Funding arb · Price arb /

CAKE

all CAKE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.023%

Price spread now: Injective against MEXC−0.259%7-day average — · you buy dearer than you sell

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

Long on MEXC Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−0.079%−$8 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 0.259% cheaper against MEXC than usual: you would sell low and buy high (−$26 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	MEXC CAKE_USDT	2.5506	0.0100	pay 0.0050% / 4h	24m 41s	$14.2M	$2.8M	125x
Short	Injective CAKE/USDC PERP	2.5440	0.0033	get 0.0004% / 1h	24m 41s	$113	$52K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −0.259%Rate

Funding earned: −$14
Price spread: −0.259% → 0.000%: −$25.88
Slippage, 4 orders: no order book: not counted
Fee MEXC: 2 bp × 2 orders: −$4
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$43.9
Costs to cover: 0.040%
Break-even: never at this rate

Slippage unknown: MEXC: live order book, 4 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 MEXC live order book, 4 min ago	0.20 bp	5.7 bp −$6	35.9 bp −$359	92.8 bp −$9,279	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
ApeX Omni CAKEUSDT	−0.0072%	1h	2.5521	+0.059%	$13K	$697K	50x	as long as short
Orderly PERP_CAKE_USDC	+0.0024%	4h	2.5511	+0.020%	$7K	$14K	10x	as long as short
Injective CAKE/USDC PERPshort	+0.0033%	1h	2.5440	−0.259%	$113	$52K	5.5x
BloFin CAKE-USDT	+0.0042%	4h	2.5509	+0.012%	$1.0M	$363K	75x	as long as short
Hyperliquid CAKE	+0.0100%	1h	2.5559	+0.208%	$3.2M	$2.7M	3x	as long as short
Aster CAKEUSDT	+0.0100%	4h	2.5535	+0.115%	$2.4M	$78K	10x	as long as short
Binance CAKEUSDT	+0.0100%	4h	2.5507	+0.004%	$18.3M	$36.0M	75x	as long as short
Bybit CAKEUSDT	+0.0100%	4h	2.5510	+0.016%	$5.3M	$3.9M	50x	as long as short
Gate CAKE_USDT	+0.0100%	4h	2.5505	−0.004%	$890K	$754K	75x	as long as short
MEXC CAKE_USDTlong	+0.0100%	4h	2.5506	long leg	$14.2M	$2.8M	125x

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin CAKEUSDTM	+0.0100%	4h	2.5515	+0.035%	$2.5M	$5.6M	50x	as long as short
Bitget CAKEUSDT	+0.0100%	4h	2.5526	+0.078%	$2.7M	$2.6M	75x	as long as short
BingX CAKE-USDT	+0.0100%	4h	2.5509	+0.012%	—	$3.6M	—	as long as short
Variational Omni CAKE	+0.0100%	4h	2.5502	−0.015%	$536K	$480K	—	as long as short
GMX CAKE/USD [WBTC.b-USDC]	L +0.0421% / S −0.0272%	1h	2.5529	+0.091%	$38K	—	100x	as long as short
Kraken Futures PF_CAKEUSD	+0.0751%	1h	2.5573	+0.263%	$55K	$39K	10x	as long as short