Funding arb · Price arb /

CAKE

all CAKE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.011%

Price spread now: ApeX Omni against MEXC−0.094%96s7-day average +0.039% · you buy dearer than you sell

Net, funding: paid 7d − costs−$56as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$400.405% of the position

Long on MEXC Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days−0.152%−$15 on $10k

Price spread, last 3 days (all we have)+0.166%+$17 · spread now −0.094%, 7d avg +0.039%

Together, before fees+0.014%+$1 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: ApeX Omni is 0.133% cheaper against MEXC than usual: you would sell low and buy high, −$13 on $10k if it goes back to its 7-day average of +0.039%. The two prices were read 96 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	MEXC CAKE_USDT	2.5481	0.0100	pay 0.0050% / 4h	1h 05m	$14.2M	$2.8M	125x
Short	ApeX Omni CAKEUSDT	2.5457	0.0100	get 0.0013% / 1h	5m 56s	$13K	$701K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against MEXC. 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 MEXCbpFee ApeX OmnibpOrdersPrice spread, now −0.094%Rate

Funding earned: $0
Price spread: −0.094% → +0.039%: −$13.35
Slippage, 4 orders: −$26.5
Fee MEXC: 2 bp × 2 orders: −$4
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$53.85
Costs to cover: 0.405%
Break-even: never at this rate

Slippage from MEXC: live order book, 8 min ago; ApeX Omni: live order book, 13 min ago.

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 MEXC live order book, 8 min ago	0.79 bp	6.2 bp −$6	31.1 bp −$311	95.8 bp −$9,583	doesn't fit
Sell ApeX Omni live order book, 13 min ago	6.10 bp	14.0 bp −$14	105.9 bp −$1,059	doesn't fit	doesn't fit

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	2.5479	−0.008%	$7K	$14K	10x	as long as short
Injective CAKE/USDC PERP	+0.0033%	1h	2.5440	−0.161%	$113	$52K	5.5x	as long as short
Hyperliquid CAKE	+0.0100%	1h	2.5519	+0.148%	$3.2M	$2.8M	3x	as long as short
Aster CAKEUSDT	+0.0100%	4h	2.5499	+0.069%	$2.4M	$87K	10x	as long as short
Binance CAKEUSDT	+0.0100%	4h	2.5479	−0.006%	$18.3M	$37.3M	75x	as long as short
Bybit CAKEUSDT	+0.0100%	4h	2.5490	+0.035%	$5.3M	$4.0M	50x	as long as short
Gate CAKE_USDT	+0.0100%	4h	2.5475	−0.024%	$891K	$768K	75x	as long as short
MEXC CAKE_USDTlong	+0.0100%	4h	2.5481	long leg	$14.2M	$2.8M	125x
KuCoin CAKEUSDTM	+0.0100%	4h	2.5493	+0.047%	$2.5M	$5.7M	50x	as long as short
Bitget CAKEUSDT	+0.0100%	4h	2.5505	+0.094%	$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	2.5476	−0.020%	—	$3.6M	—	as long as short
Variational Omni CAKE	+0.0100%	4h	2.5437	−0.174%	$533K	$492K	—	as long as short
ApeX Omni CAKEUSDTshort	+0.0100%	1h	2.5457	−0.094%	$13K	$701K	50x
BloFin CAKE-USDT	+0.0136%	4h	2.5458	−0.090%	$995K	$363K	75x	as long as short
GMX CAKE/USD [WBTC.b-USDC]	L +0.0421% / S −0.0272%	1h	2.5498	+0.066%	$38K	—	100x	as long as short
Kraken Futures PF_CAKEUSD	+0.0775%	1h	2.5505	+0.096%	$57K	$37K	10x	as long as short