Funding arb · Price arb /

CAKE

all CAKE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.1009%/8h= +110.5% APRpaid last 24h +0.189%

Price spread now: Kraken Futures against Bybit+0.069%55s7-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 Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.959%+$96 on $10k

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 +$30 a day on $10k at the current rate, and Kraken Futures is 0.069% dearer against Bybit than usual: you sell high and buy low: +$7 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 55 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	Bybit CAKEUSDT	2.4760	−0.0368	get 0.0184% / 4h	11m 29s	$5.2M	$3.1M	50x
Short	Kraken Futures PF_CAKEUSD	2.4777	0.0641	get 0.0080% / 1h	11m 29s	$54K	$44K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.069%Rate

Funding earned: $211.94
Price spread: +0.069% → 0.000%: $6.89
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $197.83
Costs to cover: 0.210%
Break-even: 0.5 days

Slippage unknown: Bybit: live order book, 1 min ago; Kraken Futures: 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, 1 min ago	4.04 bp	19.5 bp −$20	51.1 bp −$511	doesn't fit	doesn't fit
Sell Kraken Futures no order-book sample	—	—	—	—	—

Kraken Futures: 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	−0.0368%	4h	2.4760	long leg	$5.2M	$3.1M	50x
Orderly PERP_CAKE_USDC	−0.0126%	4h	2.4781	+0.085%	$7K	$14K	10x	as long as short
ApeX Omni CAKEUSDT	−0.0083%	1h	2.4774	+0.057%	$10K	$671K	50x	as long as short
Variational Omni CAKE	−0.0076%	4h	2.4741	−0.076%	$509K	$419K	—	as long as short
Injective CAKE/USDC PERP	+0.0033%	1h	2.5440	+2.746%	$113	$52K	5.5x	as long as short
MEXC CAKE_USDT	+0.0056%	4h	2.4781	+0.085%	$14.0M	$2.8M	125x	as long as short
Binance CAKEUSDT	+0.0058%	4h	2.4783	+0.092%	$17.5M	$27.6M	75x	as long as short
KuCoin CAKEUSDTM	+0.0082%	4h	2.4775	+0.061%	$2.4M	$5.1M	50x	as long as short
BloFin CAKE-USDT	+0.0086%	4h	2.4775	+0.061%	$983K	$312K	75x	as long as short
Hyperliquid CAKE	+0.0100%	1h	2.4793	+0.133%	$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	2.4791	+0.125%	$2.3M	$106K	10x	as long as short
Gate CAKE_USDT	+0.0100%	4h	2.4755	−0.020%	$882K	$588K	75x	as long as short
Bitget CAKEUSDT	+0.0100%	4h	2.4769	+0.036%	$2.6M	$2.0M	75x	as long as short
BingX CAKE-USDT	+0.0100%	4h	2.4774	+0.057%	—	$3.8M	—	as long as short
GMX CAKE/USD [WBTC.b-USDC]	L +0.0414% / S −0.0269%	1h	2.4803	+0.174%	$36K	—	100x	as long as short
Kraken Futures PF_CAKEUSDshort	+0.0641%	1h	2.4777	+0.069%	$54K	$44K	10x