Funding arb · Price arb /

CAKE

all CAKE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC−0.0065%/8hpaid last 24h −0.011%

Price spread now: ApeX Omni against Bitget−0.008%63s7-day average +0.026% · you buy dearer than you sell

Net, funding: paid 7d − costs−$80as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$690.691% of the position

Long on Bitget Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days−0.105%−$11 on $10k

Price spread, last 3 days (all we have)+0.441%+$44 · spread now −0.008%, 7d avg +0.026%

Together, before fees+0.336%+$34 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and ApeX Omni is 0.034% cheaper against Bitget than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.026%). Swap the legs. The two prices were read 63 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget CAKEUSDT	2.5392	0.0100	pay 0.0050% / 4h	8m 30s	$2.8M	$3.1M	75x
Short	ApeX Omni CAKEUSDT	2.5390	0.0035	get 0.0004% / 1h	8m 30s	$13K	$695K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Bitget. 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 BitgetbpFee ApeX OmnibpOrdersPrice spread, now −0.008%Rate

Funding earned: −$13.68
Price spread: −0.008% → +0.026%: −$3.36
Slippage, 4 orders: −$47.11
Fee Bitget: 6 bp × 2 orders: −$12
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$86.14
Costs to cover: 0.691%
Break-even: never at this rate

Slippage from Bitget: live order book, 4 min ago; ApeX Omni: live order book, 24 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 Bitget live order book, 4 min ago	3.94 bp	14.8 bp −$15	63.3 bp −$633	doesn't fit	doesn't fit
Sell ApeX Omni live order book, 24 min ago	4.75 bp	15.8 bp −$16	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
Injective CAKE/USDC PERP	−0.0260%	1h	2.5440	+0.189%	$113	$52K	5.5x	as long as short
Orderly PERP_CAKE_USDC	+0.0004%	4h	2.5376	−0.063%	$7K	$15K	10x	as long as short
ApeX Omni CAKEUSDTshort	+0.0035%	1h	2.5390	−0.008%	$13K	$695K	50x
BloFin CAKE-USDT	+0.0090%	4h	2.5381	−0.043%	$986K	$387K	75x	as long as short
Hyperliquid CAKE	+0.0100%	1h	2.5419	+0.106%	$3.1M	$3.6M	3x	as long as short
Aster CAKEUSDT	+0.0100%	4h	2.5403	+0.042%	$2.4M	$117K	10x	as long as short
Binance CAKEUSDT	+0.0100%	4h	2.5373	−0.074%	$17.9M	$41.6M	75x	as long as short
Bybit CAKEUSDT	+0.0100%	4h	2.5370	−0.087%	$5.3M	$4.5M	50x	as long as short
Gate CAKE_USDT	+0.0100%	4h	2.5385	−0.028%	$875K	$1.1M	75x	as long as short
MEXC CAKE_USDT	+0.0100%	4h	2.5381	−0.043%	$13.9M	$2.9M	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	2.5389	−0.012%	$2.5M	$5.9M	50x	as long as short
Bitget CAKEUSDTlong	+0.0100%	4h	2.5392	long leg	$2.8M	$3.1M	75x
BingX CAKE-USDT	+0.0100%	4h	2.5372	−0.079%	—	$3.5M	—	as long as short
Variational Omni CAKE	+0.0100%	4h	2.5350	−0.166%	$540K	$517K	—	as long as short
Kraken Futures PF_CAKEUSD	+0.0260%	1h	2.5416	+0.096%	$56K	$49K	10x	as long as short
GMX CAKE/USD [WBTC.b-USDC]	L +0.0420% / S −0.0272%	1h	2.5383	−0.035%	$38K	—	100x	as long as short