PancakeSwap (CAKE) Perpetual Futures

The open-interest-weighted CAKE funding rate is +0.0051% per 8 hours, or +5.55% annualised. Positive funding means longs pay shorts. Across exchanges it ranges from -0.0658% on Kraken to +0.0100% on Hyperliquid. Compare all funding rates.

CAKE perpetual open interest is $39.82M (18.09M CAKE), up 3.99% in 24 hours. MEXC holds the most at $11.27M. That is 5.71% of PancakeSwap's market cap.

PancakeSwap is a decentralised exchange that lets users swap tokens through automated market maker pools. It began on BNB Chain and has since expanded to other networks, including Ethereum and several layer 2s. CAKE is its native token.

PancakeSwap perps traded $52.40M in the last 24 hours, -38.25% on the day before. KuCoin leads with 40%, followed by Binance ($9.95M) and BingX ($2.53M).

Over the last 24 hours 50.0% of accounts are long and 50.0% short, a long/short ratio of 1.00. See the long/short ratio by exchange.

PancakeSwap uses part of its revenue, such as trading fees and other product income, to buy CAKE on the market and burn it. Burns reduce supply over time, offsetting new tokens paid out as rewards. Whether supply shrinks overall depends on trading activity compared with those emissions.

Most of PancakeSwap's trading happens on BNB Chain, so busy periods on the chain bring more swaps, more fees and larger burns. Memecoin launches and trading campaigns on BNB Chain have driven several of those spikes. CAKE therefore often moves with sentiment around BNB and its ecosystem.

$9.4K of CAKE positions were liquidated in 24 hours, $5.5K longs and $4.0K shorts. Binance saw the most at $9.2K. See liquidations across the market.

CAKE perps have less depth than large-cap markets, so slippage and sudden funding changes are more likely. The token can also react to governance decisions on emissions and burns. Liquidations can cluster quickly when price moves through thin areas of the order book.

CAKE perpetual futures are derivatives contracts that track the price of CAKE and never expire. Instead of settling on a date, they use a funding rate to stay close to the spot price. You can go long or short with leverage without holding any CAKE.

Funding is a payment between longs and shorts. When CAKE perps trade above the index price, funding is positive and longs pay shorts. When they trade below it, shorts pay longs. Most exchanges settle every 8 hours and some, including Hyperliquid, settle every hour.

CAKE perps trade on 10 tracked exchanges. By volume the largest are KuCoin, Binance and BingX. Compare fees and features on the best perpetual exchanges.

Coinperps does not give trading advice. Funding, open interest, the long/short ratio and liquidations show how other traders are positioned, but crowded positioning can last longer than expected. Size positions so a liquidation would not hurt you.