Funding arb · Price arb /

CAKE

all CAKE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0355%/8h= +38.9% APRpaid last 24h +0.079%

Price spread now: GMX against Orderly+0.105%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 GMX

What this pair did over the last

the charts below follow

Funding, last 4 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 +$11 a day on $10k at the current rate, and GMX is 0.105% dearer against Orderly than usual: you sell high and buy low: +$11 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	2.4921	−0.0141	get 0.0070% / 4h	3h 30m	$7K	$14K	10x
Short	GMX CAKE/USD [WBTC.b-USDC]	2.4947	L +0.0380% / S −0.0214%	get 0.0027% / 1h	30m 32s	$37K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now +0.105%Rate

Funding earned: $74.56
Price spread: +0.105% → 0.000%: $10.55
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee GMX: 6 bp × 2 orders: −$12
Net: $67.11
Costs to cover: 0.180%
Break-even: 0.7 days

Slippage unknown: Orderly: no order-book sample; 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 Orderly no order-book sample	—	—	—	—	—
Sell GMX no order-book sample	—	—	—	—	—

Orderly and 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
Bybit CAKEUSDT	−0.1640%	4h	2.4900	−0.084%	$5.3M	$3.1M	50x	as long as short
Variational Omni CAKE	−0.0565%	4h	2.4896	−0.101%	$514K	$418K	—	as long as short
Kraken Futures PF_CAKEUSD	−0.0282%	1h	2.4940	+0.078%	$55K	$43K	10x	as long as short
ApeX Omni CAKEUSDT	−0.0261%	1h	2.4912	−0.036%	$11K	$670K	50x	as long as short
Orderly PERP_CAKE_USDClong	−0.0141%	4h	2.4921	long leg	$7K	$14K	10x
Injective CAKE/USDC PERP	+0.0033%	1h	2.5440	+2.083%	$113	$52K	5.5x	as long as short
MEXC CAKE_USDT	+0.0044%	4h	2.4906	−0.060%	$15.2M	$2.9M	125x	as long as short
Binance CAKEUSDT	+0.0046%	4h	2.4908	−0.052%	$17.5M	$27.0M	75x	as long as short
KuCoin CAKEUSDTM	+0.0068%	4h	2.4912	−0.036%	$2.4M	$5.1M	50x	as long as short
BloFin CAKE-USDT	+0.0098%	4h	2.4916	−0.020%	$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	2.4930	+0.036%	$3.1M	$1.8M	3x	as long as short
Aster CAKEUSDT	+0.0100%	4h	2.4931	+0.041%	$2.3M	$107K	10x	as long as short
Gate CAKE_USDT	+0.0100%	4h	2.4892	−0.116%	$888K	$591K	75x	as long as short
Bitget CAKEUSDT	+0.0100%	4h	2.4906	−0.060%	$2.6M	$2.0M	75x	as long as short
BingX CAKE-USDT	+0.0100%	4h	2.4897	−0.096%	—	$3.8M	—	as long as short
GMX CAKE/USD [WBTC.b-USDC]short	L +0.0380% / S −0.0214%	1h	2.4947	+0.105%	$37K	—	100x