If you mean the 'w' in the middle between the two main words, no, it's not silent. It's just said very quickly. If you imagine that it's one word 'wporządku' that might help.
Sometimes, certain consonants sound as though they are merged with the following letter! Wszystko w porządku looks "phonetically" like FSHISTKAW V PAWZHAWNTKOO to an English native speaker:-)