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: Injective against KuCoin−0.141%7-day average — · you buy dearer than you sell

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

Long on KuCoin Short on Injective

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 against this trade now: funding costs −$2 a day on $10k at the current rate, and Injective is 0.141% cheaper against KuCoin than usual: you would sell low and buy high (−$14 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	KuCoin CAKEUSDTM	2.5476	0.0100	pay 0.0050% / 4h	1h 06m	$2.5M	$5.7M	50x
Short	Injective CAKE/USDC PERP	2.5440	0.0033	get 0.0004% / 1h	6m 29s	$113	$52K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against KuCoin. 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 KuCoinbpFee InjectivebpOrdersPrice spread, now −0.141%Rate

Funding earned: −$14
Price spread: −0.141% → 0.000%: −$14.13
Slippage, 4 orders: no order book: not counted
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$40.15
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: KuCoin: live order book, 1 min ago; Injective: no order-book sample. 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 KuCoin live order book, 1 min ago	4.13 bp	36.2 bp −$36	doesn't fit	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

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	−0.067%	$7K	$14K	10x	as long as short
Injective CAKE/USDC PERPshort	+0.0033%	1h	2.5440	−0.141%	$113	$52K	5.5x
Hyperliquid CAKE	+0.0100%	1h	2.5522	+0.181%	$3.2M	$2.8M	3x	as long as short
Aster CAKEUSDT	+0.0100%	4h	2.5487	+0.043%	$2.4M	$87K	10x	as long as short
Binance CAKEUSDT	+0.0100%	4h	2.5478	+0.007%	$18.3M	$37.3M	75x	as long as short
Bybit CAKEUSDT	+0.0100%	4h	2.5480	+0.016%	$5.3M	$4.0M	50x	as long as short
Gate CAKE_USDT	+0.0100%	4h	2.5466	−0.039%	$891K	$768K	75x	as long as short
MEXC CAKE_USDT	+0.0100%	4h	2.5470	−0.024%	$14.2M	$2.8M	125x	as long as short
KuCoin CAKEUSDTMlong	+0.0100%	4h	2.5476	long leg	$2.5M	$5.7M	50x
Bitget CAKEUSDT	+0.0100%	4h	2.5499	+0.090%	$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	2.5473	−0.012%	—	$3.6M	—	as long as short
Variational Omni CAKE	+0.0100%	4h	2.5437	−0.155%	$533K	$492K	—	as long as short
ApeX Omni CAKEUSDT	+0.0100%	1h	2.5457	−0.075%	$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	−0.025%	$38K	—	100x	as long as short
Kraken Futures PF_CAKEUSD	+0.0776%	1h	2.5486	+0.041%	$57K	$37K	10x	as long as short