Max retweeted
Perps are looking good on Arbitrum
This month, @variational_io hit an all-time high of $448B in cumulative trading volume across RWA and crypto markets
Max retweeted
"Variational traded $114.2B in Q3, against $62.8B in Q2, while its average open interest rose from $410M to $741M and closed the quarter at $1.01B."
Thanks to @AleaResearch for highlighting Variational's Q3 growth, driven by swaps adoption over the final month of the quarter!
Max retweeted
This week, the companies behind 13 TradFi markets listed on Variational will be reporting earnings.
We’re hosting a competition to trade them with $18k in prizes 👇
Max retweeted
Variational now has 18 different swaps bringing TradFi liquidity on-chain, focused primarily on indices and commodities.
Next up is FX, followed by more exotic commodities and single stocks.
Max retweeted
Welcome back to the Variational biweekly update!
PRODUCT
➡️ The most recent mainnet release was v0.38.1
➡️ Improvements to portfolio page
➡️ Extended QR-linked mobile session log in timer to 30 days
➡️ Preparations for trading API release
➡️ /v2/stats read API endpoint
METRICS
➡️ Total Volume Traded: $417.92B
➡️ Current Dual-Sided OI: $2.04B
➡️ TVL (Excludes OLP Hedging Accounts): $290.88M
➡️ Total Markets Currently Listed: 575
➡️ Total Rewards Claimed: $8,831,643
➡️ Total Losses Refunded (Sunset): $4,559,196
➡️ Total Referral Rewards Claimed: $4,272,447
➡️ 2w Spreads Paid (Gross Revenue): $6,561,755
➡️ 2w Net Revenue: $3,682,137
➡️ 2w Rewards: ($303,768)
➡️ Referral Rewards: ($303,768)
➡️ 2w Net Profit: $3,378,369
➡️ 2W Protocol Treasury Inflow: $1,312,351
➡️ 2W OLP PnL: $2,066,018
➡️ Lifetime OLP PnL: $23,424,969
➡️ Current Protocol Treasury Holdings: 11,077,933 USDC
Thank you for your continued trust and support!
Max retweeted
Since the launch of the first swaps in September, we've seen rapid adoption of the new instrument by both existing and new Variational traders.
More than half of all active accounts on Variational this month have traded a swap market.
Swaps > perps.
Max retweeted
The Variational protocol has crossed $400B in total volume processed.
More than $100B of this volume has been since the launch of swaps last month.
Max retweeted
If you're a trader with a history of trading perps on-chain, you could be eligible to claim up to 3,000 Variational points and grant up to $15,000 to the trader that refers you.
Join the 750+ new Variational traders who have already signed up through the program!
Max retweeted
Variational has 569 different crypto and traditional markets listed, the most of any major on-chain trading platform.
One account. Every market.
Max retweeted
The Variational treasury has crossed $10M in USDC holdings.
~$2.5M was added to the treasury in the month of September.
Max retweeted
Variational supports crypto, stocks, commodities, and even pre-IPO markets like OpenAI and Anthropic, all from one USDC account.
One account. Every market.
Max retweeted
NEW EPISODE - Is @variational_io the Next Hyperliquid?
Variational isn’t trying to be another perp exchange. Lucas Schuermann (@variational_lvs) & @JustinCBram break down its broker model, how it taps into TradFi liquidity, why swaps could be a better retail primitive for RWAs, and the vision for accessing thousands of global markets from one USDC balance.
Plus: the 32% VAR airdrop, mobile, and the push to bring the next wave of traders onchain.
CHAPTERS
---
0:00 Broker, Not Exchange
5:07 Why Brokerage Wins for Retail
8:22 What Is a Swap?
9:58 The Real Cost of Trading
11:43 Bringing TradFi Liquidity Onchain
14:44 Building Variational
23:14 From Crypto Traders to Everyone
26:42 The Next User Base
30:35 What Actually Happens Onchain?
34:00 Inside OLP
37:03 Arbitrum and User Funds
39:44 The VAR Token and 32% Airdrop
42:34 Funding the Token Model
44:11 The 2027 Roadmap
47:44 Protocol or Platform?
Max retweeted
With 555 markets and new listings daily, Variational has the largest selection of crypto and traditional markets available to trade on-chain.
Max retweeted
A swap for Copper $COPP is now live with zero fees, up to 10x leverage, and direct TradFi liquidity.
Max retweeted
By connecting directly to TradFi, swaps on Variational offer the deepest liquidity available on-chain.
1/ Launching a new site RWApulse to monitor where the best place is to trade RWAs are
👉 rwa.perpetualpulse.xyz
Max retweeted
This year, traditional markets went from none, to a small portion, to the majority of Variational's daily volume.
Max retweeted
Now that swaps are live (with more markets being continually listed), our next major project is the Omni trading API.
Until now, all trading on has been through the frontend. Soon, traders will be able to trade programmatically on Omni's 550+ listed TradFi and crypto markets.
Max retweeted
A year and a half ago, we launched Omni to bring broker-style trading on-chain. Back then, we got excited about hitting $1M in daily volume. As we relentlessly iterated on our product with UI redesigns, spread improvements, new order types, and more listings, our user base grew exponentially. Eventually, we started seeing $10M, $100M, $500M, $1B+ days.
Now, Omni is one of the largest on-chain trading venues by any metric: $3B+ in daily volume and nearly $2B in open interest. More than half of the platform's activity is in non-crypto markets. That rapid growth is driven primarily by swaps, our new instrument bringing TradFi liquidity on-chain.
Omni was (and continues to be) shaped by the feedback of traders. Hyperliquid proved that if you do right by your community, they will do right by you. That's why 32% of $VAR is going to Variational traders at TGE, fully unlocked. No external market makers on Omni, and no points for OLP. 100% of the allocation goes to real users.
We have so much left to build: trading API, 24/7 swaps liquidity, spread rebates, OLP deposits, spot markets, and Pro for options. TGE will be just the start of our journey to make Variational the best place for retail and institutions to trade any global market on-chain.
I'm excited to share more about our upcoming partnerships. For now I'll just say that the wait will be worth it. See you in Q4.
Max retweeted
As a thank you to all participants in the first Variational swaps trading competition, we've dropped an additional 20,000 points to all competitors proportional to their volume on swaps during the competition period.
Check the points page to see your distribution!
