Funding arb · Price arb /

CAKE

all CAKE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0322%/8h= −35.2% APRpaid last 24h −0.088%

Price spread now: Gate against GMX−0.093%7-day average — · you buy dearer than you sell

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

Long on GMX Short on Gate

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 against this trade now: funding costs −$10 a day on $10k at the current rate, and Gate is 0.093% cheaper against GMX than usual: you would sell low and buy high (−$9 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	GMX CAKE/USD [WBTC.b-USDC]	2.5598	L +0.0422% / S −0.0272%	pay 0.0053% / 1h	50m 01s	$38K	—	100x
Short	Gate CAKE_USDT	2.5574	0.0100	get 0.0050% / 4h	50m 01s	$895K	$751K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against GMX. 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 GMXbpFee GatebpOrdersPrice spread, now −0.093%Rate

Funding earned: −$67.53
Price spread: −0.093% → 0.000%: −$9.34
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$103.87
Costs to cover: 0.270%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Gate: live order book, 27 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 GMX no order-book sample	—	—	—	—	—
Sell Gate live order book, 27 min ago	3.15 bp	36.7 bp −$37	83.1 bp −$831	doesn't fit	doesn't fit

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
Orderly PERP_CAKE_USDC	+0.0027%	4h	2.5582	−0.062%	$7K	$14K	10x	as long as short
Injective CAKE/USDC PERP	+0.0033%	1h	2.5440	−0.617%	$113	$52K	5.5x	as long as short
ApeX Omni CAKEUSDT	+0.0098%	1h	2.5581	−0.066%	$13K	$699K	50x	as long as short
Hyperliquid CAKE	+0.0100%	1h	2.5623	+0.098%	$3.2M	$2.7M	3x	as long as short
Aster CAKEUSDT	+0.0100%	4h	2.5599	+0.004%	$2.4M	$80K	10x	as long as short
Binance CAKEUSDT	+0.0100%	4h	2.5592	−0.023%	$18.4M	$36.4M	75x	as long as short
Bybit CAKEUSDT	+0.0100%	4h	2.5580	−0.070%	$5.3M	$3.9M	50x	as long as short
Gate CAKE_USDTshort	+0.0100%	4h	2.5574	−0.093%	$895K	$751K	75x
MEXC CAKE_USDT	+0.0100%	4h	2.5592	−0.023%	$14.1M	$2.7M	125x	as long as short
KuCoin CAKEUSDTM	+0.0100%	4h	2.5594	−0.015%	$2.5M	$5.7M	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	2.5607	+0.036%	$2.7M	$2.7M	75x	as long as short
BingX CAKE-USDT	+0.0100%	4h	2.5581	−0.066%	—	$3.6M	—	as long as short
Variational Omni CAKE	+0.0100%	4h	2.5562	−0.141%	$536K	$480K	—	as long as short
BloFin CAKE-USDT	+0.0145%	4h	2.5584	−0.054%	$998K	$364K	75x	as long as short
GMX CAKE/USD [WBTC.b-USDC]long	L +0.0422% / S −0.0272%	1h	2.5598	long leg	$38K	—	100x
Kraken Futures PF_CAKEUSD	+0.0750%	1h	2.5613	+0.058%	$57K	$37K	10x	as long as short