Funding arb · Price arb /

CAKE

all CAKE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0727%/8h= −79.6% APRpaid last 24h −0.247%

Price spread now: Binance against Kraken Futures−0.494%7-day average — · you buy dearer than you sell

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

Long on Kraken Futures Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.703%−$70 on $10k

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 −$22 a day on $10k at the current rate, and Binance is 0.494% cheaper against Kraken Futures than usual: you would sell low and buy high (−$49 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	Kraken Futures PF_CAKEUSD	2.5347	0.0827	pay 0.0103% / 1h	46m 01s	$55K	$37K	10x
Short	Binance CAKEUSDT	2.5222	0.0100	get 0.0050% / 4h	2h 46m	$18.0M	$34.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Kraken Futures. 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 Kraken FuturesbpFee BinancebpOrdersPrice spread, now −0.494%Rate

Funding earned: −$152.59
Price spread: −0.494% → 0.000%: −$49.43
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$222.02
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: Kraken Futures: no order-book sample; Binance: live order book, 11 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 Kraken Futures no order-book sample	—	—	—	—	—
Sell Binance live order book, 11 min ago	0.20 bp	13.0 bp −$13	29.5 bp −$295	123.8 bp −$12.4K	doesn't fit

Kraken Futures: 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	2.5236	−0.439%	$7K	$14K	10x	as long as short
ApeX Omni CAKEUSDT	+0.0033%	1h	2.5273	−0.293%	$11K	$699K	50x	as long as short
Injective CAKE/USDC PERP	+0.0033%	1h	2.5440	+0.366%	$113	$52K	5.5x	as long as short
BloFin CAKE-USDT	+0.0087%	4h	2.5243	−0.411%	$992K	$360K	75x	as long as short
Hyperliquid CAKE	+0.0100%	1h	2.5267	−0.317%	$3.2M	$2.6M	3x	as long as short
Aster CAKEUSDT	+0.0100%	4h	2.5263	−0.331%	$2.4M	$75K	10x	as long as short
Binance CAKEUSDTshort	+0.0100%	4h	2.5222	−0.494%	$18.0M	$34.6M	75x
Bybit CAKEUSDT	+0.0100%	4h	2.5220	−0.502%	$5.3M	$3.8M	50x	as long as short
Gate CAKE_USDT	+0.0100%	4h	2.5220	−0.502%	$882K	$664K	75x	as long as short
MEXC CAKE_USDT	+0.0100%	4h	2.5222	−0.494%	$13.8M	$2.8M	125x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin CAKEUSDTM	+0.0100%	4h	2.5228	−0.470%	$2.4M	$5.5M	50x	as long as short
Bitget CAKEUSDT	+0.0100%	4h	2.5236	−0.439%	$2.6M	$2.5M	75x	as long as short
BingX CAKE-USDT	+0.0100%	4h	2.5223	−0.490%	—	$3.5M	—	as long as short
Variational Omni CAKE	+0.0100%	4h	2.5216	−0.517%	$536K	$459K	—	as long as short
GMX CAKE/USD [WBTC.b-USDC]	L +0.0417% / S −0.0269%	1h	2.5238	−0.431%	$37K	—	100x	as long as short
Kraken Futures PF_CAKEUSDlong	+0.0827%	1h	2.5347	long leg	$55K	$37K	10x