Funding arb · Price arb /

CAKE

all CAKE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0245%/8h= −26.8% APRpaid last 24h −0.028%

Price spread now: Orderly against Hyperliquid−0.064%7-day average — · you buy dearer than you sell

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

Long on Hyperliquid Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHyperliquid: Season 2 · farm boardneeds both histories

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Orderly is 0.064% cheaper against Hyperliquid than usual: you would sell low and buy high (−$6 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	Hyperliquid CAKE	2.5091	0.0100	pay 0.0013% / 1h	22m 48s	$3.1M	$1.8M	3x
Short	Orderly PERP_CAKE_USDC	2.5075	−0.0145	pay 0.0072% / 4h	3h 22m	$7K	$14K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Hyperliquid. 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 HyperliquidbpFee OrderlybpOrdersPrice spread, now −0.064%Rate

Funding earned: −$51.43
Price spread: −0.064% → 0.000%: −$6.38
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$72.81
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 9 min ago; Orderly: 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 Hyperliquid live order book, 9 min ago	1.40 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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
Bybit CAKEUSDT	−0.1552%	4h	2.5067	−0.096%	$5.4M	$3.1M	50x	as long as short
Variational Omni CAKE	−0.0625%	4h	2.4940	−0.601%	$515K	$418K	—	as long as short
ApeX Omni CAKEUSDT	−0.0285%	1h	2.4966	−0.498%	$11K	$669K	50x	as long as short
Kraken Futures PF_CAKEUSD	−0.0281%	1h	2.5084	−0.027%	$55K	$44K	10x	as long as short
Orderly PERP_CAKE_USDCshort	−0.0145%	4h	2.5075	−0.064%	$7K	$14K	10x
BloFin CAKE-USDT	+0.0028%	4h	2.5081	−0.040%	$993K	$316K	75x	as long as short
Injective CAKE/USDC PERP	+0.0033%	1h	2.5440	+1.391%	$113	$52K	5.5x	as long as short
MEXC CAKE_USDT	+0.0048%	4h	2.5075	−0.064%	$15.3M	$2.9M	125x	as long as short
Binance CAKEUSDT	+0.0049%	4h	2.5074	−0.068%	$17.6M	$27.1M	75x	as long as short
KuCoin CAKEUSDTM	+0.0058%	4h	2.5077	−0.056%	$2.5M	$5.1M	50x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid CAKElong	+0.0100%	1h	2.5091	long leg	$3.1M	$1.8M	3x
Aster CAKEUSDT	+0.0100%	4h	2.5074	−0.066%	$2.3M	$158K	10x	as long as short
Gate CAKE_USDT	+0.0100%	4h	2.5058	−0.132%	$895K	$594K	75x	as long as short
Bitget CAKEUSDT	+0.0100%	4h	2.5074	−0.068%	$2.6M	$2.0M	75x	as long as short
BingX CAKE-USDT	+0.0100%	4h	2.5060	−0.124%	—	$3.8M	—	as long as short
GMX CAKE/USD [WBTC.b-USDC]	L +0.0381% / S −0.0214%	1h	2.5096	+0.021%	$37K	—	100x	as long as short