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 Bybit+0.108%7-day average — · you sell dearer than you buy

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

Long on Bybit 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

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and GMX is 0.108% dearer against Bybit than usual: you sell high and buy low: +$11 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit CAKEUSDT	2.5040	0.0100	pay 0.0050% / 4h	24m 26s	$5.2M	$3.6M	50x
Short	GMX CAKE/USD [WBTC.b-USDC]	2.5067	L +0.0416% / S −0.0269%	get 0.0034% / 1h	24m 26s	$37K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Bybit. 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 BybitbpFee GMXbpOrdersPrice spread, now +0.108%Rate

Funding earned: $35.46
Price spread: +0.108% → 0.000%: $10.84
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee GMX: 6 bp × 2 orders: −$12
Net: $23.3
Costs to cover: 0.230%
Break-even: 2.4 days

Slippage unknown: Bybit: live order book, 3 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 Bybit live order book, 3 min ago	4.00 bp	23.9 bp −$24	53.1 bp −$531	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	−0.0017%	1h	2.5043	+0.012%	$11K	$677K	50x	as long as short
Orderly PERP_CAKE_USDC	+0.0021%	4h	2.5049	+0.036%	$7K	$14K	10x	as long as short
Injective CAKE/USDC PERP	+0.0033%	1h	2.5440	+1.597%	$113	$52K	5.5x	as long as short
Hyperliquid CAKE	+0.0100%	1h	2.5086	+0.184%	$3.1M	$2.5M	3x	as long as short
Aster CAKEUSDT	+0.0100%	4h	2.5071	+0.125%	$2.4M	$79K	10x	as long as short
Binance CAKEUSDT	+0.0100%	4h	2.5052	+0.048%	$17.9M	$31.2M	75x	as long as short
Bybit CAKEUSDTlong	+0.0100%	4h	2.5040	long leg	$5.2M	$3.6M	50x
Gate CAKE_USDT	+0.0100%	4h	2.5029	−0.044%	$872K	$642K	75x	as long as short
MEXC CAKE_USDT	+0.0100%	4h	2.5054	+0.056%	$13.4M	$2.9M	125x	as long as short
KuCoin CAKEUSDTM	+0.0100%	4h	2.5050	+0.040%	$2.4M	$5.4M	50x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget CAKEUSDT	+0.0100%	4h	2.5066	+0.104%	$2.6M	$2.3M	75x	as long as short
BingX CAKE-USDT	+0.0100%	4h	2.5042	+0.008%	—	$3.8M	—	as long as short
Variational Omni CAKE	+0.0100%	4h	2.5015	−0.098%	$519K	$469K	—	as long as short
BloFin CAKE-USDT	+0.0159%	4h	2.5050	+0.040%	$996K	$362K	75x	as long as short
GMX CAKE/USD [WBTC.b-USDC]short	L +0.0416% / S −0.0269%	1h	2.5067	+0.108%	$37K	—	100x
Kraken Futures PF_CAKEUSD	+0.0749%	1h	2.5102	+0.249%	$53K	$38K	10x	as long as short