Funding arb · Price arb /

CAKE

all CAKE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.1357%/8h= −148.6% APRpaid last 24h −0.212%

Price spread now: Bybit against Kraken Futures−0.093%7-day average — · you buy dearer than you sell

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

Long on Kraken Futures Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.996%−$100 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 −$41 a day on $10k at the current rate, and Bybit is 0.093% cheaper against Kraken Futures than usual: you would sell low and buy high (−$9 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	Kraken Futures PF_CAKEUSD	2.4943	−0.0282	get 0.0035% / 1h	30m 01s	$55K	$43K	10x
Short	Bybit CAKEUSDT	2.4920	−0.1640	pay 0.0820% / 4h	3h 30m	$5.3M	$3.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.093%Rate

Funding earned: −$285.07
Price spread: −0.093% → 0.000%: −$9.3
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$315.37
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: Kraken Futures: no order-book sample; Bybit: live order book, 3 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 Bybit live order book, 3 min ago	4.02 bp	26.7 bp −$27	54.5 bp −$545	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 CAKEUSDTshort	−0.1640%	4h	2.4920	−0.093%	$5.3M	$3.1M	50x
Variational Omni CAKE	−0.0565%	4h	2.4896	−0.190%	$514K	$418K	—	as long as short
Kraken Futures PF_CAKEUSDlong	−0.0282%	1h	2.4943	long leg	$55K	$43K	10x
ApeX Omni CAKEUSDT	−0.0261%	1h	2.4912	−0.125%	$11K	$670K	50x	as long as short
Orderly PERP_CAKE_USDC	−0.0141%	4h	2.4921	−0.089%	$7K	$14K	10x	as long as short
Injective CAKE/USDC PERP	+0.0033%	1h	2.5440	+1.992%	$113	$52K	5.5x	as long as short
MEXC CAKE_USDT	+0.0044%	4h	2.4920	−0.093%	$15.2M	$2.9M	125x	as long as short
Binance CAKEUSDT	+0.0046%	4h	2.4932	−0.045%	$17.5M	$27.1M	75x	as long as short
KuCoin CAKEUSDTM	+0.0064%	4h	2.4919	−0.097%	$2.4M	$5.1M	50x	as long as short
BloFin CAKE-USDT	+0.0098%	4h	2.4916	−0.109%	$989K	$314K	75x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid CAKE	+0.0100%	1h	2.4953	+0.039%	$3.1M	$1.8M	3x	as long as short
Aster CAKEUSDT	+0.0100%	4h	2.4936	−0.029%	$2.3M	$106K	10x	as long as short
Gate CAKE_USDT	+0.0100%	4h	2.4911	−0.129%	$889K	$592K	75x	as long as short
Bitget CAKEUSDT	+0.0100%	4h	2.4927	−0.065%	$2.6M	$2.0M	75x	as long as short
BingX CAKE-USDT	+0.0100%	4h	2.4908	−0.141%	—	$3.8M	—	as long as short
GMX CAKE/USD [WBTC.b-USDC]	L +0.0380% / S −0.0214%	1h	2.4947	+0.016%	$37K	—	100x	as long as short