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 $0.0161 and the highest bid on Bybit spot at $0.0161.
The widest W perpetual spread is between Variational and Hyperliquid: long W on Variational at $0.0161 and short on Hyperliquid at $0.0161 for +0.12% gross, or -0.04% 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 Bitget and short the perpetual on Hyperliquid: -0.06% gross, -0.26% net, with +0.030% a day of funding on the short leg.
Spot–spot W arbitrage (buy on Bitget, withdraw, deposit and sell on Bybit) shows -0.01% 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.