Funding arb · Price arb /

CAKE

all CAKE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0249%/8h= +27.3% APRpaid last 24h +0.059%

Price spread now: GMX against Orderly+0.057%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 GMX

What this pair did over the last

the charts below follow

Funding, last 3 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

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and GMX is 0.057% dearer against Orderly than usual: you sell high and buy low: +$6 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_CAKE_USDC	2.5474	0.0023	pay 0.0012% / 4h	3h 34m	$7K	$14K	10x
Short	GMX CAKE/USD [WBTC.b-USDC]	2.5489	L +0.0421% / S −0.0272%	get 0.0034% / 1h	34m 00s	$38K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now +0.057%Rate

Funding earned: $52.28
Price spread: +0.057% → 0.000%: $5.71
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee GMX: 6 bp × 2 orders: −$12
Net: $39.99
Costs to cover: 0.180%
Break-even: 1.6 days

Slippage unknown: Orderly: no order-book sample; GMX: 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 Orderly no order-book sample	—	—	—	—	—
Sell GMX no order-book sample	—	—	—	—	—

Orderly and GMX: 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	+0.0023%	4h	2.5474	long leg	$7K	$14K	10x
Injective CAKE/USDC PERP	+0.0033%	1h	2.5440	−0.133%	$113	$52K	5.5x	as long as short
BloFin CAKE-USDT	+0.0077%	4h	2.5486	+0.047%	$996K	$365K	75x	as long as short
Hyperliquid CAKE	+0.0100%	1h	2.5509	+0.137%	$3.2M	$2.6M	3x	as long as short
Aster CAKEUSDT	+0.0100%	4h	2.5487	+0.053%	$2.4M	$78K	10x	as long as short
Binance CAKEUSDT	+0.0100%	4h	2.5471	−0.013%	$18.2M	$35.4M	75x	as long as short
Bybit CAKEUSDT	+0.0100%	4h	2.5443	−0.122%	$5.3M	$3.8M	50x	as long as short
Gate CAKE_USDT	+0.0100%	4h	2.5480	+0.024%	$893K	$681K	75x	as long as short
MEXC CAKE_USDT	+0.0100%	4h	2.5474	0.000%	$14.1M	$2.8M	125x	as long as short
KuCoin CAKEUSDTM	+0.0100%	4h	2.5472	−0.008%	$2.5M	$5.5M	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	2.5492	+0.071%	$2.7M	$2.6M	75x	as long as short
BingX CAKE-USDT	+0.0100%	4h	2.5467	−0.027%	—	$3.6M	—	as long as short
Variational Omni CAKE	+0.0100%	4h	2.5451	−0.090%	$534K	$469K	—	as long as short
ApeX Omni CAKEUSDT	+0.0100%	1h	2.5510	+0.141%	$11K	$698K	50x	as long as short
GMX CAKE/USD [WBTC.b-USDC]short	L +0.0421% / S −0.0272%	1h	2.5489	+0.057%	$38K	—	100x
Kraken Futures PF_CAKEUSD	+0.0708%	1h	2.5520	+0.182%	$55K	$37K	10x	as long as short