Funding arb · Price arb /

CAKE

all CAKE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0156%/8h= +17.1% APRpaid last 24h 0.000%

Price spread now: Hyperliquid against Bybit+0.131%7-day average +0.066% · you sell dearer than you buy

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

Long on Bybit Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.164%+$16 on $10k

Price spread, last 7 days−0.068%−$7 · spread now +0.131%, 7d avg +0.066%

Together, before fees+0.096%+ Points / potential airdropHyperliquid: Season 2 · farm board+$10 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and Hyperliquid is 0.065% dearer against Bybit than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of +0.066%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit CAKEUSDT	2.4886	−0.0056	get 0.0028% / 4h	3h 09m	$5.2M	$3.5M	50x
Short	Hyperliquid CAKE	2.4919	0.0100	get 0.0013% / 1h	9m 53s	$3.1M	$2.2M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.131%Rate

Funding earned: $32.71
Price spread: +0.131% → +0.066%: $6.49
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $19.19
Costs to cover: 0.200%
Break-even: 2.9 days

Slippage unknown: Bybit: live order book, 3 min ago; Hyperliquid: live order book, 1 min ago. 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, 3 min ago	2.01 bp	21.3 bp −$21	52.4 bp −$524	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 1 min ago	1.40 bp	doesn't fit	doesn't fit	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 CAKEUSDT	−0.0086%	1h	2.4935	+0.197%	$10K	$678K	50x	as long as short
Bybit CAKEUSDTlong	−0.0056%	4h	2.4886	long leg	$5.2M	$3.5M	50x
Orderly PERP_CAKE_USDC	−0.0004%	4h	2.4885	−0.004%	$7K	$14K	10x	as long as short
Injective CAKE/USDC PERP	+0.0033%	1h	2.5440	+2.226%	$113	$52K	5.5x	as long as short
Hyperliquid CAKEshort	+0.0100%	1h	2.4919	+0.131%	$3.1M	$2.2M	3x
Aster CAKEUSDT	+0.0100%	4h	2.4912	+0.104%	$2.3M	$77K	10x	as long as short
Binance CAKEUSDT	+0.0100%	4h	2.4886	+0.001%	$17.7M	$31.0M	75x	as long as short
Gate CAKE_USDT	+0.0100%	4h	2.4906	+0.080%	$866K	$637K	75x	as long as short
MEXC CAKE_USDT	+0.0100%	4h	2.4882	−0.016%	$13.2M	$2.8M	125x	as long as short
KuCoin CAKEUSDTM	+0.0100%	4h	2.4890	+0.016%	$2.4M	$5.4M	50x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget CAKEUSDT	+0.0100%	4h	2.4921	+0.141%	$2.5M	$2.4M	75x	as long as short
BingX CAKE-USDT	+0.0100%	4h	2.4891	+0.020%	—	$3.8M	—	as long as short
Variational Omni CAKE	+0.0100%	4h	2.4905	+0.078%	$510K	$470K	—	as long as short
BloFin CAKE-USDT	+0.0123%	4h	2.4911	+0.100%	$990K	$353K	75x	as long as short
Kraken Futures PF_CAKEUSD	+0.0354%	1h	2.4926	+0.161%	$52K	$38K	10x	as long as short
GMX CAKE/USD [WBTC.b-USDC]	L +0.0415% / S −0.0269%	1h	2.4906	+0.082%	$37K	—	100x	as long as short