Funding arb · Price arb /

CAKE

all CAKE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.009%

Price spread now: Hyperliquid against Gate+0.185%7-day average +0.052% · you sell dearer than you buy

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

Long on Gate Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.006%+$1 on $10k

Price spread, last 4 days (all we have)−0.073%−$7 · spread now +0.185%, 7d avg +0.052%

Together, before fees−0.067%+ Points / potential airdropHyperliquid: Season 2 · farm board−$7 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Hyperliquid is 0.133% dearer against Gate than usual: you sell high and buy low, +$13 on $10k if it goes back to its 7-day average of +0.052%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate CAKE_USDT	2.5442	0.0100	pay 0.0050% / 4h	2h 45m	$887K	$858K	75x
Short	Hyperliquid CAKE	2.5489	0.0100	get 0.0013% / 1h	45m 31s	$3.1M	$3.3M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Gate. 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 GatebpFee HyperliquidbpOrdersPrice spread, now +0.185%Rate

Funding earned: $0
Price spread: +0.185% → +0.052%: $13.3
Slippage, 4 orders: no order book: not counted
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$10.7
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: Gate: live order book, 41 min ago; Hyperliquid: live order book, 6 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 Gate live order book, 41 min ago	4.31 bp	35.7 bp −$36	102.6 bp −$1,026	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 6 min ago	1.18 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
Orderly PERP_CAKE_USDC	+0.0006%	4h	2.5449	+0.028%	$7K	$14K	10x	as long as short
Injective CAKE/USDC PERP	+0.0033%	1h	2.5440	−0.008%	$113	$52K	5.5x	as long as short
BloFin CAKE-USDT	+0.0080%	4h	2.5431	−0.043%	$996K	$347K	75x	as long as short
Hyperliquid CAKEshort	+0.0100%	1h	2.5489	+0.185%	$3.1M	$3.3M	3x
Aster CAKEUSDT	+0.0100%	4h	2.5465	+0.091%	$2.4M	$99K	10x	as long as short
Binance CAKEUSDT	+0.0100%	4h	2.5459	+0.066%	$18.2M	$39.2M	75x	as long as short
Bybit CAKEUSDT	+0.0100%	4h	2.5450	+0.031%	$5.3M	$4.2M	50x	as long as short
Gate CAKE_USDTlong	+0.0100%	4h	2.5442	long leg	$887K	$858K	75x
MEXC CAKE_USDT	+0.0100%	4h	2.5462	+0.079%	$14.2M	$2.9M	125x	as long as short
KuCoin CAKEUSDTM	+0.0100%	4h	2.5464	+0.086%	$2.5M	$5.7M	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	2.5462	+0.079%	$2.7M	$3.0M	75x	as long as short
BingX CAKE-USDT	+0.0100%	4h	2.5455	+0.051%	—	$3.5M	—	as long as short
Variational Omni CAKE	+0.0100%	4h	2.5430	−0.047%	$543K	$497K	—	as long as short
ApeX Omni CAKEUSDT	+0.0100%	1h	2.5436	−0.024%	$13K	$696K	50x	as long as short
GMX CAKE/USD [WBTC.b-USDC]	L +0.0420% / S −0.0272%	1h	2.5461	+0.074%	$38K	—	100x	as long as short
Kraken Futures PF_CAKEUSD	+0.0497%	1h	2.5507	+0.254%	$57K	$38K	10x	as long as short