Funding arb · Price arb /

CAKE

all CAKE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0521%/8h= +57.0% APRpaid last 24h +0.068%

Price spread now: GMX against Variational Omni+0.304%7-day average — · you sell dearer than you buy

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

Long on Variational Omni Short on GMX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$16 a day on $10k at the current rate, and GMX is 0.304% dearer against Variational Omni than usual: you sell high and buy low: +$30 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	Variational Omni CAKE	2.4851	−0.0307	get 0.0153% / 4h	3h 52m	$512K	$419K	—
Short	GMX CAKE/USD [WBTC.b-USDC]	2.4927	L +0.0380% / S −0.0214%	get 0.0027% / 1h	52m 39s	$37K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Variational Omni. 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 Variational OmnibpFee GMXbpOrdersPrice spread, now +0.304%Rate

Funding earned: $109.35
Price spread: +0.304% → 0.000%: $30.44
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee GMX: 6 bp × 2 orders: −$12
Net: $127.8
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 46 min ago; 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 Variational Omni RFQ quote, 46 min ago	4.73 bp	doesn't fit	77.8 bp −$778	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

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
Bybit CAKEUSDT	−0.1970%	4h	2.4872	+0.085%	$5.3M	$3.1M	50x	as long as short
Variational Omni CAKElong	−0.0307%	4h	2.4851	long leg	$512K	$419K	—
Kraken Futures PF_CAKEUSD	−0.0283%	1h	2.4914	+0.252%	$54K	$44K	10x	as long as short
Orderly PERP_CAKE_USDC	−0.0132%	4h	2.4903	+0.210%	$7K	$14K	10x	as long as short
ApeX Omni CAKEUSDT	−0.0088%	1h	2.4902	+0.206%	$10K	$668K	50x	as long as short
BloFin CAKE-USDT	+0.0010%	4h	2.4904	+0.214%	$993K	$313K	75x	as long as short
MEXC CAKE_USDT	+0.0024%	4h	2.4900	+0.198%	$15.1M	$2.9M	125x	as long as short
Binance CAKEUSDT	+0.0025%	4h	2.4898	+0.190%	$17.5M	$27.4M	75x	as long as short
Injective CAKE/USDC PERP	+0.0033%	1h	2.5440	+2.371%	$113	$52K	5.5x	as long as short
KuCoin CAKEUSDTM	+0.0098%	4h	2.4902	+0.206%	$2.4M	$5.1M	50x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid CAKE	+0.0100%	1h	2.4910	+0.238%	$3.1M	$1.8M	3x	as long as short
Aster CAKEUSDT	+0.0100%	4h	2.4903	+0.211%	$2.3M	$106K	10x	as long as short
Gate CAKE_USDT	+0.0100%	4h	2.4873	+0.089%	$889K	$586K	75x	as long as short
Bitget CAKEUSDT	+0.0100%	4h	2.4895	+0.177%	$2.6M	$2.0M	75x	as long as short
BingX CAKE-USDT	+0.0100%	4h	2.4898	+0.190%	—	$3.8M	—	as long as short
GMX CAKE/USD [WBTC.b-USDC]short	L +0.0380% / S −0.0214%	1h	2.4927	+0.304%	$37K	—	100x