Funding arb · Price arb /

CAKE

all CAKE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0012%/8h= −1.3% APRpaid last 24h +0.005%

Price spread now: Orderly against Injective−1.619%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 Orderly

What this pair did over the last

the charts below follow

Funding, last 5 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 $0 a day on $10k at the current rate, and Orderly is 1.619% cheaper against Injective than usual: you would sell low and buy high (−$162 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	21m 18s	$113	$52K	5.5x
Short	Orderly PERP_CAKE_USDC	2.5028	0.0021	get 0.0011% / 4h	21m 18s	$7K	$14K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Injective. 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 InjectivebpFee OrderlybpOrdersPrice spread, now −1.619%Rate

Funding earned: −$2.49
Price spread: −1.619% → 0.000%: −$161.95
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$170.46
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Injective: no order-book sample; Orderly: no order-book sample. 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 Orderly no order-book sample	—	—	—	—	—

Injective and Orderly: 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	−0.0013%	1h	2.5069	−1.458%	$11K	$677K	50x	as long as short
Orderly PERP_CAKE_USDCshort	+0.0021%	4h	2.5028	−1.619%	$7K	$14K	10x
Injective CAKE/USDC PERPlong	+0.0033%	1h	2.5440	long leg	$113	$52K	5.5x
Hyperliquid CAKE	+0.0100%	1h	2.5062	−1.486%	$3.1M	$2.5M	3x	as long as short
Aster CAKEUSDT	+0.0100%	4h	2.5055	−1.513%	$2.4M	$79K	10x	as long as short
Binance CAKEUSDT	+0.0100%	4h	2.5028	−1.619%	$17.9M	$31.2M	75x	as long as short
Bybit CAKEUSDT	+0.0100%	4h	2.5010	−1.690%	$5.2M	$3.6M	50x	as long as short
Gate CAKE_USDT	+0.0100%	4h	2.5025	−1.631%	$872K	$642K	75x	as long as short
MEXC CAKE_USDT	+0.0100%	4h	2.5026	−1.627%	$13.3M	$2.9M	125x	as long as short
KuCoin CAKEUSDTM	+0.0100%	4h	2.5035	−1.592%	$2.4M	$5.4M	50x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget CAKEUSDT	+0.0100%	4h	2.5066	−1.470%	$2.6M	$2.3M	75x	as long as short
BingX CAKE-USDT	+0.0100%	4h	2.5026	−1.627%	—	$3.8M	—	as long as short
Variational Omni CAKE	+0.0100%	4h	2.5015	−1.669%	$519K	$469K	—	as long as short
BloFin CAKE-USDT	+0.0102%	4h	2.5046	−1.549%	$996K	$362K	75x	as long as short
GMX CAKE/USD [WBTC.b-USDC]	L +0.0416% / S −0.0269%	1h	2.5046	−1.547%	$37K	—	100x	as long as short
Kraken Futures PF_CAKEUSD	+0.0749%	1h	2.5109	−1.302%	$53K	$38K	10x	as long as short