Funding arb · Price arb /

CAKE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0321%/8h= −35.1% APRpaid last 24h −0.087%

Price spread now: Variational Omni against GMX+0.064%7-day average — · you sell dearer than you buy

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

Long on GMX Short on Variational Omni

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—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

The price spread pays, funding is against you. Variational Omni is 0.064% dearer against GMX than usual: you sell high and buy low (spread +0.064% now, against zero (this spread has no 7-day history yet)): +$6 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 16 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX CAKE/USD [WBTC.b-USDC]	2.5420	L +0.0421% / S −0.0272%	pay 0.0053% / 1h	6m 54s	$38K	—	100x
Short	Variational Omni CAKE	2.5436	0.0100	get 0.0050% / 4h	3h 06m	$533K	$443K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now +0.064%Rate

Funding earned: −$67.41
Price spread: +0.064% → 0.000%: $6.35
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$73.05
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Variational Omni: RFQ quote, 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 Variational Omni RFQ quote, 2 min ago	4.68 bp	doesn't fit	62.8 bp −$628	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	+0.0025%	4h	2.5426	+0.025%	$7K	$14K	10x	as long as short
Injective CAKE/USDC PERP	+0.0033%	1h	2.5440	+0.080%	$113	$52K	5.5x	as long as short
BloFin CAKE-USDT	+0.0041%	4h	2.5436	+0.064%	$998K	$359K	75x	as long as short
Hyperliquid CAKE	+0.0100%	1h	2.5469	+0.194%	$3.2M	$2.6M	3x	as long as short
Aster CAKEUSDT	+0.0100%	4h	2.5434	+0.057%	$2.4M	$78K	10x	as long as short
Binance CAKEUSDT	+0.0100%	4h	2.5417	−0.009%	$18.2M	$34.7M	75x	as long as short
Bybit CAKEUSDT	+0.0100%	4h	2.5400	−0.077%	$5.3M	$3.8M	50x	as long as short
Gate CAKE_USDT	+0.0100%	4h	2.5409	−0.042%	$892K	$684K	75x	as long as short
MEXC CAKE_USDT	+0.0100%	4h	2.5423	+0.013%	$14.1M	$2.8M	125x	as long as short
KuCoin CAKEUSDTM	+0.0100%	4h	2.5419	−0.003%	$2.5M	$5.5M	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	2.5435	+0.060%	$2.7M	$2.5M	75x	as long as short
BingX CAKE-USDT	+0.0100%	4h	2.5410	−0.038%	—	$3.5M	—	as long as short
Variational Omni CAKEshort	+0.0100%	4h	2.5436	+0.064%	$533K	$443K	—
ApeX Omni CAKEUSDT	+0.0100%	1h	2.5439	+0.076%	$11K	$697K	50x	as long as short
GMX CAKE/USD [WBTC.b-USDC]long	L +0.0421% / S −0.0272%	1h	2.5420	long leg	$38K	—	100x
Kraken Futures PF_CAKEUSD	+0.0710%	1h	2.5465	+0.180%	$55K	$37K	10x	as long as short