Funding arb · Price arb /

CAKE

all CAKE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0251%/8h= −27.5% APRpaid last 24h −0.223%

Price spread now: KuCoin against Kraken Futures−0.468%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 KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.802%−$80 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 −$8 a day on $10k at the current rate, and KuCoin is 0.468% cheaper against Kraken Futures than usual: you would sell low and buy high (−$47 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	2.5134	0.0351	pay 0.0044% / 1h	43m 06s	$53K	$38K	10x
Short	KuCoin CAKEUSDTM	2.5016	0.0100	get 0.0050% / 4h	3h 43m	$2.4M	$5.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.468%Rate

Funding earned: −$52.68
Price spread: −0.468% → 0.000%: −$46.79
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$121.47
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Kraken Futures: no order-book sample; KuCoin: live order book, 5 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 KuCoin live order book, 5 min ago	4.80 bp	36.3 bp −$36	114.3 bp −$1,143	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	−0.0831%	4h	2.4993	−0.559%	$5.2M	$3.6M	50x	as long as short
ApeX Omni CAKEUSDT	−0.0176%	1h	2.5029	−0.416%	$11K	$679K	50x	as long as short
Orderly PERP_CAKE_USDC	+0.0007%	4h	2.5020	−0.452%	$7K	$14K	10x	as long as short
Injective CAKE/USDC PERP	+0.0033%	1h	2.5440	+1.219%	$113	$52K	5.5x	as long as short
BloFin CAKE-USDT	+0.0095%	4h	2.5020	−0.452%	$995K	$357K	75x	as long as short
Hyperliquid CAKE	+0.0100%	1h	2.5040	−0.372%	$3.1M	$2.5M	3x	as long as short
Aster CAKEUSDT	+0.0100%	4h	2.5032	−0.403%	$2.4M	$79K	10x	as long as short
Binance CAKEUSDT	+0.0100%	4h	2.5013	−0.480%	$17.8M	$31.3M	75x	as long as short
Gate CAKE_USDT	+0.0100%	4h	2.5003	−0.520%	$872K	$635K	75x	as long as short
MEXC CAKE_USDT	+0.0100%	4h	2.5022	−0.444%	$13.3M	$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 CAKEUSDTMshort	+0.0100%	4h	2.5016	−0.468%	$2.4M	$5.5M	50x
Bitget CAKEUSDT	+0.0100%	4h	2.5013	−0.480%	$2.5M	$2.4M	75x	as long as short
BingX CAKE-USDT	+0.0100%	4h	2.5004	−0.516%	—	$3.8M	—	as long as short
Variational Omni CAKE	+0.0100%	4h	2.4986	−0.589%	$512K	$475K	—	as long as short
Kraken Futures PF_CAKEUSDlong	+0.0351%	1h	2.5134	long leg	$53K	$38K	10x
GMX CAKE/USD [WBTC.b-USDC]	L +0.0415% / S −0.0269%	1h	2.5038	−0.380%	$37K	—	100x	as long as short