Funding arb · Price arb /

CAKE

all CAKE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0172%/8h= +18.9% APRpaid last 24h +0.045%

Price spread now: GMX against KuCoin+0.020%7-day average — · you sell dearer than you buy

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

Long on KuCoin Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 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 for this trade now. Funding pays +$5 a day on $10k at the current rate, and GMX is 0.020% dearer against KuCoin than usual: you sell high and buy low: +$2 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin CAKEUSDTM	2.5584	0.0100	pay 0.0050% / 4h	41m 29s	$2.5M	$5.6M	50x
Short	GMX CAKE/USD [WBTC.b-USDC]	2.5589	L +0.0421% / S −0.0272%	get 0.0034% / 1h	41m 29s	$38K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against KuCoin. 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 KuCoinbpFee GMXbpOrdersPrice spread, now +0.020%Rate

Funding earned: $36.22
Price spread: +0.020% → 0.000%: $2.05
Slippage, 4 orders: no order book: not counted
Fee KuCoin: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: $14.27
Costs to cover: 0.240%
Break-even: 4.2 days

Slippage unknown: KuCoin: live order book, 1 min ago; GMX: 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 KuCoin live order book, 1 min ago	4.49 bp	25.6 bp −$26	124.5 bp −$1,245	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: 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
Orderly PERP_CAKE_USDC	+0.0028%	4h	2.5572	−0.047%	$7K	$14K	10x	as long as short
Injective CAKE/USDC PERP	+0.0033%	1h	2.5440	−0.563%	$113	$52K	5.5x	as long as short
BloFin CAKE-USDT	+0.0054%	4h	2.5582	−0.008%	$997K	$365K	75x	as long as short
ApeX Omni CAKEUSDT	+0.0089%	1h	2.5598	+0.055%	$13K	$699K	50x	as long as short
Hyperliquid CAKE	+0.0100%	1h	2.5615	+0.121%	$3.2M	$2.7M	3x	as long as short
Aster CAKEUSDT	+0.0100%	4h	2.5588	+0.015%	$2.4M	$80K	10x	as long as short
Binance CAKEUSDT	+0.0100%	4h	2.5566	−0.070%	$18.3M	$36.3M	75x	as long as short
Bybit CAKEUSDT	+0.0100%	4h	2.5560	−0.094%	$5.3M	$3.9M	50x	as long as short
Gate CAKE_USDT	+0.0100%	4h	2.5584	0.000%	$893K	$753K	75x	as long as short
MEXC CAKE_USDT	+0.0100%	4h	2.5575	−0.035%	$14.1M	$2.7M	125x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin CAKEUSDTMlong	+0.0100%	4h	2.5584	long leg	$2.5M	$5.6M	50x
Bitget CAKEUSDT	+0.0100%	4h	2.5591	+0.027%	$2.7M	$2.7M	75x	as long as short
BingX CAKE-USDT	+0.0100%	4h	2.5563	−0.082%	—	$3.6M	—	as long as short
Variational Omni CAKE	+0.0100%	4h	2.5592	+0.030%	$537K	$480K	—	as long as short
GMX CAKE/USD [WBTC.b-USDC]short	L +0.0421% / S −0.0272%	1h	2.5589	+0.020%	$38K	—	100x
Kraken Futures PF_CAKEUSD	+0.0749%	1h	2.5629	+0.177%	$55K	$39K	10x	as long as short