Funding arb · Price arb /

CAKE

all CAKE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0333%/8h= −36.4% APRpaid last 24h −0.091%

Price spread now: Binance against GMX−0.208%7-day average — · you buy dearer than you sell

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

Long on GMX Short on Binance

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 against this trade now: funding costs −$10 a day on $10k at the current rate, and Binance is 0.208% cheaper against GMX than usual: you would sell low and buy high (−$21 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX CAKE/USD [WBTC.b-USDC]	2.4656	L +0.0413% / S −0.0269%	pay 0.0052% / 1h	21m 13s	$36K	—	100x
Short	Binance CAKEUSDT	2.4605	0.0080	get 0.0040% / 4h	21m 13s	$17.4M	$27.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against GMX. 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 GMXbpFee BinancebpOrdersPrice spread, now −0.208%Rate

Funding earned: −$69.9
Price spread: −0.208% → 0.000%: −$20.82
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Binance: 5 bp × 2 orders: −$10
Net: −$112.72
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Binance: live order book, 5 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 GMX no order-book sample	—	—	—	—	—
Sell Binance live order book, 5 min ago	0.20 bp	13.6 bp −$14	29.1 bp −$291	120.8 bp −$12.1K	doesn't fit

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 CAKEUSDT	−0.0250%	4h	2.4600	−0.228%	$5.2M	$3.1M	50x	as long as short
Orderly PERP_CAKE_USDC	−0.0127%	4h	2.4612	−0.180%	$7K	$14K	10x	as long as short
ApeX Omni CAKEUSDT	+0.0017%	1h	2.4669	+0.051%	$10K	$672K	50x	as long as short
Injective CAKE/USDC PERP	+0.0033%	1h	2.5440	+3.178%	$113	$52K	5.5x	as long as short
BloFin CAKE-USDT	+0.0045%	4h	2.4608	−0.196%	$985K	$309K	75x	as long as short
KuCoin CAKEUSDTM	+0.0060%	4h	2.4635	−0.087%	$2.4M	$5.1M	50x	as long as short
Variational Omni CAKE	+0.0064%	4h	2.4640	−0.064%	$514K	$412K	—	as long as short
MEXC CAKE_USDT	+0.0080%	4h	2.4630	−0.107%	$13.9M	$2.7M	125x	as long as short
Binance CAKEUSDTshort	+0.0080%	4h	2.4605	−0.208%	$17.4M	$27.6M	75x
Hyperliquid CAKE	+0.0100%	1h	2.4637	−0.078%	$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	2.4629	−0.112%	$2.3M	$104K	10x	as long as short
Gate CAKE_USDT	+0.0100%	4h	2.4610	−0.188%	$872K	$578K	75x	as long as short
Bitget CAKEUSDT	+0.0100%	4h	2.4604	−0.212%	$2.5M	$2.0M	75x	as long as short
BingX CAKE-USDT	+0.0100%	4h	2.4606	−0.204%	—	$3.8M	—	as long as short
GMX CAKE/USD [WBTC.b-USDC]long	L +0.0413% / S −0.0269%	1h	2.4656	long leg	$36K	—	100x
Kraken Futures PF_CAKEUSD	+0.0645%	1h	2.4626	−0.122%	$53K	$41K	10x	as long as short