Funding arb · Price arb /

CAKE

all CAKE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.019%

Price spread now: MEXC against Injective−2.083%85s7-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 MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days+0.085%+$9 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. MEXC is 2.083% cheaper against Injective than usual: you would sell low and buy high (spread −2.083% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$208 on $10k: about 3 months of funding at the current rate (+$2 a day). The two prices were read 85 seconds apart, so part of this spread may be the market moving, not a spread.

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	27m 54s	$113	$52K	5.5x
Short	MEXC CAKE_USDT	2.4910	0.0100	get 0.0050% / 4h	2h 27m	$13.2M	$2.8M	125x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −2.083%Rate

Funding earned: $14
Price spread: −2.083% → 0.000%: −$208.33
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$198.35
Costs to cover: 0.040%
Break-even: 106.2 days

Slippage unknown: Injective: no order-book sample; MEXC: live order book, just now. 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 MEXC live order book, just now	0.60 bp	4.0 bp −$4	35.4 bp −$354	85.0 bp −$8,496	259.0 bp −$129.5K

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	−0.0735%	4h	2.4892	−2.154%	$5.1M	$3.5M	50x	as long as short
ApeX Omni CAKEUSDT	−0.0324%	1h	2.4902	−2.115%	$10K	$678K	50x	as long as short
Variational Omni CAKE	−0.0121%	4h	2.4866	−2.256%	$509K	$460K	—	as long as short
Orderly PERP_CAKE_USDC	−0.0054%	4h	2.4911	−2.079%	$7K	$14K	10x	as long as short
KuCoin CAKEUSDTM	−0.0034%	4h	2.4909	−2.087%	$2.4M	$5.3M	50x	as long as short
Injective CAKE/USDC PERPlong	+0.0033%	1h	2.5440	long leg	$113	$52K	5.5x
BloFin CAKE-USDT	+0.0070%	4h	2.4925	−2.024%	$981K	$315K	75x	as long as short
Hyperliquid CAKE	+0.0100%	1h	2.4938	−1.973%	$3.1M	$2.0M	3x	as long as short
Aster CAKEUSDT	+0.0100%	4h	2.4941	−1.960%	$2.3M	$77K	10x	as long as short
Binance CAKEUSDT	+0.0100%	4h	2.4915	−2.066%	$17.5M	$30.5M	75x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate CAKE_USDT	+0.0100%	4h	2.4909	−2.087%	$864K	$608K	75x	as long as short
MEXC CAKE_USDTshort	+0.0100%	4h	2.4910	−2.083%	$13.2M	$2.8M	125x
Bitget CAKEUSDT	+0.0100%	4h	2.4925	−2.024%	$2.5M	$2.3M	75x	as long as short
BingX CAKE-USDT	+0.0100%	4h	2.4913	−2.072%	—	$3.8M	—	as long as short
GMX CAKE/USD [WBTC.b-USDC]	L +0.0416% / S −0.0269%	1h	2.4935	−1.984%	$37K	—	100x	as long as short
Kraken Futures PF_CAKEUSD	+0.0703%	1h	2.4969	−1.851%	$52K	$37K	10x	as long as short