Funding arb · Price arb /

CAKE

all CAKE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0172%/8h= +18.9% APRpaid last 24h +0.045%

Price spread now: GMX against Bitget−0.076%7-day average — · you buy dearer than you sell

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

Long on Bitget 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—needs both histories

Funding pays, the price is against you. GMX is 0.076% cheaper against Bitget than usual: you would sell low and buy high (spread −0.076% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$8 on $10k: about 35 hours of funding at the current rate (+$5 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget CAKEUSDT	2.5457	0.0100	pay 0.0050% / 4h	3h 07m	$2.7M	$2.5M	75x
Short	GMX CAKE/USD [WBTC.b-USDC]	2.5438	L +0.0421% / S −0.0272%	get 0.0034% / 1h	7m 50s	$38K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now −0.076%Rate

Funding earned: $36.22
Price spread: −0.076% → 0.000%: −$7.61
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: $4.61
Costs to cover: 0.240%
Break-even: 6.1 days

Slippage unknown: Bitget: live order book, 5 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 Bitget live order book, 5 min ago	3.14 bp	18.4 bp −$18	39.1 bp −$391	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
Orderly PERP_CAKE_USDC	+0.0025%	4h	2.5442	−0.059%	$7K	$14K	10x	as long as short
Injective CAKE/USDC PERP	+0.0033%	1h	2.5440	−0.067%	$113	$52K	5.5x	as long as short
Hyperliquid CAKE	+0.0100%	1h	2.5478	+0.082%	$3.2M	$2.6M	3x	as long as short
Aster CAKEUSDT	+0.0100%	4h	2.5443	−0.056%	$2.4M	$78K	10x	as long as short
Binance CAKEUSDT	+0.0100%	4h	2.5436	−0.081%	$18.2M	$34.8M	75x	as long as short
Bybit CAKEUSDT	+0.0100%	4h	2.5420	−0.145%	$5.3M	$3.8M	50x	as long as short
Gate CAKE_USDT	+0.0100%	4h	2.5433	−0.094%	$893K	$684K	75x	as long as short
MEXC CAKE_USDT	+0.0100%	4h	2.5439	−0.071%	$14.1M	$2.8M	125x	as long as short
KuCoin CAKEUSDTM	+0.0100%	4h	2.5432	−0.098%	$2.5M	$5.5M	50x	as long as short
Bitget CAKEUSDTlong	+0.0100%	4h	2.5457	long leg	$2.7M	$2.5M	75x

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX CAKE-USDT	+0.0100%	4h	2.5439	−0.071%	—	$3.5M	—	as long as short
Variational Omni CAKE	+0.0100%	4h	2.5436	−0.083%	$533K	$443K	—	as long as short
ApeX Omni CAKEUSDT	+0.0100%	1h	2.5468	+0.043%	$11K	$697K	50x	as long as short
BloFin CAKE-USDT	+0.0103%	4h	2.5436	−0.082%	$997K	$359K	75x	as long as short
GMX CAKE/USD [WBTC.b-USDC]short	L +0.0421% / S −0.0272%	1h	2.5438	−0.076%	$38K	—	100x
Kraken Futures PF_CAKEUSD	+0.0709%	1h	2.5495	+0.150%	$55K	$37K	10x	as long as short