Funding arb · Price arb /

CAKE

all CAKE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.1306%/8h= −143.0% APRpaid last 24h −0.212%

Price spread now: Bybit against Kraken Futures−0.446%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 Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.938%−$94 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 −$39 a day on $10k at the current rate, and Bybit is 0.446% cheaper against Kraken Futures than usual: you would sell low and buy high (−$45 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	2.4955	0.0703	pay 0.0088% / 1h	33m 36s	$52K	$37K	10x
Short	Bybit CAKEUSDT	2.4844	−0.0603	pay 0.0301% / 4h	2h 33m	$5.1M	$3.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.446%Rate

Funding earned: −$274.33
Price spread: −0.446% → 0.000%: −$44.56
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$339.89
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: Kraken Futures: no order-book sample; Bybit: live order book, 9 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 Bybit live order book, 9 min ago	2.01 bp	23.1 bp −$23	62.8 bp −$628	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
Bybit CAKEUSDTshort	−0.0603%	4h	2.4844	−0.446%	$5.1M	$3.5M	50x
ApeX Omni CAKEUSDT	−0.0246%	1h	2.4962	+0.027%	$11K	$677K	50x	as long as short
Variational Omni CAKE	−0.0049%	4h	2.4961	+0.024%	$511K	$460K	—	as long as short
Orderly PERP_CAKE_USDC	−0.0045%	4h	2.4885	−0.281%	$7K	$14K	10x	as long as short
KuCoin CAKEUSDTM	−0.0010%	4h	2.4864	−0.365%	$2.4M	$5.3M	50x	as long as short
Injective CAKE/USDC PERP	+0.0033%	1h	2.5440	+1.943%	$113	$52K	5.5x	as long as short
BloFin CAKE-USDT	+0.0069%	4h	2.5002	+0.188%	$991K	$316K	75x	as long as short
Hyperliquid CAKE	+0.0100%	1h	2.4878	−0.309%	$3.1M	$2.0M	3x	as long as short
Aster CAKEUSDT	+0.0100%	4h	2.4888	−0.269%	$2.3M	$77K	10x	as long as short
Binance CAKEUSDT	+0.0100%	4h	2.4865	−0.361%	$17.5M	$30.5M	75x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate CAKE_USDT	+0.0100%	4h	2.4897	−0.233%	$864K	$608K	75x	as long as short
MEXC CAKE_USDT	+0.0100%	4h	2.4864	−0.365%	$13.1M	$2.8M	125x	as long as short
Bitget CAKEUSDT	+0.0100%	4h	2.4883	−0.289%	$2.5M	$2.3M	75x	as long as short
BingX CAKE-USDT	+0.0100%	4h	2.4867	−0.353%	—	$3.8M	—	as long as short
GMX CAKE/USD [WBTC.b-USDC]	L +0.0415% / S −0.0269%	1h	2.4906	−0.199%	$37K	—	100x	as long as short
Kraken Futures PF_CAKEUSDlong	+0.0703%	1h	2.4955	long leg	$52K	$37K	10x