Wormhole (W) Spot vs Perp Volume
W perp vs spot volume: how many dollars of W perpetual futures trade for every dollar of spot, on the same exchanges and in the same quote currency. A higher ratio means a larger perp share of combined traded notional. Hourly history for 7 and 30 days, daily for all recorded time.
W's perp/spot volume ratio is 5.80x over the last 24 hours. Perps traded $10.17M and spot $1.75M in 24 hours across Binance, Bybit. For W over the rolling 24h window on the paired markets at Binance, Bybit, the 5.80x perp/spot multiplier means approximately $85.3 perp and $14.7 spot per $100 of combined traded notional. The same funds can turn over repeatedly; these shares do not count unique traders or measure their leverage, cash inflows or directional conviction. By exchange, Binance is the most futures-heavy at 6.95x and Bybit the least at 4.37x.
W perp/spot volume ratio
Hourly for 7d and 30d, daily for allLoading chart…
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W perp vs spot volume
Quote volume per bucketLoading chart…
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W spot vs perp volume by exchange
24h · most perp volume firstRecorded daily history is unavailable right now. Try again shortly for the recorded comparison.
| Exchange | Perp | Spot | Perp vol 24h | Spot vol 24h | Perp / spot |
|---|---|---|---|---|---|
| Binance | WUSDT | WUSDT | $6.75M | $971K | 6.95x |
| Bybit | WUSDT | WUSDT | $3.42M | $782K | 4.37x |
Not counted (no W spot market recorded there): Aster, Bitget, Gate, Hyperliquid, KuCoin, MEXC.
How to read it. The ratio is perpetual futures quote volume divided by spot quote volume on the same exchanges, in the same quote currency. Only Binance and Bybit count: they are the exchanges where this site records both markets. A higher ratio means a larger perp share of combined traded notional. Repeated turnover is possible: this does not count unique traders or measure their leverage, cash inflows or directional conviction. Next, use W spot vs perp net buying to examine which side initiated trades. Compare with W basis and the ratio for every coin.
W spot vs perp volume FAQ
What is W's spot vs perp volume ratio?
W's perpetual futures quote volume divided by its spot quote volume over the same period, on the exchanges where both markets are recorded here (Binance and Bybit, same quote currency).
Is a high W perp/spot ratio bearish?
Not by itself. It means more perpetual futures traded notional per dollar of spot traded notional. The same funds can turn over repeatedly: this does not count unique traders or measure their leverage, cash inflows or directional conviction. Next, inspect W CVD to see which side initiated trades, or compare basis and funding.
Why can the chart differ from the 24h figures?
The figures at the top are the exchanges' own rolling 24-hour volumes, live. The chart is built from the 1-minute bars this site records, per hour or per day, so it has gaps where recording stopped and its buckets start on the hour or at midnight UTC.