W

W (Wormhole) perpetual futures funding rates are tracked live across 24 exchanges on ORBIT. Funding is the recurring payment exchanged between long and short traders that keeps a perpetual contract tethered to the spot price — when it is positive, longs pay shorts; when negative, shorts pay longs. Right now W funding ranges from -186.96% annualized on Variational to +10.96% on Bybit.

The widest cross-exchange funding spread for W is currently 197.9% APR. A delta-neutral funding trade captures this gap by going long on Variational — where funding is lowest, so the long leg is paid or pays the least — and short on Bybit, where funding is highest, so the short leg collects. Because the two legs are equal and opposite, the asset's price moves cancel out and what is left is the funding spread. ORBIT's backtester replays the real funding history of both legs and subtracts live taker fees and order-book slippage, so the result is net PnL, not a headline number.

W ranks #312 by open interest among tracked perpetual assets, total open interest across covered venues is $32.9M, 24h volume is $14.4M, the volume-weighted mark price is $0.0085. Deeper liquidity means a funding spread can be traded at larger size with lower slippage — use the Min OI filter on the screener to surface only markets you can realistically enter and exit.