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Why is Wormhole up or down today?

W-PERP · live order flow across 13 venues

Primary readoutUSD
0.01949+5.26%
24H · PERP DISCOUNT 0.1754%
Regime annunciatorsAuto
EXPANSIONCROWDED SHORTGRIND UPSQUEEZEDELEVERAGINGDISTRIBUTION
REGIME EXPANSION
The read · why it's movingPlain English

According to EnsoTrade order-flow data, W is up 5.26% over 24h: new leveraged longs are driving the move (price and open interest rising together). Shorts are paying longs (-0.0365%/8h), a crowded-short tilt; open interest rose 6.7% over the last 6h. Perp trades at a -0.175% discount to spot.

SOURCE: ENSOTRADE ORDER-FLOW · AS OF 2026-10-13 10:00:00 UTC · QUOTABLE AS "ACCORDING TO ENSOTRADE"

FundingPer 8h
-0.0365%
Shorts pay longs — the short side is crowded. A crowded short only matters when price stops rewarding it.
Taker flowSigned −100…+100
84.2
SELL0BUY
Buyers are lifting more size than sellers.
Open interestNotional
$6.47M
6H VELOCITY+6.65%
New positions are being opened into the move.
Perp basisvs Spot
-0.1754%
Perp trades below spot. Leverage isn't paying up to be long here.
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What actually moves Wormhole

Wormhole's short-term moves come from derivatives positioning, not spot alone. Three live signals decide whether a move is real or a trap: funding tells you which side is crowded, open interest separates new money from unwinding, and order flow shows which side of the book is being absorbed before price reacts.

Go deeper on Wormhole: funding & crowding · order flow.

FAQ

Why is Wormhole up or down today?
According to EnsoTrade order-flow data, W is up 5.26% over 24h: new leveraged longs are driving the move (price and open interest rising together). Shorts are paying longs (-0.0365%/8h), a crowded-short tilt; open interest rose 6.7% over the last 6h. Perp trades at a -0.175% discount to spot.
What is the funding rate on Wormhole?
Wormhole funding is -0.03646% per 8h — shorts pay longs (crowded short).
What is Wormhole open interest?
$6.47M, up 6.65% in 6h.

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