ArbiLayer

W arbitrage

live

Live Wormhole price differences between exchanges: perpetual, spot and DEX spreads after fees, with funding and depth.

Best net spread+0.17%Variational → Hyperliquid · Perp–Perp
Best perp–perp spread+0.33%Variational → Hyperliquid
Markets tracked1710 venues · 9 perp · 7 spot · 1 DEX
Price range0.55%$0.0181 – $0.0182

Spreads between exchanges

Long (buy)Short (sell)SpreadNetSpread+FDepth $Funding 24hFunding 30DD/WChart
Variational logoVariational$0.0181Hyperliquid logoHyperliquid$0.0182 +0.33%+0.17% +0.33%— +0.000%— LS Chart →
Variational logoVariational$0.0181MEXC logoMEXC$0.0182 +0.29%+0.13% +0.28%— -0.033%— LS Chart →
Variational logoVariational$0.0181OKX logoOKX$0.0181 +0.25%+0.09% +0.22%— -0.148%— LS Chart →
Variational logoVariational$0.0181Bybit logoBybit$0.0181 +0.23%+0.07% +0.23%— +0.000%— LS Chart →
Variational logoVariational$0.0181Binance logoBinance$0.0181 +0.20%+0.04% +0.20%— -0.033%— LS Chart →
Variational logoVariational$0.0181Gate logoGate$0.0181 +0.20%+0.04% +0.19%— -0.084%— LS Chart →
Variational logoVariational$0.0181Bitget logoBitget$0.0181 +0.11%-0.05% +0.11%— +0.000%— LS Chart →
Variational logoVariational$0.0181KuCoin logoKuCoin$0.0181 +0.11%-0.05% +0.11%— +0.000%— LS Chart →
Bitget logoBitget$0.0181Hyperliquid logoHyperliquid$0.0182 +0.11%-0.05% +0.11%— 0.000%+0.34% LS Chart →
Binance logoBinance$0.0181Hyperliquid logoHyperliquid$0.0182 +0.08%-0.08% +0.08%— +0.033%+0.18% LS Chart →
OKX logoOKX$0.0181Hyperliquid logoHyperliquid$0.0182 +0.08%-0.08% +0.10%— +0.148%+0.91% LS Chart →
Bitget logoBitget$0.0181MEXC logoMEXC$0.0182 +0.07%-0.09% +0.06%— -0.033%-0.04% LS Chart →
Bybit logoBybit$0.0181Hyperliquid logoHyperliquid$0.0182 +0.06%-0.10% +0.06%— 0.000%+0.29% LS Chart →
Gate logoGate$0.0182Hyperliquid logoHyperliquid$0.0182 +0.06%-0.10% +0.07%— +0.084%+0.81% LS Chart →
KuCoin logoKuCoin$0.0182Hyperliquid logoHyperliquid$0.0182 +0.06%-0.10% +0.05%— 0.000%+0.43% LS Chart →
Long = where you buy, Short = where you sell. Net subtracts a two-leg taker fee model; Spread+F adds the next funding payment.Updates every 15 seconds. Not investment advice.

