Funding arb · Price arb /

CAKE

all CAKE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0088%/8h= −9.7% APRpaid last 24h −0.013%

Price spread now: ApeX Omni against BingX+0.083%7-day average +0.053% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$41as in the Price arb table

costs, in and out, $10k−$440.440% of the position

Long on BingX Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days−0.002%$0 on $10k

Price spread, last 4 days (all we have)+0.330%+$33 · spread now +0.083%, 7d avg +0.053%

Together, before fees+0.327%+$33 on $10k · with fees, hour by hour

The price spread pays, funding is against you. ApeX Omni is 0.030% dearer against BingX than usual: you sell high and buy low (spread +0.083% now, against its 7-day average of +0.053%): +$3 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 27 hours. At the pace of the last 7 days (−0.002% in total) that is about 3 months.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX CAKE-USDT	2.5207	0.0100	pay 0.0050% / 4h	2h 42m	—	$3.5M	—
Short	ApeX Omni CAKEUSDT	2.5228	0.0012	get 0.0001% / 1h	42m 46s	$11K	$699K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against BingX. 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 BingXbpFee ApeX OmnibpOrdersPrice spread, now +0.083%Rate

Funding earned: −$18.56
Price spread: +0.083% → +0.053%: $3.04
Slippage, 4 orders: −$24.05
Fee BingX: 5 bp × 2 orders: −$10
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$59.58
Costs to cover: 0.440%
Break-even: never at this rate

Slippage from BingX: live order book, 7 min ago; ApeX Omni: live order book, 26 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 BingX live order book, 7 min ago	2.77 bp	9.3 bp −$9	12.2 bp −$122	27.9 bp −$2,790	50.6 bp −$25.3K
Sell ApeX Omni live order book, 26 min ago	5.90 bp	12.9 bp −$13	96.0 bp −$960	doesn't fit	doesn't fit

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 CAKEUSDTshort	+0.0012%	1h	2.5228	+0.083%	$11K	$699K	50x
Orderly PERP_CAKE_USDC	+0.0022%	4h	2.5251	+0.175%	$7K	$14K	10x	as long as short
Injective CAKE/USDC PERP	+0.0033%	1h	2.5440	+0.924%	$113	$52K	5.5x	as long as short
BloFin CAKE-USDT	+0.0087%	4h	2.5243	+0.143%	$992K	$360K	75x	as long as short
Hyperliquid CAKE	+0.0100%	1h	2.5240	+0.131%	$3.2M	$2.6M	3x	as long as short
Aster CAKEUSDT	+0.0100%	4h	2.5244	+0.147%	$2.4M	$75K	10x	as long as short
Binance CAKEUSDT	+0.0100%	4h	2.5214	+0.028%	$18.0M	$34.5M	75x	as long as short
Bybit CAKEUSDT	+0.0100%	4h	2.5209	+0.008%	$5.3M	$3.8M	50x	as long as short
Gate CAKE_USDT	+0.0100%	4h	2.5226	+0.075%	$882K	$664K	75x	as long as short
MEXC CAKE_USDT	+0.0100%	4h	2.5217	+0.040%	$13.8M	$2.8M	125x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin CAKEUSDTM	+0.0100%	4h	2.5221	+0.056%	$2.4M	$5.5M	50x	as long as short
Bitget CAKEUSDT	+0.0100%	4h	2.5223	+0.063%	$2.6M	$2.5M	75x	as long as short
BingX CAKE-USDTlong	+0.0100%	4h	2.5207	long leg	—	$3.5M	—
Variational Omni CAKE	+0.0100%	4h	2.5216	+0.036%	$536K	$459K	—	as long as short
GMX CAKE/USD [WBTC.b-USDC]	L +0.0417% / S −0.0269%	1h	2.5269	+0.245%	$37K	—	100x	as long as short
Kraken Futures PF_CAKEUSD	+0.0826%	1h	2.5355	+0.585%	$55K	$37K	10x	as long as short