ArbiLayer

W arbitrage

live

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

Best net spread+0.23%Variational → OKX · Perp–Perp
Best perp–perp spread+0.39%Variational → OKX
Markets tracked1710 venues · 9 perp · 7 spot · 1 DEX
Price range0.65%$0.0166 – $0.0167

Spreads between exchanges

Long (buy)Short (sell)SpreadNetSpread+FDepth $Funding 24hFunding 30DD/WChart
Variational logoVariational$0.0166OKX logoOKX$0.0167 +0.39%+0.23% +0.37%— -0.104%— LS Chart →
Variational logoVariational$0.0166KuCoin logoKuCoin$0.0167 +0.36%+0.20% +0.36%— +0.000%— LS Chart →
Variational logoVariational$0.0166Hyperliquid logoHyperliquid$0.0167 +0.36%+0.20% +0.36%— +0.000%— LS Chart →
Variational logoVariational$0.0166Binance logoBinance$0.0167 +0.34%+0.18% +0.33%— -0.038%— LS Chart →
Variational logoVariational$0.0166MEXC logoMEXC$0.0167 +0.34%+0.18% +0.33%— -0.037%— LS Chart →
Variational logoVariational$0.0166Bybit logoBybit$0.0167 +0.33%+0.17% +0.33%— +0.000%— LS Chart →
Variational logoVariational$0.0166Gate logoGate$0.0167 +0.31%+0.15% +0.31%— -0.023%— LS Chart →
Variational logoVariational$0.0166Bitget logoBitget$0.0166 +0.24%+0.08% +0.24%— +0.000%— LS Chart →
MEXC logoMEXC$0.0167OKX logoOKX$0.0167 +0.04%-0.12% +0.02%— -0.067%-0.54% LS Chart →
Binance logoBinance$0.0167OKX logoOKX$0.0167 +0.02%-0.14% +0.01%— -0.066%-0.73% LS Chart →
Bitget logoBitget$0.0167OKX logoOKX$0.0167 +0.02%-0.14% +0.01%— -0.104%-0.57% LS Chart →
Bybit logoBybit$0.0167OKX logoOKX$0.0167 +0.02%-0.14% +0.00%— -0.104%-0.62% LS Chart →
MEXC logoMEXC$0.0167KuCoin logoKuCoin$0.0167 +0.01%-0.15% +0.02%— +0.037%-0.06% LS Chart →
MEXC logoMEXC$0.0167Hyperliquid logoHyperliquid$0.0167 +0.01%-0.15% +0.01%— +0.037%+0.37% LS Chart →
Gate logoGate$0.0167OKX logoOKX$0.0167 +0.01%-0.15% -0.01%— -0.080%-0.09% 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 $0.0167$0.0167$0.0167-0.08% +0.007%$173.75M
OKX logoOKXPerpetual · W-USDT-SWAPPerpetual $0.0167$0.0167$0.0167-0.03% -0.074%$45.67M
Bybit logoBybitPerpetual · WUSDTPerpetual $0.0167$0.0167$0.0167-0.08% +0.030%$28.66M
Bitget logoBitgetPerpetual · WUSDTPerpetual $0.0166$0.0167$0.0166-0.12% +0.030%$8.58M
Hyperliquid logoHyperliquidPerpetual · WPerpetual $0.0167$0.0167$0.0167+0.09% +0.030%$6.60M
MEXC logoMEXCPerpetual · W_USDTPerpetual $0.0167$0.0167$0.0167-0.08% -0.007%$4.54M
OKX logoOKXSpot · W-USDTSpot $0.0167$0.0167$0.0167+0.05% —$4.51M
Bybit logoBybitSpot · WUSDTSpot $0.0167$0.0167$0.0167+0.13% —$1.67M
KuCoin logoKuCoinPerpetual · WUSDTMPerpetual $0.0167$0.0167$0.0167+0.03% +0.030%$1.54M
Bitget logoBitgetSpot · WUSDTSpot $0.0167$0.0167$0.0167+0.12% —$1.27M
KuCoin logoKuCoinSpot · W-USDTSpot $0.0167$0.0167$0.0167+0.03% —$1.21M
Variational logoVariationalPerpetual · WPerpetual $0.0166$0.0166$0.0166-0.51% +0.030%$1.06M
Gate logoGateSpot · W_USDTSpot $0.0167$0.0167$0.0167-0.02% —$669.5K
Pumpswap · Solana logoPumpswap · SolanaDEX pool · solana · 85VBFQ…QAmQDEX pool $0.0167$0.0168$0.0167+0.24% —$105.4K
Binance logoBinancePerpetual · WUSDTPerpetual $0.0167$0.0167$0.0167-0.08% -0.008%—
Binance logoBinanceSpot · WUSDTSpot $0.0167$0.0167$0.0167+0.03% ——
MEXC logoMEXCSpot · WUSDTSpot $0.0167$0.0167$0.0167+0.02% ——
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 $0.0166 and the highest bid on Bybit spot at $0.0167.

The widest W perpetual spread is between Variational and OKX: long W on Variational at $0.0166 and short on OKX at $0.0167 for +0.39% gross, or +0.23% 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 -0.104% per day, which the position pays while it is open.

For a spot–perpetual (cash-and-carry) trade, the best W route is to buy spot on Binance and short the perpetual on OKX: -0.10% gross, -0.30% net, with -0.074% a day of funding on the short leg.

Spot–spot W arbitrage (buy on Binance, 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.

Is there a W arbitrage opportunity right now?

The best W route right now is to buy on Variational → sell on OKX (Perp–Perp): +0.39% gross and +0.23% 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 $0.0166, and Bybit (spot) the highest bid at $0.0167. 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 (OKX), then close both legs when the spread converges. The coins never move between exchanges.

Arbitrage for other coins

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