ Points / potential airdropHyperliquid: Season 2 · farm boardneeds both histories
Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Hyperliquid is 0.092% dearer against Orderly than usual: you sell high and buy low: +$9 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 | 2.4992 | 0.0004 | pay 0.0002% / 4h | 3h 34m | $7K | $14K | 10x |
| Short | Hyperliquid CAKE | 2.5015 | 0.0100 | get 0.0013% / 1h | 34m 25s | $3.1M | $2.5M | 3x |
Orderly PERP_CAKE_USDC
Hyperliquid CAKEFunding history
latest
Range statsloading…
Price spread between the two exchanges
Hyperliquid against Orderly. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $20.12
- Price spread: +0.092% → 0.000%
- $9.2
- Slippage, 4 orders
- no order book: not counted
- Fee Orderly: 3 bp × 2 orders
- −$6
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Net
- $14.33
- Costs to cover
- 0.150%
- Break-even
- 2.0 days
Slippage unknown: Orderly: no order-book sample; Hyperliquid: live order book, 7 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 Hyperliquid live order book, 7 min ago | 0.80 bp | doesn't fit | doesn't fit | 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 | |
|---|---|---|---|---|---|---|---|---|
| Bybit CAKEUSDT | −0.0757% | 4h | 2.4978 | −0.056% | $5.2M | $3.6M | 50x | as long as short |
| ApeX Omni CAKEUSDT | −0.0210% | 1h | 2.5026 | +0.136% | $11K | $681K | 50x | as long as short |
| Orderly PERP_CAKE_USDClong | +0.0004% | 4h | 2.4992 | long leg | $7K | $14K | 10x | |
| Injective CAKE/USDC PERP | +0.0033% | 1h | 2.5440 | +1.793% | $113 | $52K | 5.5x | as long as short |
| Hyperliquid CAKEshort | +0.0100% | 1h | 2.5015 | +0.092% | $3.1M | $2.5M | 3x | |
| Aster CAKEUSDT | +0.0100% | 4h | 2.5012 | +0.082% | $2.4M | $78K | 10x | as long as short |
| Binance CAKEUSDT | +0.0100% | 4h | 2.4985 | −0.029% | $17.8M | $31.3M | 75x | as long as short |
| Gate CAKE_USDT | +0.0100% | 4h | 2.4991 | −0.004% | $871K | $635K | 75x | as long as short |
| MEXC CAKE_USDT | +0.0100% | 4h | 2.4986 | −0.024% | $13.3M | $2.8M | 125x | as long as short |
| KuCoin CAKEUSDTM | +0.0100% | 4h | 2.4985 | −0.028% | $2.4M | $5.5M | 50x | as long as short |
Bybit CAKEUSDT
ApeX Omni CAKEUSDT
Injective CAKE/USDC PERP
Aster CAKEUSDT
Binance CAKEUSDT
Gate CAKE_USDT
MEXC CAKE_USDT
KuCoin CAKEUSDTMShow all 16 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Bitget CAKEUSDT | +0.0100% | 4h | 2.4993 | +0.004% | $2.5M | $2.4M | 75x | as long as short |
| BingX CAKE-USDT | +0.0100% | 4h | 2.4989 | −0.012% | — | $3.8M | — | as long as short |
| Variational Omni CAKE | +0.0100% | 4h | 2.4961 | −0.126% | $512K | $475K | — | as long as short |
| BloFin CAKE-USDT | +0.0117% | 4h | 2.4976 | −0.064% | $996K | $356K | 75x | as long as short |
| Kraken Futures PF_CAKEUSD | +0.0353% | 1h | 2.5016 | +0.098% | $52K | $38K | 10x | as long as short |
| GMX CAKE/USD [WBTC.b-USDC] | L +0.0415% / S −0.0269% | 1h | 2.5006 | +0.058% | $37K | — | 100x | as long as short |
Bitget CAKEUSDT
BingX CAKE-USDT
Variational Omni CAKE
BloFin CAKE-USDT
Kraken Futures PF_CAKEUSD
GMX CAKE/USD [WBTC.b-USDC]