CAKE funding rate by exchange
8h equivalent · hover a rate for the exact APR| Market | Funding 8h | APR | Interval | Next funding | Settles in | Who pays | Open interest | OI share | 24h volume | Price | Trade |
|---|---|---|---|---|---|---|---|---|---|---|---|
| MEXC CAKE_USDT | 0.0100% | 11% | 4h | 0.0050% | 16m | Longs pay | $20.53M | 37.4% | $2.33M | 2.787 | Trade |
| Binance CAKEUSDT | 0.0100% | 11% | 4h | 0.0050% | 16m | Longs pay | $19.57M | 35.6% | $20.91M | 2.788 | Trade |
| Hyperliquid CAKE | 0.0100% | 11% | 1h | 0.00125% | 16m | Longs pay | $5.00M | 9.1% | $1.15M | 2.792 | Trade |
| KuCoin CAKEUSDTM | 0.0100% | 11% | 4h | 0.0050% | 16m | Longs pay | $3.47M | 6.3% | $7.31M | 2.789 | Trade |
| Bybit CAKEUSDT | -0.0116% | -13% | 4h | -0.0058% | 16m | Shorts pay | $3.39M | 6.2% | $3.12M | 2.787 | Trade |
| Bitget CAKEUSDT | 0.0100% | 11% | 4h | 0.0050% | 16m | Longs pay | $2.36M | 4.3% | $1.09M | 2.791 | Trade |
| Gate CAKE_USDT | 0.0100% | 11% | 4h | 0.0050% | 16m | Longs pay | $590K | 1.1% | $413K | 2.785 | Trade |
Sorted by open interest. Exchanges settle funding every 1, 4 or 8 hours. Funding 8h and APR convert every rate to 8 hours so they compare directly; Next funding is the predicted payment for the market's own interval at its next settlement, which moves with the premium until then. Where an exchange publishes no settlement time (Hyperliquid, Gate), it is the next whole interval on the UTC clock, when those exchanges settle. Trade links go to the exchange and may be referral links. Compare every coin on the funding rates page.
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CAKE funding history
From recorded history, hourlyCAKE funding has averaged 0.0096% per 8 hours since 13:15 UTC on 27 Sep (≈11% APR), positive in 100% of hourly readings, so longs mostly paid shorts.
CAKE funding rate
OI-weighted, 8hNot recorded Chart: TradingView Lightweight Charts™
CAKE funding rate by exchange
8h equivalent, per exchangeNot recorded Chart: TradingView Lightweight Charts™
About the CAKE funding rate
What is the CAKE funding rate?
CAKE perpetual futures never expire, so exchanges keep their price near spot with funding: a periodic payment between longs and shorts. When the perp trades above spot, the rate is positive and longs pay shorts; below spot it turns negative and shorts pay longs. The payment is a percentage of position size, charged every 1, 4 or 8 hours depending on the exchange.
How to read it
Binance and Bybit's default rate when the perp is in line with spot is 0.0100% per 8h (about 11% APR). Well above that means leveraged longs are paying up to hold CAKE; negative means shorts are crowded. The APR column shows what holding a position costs or earns over a year at today's rate. A wide spread between exchanges is what funding arbitrage traders look for.
Why do exchanges show different rates?
Each exchange computes funding from its own order book and premium, so the CAKE rate differs by venue, and intervals differ too. Volume Monitor converts every rate to an 8-hour equivalent and weights the headline figure by open interest. Rates update every few seconds from the exchanges' public feeds.
When is the next CAKE funding payment?
Each market settles on its own schedule: the Interval and Settles in columns above show it per exchange. Only traders holding a position at the settlement time pay or receive. The Next funding column is the predicted payment for that interval: the rate the exchange currently shows, which keeps moving with the perp's premium until settlement, so the final figure can differ. The funding history below shows how the CAKE rate has moved.