Funding arb · Price arb /

CAKE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0063%/8h= −6.9% APRpaid last 24h +0.019%

Price spread now: Bybit against Injective−2.472%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 Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.094%−$9 on $10k

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 −$2 a day on $10k at the current rate, and Bybit is 2.472% cheaper against Injective than usual: you would sell low and buy high (−$247 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	Injective CAKE/USDC PERP	2.5440	0.0033	pay 0.0004% / 1h	0m 52s	$113	$52K	5.5x
Short	Bybit CAKEUSDT	2.4811	−0.0030	pay 0.0015% / 4h	3h 00m	$5.1M	$3.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −2.472%Rate

Funding earned: −$13.22
Price spread: −2.472% → 0.000%: −$247.25
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$271.48
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Injective: no order-book sample; Bybit: live order book, 2 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 Bybit live order book, 2 min ago	2.01 bp	27.1 bp −$27	56.0 bp −$560	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
ApeX Omni CAKEUSDT	−0.0109%	1h	2.4889	−2.166%	$10K	$677K	50x	as long as short
Bybit CAKEUSDTshort	−0.0030%	4h	2.4811	−2.472%	$5.1M	$3.5M	50x
Orderly PERP_CAKE_USDC	−0.0012%	4h	2.4827	−2.410%	$7K	$14K	10x	as long as short
Injective CAKE/USDC PERPlong	+0.0033%	1h	2.5440	long leg	$113	$52K	5.5x
BloFin CAKE-USDT	+0.0063%	4h	2.4838	−2.366%	$988K	$318K	75x	as long as short
Hyperliquid CAKE	+0.0100%	1h	2.4837	−2.370%	$3.1M	$2.2M	3x	as long as short
Aster CAKEUSDT	+0.0100%	4h	2.4834	−2.382%	$2.3M	$80K	10x	as long as short
Binance CAKEUSDT	+0.0100%	4h	2.4822	−2.429%	$17.6M	$31.2M	75x	as long as short
Gate CAKE_USDT	+0.0100%	4h	2.4814	−2.461%	$863K	$639K	75x	as long as short
MEXC CAKE_USDT	+0.0100%	4h	2.4818	−2.445%	$13.1M	$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	2.4821	−2.433%	$2.4M	$5.4M	50x	as long as short
Bitget CAKEUSDT	+0.0100%	4h	2.4841	−2.355%	$2.4M	$2.4M	75x	as long as short
BingX CAKE-USDT	+0.0100%	4h	2.4820	−2.437%	—	$3.8M	—	as long as short
Variational Omni CAKE	+0.0100%	4h	2.4806	−2.493%	$508K	$470K	—	as long as short
Kraken Futures PF_CAKEUSD	+0.0354%	1h	2.4894	−2.148%	$52K	$37K	10x	as long as short
GMX CAKE/USD [WBTC.b-USDC]	L +0.0414% / S −0.0269%	1h	2.4847	−2.332%	$37K	—	100x	as long as short