Funding arb · Price arb /

CAKE

all CAKE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0253%/8h= −27.7% APRpaid last 24h −0.223%

Price spread now: Bitget against Kraken Futures+0.044%7-day average — · you sell dearer than you buy

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

Long on Kraken Futures Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.799%−$80 on $10k

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

Together, before fees—needs both histories

The price spread pays, funding is against you. Bitget is 0.044% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.044% now, against zero (this spread has no 7-day history yet)): +$4 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 14 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_CAKEUSD	2.4989	0.0353	pay 0.0044% / 1h	27m 59s	$52K	$38K	10x
Short	Bitget CAKEUSDT	2.5000	0.0100	get 0.0050% / 4h	3h 27m	$2.5M	$2.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Kraken Futures. 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 Kraken FuturesbpFee BitgetbpOrdersPrice spread, now +0.044%Rate

Funding earned: −$53.11
Price spread: +0.044% → 0.000%: $4.41
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$70.7
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Kraken Futures: no order-book sample; Bitget: 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 Kraken Futures no order-book sample	—	—	—	—	—
Sell Bitget live order book, 4 min ago	2.00 bp	20.2 bp −$20	37.5 bp −$375	doesn't fit	doesn't fit

Kraken Futures: 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	−0.0473%	4h	2.4980	−0.036%	$5.2M	$3.6M	50x	as long as short
ApeX Omni CAKEUSDT	−0.0141%	1h	2.5041	+0.208%	$11K	$680K	50x	as long as short
Orderly PERP_CAKE_USDC	+0.0004%	4h	2.5000	+0.044%	$7K	$14K	10x	as long as short
Injective CAKE/USDC PERP	+0.0033%	1h	2.5440	+1.805%	$113	$52K	5.5x	as long as short
Hyperliquid CAKE	+0.0100%	1h	2.5013	+0.096%	$3.1M	$2.5M	3x	as long as short
Aster CAKEUSDT	+0.0100%	4h	2.4998	+0.034%	$2.3M	$78K	10x	as long as short
Binance CAKEUSDT	+0.0100%	4h	2.4986	−0.010%	$17.8M	$31.3M	75x	as long as short
Gate CAKE_USDT	+0.0100%	4h	2.4990	+0.004%	$870K	$636K	75x	as long as short
MEXC CAKE_USDT	+0.0100%	4h	2.4988	−0.004%	$13.3M	$2.8M	125x	as long as short
KuCoin CAKEUSDTM	+0.0100%	4h	2.4999	+0.040%	$2.4M	$5.5M	50x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget CAKEUSDTshort	+0.0100%	4h	2.5000	+0.044%	$2.5M	$2.4M	75x
BingX CAKE-USDT	+0.0100%	4h	2.4987	−0.008%	—	$3.8M	—	as long as short
Variational Omni CAKE	+0.0100%	4h	2.5031	+0.167%	$513K	$475K	—	as long as short
BloFin CAKE-USDT	+0.0106%	4h	2.5006	+0.068%	$993K	$356K	75x	as long as short
Kraken Futures PF_CAKEUSDlong	+0.0353%	1h	2.4989	long leg	$52K	$38K	10x
GMX CAKE/USD [WBTC.b-USDC]	L +0.0416% / S −0.0269%	1h	2.5017	+0.110%	$37K	—	100x	as long as short