Existing iterative stereo matching methods primarily adopt two types of correspondence representation: explicit matching search via correlation volumes and local residual refinement via warped features, yet the two remain separately modeled. We propose WAVE-Stereo, built on a core insight: correlation volumes and feature warping provide complementary matching cues. \textbf{GeoWarp Correspondence Encoder (GWCE)} encodes matching search, residual alignment, and disparity prior in parallel at the ConvGRU input. To mitigate matching degradation in textureless regions, we propose \textbf{Periodic Global Context Propagation (PGCP)}, which propagates global spatial information in a periodic manner. On five real-world benchmarks -- Middlebury, ETH3D, KITTI 2012, KITTI 2015, and Booster -- WAVE-Stereo achieves competitive zero-shot generalization accuracy without any external foundation model prior, achieving 3.18\% D1-all on KITTI 2015, 4.42\% Bad-2.0 on Booster, and 66ms real-time inference, striking a favorable balance between accuracy and efficiency. Our code is available at https://github.com/yamanoko-do/WAVE-Stereo.
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