Funding arb · Price arb /

CAKE

all CAKE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0153%/8h= +16.8% APRpaid last 24h +0.001%

Price spread now: ApeX Omni against Orderly+0.072%7-day average — · you sell dearer than you buy

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

Long on Orderly Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 5 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 ApeX Omni is 0.072% dearer against Orderly than usual: you sell high and buy low: +$7 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	Orderly PERP_CAKE_USDC	2.4989	−0.0091	get 0.0045% / 4h	1h 51m	$7K	$13K	10x
Short	ApeX Omni CAKEUSDT	2.5007	0.0062	get 0.0008% / 1h	51m 21s	$11K	$669K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Orderly. 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 OrderlybpFee ApeX OmnibpOrdersPrice spread, now +0.072%Rate

Funding earned: $32.16
Price spread: +0.072% → 0.000%: $7.2
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: $23.36
Costs to cover: 0.160%
Break-even: 1.9 days

Slippage unknown: Orderly: no order-book sample; ApeX Omni: live order book, 60 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 Orderly no order-book sample	—	—	—	—	—
Sell ApeX Omni live order book, 60 min ago	5.19 bp	13.2 bp −$13	93.9 bp −$939	doesn't fit	doesn't fit

Orderly: 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 exchanges

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
Variational Omni CAKE	−0.0149%	4h	2.5029	+0.159%	$495K	$426K	—	as long as short
Orderly PERP_CAKE_USDClong	−0.0091%	4h	2.4989	long leg	$7K	$13K	10x
Kraken Futures PF_CAKEUSD	−0.0005%	1h	2.5028	+0.155%	$56K	$45K	10x	as long as short
Aster CAKEUSDT	−0.0001%	4h	2.5002	+0.052%	$2.3M	$181K	10x	as long as short
Injective CAKE/USDC PERP	+0.0033%	1h	2.5440	+1.805%	$113	$52K	5.5x	as long as short
BloFin CAKE-USDT	+0.0051%	4h	2.5007	+0.072%	$1.0M	$306K	75x	as long as short
ApeX Omni CAKEUSDTshort	+0.0062%	1h	2.5007	+0.072%	$11K	$669K	50x
BingX CAKE-USDT	+0.0070%	4h	2.4993	+0.016%	—	$4.2M	—	as long as short
Hyperliquid CAKE	+0.0100%	1h	2.5023	+0.138%	$3.1M	$1.3M	3x	as long as short
Binance CAKEUSDT	+0.0100%	4h	2.4992	+0.012%	$17.5M	$25.4M	75x	as long as short

Show all 16 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit CAKEUSDT	+0.0100%	4h	2.5010	+0.084%	$5.4M	$3.1M	50x	as long as short
Gate CAKE_USDT	+0.0100%	4h	2.4991	+0.008%	$898K	$512K	75x	as long as short
MEXC CAKE_USDT	+0.0100%	4h	2.4992	+0.012%	$15.6M	$2.6M	125x	as long as short
KuCoin CAKEUSDTM	+0.0100%	4h	2.4999	+0.040%	$2.4M	$5.2M	50x	as long as short
Bitget CAKEUSDT	+0.0100%	4h	2.5000	+0.044%	$2.6M	$2.0M	75x	as long as short
GMX CAKE/USD [WBTC.b-USDC]	L +0.0379% / S −0.0214%	1h	2.5014	+0.102%	$37K	—	100x	as long as short