ArbiLayer

W arbitrage

live

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

Best net spread-0.04%Variational → Hyperliquid · Perp–Perp
Best perp–perp spread+0.12%Variational → Hyperliquid
Markets tracked1710 venues · 9 perp · 7 spot · 1 DEX
Price range0.31%$0.016 – $0.0161

Spreads between exchanges

Long (buy)Short (sell)SpreadNetSpread+FDepth $Funding 24hFunding 30DD/WChart
Bitget logoBitgetspot$0.0161Bybit logoBybitspot$0.0161 -0.01%-0.21% -0.01%— 0.000%— LS Chart →
Bitget logoBitgetspot$0.0161Gate logoGatespot$0.0161 -0.04%-0.24% -0.04%— 0.000%— LS Chart →
Gate logoGatespot$0.0161Bybit logoBybitspot$0.0161 -0.05%-0.25% -0.05%— 0.000%— LS Chart →
OKX logoOKXspot$0.0161Bybit logoBybitspot$0.0161 -0.06%-0.26% -0.06%— 0.000%— LS Chart →
MEXC logoMEXCspot$0.0161Bybit logoBybitspot$0.0161 -0.06%-0.26% -0.06%— 0.000%— LS Chart →
Bitget logoBitgetspot$0.0161Binance logoBinancespot$0.0161 -0.06%-0.26% -0.06%— 0.000%— LS Chart →
Bitget logoBitgetspot$0.0161OKX logoOKXspot$0.0161 -0.06%-0.26% -0.06%— 0.000%— LS Chart →
Binance logoBinancespot$0.0161Bybit logoBybitspot$0.0161 -0.07%-0.27% -0.07%— 0.000%— LS Chart →
KuCoin logoKuCoinspot$0.0161Bybit logoBybitspot$0.0161 -0.07%-0.27% -0.07%— 0.000%— LS Chart →
Bitget logoBitgetspot$0.0161MEXC logoMEXCspot$0.0161 -0.08%-0.28% -0.08%— 0.000%— LS Chart →
OKX logoOKXspot$0.0161Gate logoGatespot$0.0161 -0.09%-0.29% -0.09%— 0.000%— LS Chart →
MEXC logoMEXCspot$0.0161Gate logoGatespot$0.0161 -0.09%-0.29% -0.09%— 0.000%— LS Chart →
Gate logoGatespot$0.0161Binance logoBinancespot$0.0161 -0.10%-0.30% -0.10%— 0.000%— LS Chart →
Gate logoGatespot$0.0161OKX logoOKXspot$0.0161 -0.10%-0.30% -0.10%— 0.000%— LS Chart →
Binance logoBinancespot$0.0161Gate logoGatespot$0.0161 -0.11%-0.31% -0.11%— 0.000%— 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 $0.0161$0.0161$0.0161-0.00% 0.000%$201.04M
OKX logoOKXPerpetual · W-USDT-SWAPPerpetual $0.0161$0.0161$0.0161-0.09% -0.035%$51.97M
Bybit logoBybitPerpetual · WUSDTPerpetual $0.016$0.0161$0.0161-0.12% +0.030%$33.93M
Bitget logoBitgetPerpetual · WUSDTPerpetual $0.0161$0.0161$0.0161-0.09% +0.030%$9.80M
Hyperliquid logoHyperliquidPerpetual · WPerpetual $0.0161$0.0161$0.0161+0.07% +0.030%$7.45M
MEXC logoMEXCPerpetual · W_USDTPerpetual $0.0161$0.0161$0.0161-0.07% +0.030%$5.42M
OKX logoOKXSpot · W-USDTSpot $0.0161$0.0161$0.0161+0.06% —$5.16M
Bybit logoBybitSpot · WUSDTSpot $0.0161$0.0161$0.0161+0.09% —$1.93M
KuCoin logoKuCoinPerpetual · WUSDTMPerpetual $0.0161$0.0161$0.0161-0.06% +0.030%$1.72M
KuCoin logoKuCoinSpot · W-USDTSpot $0.0161$0.0161$0.0161+0.03% —$1.47M
Bitget logoBitgetSpot · WUSDTSpot $0.0161$0.0161$0.0161+0.00% —$1.39M
Variational logoVariationalPerpetual · WPerpetual $0.016$0.0161$0.016-0.21% +0.030%$1.13M
Gate logoGateSpot · W_USDTSpot $0.0161$0.0161$0.0161+0.06% —$773.3K
Pumpswap · Solana logoPumpswap · SolanaDEX pool · solana · 85VBFQ…QAmQDEX pool $0.016$0.0161$0.016-0.12% —$119.4K
Binance logoBinancePerpetual · WUSDTPerpetual $0.0161$0.0161$0.0161-0.07% +0.030%—
Binance logoBinanceSpot · WUSDTSpot $0.0161$0.0161$0.0161+0.07% ——
MEXC logoMEXCSpot · WUSDTSpot $0.0161$0.0161$0.0161+0.05% ——
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 $0.0161 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.

Is there a W arbitrage opportunity right now?

The best W route right now is to buy on Variational → sell on Hyperliquid (Perp–Perp): +0.12% gross and -0.04% after fees. After fees it is not profitable, which is normal for liquid coins.

Which exchange has the cheapest W?

Variational (perp) has the lowest W ask at $0.0161, and Bybit (spot) the highest bid at $0.0161. 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

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