Funding arb · Price arb /

CAKE

all CAKE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.023%

Price spread now: Injective against Variational Omni−0.477%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 Injective

What this pair did over the last

the charts below follow

Funding, last 3 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

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Injective is 0.477% cheaper against Variational Omni than usual: you would sell low and buy high (−$48 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni CAKE	2.5562	0.0100	pay 0.0050% / 4h	48m 55s	$536K	$480K	—
Short	Injective CAKE/USDC PERP	2.5440	0.0033	get 0.0004% / 1h	48m 55s	$113	$52K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Variational Omni. 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 Variational OmnibpFee InjectivebpOrdersPrice spread, now −0.477%Rate

Funding earned: −$14
Price spread: −0.477% → 0.000%: −$47.65
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$61.67
Costs to cover: 0.000%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 30 min ago; Injective: 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, 30 min ago	4.69 bp	doesn't fit	47.9 bp −$479	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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
Orderly PERP_CAKE_USDC	+0.0028%	4h	2.5599	+0.146%	$7K	$14K	10x	as long as short
Injective CAKE/USDC PERPshort	+0.0033%	1h	2.5440	−0.477%	$113	$52K	5.5x
ApeX Omni CAKEUSDT	+0.0046%	1h	2.5585	+0.091%	$13K	$698K	50x	as long as short
Hyperliquid CAKE	+0.0100%	1h	2.5639	+0.302%	$3.2M	$2.7M	3x	as long as short
Aster CAKEUSDT	+0.0100%	4h	2.5625	+0.249%	$2.4M	$80K	10x	as long as short
Binance CAKEUSDT	+0.0100%	4h	2.5628	+0.259%	$18.4M	$36.4M	75x	as long as short
Bybit CAKEUSDT	+0.0100%	4h	2.5617	+0.216%	$5.3M	$3.9M	50x	as long as short
Gate CAKE_USDT	+0.0100%	4h	2.5615	+0.208%	$896K	$751K	75x	as long as short
MEXC CAKE_USDT	+0.0100%	4h	2.5619	+0.224%	$14.1M	$2.7M	125x	as long as short
KuCoin CAKEUSDTM	+0.0100%	4h	2.5625	+0.247%	$2.5M	$5.7M	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	2.5641	+0.310%	$2.7M	$2.7M	75x	as long as short
BingX CAKE-USDT	+0.0100%	4h	2.5624	+0.243%	—	$3.6M	—	as long as short
Variational Omni CAKElong	+0.0100%	4h	2.5562	long leg	$536K	$480K	—
BloFin CAKE-USDT	+0.0118%	4h	2.5595	+0.130%	$999K	$365K	75x	as long as short
GMX CAKE/USD [WBTC.b-USDC]	L +0.0422% / S −0.0272%	1h	2.5619	+0.225%	$38K	—	100x	as long as short
Kraken Futures PF_CAKEUSD	+0.0749%	1h	2.5630	+0.267%	$57K	$37K	10x	as long as short