W price on every exchange

ExchangeMarketBidAskPricevs medianFunding 24hVolume 24h
Gate logoGatePerpetual · W_USDTPerpetual $0.0181$0.0182$0.0181-0.05% -0.054%$142.58M
OKX logoOKXPerpetual · W-USDT-SWAPPerpetual $0.0181$0.0181$0.0181-0.04% -0.118%$41.11M
Bybit logoBybitPerpetual · WUSDTPerpetual $0.0181$0.0181$0.0181-0.04% +0.030%$24.10M
Bitget logoBitgetPerpetual · WUSDTPerpetual $0.0181$0.0181$0.0181-0.13% +0.030%$7.17M
Hyperliquid logoHyperliquidPerpetual · WPerpetual $0.0182$0.0182$0.0182+0.15% +0.030%$5.99M
OKX logoOKXSpot · W-USDTSpot $0.0182$0.0182$0.0182+0.09% —$4.11M
MEXC logoMEXCPerpetual · W_USDTPerpetual $0.0182$0.0182$0.0182+0.02% -0.003%$3.93M
Bybit logoBybitSpot · WUSDTSpot $0.0182$0.0182$0.0182+0.12% —$1.48M
KuCoin logoKuCoinPerpetual · WUSDTMPerpetual $0.0181$0.0182$0.0181-0.10% +0.030%$1.32M
Bitget logoBitgetSpot · WUSDTSpot $0.0182$0.0182$0.0182+0.04% —$1.11M
KuCoin logoKuCoinSpot · W-USDTSpot $0.0181$0.0182$0.0182-0.02% —$1.10M
Variational logoVariationalPerpetual · WPerpetual $0.0181$0.0181$0.0181-0.40% +0.030%$1.00M
Gate logoGateSpot · W_USDTSpot $0.0182$0.0182$0.0182+0.02% —$612.2K
Pumpswap · Solana logoPumpswap · SolanaDEX pool · solana · 85VBFQ…QAmQDEX pool $0.018$0.0181$0.018-0.62% —$95.7K
Binance logoBinancePerpetual · WUSDTPerpetual $0.0181$0.0181$0.0181-0.07% -0.003%—
Binance logoBinanceSpot · WUSDTSpot $0.0182$0.0182$0.0182+0.07% ——
MEXC logoMEXCSpot · WUSDTSpot $0.0182$0.0182$0.0182+0.10% ——
Price is the bid/ask midpoint. "vs median" compares each market with the median of all centralized venues.

W arbitrage explained

Right now Wormhole (W) trades on 10 venues we scan: 9 perpetual markets, 7 spot markets and 1 DEX pool. The lowest ask is on Variational perp at $0.0181 and the highest bid on Bybit spot at $0.0182.

The widest W perpetual spread is between Variational and Hyperliquid: long W on Variational at $0.0181 and short on Hyperliquid at $0.0182 for +0.33% gross, or +0.17% after the 0.16% two-leg fee model. No transfer is needed: both positions stay on their exchanges until the prices converge. The funding difference on this pair is +0.000% per day, which the position collects while it is open.

For a spot–perpetual (cash-and-carry) trade, the best W route is to buy spot on Gate and short the perpetual on Hyperliquid: -0.01% gross, -0.21% net, with +0.030% a day of funding on the short leg.

Spot–spot W arbitrage (buy on Gate, withdraw, deposit and sell on Bybit) shows +0.02% gross right now. It only works if withdrawals on the buying exchange and deposits on the selling exchange are open, so check the D/W dots before moving coins.

Small W gaps usually disappear after fees, slippage and funding. Look at the Net column, the executable Depth and the spread history before trading: a gap that has been open for days is a different trade from a one-minute spike.

Related: W funding rates · W spread charts · Wormhole price · arbitrage scanner for all coins.

Is there a W arbitrage opportunity right now?

The best W route right now is to buy on Variational → sell on Hyperliquid (Perp–Perp): +0.33% gross and +0.17% after fees. It is positive after the fee model, but check depth and funding before trading.

Which exchange has the cheapest W?

Variational (perp) has the lowest W ask at $0.0181, and Bybit (spot) the highest bid at $0.0182. Prices update every 15 seconds on this page.

How many exchanges list W?

ArbiLayer tracks 17 W markets on 10 venues: 9 perpetual, 7 spot and 1 DEX pool.

How do I arbitrage W without transferring coins?

Use two perpetual contracts: go long W on the cheaper exchange (Variational now) and short it on the more expensive one (Hyperliquid), then close both legs when the spread converges. The coins never move between exchanges.

Arbitrage for other coins

POWER +17.34%CRO +15.63%ESPORTS +9.64%BLAST +8.90%ONE +7.76%OPENAI +6.43%BDX +5.66%BAY +4.93%OURA +3.38%COOL +3.35%ANTHROPIC +3.34%EGLD +3.20%SPCX +2.95%ZIL +2.70%APPSTOCK +2.62%UPC +2.16%AI +2.15%PAID +2.03%