Funding arb · Price arb /

CAKE

all CAKE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0317%/8h= −34.7% APRpaid last 24h −0.087%

Price spread now: BingX against GMX−0.060%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 BingX

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 BingX is 0.060% cheaper against GMX than usual: you would sell low and buy high (−$6 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]	2.5238	L +0.0417% / S −0.0269%	pay 0.0052% / 1h	46m 07s	$37K	—	100x
Short	BingX CAKE-USDT	2.5223	0.0100	get 0.0050% / 4h	2h 46m	—	$3.5M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.060%Rate

Funding earned: −$66.57
Price spread: −0.060% → 0.000%: −$5.99
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee BingX: 5 bp × 2 orders: −$10
Net: −$94.56
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; BingX: live order book, 4 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 BingX live order book, 4 min ago	2.77 bp	8.3 bp −$8	12.5 bp −$125	24.7 bp −$2,471	46.5 bp −$23.3K

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
Orderly PERP_CAKE_USDC	+0.0023%	4h	2.5236	−0.008%	$7K	$14K	10x	as long as short
ApeX Omni CAKEUSDT	+0.0033%	1h	2.5273	+0.138%	$11K	$699K	50x	as long as short
Injective CAKE/USDC PERP	+0.0033%	1h	2.5440	+0.800%	$113	$52K	5.5x	as long as short
BloFin CAKE-USDT	+0.0087%	4h	2.5243	+0.019%	$992K	$360K	75x	as long as short
Hyperliquid CAKE	+0.0100%	1h	2.5267	+0.114%	$3.2M	$2.6M	3x	as long as short
Aster CAKEUSDT	+0.0100%	4h	2.5263	+0.100%	$2.4M	$75K	10x	as long as short
Binance CAKEUSDT	+0.0100%	4h	2.5236	−0.008%	$18.0M	$34.6M	75x	as long as short
Bybit CAKEUSDT	+0.0100%	4h	2.5231	−0.028%	$5.3M	$3.8M	50x	as long as short
Gate CAKE_USDT	+0.0100%	4h	2.5220	−0.072%	$882K	$664K	75x	as long as short
MEXC CAKE_USDT	+0.0100%	4h	2.5234	−0.016%	$13.8M	$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	2.5233	−0.020%	$2.4M	$5.5M	50x	as long as short
Bitget CAKEUSDT	+0.0100%	4h	2.5236	−0.008%	$2.6M	$2.5M	75x	as long as short
BingX CAKE-USDTshort	+0.0100%	4h	2.5223	−0.060%	—	$3.5M	—
Variational Omni CAKE	+0.0100%	4h	2.5216	−0.087%	$536K	$459K	—	as long as short
GMX CAKE/USD [WBTC.b-USDC]long	L +0.0417% / S −0.0269%	1h	2.5238	long leg	$37K	—	100x
Kraken Futures PF_CAKEUSD	+0.0827%	1h	2.5347	+0.432%	$55K	$37K	10x	as long as short