Funding arb · Price arb /

CAKE

all CAKE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0662%/8h= +72.5% APRpaid last 24h +0.045%

Price spread now: GMX against Bybit+0.095%7-day average — · you sell dearer than you buy

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

Long on Bybit 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

Both sides work for this trade now. Funding pays +$20 a day on $10k at the current rate, and GMX is 0.095% dearer against Bybit than usual: you sell high and buy low: +$9 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit CAKEUSDT	2.4950	−0.0393	get 0.0197% / 4h	3h 26m	$5.2M	$3.5M	50x
Short	GMX CAKE/USD [WBTC.b-USDC]	2.4974	L +0.0415% / S −0.0269%	get 0.0034% / 1h	26m 10s	$37K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Bybit. 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 BybitbpFee GMXbpOrdersPrice spread, now +0.095%Rate

Funding earned: $139.05
Price spread: +0.095% → 0.000%: $9.49
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee GMX: 6 bp × 2 orders: −$12
Net: $125.54
Costs to cover: 0.230%
Break-even: 0.7 days

Slippage unknown: Bybit: live order book, 2 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 Bybit live order book, 2 min ago	2.00 bp	20.4 bp −$20	52.0 bp −$520	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
Bybit CAKEUSDTlong	−0.0393%	4h	2.4950	long leg	$5.2M	$3.5M	50x
ApeX Omni CAKEUSDT	−0.0141%	1h	2.5041	+0.365%	$11K	$680K	50x	as long as short
Orderly PERP_CAKE_USDC	+0.0004%	4h	2.4959	+0.036%	$7K	$14K	10x	as long as short
Injective CAKE/USDC PERP	+0.0033%	1h	2.5440	+1.964%	$113	$52K	5.5x	as long as short
BloFin CAKE-USDT	+0.0056%	4h	2.4972	+0.088%	$992K	$356K	75x	as long as short
Hyperliquid CAKE	+0.0100%	1h	2.4988	+0.152%	$3.1M	$2.5M	3x	as long as short
Aster CAKEUSDT	+0.0100%	4h	2.4974	+0.097%	$2.3M	$78K	10x	as long as short
Binance CAKEUSDT	+0.0100%	4h	2.4959	+0.035%	$17.8M	$31.2M	75x	as long as short
Gate CAKE_USDT	+0.0100%	4h	2.4937	−0.052%	$868K	$636K	75x	as long as short
MEXC CAKE_USDT	+0.0100%	4h	2.4960	+0.040%	$13.3M	$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	2.4961	+0.044%	$2.4M	$5.5M	50x	as long as short
Bitget CAKEUSDT	+0.0100%	4h	2.4970	+0.080%	$2.5M	$2.4M	75x	as long as short
BingX CAKE-USDT	+0.0100%	4h	2.4952	+0.008%	—	$3.8M	—	as long as short
Variational Omni CAKE	+0.0100%	4h	2.5031	+0.323%	$513K	$475K	—	as long as short
Kraken Futures PF_CAKEUSD	+0.0353%	1h	2.4978	+0.111%	$52K	$38K	10x	as long as short
GMX CAKE/USD [WBTC.b-USDC]short	L +0.0415% / S −0.0269%	1h	2.4974	+0.095%	$37K	—	100x