Funding arb · Price arb /

CAKE

all CAKE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.011%

Price spread now: BingX against ApeX Omni−0.110%83s7-day average −0.054% · you buy dearer than you sell

Net, funding: paid 7d − costs−$46as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$460.460% of the position

Long on ApeX Omni Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.004%$0 on $10k

Price spread, last 3 days (all we have)−0.009%−$1 · spread now −0.110%, 7d avg −0.054%

Together, before fees−0.005%−$1 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: BingX is 0.055% cheaper against ApeX Omni than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of −0.054%. The two prices were read 83 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	ApeX Omni CAKEUSDT	2.5566	0.0100	pay 0.0013% / 1h	14m 10s	$13K	$696K	50x
Short	BingX CAKE-USDT	2.5538	0.0100	get 0.0050% / 4h	2h 14m	—	$3.5M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against ApeX 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 ApeX OmnibpFee BingXbpOrdersPrice spread, now −0.110%Rate

Funding earned: $0
Price spread: −0.110% → −0.054%: −$5.54
Slippage, 4 orders: −$26.03
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$51.58
Costs to cover: 0.460%
Break-even: never at this rate

Slippage from ApeX Omni: live order book, 9 min ago; BingX: live order book, 5 min ago.

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 ApeX Omni live order book, 9 min ago	6.06 bp	13.8 bp −$14	84.0 bp −$840	doesn't fit	doesn't fit
Sell BingX live order book, 5 min ago	3.33 bp	9.8 bp −$10	13.7 bp −$137	25.8 bp −$2,579	47.1 bp −$23.5K

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	+0.0014%	4h	2.5533	−0.129%	$7K	$14K	10x	as long as short
Injective CAKE/USDC PERP	+0.0033%	1h	2.5440	−0.493%	$113	$52K	5.5x	as long as short
BloFin CAKE-USDT	+0.0081%	4h	2.5543	−0.090%	$997K	$356K	75x	as long as short
Hyperliquid CAKE	+0.0100%	1h	2.5567	+0.004%	$3.2M	$3.3M	3x	as long as short
Aster CAKEUSDT	+0.0100%	4h	2.5561	−0.021%	$2.4M	$90K	10x	as long as short
Binance CAKEUSDT	+0.0100%	4h	2.5533	−0.129%	$18.3M	$38.7M	75x	as long as short
Bybit CAKEUSDT	+0.0100%	4h	2.5525	−0.160%	$5.3M	$4.1M	50x	as long as short
Gate CAKE_USDT	+0.0100%	4h	2.5520	−0.180%	$890K	$861K	75x	as long as short
MEXC CAKE_USDT	+0.0100%	4h	2.5537	−0.113%	$14.2M	$2.9M	125x	as long as short
KuCoin CAKEUSDTM	+0.0100%	4h	2.5548	−0.070%	$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	2.5535	−0.121%	$2.7M	$2.8M	75x	as long as short
BingX CAKE-USDTshort	+0.0100%	4h	2.5538	−0.110%	—	$3.5M	—
Variational Omni CAKE	+0.0100%	4h	2.5534	−0.126%	$546K	$497K	—	as long as short
ApeX Omni CAKEUSDTlong	+0.0100%	1h	2.5566	long leg	$13K	$696K	50x
GMX CAKE/USD [WBTC.b-USDC]	L +0.0420% / S −0.0272%	1h	2.5539	−0.104%	$38K	—	100x	as long as short
Kraken Futures PF_CAKEUSD	+0.0495%	1h	2.5591	+0.096%	$57K	$38K	10x	as long as short