Funding arb · Price arb /

CAKE

all CAKE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0670%/8h= −73.3% APRpaid last 24h −0.253%

Price spread now: BloFin against Kraken Futures−0.031%117s7-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 BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.546%−$55 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 −$20 a day on $10k at the current rate, and BloFin is 0.031% cheaper against Kraken Futures than usual: you would sell low and buy high (−$3 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 117 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	Kraken Futures PF_CAKEUSD	2.5444	0.0710	pay 0.0089% / 1h	5m 18s	$55K	$37K	10x
Short	BloFin CAKE-USDT	2.5436	0.0041	get 0.0020% / 4h	3h 05m	$998K	$359K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.031%Rate

Funding earned: −$140.63
Price spread: −0.031% → 0.000%: −$3.06
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$165.69
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Kraken Futures: no order-book sample; BloFin: live order book, 62 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 BloFin live order book, 62 min ago	0.79 bp	8.7 bp −$9	18.6 bp −$186	doesn't fit	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	+0.0025%	4h	2.5411	−0.129%	$7K	$14K	10x	as long as short
Injective CAKE/USDC PERP	+0.0033%	1h	2.5440	−0.015%	$113	$52K	5.5x	as long as short
BloFin CAKE-USDTshort	+0.0041%	4h	2.5436	−0.031%	$998K	$359K	75x
Hyperliquid CAKE	+0.0100%	1h	2.5464	+0.079%	$3.2M	$2.6M	3x	as long as short
Aster CAKEUSDT	+0.0100%	4h	2.5426	−0.070%	$2.4M	$78K	10x	as long as short
Binance CAKEUSDT	+0.0100%	4h	2.5419	−0.097%	$18.2M	$34.7M	75x	as long as short
Bybit CAKEUSDT	+0.0100%	4h	2.5399	−0.176%	$5.3M	$3.8M	50x	as long as short
Gate CAKE_USDT	+0.0100%	4h	2.5409	−0.137%	$892K	$684K	75x	as long as short
MEXC CAKE_USDT	+0.0100%	4h	2.5422	−0.086%	$14.1M	$2.8M	125x	as long as short
KuCoin CAKEUSDTM	+0.0100%	4h	2.5419	−0.097%	$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	2.5423	−0.082%	$2.7M	$2.5M	75x	as long as short
BingX CAKE-USDT	+0.0100%	4h	2.5408	−0.141%	—	$3.5M	—	as long as short
Variational Omni CAKE	+0.0100%	4h	2.5385	−0.230%	$532K	$443K	—	as long as short
ApeX Omni CAKEUSDT	+0.0100%	1h	2.5439	−0.019%	$11K	$697K	50x	as long as short
GMX CAKE/USD [WBTC.b-USDC]	L +0.0421% / S −0.0272%	1h	2.5409	−0.137%	$38K	—	100x	as long as short
Kraken Futures PF_CAKEUSDlong	+0.0710%	1h	2.5444	long leg	$55K	$37K	10x