Funding arb · Price arb /

CAKE

all CAKE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0080%/8h= +8.7% APRpaid last 24h −0.001%

Price spread now: ApeX Omni against Orderly+0.008%7-day average — · you sell dearer than you buy

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

Long on Orderly Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: +$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_CAKE_USDC	2.5396	0.0020	pay 0.0010% / 4h	1h 13m	$7K	$14K	10x
Short	ApeX Omni CAKEUSDT	2.5398	0.0100	get 0.0013% / 1h	13m 10s	$13K	$699K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Orderly. 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 OrderlybpFee ApeX OmnibpOrdersPrice spread, now +0.008%Rate

Funding earned: $16.78
Price spread: +0.008% → 0.000%: $0.79
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: $1.57
Costs to cover: 0.160%
Break-even: 6.3 days

Slippage unknown: Orderly: no order-book sample; ApeX Omni: live order book, 5 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 Orderly no order-book sample	—	—	—	—	—
Sell ApeX Omni live order book, 5 min ago	6.10 bp	14.0 bp −$14	105.9 bp −$1,059	doesn't fit	doesn't fit

Orderly: 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_USDClong	+0.0020%	4h	2.5396	long leg	$7K	$14K	10x
Injective CAKE/USDC PERP	+0.0033%	1h	2.5440	+0.173%	$113	$52K	5.5x	as long as short
BloFin CAKE-USDT	+0.0055%	4h	2.5400	+0.016%	$996K	$363K	75x	as long as short
Hyperliquid CAKE	+0.0100%	1h	2.5453	+0.224%	$3.2M	$3.2M	3x	as long as short
Aster CAKEUSDT	+0.0100%	4h	2.5411	+0.059%	$2.4M	$87K	10x	as long as short
Binance CAKEUSDT	+0.0100%	4h	2.5414	+0.071%	$18.3M	$38.2M	75x	as long as short
Bybit CAKEUSDT	+0.0100%	4h	2.5406	+0.039%	$5.3M	$4.0M	50x	as long as short
Gate CAKE_USDT	+0.0100%	4h	2.5421	+0.098%	$888K	$766K	75x	as long as short
MEXC CAKE_USDT	+0.0100%	4h	2.5414	+0.071%	$14.1M	$2.8M	125x	as long as short
KuCoin CAKEUSDTM	+0.0100%	4h	2.5412	+0.063%	$2.5M	$5.7M	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	2.5429	+0.130%	$2.7M	$2.8M	75x	as long as short
BingX CAKE-USDT	+0.0100%	4h	2.5410	+0.055%	—	$3.6M	—	as long as short
Variational Omni CAKE	+0.0100%	4h	2.5367	−0.115%	$532K	$492K	—	as long as short
ApeX Omni CAKEUSDTshort	+0.0100%	1h	2.5398	+0.008%	$13K	$699K	50x
GMX CAKE/USD [WBTC.b-USDC]	L +0.0420% / S −0.0272%	1h	2.5408	+0.048%	$38K	—	100x	as long as short
Kraken Futures PF_CAKEUSD	+0.0776%	1h	2.5469	+0.287%	$57K	$37K	10x	as long as short