Funding arb · Price arb /

CAKE

all CAKE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0066%/8h= +7.2% APRpaid last 24h +0.017%

Price spread now: BloFin against Injective−2.586%7-day average — · you buy dearer than you sell

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

Long on Injective Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.222%+$22 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. BloFin is 2.586% cheaper against Injective than usual: you would sell low and buy high (spread −2.586% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$259 on $10k: about 4 months of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective CAKE/USDC PERP	2.5440	0.0033	pay 0.0004% / 1h	19m 14s	$113	$52K	5.5x
Short	BloFin CAKE-USDT	2.4782	0.0099	get 0.0050% / 4h	19m 14s	$992K	$312K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Injective. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 InjectivebpFee BloFinbpOrdersPrice spread, now −2.586%Rate

Funding earned: $13.82
Price spread: −2.586% → 0.000%: −$258.65
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$256.85
Costs to cover: 0.120%
Break-even: 137.1 days

Slippage unknown: Injective: no order-book sample; BloFin: live order book, 63 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 Injective no order-book sample	—	—	—	—	—
Sell BloFin live order book, 63 min ago	0.40 bp	13.5 bp −$14	22.9 bp −$229	doesn't fit	doesn't fit

Injective: 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	−0.0274%	4h	2.4763	−2.661%	$5.2M	$3.2M	50x	as long as short
Orderly PERP_CAKE_USDC	−0.0126%	4h	2.4786	−2.571%	$7K	$14K	10x	as long as short
Variational Omni CAKE	−0.0028%	4h	2.4586	−3.358%	$507K	$419K	—	as long as short
ApeX Omni CAKEUSDT	+0.0017%	1h	2.4669	−3.031%	$10K	$672K	50x	as long as short
Injective CAKE/USDC PERPlong	+0.0033%	1h	2.5440	long leg	$113	$52K	5.5x
KuCoin CAKEUSDTM	+0.0066%	4h	2.4780	−2.594%	$2.4M	$5.1M	50x	as long as short
Binance CAKEUSDT	+0.0070%	4h	2.4789	−2.559%	$17.5M	$27.7M	75x	as long as short
MEXC CAKE_USDT	+0.0074%	4h	2.4788	−2.563%	$14.0M	$2.7M	125x	as long as short
BloFin CAKE-USDTshort	+0.0099%	4h	2.4782	−2.586%	$992K	$312K	75x
Hyperliquid CAKE	+0.0100%	1h	2.4787	−2.567%	$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	−2.551%	$2.3M	$106K	10x	as long as short
Gate CAKE_USDT	+0.0100%	4h	2.4764	−2.657%	$878K	$578K	75x	as long as short
Bitget CAKEUSDT	+0.0100%	4h	2.4793	−2.543%	$2.6M	$2.0M	75x	as long as short
BingX CAKE-USDT	+0.0100%	4h	2.4771	−2.630%	—	$3.8M	—	as long as short
GMX CAKE/USD [WBTC.b-USDC]	L +0.0413% / S −0.0269%	1h	2.4656	−3.082%	$36K	—	100x	as long as short
Kraken Futures PF_CAKEUSD	+0.0640%	1h	2.4797	−2.528%	$53K	$41K	10x	as long as short