It looks like there's another arbitrage opportunity in the $mCAKE / $CAKE pair.
mCAKE is a biggest liquid wrapper for locked @PancakeSwap token from @Cakepiexyz_io. With the growth of $CAKE, the wrapper's peg has significantly "fallen off."
This is understandable - people want to cash out of tokens during a pump and use DeFi liquidity for this, causing the depeg.
However, the team is already responding by launching a Governance Proposal to support $mCAKE (allocating part of the revenue for buybacks and increasing $CKP emissions to boost APR in pools with $mCAKE).
IMO, recover the peg is just a matter of time. You could simply go short on $CAKE perp (+111% APR by funding btw) and long on $mCAKE. This way, your "net" position won't depend on CAKE's price but will purely benefit from the peg's recovery. With the peg currently at 63%, there’s decent upside potential to 100%.
DYOR, of course.