Funding arb · Price arb /

CAKE

all CAKE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.023%

Price spread now: MEXC against Injective−0.837%115s7-day average — · you buy dearer than you sell

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

Long on Injective Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days+0.081%+$8 on $10k

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

Together, before fees—needs both histories

Funding pays, the price is against you. MEXC is 0.837% cheaper against Injective than usual: you would sell low and buy high (spread −0.837% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$84 on $10k: about 42 days of funding at the current rate (+$2 a day). The two prices were read 115 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	Injective CAKE/USDC PERP	2.5440	0.0033	pay 0.0004% / 1h	47m 23s	$113	$52K	5.5x
Short	MEXC CAKE_USDT	2.5227	0.0100	get 0.0050% / 4h	2h 47m	$13.8M	$2.8M	125x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Injective. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 MEXCbpOrdersPrice spread, now −0.837%Rate

Funding earned: $14
Price spread: −0.837% → 0.000%: −$83.73
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$73.75
Costs to cover: 0.040%
Break-even: 43.9 days

Slippage unknown: Injective: no order-book sample; MEXC: live order book, 6 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 MEXC live order book, 6 min ago	0.79 bp	6.3 bp −$6	35.9 bp −$359	71.1 bp −$7,112	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	+0.0023%	4h	2.5219	−0.869%	$7K	$14K	10x	as long as short
ApeX Omni CAKEUSDT	+0.0033%	1h	2.5273	−0.656%	$11K	$699K	50x	as long as short
Injective CAKE/USDC PERPlong	+0.0033%	1h	2.5440	long leg	$113	$52K	5.5x
BloFin CAKE-USDT	+0.0087%	4h	2.5243	−0.774%	$992K	$360K	75x	as long as short
Hyperliquid CAKE	+0.0100%	1h	2.5262	−0.700%	$3.2M	$2.6M	3x	as long as short
Aster CAKEUSDT	+0.0100%	4h	2.5250	−0.746%	$2.4M	$75K	10x	as long as short
Binance CAKEUSDT	+0.0100%	4h	2.5225	−0.847%	$18.0M	$34.6M	75x	as long as short
Bybit CAKEUSDT	+0.0100%	4h	2.5230	−0.825%	$5.3M	$3.8M	50x	as long as short
Gate CAKE_USDT	+0.0100%	4h	2.5213	−0.892%	$882K	$664K	75x	as long as short
MEXC CAKE_USDTshort	+0.0100%	4h	2.5227	−0.837%	$13.8M	$2.8M	125x

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin CAKEUSDTM	+0.0100%	4h	2.5229	−0.829%	$2.4M	$5.5M	50x	as long as short
Bitget CAKEUSDT	+0.0100%	4h	2.5243	−0.774%	$2.6M	$2.5M	75x	as long as short
BingX CAKE-USDT	+0.0100%	4h	2.5211	−0.900%	—	$3.5M	—	as long as short
Variational Omni CAKE	+0.0100%	4h	2.5246	−0.762%	$537K	$459K	—	as long as short
GMX CAKE/USD [WBTC.b-USDC]	L +0.0417% / S −0.0269%	1h	2.5237	−0.797%	$37K	—	100x	as long as short
Kraken Futures PF_CAKEUSD	+0.0827%	1h	2.5350	−0.353%	$55K	$37K	10x	as long as short