Funding arb · Price arb /

CAKE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.023%

Price spread now: KuCoin against Injective+0.090%7-day average — · you sell dearer than you buy

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

Long on Injective Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.025%+$3 on $10k

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 +$2 a day on $10k at the current rate, and KuCoin is 0.090% dearer against Injective than usual: you sell high and buy low: +$9 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	Injective CAKE/USDC PERP	2.5440	0.0033	pay 0.0004% / 1h	6m 59s	$113	$52K	5.5x
Short	KuCoin CAKEUSDTM	2.5463	0.0100	get 0.0050% / 4h	1h 06m	$2.5M	$5.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Injective. 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 InjectivebpFee KuCoinbpOrdersPrice spread, now +0.090%Rate

Funding earned: $14
Price spread: +0.090% → 0.000%: $9.04
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee KuCoin: 6 bp × 2 orders: −$12
Net: $11.02
Costs to cover: 0.120%
Break-even: 1.5 days

Slippage unknown: Injective: no order-book sample; KuCoin: live order book, 1 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 Injective no order-book sample	—	—	—	—	—
Sell KuCoin live order book, 1 min ago	4.13 bp	45.3 bp −$45	105.0 bp −$1,050	doesn't fit	doesn't fit

Injective: 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	+0.0022%	4h	2.5459	+0.075%	$7K	$14K	10x	as long as short
Injective CAKE/USDC PERPlong	+0.0033%	1h	2.5440	long leg	$113	$52K	5.5x
Hyperliquid CAKE	+0.0100%	1h	2.5498	+0.228%	$3.2M	$2.8M	3x	as long as short
Aster CAKEUSDT	+0.0100%	4h	2.5475	+0.137%	$2.4M	$87K	10x	as long as short
Binance CAKEUSDT	+0.0100%	4h	2.5459	+0.075%	$18.3M	$37.4M	75x	as long as short
Bybit CAKEUSDT	+0.0100%	4h	2.5454	+0.055%	$5.3M	$4.0M	50x	as long as short
Gate CAKE_USDT	+0.0100%	4h	2.5450	+0.039%	$890K	$768K	75x	as long as short
MEXC CAKE_USDT	+0.0100%	4h	2.5457	+0.067%	$14.1M	$2.8M	125x	as long as short
KuCoin CAKEUSDTMshort	+0.0100%	4h	2.5463	+0.090%	$2.5M	$5.7M	50x
Bitget CAKEUSDT	+0.0100%	4h	2.5479	+0.153%	$2.7M	$2.8M	75x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX CAKE-USDT	+0.0100%	4h	2.5457	+0.067%	—	$3.6M	—	as long as short
Variational Omni CAKE	+0.0100%	4h	2.5437	−0.013%	$533K	$492K	—	as long as short
ApeX Omni CAKEUSDT	+0.0100%	1h	2.5457	+0.067%	$13K	$701K	50x	as long as short
BloFin CAKE-USDT	+0.0136%	4h	2.5458	+0.071%	$995K	$363K	75x	as long as short
GMX CAKE/USD [WBTC.b-USDC]	L +0.0421% / S −0.0272%	1h	2.5470	+0.117%	$38K	—	100x	as long as short
Kraken Futures PF_CAKEUSD	+0.0776%	1h	2.5486	+0.182%	$57K	$37K	10x	as long as short