Funding arb · Price arb /

CAKE

all CAKE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0155%/8h= +17.0% APRpaid last 24h −0.002%

Price spread now: Bybit against ApeX Omni+0.028%99s7-day average −0.061% · you sell dearer than you buy

Net, funding: paid 7d − costs−$70as 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−$660.659% of the position

Long on ApeX Omni Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.039%−$4 on $10k

Price spread, last 4 days (all we have)−0.094%−$9 · spread now +0.028%, 7d avg −0.061%

Together, before fees−0.133%−$13 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and Bybit is 0.089% dearer against ApeX Omni than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of −0.061%. The two prices were read 99 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	2.5033	−0.0055	get 0.0007% / 1h	29m 45s	$11K	$671K	50x
Short	Bybit CAKEUSDT	2.5040	0.0100	get 0.0050% / 4h	1h 29m	$5.4M	$3.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.028%Rate

Funding earned: $32.64
Price spread: +0.028% → −0.061%: $8.94
Slippage, 4 orders: −$44.9
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$24.32
Costs to cover: 0.659%
Break-even: 12.2 days

Slippage from ApeX Omni: live order book, 17 min ago; Bybit: live order book, 1 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, 17 min ago	5.00 bp	12.7 bp −$13	88.9 bp −$889	doesn't fit	doesn't fit
Sell Bybit live order book, 1 min ago	2.00 bp	20.0 bp −$20	51.3 bp −$513	doesn't fit	doesn't fit

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
Orderly PERP_CAKE_USDC	−0.0084%	4h	2.5039	+0.024%	$7K	$13K	10x	as long as short
ApeX Omni CAKEUSDTlong	−0.0055%	1h	2.5033	long leg	$11K	$671K	50x
Kraken Futures PF_CAKEUSD	−0.0005%	1h	2.5050	+0.067%	$56K	$45K	10x	as long as short
Injective CAKE/USDC PERP	+0.0033%	1h	2.5440	+1.626%	$113	$52K	5.5x	as long as short
Aster CAKEUSDT	+0.0046%	4h	2.5049	+0.065%	$2.3M	$188K	10x	as long as short
BloFin CAKE-USDT	+0.0058%	4h	2.5018	−0.060%	$1.0M	$307K	75x	as long as short
Variational Omni CAKE	+0.0061%	4h	2.5009	−0.095%	$478K	$446K	—	as long as short
Hyperliquid CAKE	+0.0100%	1h	2.5064	+0.124%	$3.1M	$1.3M	3x	as long as short
Binance CAKEUSDT	+0.0100%	4h	2.5041	+0.032%	$17.5M	$25.5M	75x	as long as short
Bybit CAKEUSDTshort	+0.0100%	4h	2.5040	+0.028%	$5.4M	$3.1M	50x

Show all 16 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate CAKE_USDT	+0.0100%	4h	2.5023	−0.040%	$899K	$513K	75x	as long as short
MEXC CAKE_USDT	+0.0100%	4h	2.5039	+0.024%	$15.6M	$2.6M	125x	as long as short
KuCoin CAKEUSDTM	+0.0100%	4h	2.5039	+0.024%	$2.5M	$5.3M	50x	as long as short
Bitget CAKEUSDT	+0.0100%	4h	2.5052	+0.076%	$2.6M	$2.0M	75x	as long as short
BingX CAKE-USDT	+0.0100%	4h	2.5042	+0.036%	—	$4.3M	—	as long as short
GMX CAKE/USD [WBTC.b-USDC]	L +0.0420% / S −0.0277%	1h	2.5066	+0.132%	$37K	—	100x	as long as short