Funding arb · Price arb /

CAKE

all CAKE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Variational Omni against Bitget−0.159%7-day average −0.034% · you buy dearer than you sell

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

Long on Bitget Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.060%−$6 on $10k

Price spread, last 3 days (all we have)+0.187%+$19 · spread now −0.159%, 7d avg −0.034%

Together, before fees+0.127%+ Points / potential airdropVariational Omni: Active · farm board+$13 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: Variational Omni is 0.125% cheaper against Bitget than usual: you would sell low and buy high, −$12 on $10k if it goes back to its 7-day average of −0.034%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget CAKEUSDT	2.5502	0.0100	pay 0.0050% / 4h	4m 58s	$2.7M	$2.6M	75x
Short	Variational Omni CAKE	2.5462	0.0100	get 0.0050% / 4h	4m 58s	$534K	$469K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Bitget. 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 BitgetbpFee Variational OmnibpOrdersPrice spread, now −0.159%Rate

Funding earned: $0
Price spread: −0.159% → −0.034%: −$12.47
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$24.47
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Bitget: live order book, 2 min ago; Variational Omni: RFQ quote, 9 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 Bitget live order book, 2 min ago	2.35 bp	16.2 bp −$16	36.3 bp −$363	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 9 min ago	4.66 bp	doesn't fit	48.8 bp −$488	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
ApeX Omni CAKEUSDT	−0.0095%	1h	2.5492	−0.039%	$13K	$697K	50x	as long as short
Orderly PERP_CAKE_USDC	+0.0021%	4h	2.5474	−0.110%	$7K	$14K	10x	as long as short
Injective CAKE/USDC PERP	+0.0033%	1h	2.5440	−0.243%	$113	$52K	5.5x	as long as short
BloFin CAKE-USDT	+0.0080%	4h	2.5474	−0.110%	$1.0M	$363K	75x	as long as short
Hyperliquid CAKE	+0.0100%	1h	2.5512	+0.040%	$3.2M	$2.7M	3x	as long as short
Aster CAKEUSDT	+0.0100%	4h	2.5504	+0.010%	$2.4M	$78K	10x	as long as short
Binance CAKEUSDT	+0.0100%	4h	2.5491	−0.042%	$18.3M	$35.9M	75x	as long as short
Bybit CAKEUSDT	+0.0100%	4h	2.5482	−0.078%	$5.3M	$3.9M	50x	as long as short
Gate CAKE_USDT	+0.0100%	4h	2.5483	−0.075%	$890K	$756K	75x	as long as short
MEXC CAKE_USDT	+0.0100%	4h	2.5493	−0.035%	$14.2M	$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	2.5491	−0.043%	$2.5M	$5.6M	50x	as long as short
Bitget CAKEUSDTlong	+0.0100%	4h	2.5502	long leg	$2.7M	$2.6M	75x
BingX CAKE-USDT	+0.0100%	4h	2.5489	−0.051%	—	$3.6M	—	as long as short
Variational Omni CAKEshort	+0.0100%	4h	2.5462	−0.159%	$534K	$469K	—
GMX CAKE/USD [WBTC.b-USDC]	L +0.0421% / S −0.0272%	1h	2.5489	−0.051%	$38K	—	100x	as long as short
Kraken Futures PF_CAKEUSD	+0.0751%	1h	2.5584	+0.320%	$55K	$39K	10x	as long as short