Funding arb · Price arb /

CAKE

all CAKE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0080%/8h= +8.8% APRpaid last 24h −0.020%

Price spread now: ApeX Omni against Variational Omni+0.131%88s7-day average +0.055% · you sell dearer than you buy

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

Long on Variational Omni Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.041%−$4 on $10k

Price spread, last 4 days (all we have)−0.119%−$12 · spread now +0.131%, 7d avg +0.055%

Together, before fees−0.161%+ Points / potential airdropVariational Omni: Active · farm board−$16 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and ApeX Omni is 0.075% dearer against Variational Omni than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of +0.055%. The two prices were read 88 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni CAKE	2.4990	−0.0105	get 0.0053% / 4h	1h 06m	$513K	$414K	—
Short	ApeX Omni CAKEUSDT	2.5023	−0.0025	pay 0.0003% / 1h	6m 05s	$11K	$674K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Variational Omni. 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 Variational OmnibpFee ApeX OmnibpOrdersPrice spread, now +0.131%Rate

Funding earned: $16.86
Price spread: +0.131% → +0.055%: $7.51
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: $14.37
Costs to cover: 0.100%
Break-even: 1.0 days

Slippage unknown: Variational Omni: RFQ quote, 38 min ago; ApeX Omni: live order book, 37 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 Variational Omni RFQ quote, 38 min ago	6.73 bp	doesn't fit	68.1 bp −$681	doesn't fit	doesn't fit
Sell ApeX Omni live order book, 37 min ago	4.99 bp	13.2 bp −$13	106.0 bp −$1,060	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
Bybit CAKEUSDT	−0.0228%	4h	2.5020	+0.119%	$5.2M	$3.3M	50x	as long as short
Orderly PERP_CAKE_USDC	−0.0109%	4h	2.5034	+0.175%	$7K	$14K	10x	as long as short
Variational Omni CAKElong	−0.0105%	4h	2.4990	long leg	$513K	$414K	—
KuCoin CAKEUSDTM	−0.0056%	4h	2.5043	+0.211%	$2.4M	$5.2M	50x	as long as short
ApeX Omni CAKEUSDTshort	−0.0025%	1h	2.5023	+0.131%	$11K	$674K	50x
Injective CAKE/USDC PERP	+0.0033%	1h	2.5440	+1.799%	$113	$52K	5.5x	as long as short
BloFin CAKE-USDT	+0.0085%	4h	2.5026	+0.143%	$990K	$314K	75x	as long as short
MEXC CAKE_USDT	+0.0090%	4h	2.5033	+0.171%	$13.4M	$2.7M	125x	as long as short
Binance CAKEUSDT	+0.0095%	4h	2.5036	+0.184%	$17.7M	$29.1M	75x	as long as short
Hyperliquid CAKE	+0.0100%	1h	2.5061	+0.283%	$3.1M	$1.8M	3x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster CAKEUSDT	+0.0100%	4h	2.5052	+0.246%	$2.4M	$77K	10x	as long as short
Gate CAKE_USDT	+0.0100%	4h	2.5032	+0.167%	$880K	$597K	75x	as long as short
Bitget CAKEUSDT	+0.0100%	4h	2.5050	+0.239%	$2.5M	$2.1M	75x	as long as short
BingX CAKE-USDT	+0.0100%	4h	2.5035	+0.179%	—	$3.8M	—	as long as short
Kraken Futures PF_CAKEUSD	+0.0379%	1h	2.5032	+0.166%	$51K	$33K	10x	as long as short
GMX CAKE/USD [WBTC.b-USDC]	L +0.0416% / S −0.0269%	1h	2.5048	+0.231%	$37K	—	100x	as long as short