Funding arb · Price arb /

CAKE

all CAKE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0169%/8h= +18.5% APRpaid last 24h +0.045%

Price spread now: GMX against Binance−0.066%50s7-day average — · you buy dearer than you sell

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

Long on Binance Short on GMX

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—needs both histories

Funding pays, the price is against you. GMX is 0.066% cheaper against Binance than usual: you would sell low and buy high (spread −0.066% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$7 on $10k: about 31 hours of funding at the current rate (+$5 a day). The two prices were read 50 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	Binance CAKEUSDT	2.5085	0.0100	pay 0.0050% / 4h	40m 29s	$17.9M	$31.3M	75x
Short	GMX CAKE/USD [WBTC.b-USDC]	2.5068	L +0.0416% / S −0.0269%	get 0.0034% / 1h	40m 29s	$37K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Binance. 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 BinancebpFee GMXbpOrdersPrice spread, now −0.066%Rate

Funding earned: $35.46
Price spread: −0.066% → 0.000%: −$6.59
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee GMX: 6 bp × 2 orders: −$12
Net: $6.87
Costs to cover: 0.220%
Break-even: 5.6 days

Slippage unknown: Binance: live order book, 1 min ago; GMX: 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 Binance live order book, 1 min ago	0.80 bp	10.5 bp −$10	27.1 bp −$271	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: 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
ApeX Omni CAKEUSDT	−0.0104%	1h	2.5043	−0.166%	$11K	$679K	50x	as long as short
Orderly PERP_CAKE_USDC	+0.0012%	4h	2.5059	−0.102%	$7K	$14K	10x	as long as short
Injective CAKE/USDC PERP	+0.0033%	1h	2.5440	+1.417%	$113	$52K	5.5x	as long as short
BloFin CAKE-USDT	+0.0070%	4h	2.5063	−0.086%	$996K	$367K	75x	as long as short
Hyperliquid CAKE	+0.0100%	1h	2.5084	−0.002%	$3.1M	$2.5M	3x	as long as short
Aster CAKEUSDT	+0.0100%	4h	2.5082	−0.011%	$2.4M	$78K	10x	as long as short
Binance CAKEUSDTlong	+0.0100%	4h	2.5085	long leg	$17.9M	$31.3M	75x
Bybit CAKEUSDT	+0.0100%	4h	2.5057	−0.110%	$5.2M	$3.6M	50x	as long as short
Gate CAKE_USDT	+0.0100%	4h	2.5055	−0.118%	$873K	$641K	75x	as long as short
MEXC CAKE_USDT	+0.0100%	4h	2.5069	−0.062%	$13.4M	$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	2.5076	−0.034%	$2.4M	$5.4M	50x	as long as short
Bitget CAKEUSDT	+0.0100%	4h	2.5089	+0.018%	$2.6M	$2.3M	75x	as long as short
BingX CAKE-USDT	+0.0100%	4h	2.5070	−0.058%	—	$3.7M	—	as long as short
Variational Omni CAKE	+0.0100%	4h	2.5040	−0.176%	$519K	$469K	—	as long as short
GMX CAKE/USD [WBTC.b-USDC]short	L +0.0416% / S −0.0269%	1h	2.5068	−0.066%	$37K	—	100x
Kraken Futures PF_CAKEUSD	+0.0746%	1h	2.5211	+0.504%	$53K	$38K	10x	as long as short