Funding arb · Price arb /

CAKE

all CAKE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Variational Omni against MEXC−0.154%7-day average −0.019% · you buy dearer than you sell

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

Long on MEXC Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.049%−$5 on $10k

Price spread, last 4 days (all we have)+0.316%+$32 · spread now −0.154%, 7d avg −0.019%

Together, before fees+0.267%+ Points / potential airdropVariational Omni: Active · farm board+$27 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Variational Omni is 0.135% cheaper against MEXC than usual: you would sell low and buy high, −$14 on $10k if it goes back to its 7-day average of −0.019%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC CAKE_USDT	2.5214	0.0100	pay 0.0050% / 4h	1h 10m	$13.7M	$2.9M	125x
Short	Variational Omni CAKE	2.5175	0.0100	get 0.0050% / 4h	1h 10m	$522K	$469K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against MEXC. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 MEXCbpFee Variational OmnibpOrdersPrice spread, now −0.154%Rate

Funding earned: $0
Price spread: −0.154% → −0.019%: −$13.51
Slippage, 4 orders: no order book: not counted
Fee MEXC: 2 bp × 2 orders: −$4
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$17.51
Costs to cover: 0.040%
Break-even: never at this rate

Slippage unknown: MEXC: live order book, 3 min ago; Variational Omni: RFQ quote, 53 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 MEXC live order book, 3 min ago	0.20 bp	4.0 bp −$4	29.3 bp −$293	110.4 bp −$11.0K	doesn't fit
Sell Variational Omni RFQ quote, 53 min ago	4.69 bp	doesn't fit	50.2 bp −$502	doesn't fit	doesn't fit

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	+0.0015%	4h	2.5203	−0.044%	$7K	$14K	10x	as long as short
Injective CAKE/USDC PERP	+0.0033%	1h	2.5440	+0.896%	$113	$52K	5.5x	as long as short
BloFin CAKE-USDT	+0.0081%	4h	2.5206	−0.032%	$852K	$362K	75x	as long as short
Hyperliquid CAKE	+0.0100%	1h	2.5242	+0.111%	$3.1M	$2.5M	3x	as long as short
Aster CAKEUSDT	+0.0100%	4h	2.5226	+0.047%	$2.4M	$72K	10x	as long as short
Binance CAKEUSDT	+0.0100%	4h	2.5215	+0.005%	$18.0M	$31.3M	75x	as long as short
Bybit CAKEUSDT	+0.0100%	4h	2.5200	−0.056%	$5.3M	$3.6M	50x	as long as short
Gate CAKE_USDT	+0.0100%	4h	2.5200	−0.056%	$878K	$649K	75x	as long as short
MEXC CAKE_USDTlong	+0.0100%	4h	2.5214	long leg	$13.7M	$2.9M	125x
KuCoin CAKEUSDTM	+0.0100%	4h	2.5213	−0.004%	$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 CAKEUSDT	+0.0100%	4h	2.5219	+0.020%	$2.6M	$2.3M	75x	as long as short
BingX CAKE-USDT	+0.0100%	4h	2.5200	−0.056%	—	$3.7M	—	as long as short
Variational Omni CAKEshort	+0.0100%	4h	2.5175	−0.154%	$522K	$469K	—
ApeX Omni CAKEUSDT	+0.0100%	1h	2.5188	−0.103%	$11K	$681K	50x	as long as short
GMX CAKE/USD [WBTC.b-USDC]	L +0.0417% / S −0.0269%	1h	2.5206	−0.030%	$37K	—	100x	as long as short
Kraken Futures PF_CAKEUSD	+0.1548%	1h	2.5233	+0.076%	$54K	$37K	10x	as long as short