Funding arb · Price arb /

CAKE

all CAKE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0026%/8h= +2.9% APRpaid last 24h +0.013%

Price spread now: Variational Omni against ApeX Omni−0.123%7-day average −0.057% · you buy dearer than you sell

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

Long on ApeX Omni Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.033%+$3 on $10k

Price spread, last 4 days (all we have)+0.025%+$3 · spread now −0.123%, 7d avg −0.057%

Together, before fees+0.058%+ Points / potential airdropVariational Omni: Active · farm board+$6 on $10k · with fees, hour by hour

Funding pays, the price is against you. Variational Omni is 0.066% cheaper against ApeX Omni than usual: you would sell low and buy high (spread −0.123% now, against its 7-day average of −0.057%). If the spread goes back, that is −$7 on $10k: about 8.3 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni CAKEUSDT	2.5136	0.0074	pay 0.0009% / 1h	33m 27s	$11K	$683K	50x
Short	Variational Omni CAKE	2.5105	0.0100	get 0.0050% / 4h	1h 33m	$533K	$458K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against ApeX 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 ApeX OmnibpFee Variational OmnibpOrdersPrice spread, now −0.123%Rate

Funding earned: $5.54
Price spread: −0.123% → −0.057%: −$6.57
Slippage, 4 orders: no order book: not counted
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$11.03
Costs to cover: 0.100%
Break-even: 20.9 days

Slippage unknown: ApeX Omni: live order book, 30 min ago; Variational Omni: RFQ quote, 31 min ago. 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, 30 min ago	4.57 bp	11.9 bp −$12	103.0 bp −$1,030	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 31 min ago	4.69 bp	doesn't fit	50.2 bp −$502	doesn't fit	doesn't fit

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	+0.0013%	4h	2.5131	−0.020%	$7K	$14K	10x	as long as short
Injective CAKE/USDC PERP	+0.0033%	1h	2.5440	+1.209%	$113	$52K	5.5x	as long as short
ApeX Omni CAKEUSDTlong	+0.0074%	1h	2.5136	long leg	$11K	$683K	50x
BloFin CAKE-USDT	+0.0079%	4h	2.5136	0.000%	$994K	$373K	75x	as long as short
Hyperliquid CAKE	+0.0100%	1h	2.5163	+0.107%	$3.1M	$2.5M	3x	as long as short
Aster CAKEUSDT	+0.0100%	4h	2.5145	+0.036%	$2.4M	$72K	10x	as long as short
Binance CAKEUSDT	+0.0100%	4h	2.5138	+0.008%	$17.9M	$31.6M	75x	as long as short
Bybit CAKEUSDT	+0.0100%	4h	2.5111	−0.099%	$5.2M	$3.6M	50x	as long as short
Gate CAKE_USDT	+0.0100%	4h	2.5113	−0.092%	$875K	$649K	75x	as long as short
MEXC CAKE_USDT	+0.0100%	4h	2.5137	+0.004%	$13.7M	$2.9M	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	2.5140	+0.016%	$2.5M	$5.5M	50x	as long as short
Bitget CAKEUSDT	+0.0100%	4h	2.5144	+0.032%	$2.6M	$2.3M	75x	as long as short
BingX CAKE-USDT	+0.0100%	4h	2.5123	−0.052%	—	$3.7M	—	as long as short
Variational Omni CAKEshort	+0.0100%	4h	2.5105	−0.123%	$533K	$458K	—
GMX CAKE/USD [WBTC.b-USDC]	L +0.0416% / S −0.0269%	1h	2.5145	+0.035%	$37K	—	100x	as long as short
Kraken Futures PF_CAKEUSD	+0.1553%	1h	2.5153	+0.067%	$54K	$37K	10x	as long as short