CAKE arbitrage between HyperLiquid and KuCoin: we compare the price of CAKE on HyperLiquid (futures) and KuCoin (futures) in real time — the executable spread (buy at the ask, sell at the bid), basis, volume and deposit/withdrawal status. You can see whether the gap holds or is a one-second blip you would never get into.

About PancakeSwap

PancakeSwap is an automated market maker (“AMM”) that allows two tokens to be exchanged on the Binance Smart Chain. It is fast, cheap, and allows anyone to participate.

Decentralized Exchange (DEX), Exchange-based Tokens, Decentralized Finance (DeFi), Yield Farming

CAKE: KuCoin — deposit open, withdrawal open.

Open interest in CAKE right now — $19.8M: Binance $9.4M, Bybit $2.9M, BingX $2.6M, KuCoin $2.2M, HyperLiquid $1.4M. See OI CAKE.

About CAKE arbitrage

How do I read the CAKE spread?

The spread is how many percent higher CAKE trades on one exchange than on the other. We measure it at tradeable prices (ask/bid) net of fees; “net” is closer to what you actually keep.

Is this arbitrage worth taking?

Look past the spread: check volume, order-book depth and the deposit/withdrawal status on HyperLiquid and KuCoin. If deposits or withdrawals are shut, or the book is thin, the spread exists on paper but you cannot trade into it.

How do I get CAKE alerts?

Build a rule in the the builder with the spread threshold you want — the notification arrives as a Telegram direct message within seconds.