Funding arb · Price arb /

CAKE

all CAKE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0279%/8h= −30.5% APRpaid last 24h −0.095%

Price spread now: KuCoin against GMX−0.142%224s7-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 KuCoin

What this pair did over the last

the charts below follow

Funding, last 4 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 −$8 a day on $10k at the current rate, and KuCoin is 0.142% cheaper against GMX than usual: you would sell low and buy high (−$14 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 224 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	GMX CAKE/USD [WBTC.b-USDC]	2.5014	L +0.0379% / S −0.0214%	pay 0.0047% / 1h	48m 35s	$37K	—	100x
Short	KuCoin CAKEUSDTM	2.4979	0.0100	get 0.0050% / 4h	1h 48m	$2.4M	$5.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.142%Rate

Funding earned: −$58.58
Price spread: −0.142% → 0.000%: −$14.18
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$96.76
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; KuCoin: live order book, 2 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 KuCoin live order book, 2 min ago	2.20 bp	22.4 bp −$22	99.4 bp −$994	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 exchanges

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
Variational Omni CAKE	−0.0095%	4h	2.4979	−0.143%	$485K	$434K	—	as long as short
Orderly PERP_CAKE_USDC	−0.0091%	4h	2.4977	−0.150%	$7K	$13K	10x	as long as short
Kraken Futures PF_CAKEUSD	−0.0005%	1h	2.4979	−0.143%	$56K	$45K	10x	as long as short
Aster CAKEUSDT	−0.0003%	4h	2.5002	−0.050%	$2.3M	$182K	10x	as long as short
ApeX Omni CAKEUSDT	−0.0002%	1h	2.5007	−0.030%	$11K	$670K	50x	as long as short
Injective CAKE/USDC PERP	+0.0033%	1h	2.5440	+1.701%	$113	$52K	5.5x	as long as short
BingX CAKE-USDT	+0.0070%	4h	2.4980	−0.138%	—	$4.2M	—	as long as short
Hyperliquid CAKE	+0.0100%	1h	2.5011	−0.014%	$3.1M	$1.3M	3x	as long as short
Binance CAKEUSDT	+0.0100%	4h	2.4982	−0.130%	$17.5M	$25.4M	75x	as long as short
Bybit CAKEUSDT	+0.0100%	4h	2.4990	−0.098%	$5.4M	$3.1M	50x	as long as short

Show all 16 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate CAKE_USDT	+0.0100%	4h	2.4973	−0.166%	$897K	$513K	75x	as long as short
MEXC CAKE_USDT	+0.0100%	4h	2.4975	−0.158%	$15.6M	$2.6M	125x	as long as short
KuCoin CAKEUSDTMshort	+0.0100%	4h	2.4979	−0.142%	$2.4M	$5.2M	50x
Bitget CAKEUSDT	+0.0100%	4h	2.4990	−0.098%	$2.6M	$2.0M	75x	as long as short
BloFin CAKE-USDT	+0.0124%	4h	2.4975	−0.158%	$1.0M	$306K	75x	as long as short
GMX CAKE/USD [WBTC.b-USDC]long	L +0.0379% / S −0.0214%	1h	2.5014	long leg	$37K	—	100x