Funding arb · Price arb /

CAKE

all CAKE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0397%/8h= +43.5% APRpaid last 24h +0.274%

Price spread now: Kraken Futures against Variational Omni+0.147%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 Kraken Futures

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 +$12 a day on $10k at the current rate, and Kraken Futures is 0.147% dearer against Variational Omni than usual: you sell high and buy low: +$15 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	2.5450	0.0100	pay 0.0050% / 4h	2h 36m	$544K	$497K	—
Short	Kraken Futures PF_CAKEUSD	2.5488	0.0497	get 0.0062% / 1h	36m 57s	$57K	$38K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.147%Rate

Funding earned: $83.45
Price spread: +0.147% → 0.000%: $14.73
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $88.17
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 52 min ago; Kraken Futures: 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, 52 min ago	6.63 bp	doesn't fit	73.6 bp −$736	doesn't fit	doesn't fit
Sell Kraken Futures no order-book sample	—	—	—	—	—

Kraken Futures: 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_USDC	+0.0008%	4h	2.5474	+0.094%	$7K	$14K	10x	as long as short
Injective CAKE/USDC PERP	+0.0033%	1h	2.5440	−0.040%	$113	$52K	5.5x	as long as short
BloFin CAKE-USDT	+0.0100%	4h	2.5482	+0.125%	$994K	$354K	75x	as long as short
Hyperliquid CAKE	+0.0100%	1h	2.5512	+0.243%	$3.1M	$3.3M	3x	as long as short
Aster CAKEUSDT	+0.0100%	4h	2.5482	+0.127%	$2.4M	$99K	10x	as long as short
Binance CAKEUSDT	+0.0100%	4h	2.5469	+0.074%	$18.3M	$38.9M	75x	as long as short
Bybit CAKEUSDT	+0.0100%	4h	2.5463	+0.051%	$5.3M	$4.1M	50x	as long as short
Gate CAKE_USDT	+0.0100%	4h	2.5452	+0.007%	$887K	$858K	75x	as long as short
MEXC CAKE_USDT	+0.0100%	4h	2.5478	+0.110%	$14.3M	$2.9M	125x	as long as short
KuCoin CAKEUSDTM	+0.0100%	4h	2.5470	+0.078%	$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	2.5479	+0.113%	$2.7M	$2.8M	75x	as long as short
BingX CAKE-USDT	+0.0100%	4h	2.5468	+0.070%	—	$3.5M	—	as long as short
Variational Omni CAKElong	+0.0100%	4h	2.5450	long leg	$544K	$497K	—
ApeX Omni CAKEUSDT	+0.0100%	1h	2.5455	+0.019%	$13K	$695K	50x	as long as short
GMX CAKE/USD [WBTC.b-USDC]	L +0.0420% / S −0.0272%	1h	2.5480	+0.117%	$38K	—	100x	as long as short
Kraken Futures PF_CAKEUSDshort	+0.0497%	1h	2.5488	+0.147%	$57K	$38K	10x