WAL arbitrage explained
Right now Walrus (WAL) trades on 8 venues we scan: 8 perpetual markets, 6 spot markets and 0 DEX pools. The lowest ask is on Binance perp at $0.0357 and the highest bid on Gate spot at $0.0358.
The widest WAL perpetual spread is between Binance and Bybit: long WAL on Binance at $0.0357 and short on Bybit at $0.0358 for +0.06% gross, or -0.10% 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 WAL route is to buy spot on Bybit and short the perpetual on Bybit: -0.14% gross, -0.34% net, with +0.030% a day of funding on the short leg.
Spot–spot WAL arbitrage (buy on Bybit, withdraw, deposit and sell on Binance) shows 0.00% 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 WAL 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: WAL funding rates · WAL spread charts · Walrus price · arbitrage scanner for all coins.