Funding arb · Price arb /

CAKE

all CAKE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.011%

Price spread now: BingX against ApeX Omni−0.259%7-day average −0.054% · you buy dearer than you sell

Net, funding: paid 7d − costs−$44as in the Funding arb table

Net, price: spread back to 7d avg − costs−$65as in the Price arb table

costs, in and out, $10k−$440.442% of the position

Long on ApeX Omni Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.003%$0 on $10k

Price spread, last 3 days (all we have)+0.209%+$21 · spread now −0.259%, 7d avg −0.054%

Together, before fees+0.212%+$21 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: BingX is 0.205% cheaper against ApeX Omni than usual: you would sell low and buy high, −$21 on $10k if it goes back to its 7-day average of −0.054%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni CAKEUSDT	2.5455	0.0100	pay 0.0013% / 1h	16m 55s	$13K	$698K	50x
Short	BingX CAKE-USDT	2.5389	0.0100	get 0.0050% / 4h	1h 16m	—	$3.6M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against ApeX 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 ApeX OmnibpFee BingXbpOrdersPrice spread, now −0.259%Rate

Funding earned: $0
Price spread: −0.259% → −0.054%: −$20.54
Slippage, 4 orders: −$24.18
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$64.72
Costs to cover: 0.442%
Break-even: never at this rate

Slippage from ApeX Omni: live order book, 67 min ago; BingX: live order book, 8 min ago.

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 ApeX Omni live order book, 67 min ago	6.06 bp	13.8 bp −$14	84.0 bp −$840	doesn't fit	doesn't fit
Sell BingX live order book, 8 min ago	1.97 bp	8.4 bp −$8	11.1 bp −$111	23.3 bp −$2,326	47.3 bp −$23.7K

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	+0.0020%	4h	2.5383	−0.283%	$7K	$14K	10x	as long as short
Injective CAKE/USDC PERP	+0.0033%	1h	2.5440	−0.059%	$113	$52K	5.5x	as long as short
Hyperliquid CAKE	+0.0100%	1h	2.5424	−0.122%	$3.2M	$3.2M	3x	as long as short
Aster CAKEUSDT	+0.0100%	4h	2.5404	−0.200%	$2.4M	$87K	10x	as long as short
Binance CAKEUSDT	+0.0100%	4h	2.5384	−0.280%	$18.2M	$38.2M	75x	as long as short
Bybit CAKEUSDT	+0.0100%	4h	2.5370	−0.334%	$5.3M	$4.0M	50x	as long as short
Gate CAKE_USDT	+0.0100%	4h	2.5395	−0.236%	$886K	$765K	75x	as long as short
MEXC CAKE_USDT	+0.0100%	4h	2.5385	−0.275%	$14.1M	$2.8M	125x	as long as short
KuCoin CAKEUSDTM	+0.0100%	4h	2.5394	−0.240%	$2.5M	$5.7M	50x	as long as short
Bitget CAKEUSDT	+0.0100%	4h	2.5402	−0.208%	$2.7M	$2.8M	75x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX CAKE-USDTshort	+0.0100%	4h	2.5389	−0.259%	—	$3.6M	—
Variational Omni CAKE	+0.0100%	4h	2.5427	−0.111%	$533K	$492K	—	as long as short
ApeX Omni CAKEUSDTlong	+0.0100%	1h	2.5455	long leg	$13K	$698K	50x
BloFin CAKE-USDT	+0.0117%	4h	2.5392	−0.247%	$994K	$364K	75x	as long as short
GMX CAKE/USD [WBTC.b-USDC]	L +0.0420% / S −0.0272%	1h	2.5393	−0.243%	$38K	—	100x	as long as short
Kraken Futures PF_CAKEUSD	+0.0777%	1h	2.5442	−0.049%	$57K	$37K	10x	as long as short