Funding arb · Price arb /

CAKE

all CAKE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0269%/8h= +29.4% APRpaid last 24h +0.045%

Price spread now: GMX against Variational Omni+0.179%7-day average — · you sell dearer than you buy

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

Long on Variational Omni 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—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and GMX is 0.179% dearer against Variational Omni than usual: you sell high and buy low: +$18 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	Variational Omni CAKE	2.4881	0.0000	pay 0.0000% / 4h	2h 40m	$510K	$460K	—
Short	GMX CAKE/USD [WBTC.b-USDC]	2.4926	L +0.0415% / S −0.0269%	get 0.0034% / 1h	40m 51s	$37K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Variational Omni. 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 Variational OmnibpFee GMXbpOrdersPrice spread, now +0.179%Rate

Funding earned: $56.39
Price spread: +0.179% → 0.000%: $17.93
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee GMX: 6 bp × 2 orders: −$12
Net: $62.32
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 8 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 Variational Omni RFQ quote, 8 min ago	4.73 bp	doesn't fit	45.0 bp −$450	doesn't fit	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
Bybit CAKEUSDT	−0.0443%	4h	2.4863	−0.073%	$5.1M	$3.5M	50x	as long as short
ApeX Omni CAKEUSDT	−0.0237%	1h	2.4953	+0.289%	$11K	$677K	50x	as long as short
Orderly PERP_CAKE_USDC	−0.0035%	4h	2.4904	+0.092%	$7K	$14K	10x	as long as short
Variational Omni CAKElong	0.0000%	4h	2.4881	long leg	$510K	$460K	—
KuCoin CAKEUSDTM	+0.0018%	4h	2.4879	−0.009%	$2.4M	$5.3M	50x	as long as short
Injective CAKE/USDC PERP	+0.0033%	1h	2.5440	+2.246%	$113	$52K	5.5x	as long as short
Hyperliquid CAKE	+0.0100%	1h	2.4895	+0.056%	$3.1M	$2.1M	3x	as long as short
Aster CAKEUSDT	+0.0100%	4h	2.4922	+0.164%	$2.3M	$76K	10x	as long as short
Binance CAKEUSDT	+0.0100%	4h	2.4887	+0.024%	$17.6M	$30.7M	75x	as long as short
Gate CAKE_USDT	+0.0100%	4h	2.4899	+0.072%	$864K	$607K	75x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC CAKE_USDT	+0.0100%	4h	2.4890	+0.036%	$13.2M	$2.8M	125x	as long as short
Bitget CAKEUSDT	+0.0100%	4h	2.4917	+0.144%	$2.5M	$2.3M	75x	as long as short
BingX CAKE-USDT	+0.0100%	4h	2.4887	+0.024%	—	$3.8M	—	as long as short
BloFin CAKE-USDT	+0.0123%	4h	2.4903	+0.088%	$988K	$315K	75x	as long as short
GMX CAKE/USD [WBTC.b-USDC]short	L +0.0415% / S −0.0269%	1h	2.4926	+0.179%	$37K	—	100x
Kraken Futures PF_CAKEUSD	+0.0703%	1h	2.4963	+0.330%	$52K	$37K	10x	as long as short