PancakeSwap price and where to buy CAKE

What is PancakeSwap?

PancakeSwap is a decentralised exchange that runs mainly on BNB Chain, where users swap tokens from their own wallets against liquidity pools. CAKE is its token: it is used for governance and rewards, and part of the protocol’s fees is used to buy CAKE and burn it.

How to buy PancakeSwap, step by step

1. Pick an exchange. CAKE is listed on four of the five exchanges we track. Compare fees, funding options and whether it serves your country in our exchange reviews.
2. Create and verify your account. Regulated exchanges ask for identity documents before you can deposit fiat.
3. Fund the account. A bank transfer or a stablecoin deposit usually costs far less than a card payment.
4. Buy CAKE. Use the CAKE/USDT or CAKE/USD market, and check the cheapest venue in the table above first.
5. Decide where to keep it. On the exchange is simplest, but the exchange then holds your coins. CAKE lives mainly on BNB Chain, so choose that network when you withdraw. With a self-custody wallet you can also swap for CAKE on PancakeSwap itself.

Where to buy PancakeSwap at the best price

The cheapest venue right now is marked in the table above. Add its trading fee before comparing: on CAKE the venues disagree by about 0.10 percent on average, so on a small purchase the fee and the funding method usually matter more.

• The price on that venue. Each row shows the gap to our composite.
• The trading fee. Our fee comparison lists spot fees side by side.
• How you fund the account. A bank transfer or stablecoin deposit is usually far cheaper than a card payment, which often costs several percent.

Why the PancakeSwap price differs between exchanges

In our minute-by-minute measurement the gap between the highest and lowest venue averaged about 0.10 percent, against about 0.025 percent for Bitcoin. It went above half a percent in about one minute out of every thousand, and reached about 1.0 percent at its widest.

About seven tenths of the CAKE spot volume we track trades on a single venue. The spread figure at the top of this page is the live measurement; our guide on why crypto prices differ between exchanges explains the mechanism.

What moves the PancakeSwap price

The wider crypto market, and in CAKE’s case its own news too. In our hourly composite, CAKE moved with Bitcoin at a correlation of about 0.43, where 1 would mean identical moves, and its moves were about two and a half times the size of Bitcoin’s.

CAKE-specific drivers come on top: trading volume on PancakeSwap, changes to its burn and reward rules, and leverage. The funding rates on this page show whether leveraged traders are paying to be long or short right now.

Pros and cons of PancakeSwap

Pros

• Governance and rewards on one of the largest decentralised exchanges.
• Part of protocol fees buys and burns CAKE.
• Its price gap between exchanges rarely spiked in our measurement.

Cons

• Its hourly moves were about two and a half times Bitcoin’s in our data.
• It trades on four of the five exchanges we track, with about seven tenths of the volume on one.
• It trades far below its all-time high of about $44.

PancakeSwap’s highest price

PancakeSwap’s all-time high is about $44 on volume-weighted data. The chart above shows the last 30 days of our composite, and the CAKE to USD converter applies the live price to any amount.