Funding arb · Price arb /

CAKE

all CAKE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0010%/8h= −1.1% APRpaid last 24h −0.001%

Price spread now: Orderly against ApeX Omni−0.214%7-day average — · you buy dearer than you sell

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

Long on ApeX Omni Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs $0 a day on $10k at the current rate, and Orderly is 0.214% cheaper against ApeX Omni than usual: you would sell low and buy high (−$21 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	ApeX Omni CAKEUSDT	2.5273	0.0033	pay 0.0004% / 1h	47m 12s	$11K	$699K	50x
Short	Orderly PERP_CAKE_USDC	2.5219	0.0023	get 0.0012% / 4h	2h 47m	$7K	$14K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.214%Rate

Funding earned: −$2.1
Price spread: −0.214% → 0.000%: −$21.37
Slippage, 4 orders: no order book: not counted
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$39.47
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: ApeX Omni: live order book, 21 min ago; Orderly: 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 ApeX Omni live order book, 21 min ago	5.90 bp	13.5 bp −$13	102.4 bp −$1,024	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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_USDCshort	+0.0023%	4h	2.5219	−0.214%	$7K	$14K	10x
ApeX Omni CAKEUSDTlong	+0.0033%	1h	2.5273	long leg	$11K	$699K	50x
Injective CAKE/USDC PERP	+0.0033%	1h	2.5440	+0.661%	$113	$52K	5.5x	as long as short
BloFin CAKE-USDT	+0.0087%	4h	2.5243	−0.119%	$992K	$360K	75x	as long as short
Hyperliquid CAKE	+0.0100%	1h	2.5262	−0.044%	$3.2M	$2.6M	3x	as long as short
Aster CAKEUSDT	+0.0100%	4h	2.5255	−0.073%	$2.4M	$75K	10x	as long as short
Binance CAKEUSDT	+0.0100%	4h	2.5226	−0.186%	$18.0M	$34.6M	75x	as long as short
Bybit CAKEUSDT	+0.0100%	4h	2.5230	−0.170%	$5.3M	$3.8M	50x	as long as short
Gate CAKE_USDT	+0.0100%	4h	2.5213	−0.237%	$882K	$664K	75x	as long as short
MEXC CAKE_USDT	+0.0100%	4h	2.5229	−0.174%	$13.8M	$2.8M	125x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin CAKEUSDTM	+0.0100%	4h	2.5229	−0.174%	$2.4M	$5.5M	50x	as long as short
Bitget CAKEUSDT	+0.0100%	4h	2.5220	−0.210%	$2.6M	$2.5M	75x	as long as short
BingX CAKE-USDT	+0.0100%	4h	2.5211	−0.245%	—	$3.5M	—	as long as short
Variational Omni CAKE	+0.0100%	4h	2.5246	−0.106%	$537K	$459K	—	as long as short
GMX CAKE/USD [WBTC.b-USDC]	L +0.0417% / S −0.0269%	1h	2.5237	−0.142%	$37K	—	100x	as long as short
Kraken Futures PF_CAKEUSD	+0.0827%	1h	2.5344	+0.282%	$55K	$37K	10x	as long as short