Funding arb · Price arb /

CAKE

all CAKE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0603%/8h= +66.1% APRpaid last 24h +0.067%

Price spread now: GMX against Variational Omni−0.050%7-day average — · you buy dearer than you sell

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

Long on Variational Omni 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—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

Funding pays, the price is against you. GMX is 0.050% cheaper against Variational Omni than usual: you would sell low and buy high (spread −0.050% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$5 on $10k: about 7 hours of funding at the current rate (+$18 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni CAKE	2.5090	−0.0389	get 0.0195% / 4h	2h 19m	$509K	$419K	—
Short	GMX CAKE/USD [WBTC.b-USDC]	2.5077	L +0.0380% / S −0.0214%	get 0.0027% / 1h	19m 21s	$37K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now −0.050%Rate

Funding earned: $126.7
Price spread: −0.050% → 0.000%: −$5.03
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee GMX: 6 bp × 2 orders: −$12
Net: $109.67
Costs to cover: 0.120%
Break-even: 0.9 days

Slippage unknown: Variational Omni: RFQ quote, 32 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 Variational Omni RFQ quote, 32 min ago	6.71 bp	doesn't fit	70.8 bp −$708	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 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
Kraken Futures PF_CAKEUSD	−0.0534%	1h	2.5104	+0.057%	$56K	$47K	10x	as long as short
Variational Omni CAKElong	−0.0389%	4h	2.5090	long leg	$509K	$419K	—
BingX CAKE-USDT	−0.0174%	4h	2.5074	−0.063%	—	$4.2M	—	as long as short
Orderly PERP_CAKE_USDC	−0.0107%	4h	2.5062	−0.111%	$7K	$13K	10x	as long as short
Bybit CAKEUSDT	−0.0080%	4h	2.5080	−0.039%	$5.4M	$3.0M	50x	as long as short
Aster CAKEUSDT	−0.0006%	4h	2.5091	+0.004%	$2.3M	$162K	10x	as long as short
Injective CAKE/USDC PERP	+0.0033%	1h	2.5440	+1.396%	$113	$52K	5.5x	as long as short
BloFin CAKE-USDT	+0.0052%	4h	2.5097	+0.028%	$1.0M	$310K	75x	as long as short
Hyperliquid CAKE	+0.0100%	1h	2.5098	+0.032%	$3.1M	$1.3M	3x	as long as short
Binance CAKEUSDT	+0.0100%	4h	2.5062	−0.111%	$17.5M	$25.7M	75x	as long as short

Show all 16 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate CAKE_USDT	+0.0100%	4h	2.5069	−0.083%	$897K	$514K	75x	as long as short
MEXC CAKE_USDT	+0.0100%	4h	2.5075	−0.059%	$15.6M	$2.7M	125x	as long as short
KuCoin CAKEUSDTM	+0.0100%	4h	2.5082	−0.031%	$2.5M	$5.2M	50x	as long as short
Bitget CAKEUSDT	+0.0100%	4h	2.5076	−0.055%	$2.6M	$2.0M	75x	as long as short
ApeX Omni CAKEUSDT	+0.0100%	1h	2.5112	+0.088%	$11K	$668K	50x	as long as short
GMX CAKE/USD [WBTC.b-USDC]short	L +0.0380% / S −0.0214%	1h	2.5077	−0.050%	$37K	—	100x