Funding arb · Price arb /

CAKE

all CAKE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.019%

Price spread now: Injective against Bitget+2.181%7-day average — · you sell dearer than you buy

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

Long on Bitget Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−0.036%−$4 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. Injective is 2.181% dearer against Bitget than usual: you sell high and buy low (spread +2.181% now, against zero (this spread has no 7-day history yet)): +$218 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 4 months. At the pace of the last 7 days (−0.036% in total) that is about 14 months.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget CAKEUSDT	2.4897	0.0100	pay 0.0050% / 4h	3h 56m	$2.6M	$2.1M	75x
Short	Injective CAKE/USDC PERP	2.5440	0.0033	get 0.0004% / 1h	56m 45s	$113	$52K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Bitget. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 InjectivebpOrdersPrice spread, now +2.181%Rate

Funding earned: −$14
Price spread: +2.181% → 0.000%: $218.1
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $192.08
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Bitget: live order book, 6 min ago; Injective: 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, 6 min ago	2.62 bp	13.6 bp −$14	27.8 bp −$278	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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
Bybit CAKEUSDT	−0.1698%	4h	2.4870	−0.108%	$5.3M	$3.1M	50x	as long as short
Kraken Futures PF_CAKEUSD	−0.0283%	1h	2.4898	+0.005%	$54K	$44K	10x	as long as short
Variational Omni CAKE	−0.0242%	4h	2.4787	−0.443%	$511K	$419K	—	as long as short
Orderly PERP_CAKE_USDC	−0.0131%	4h	2.4900	+0.012%	$7K	$14K	10x	as long as short
ApeX Omni CAKEUSDT	−0.0112%	1h	2.4850	−0.189%	$10K	$669K	50x	as long as short
MEXC CAKE_USDT	+0.0020%	4h	2.4919	+0.088%	$15.1M	$2.9M	125x	as long as short
Binance CAKEUSDT	+0.0023%	4h	2.4894	−0.013%	$17.5M	$27.4M	75x	as long as short
Injective CAKE/USDC PERPshort	+0.0033%	1h	2.5440	+2.181%	$113	$52K	5.5x
BloFin CAKE-USDT	+0.0076%	4h	2.4899	+0.008%	$988K	$313K	75x	as long as short
Hyperliquid CAKE	+0.0100%	1h	2.4932	+0.141%	$3.1M	$1.8M	3x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster CAKEUSDT	+0.0100%	4h	2.4899	+0.008%	$2.3M	$106K	10x	as long as short
Gate CAKE_USDT	+0.0100%	4h	2.4914	+0.068%	$890K	$580K	75x	as long as short
KuCoin CAKEUSDTM	+0.0100%	4h	2.4919	+0.088%	$2.4M	$5.1M	50x	as long as short
Bitget CAKEUSDTlong	+0.0100%	4h	2.4897	long leg	$2.6M	$2.1M	75x
BingX CAKE-USDT	+0.0100%	4h	2.4905	+0.032%	—	$3.8M	—	as long as short
GMX CAKE/USD [WBTC.b-USDC]	L +0.0380% / S −0.0214%	1h	2.4925	+0.112%	$37K	—	100x	as long as short