
यत्र तत्र सर्वत्र महादेव 🔱 doinn smooll numbers on @variational_io
Joined December 2021
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Variational's recent performance has been genuinely impressive with daily volume going past above $1.5B and OI above $950M.
And guess what The most interesting part isn't the current numbers, it's what happens if TradFi assets become a major part of the platform 👀
New categories will add more participants which will eventually lead to new ath daily volumes and higher Open Interest ( generally leads to deeper liquidity )
Still early and team is executing at a very high level, excited to see what happens when TradFi perps scale.
Keep accumulating 👀🫀
My quant for a reason 😚🫀
Replying to @extendedapp
@extendedapp might be the most underrated perp that hasn't TGE'd. Pre-market has it priced at 200-250M FDV even though they have a treasury of ~20 USDC, strategic investment by @etoro, and working towards being fully compliant in the EU (where there is minimal perps competition).
Aditya retweeted
In mid-September, we made the decision to allocate a large chunk of our dev resources towards auditing and further improving protocol security. This included additional audits of both the codebase and our operations, AI-enabled pentesting, red teaming, and more.
Public mainnet is now right around the corner, and the trading API is being rolled out to a small set of whitelisted alpha testers before being publicly launched this month.
We remain on track for this year’s TGE and major partnership announcements that we alluded to in our tokenomics update. Expect to hear much more from us beginning later this month!
Aditya retweeted
"We connect directly to TradFi. And when I say 'directly to TradFi,' I don't mean crypto-native dealers that are sitting on a little bit of TradFi liquidity through a retail broker. I mean directly to the largest dealers that underpin traditional markets."
- @variational_lvs
Aditya retweeted
Thanks to @koolkrypto223 for his comments, I do not see his post as FUD at all but rather constructive discourse.
On single dealer
I think we've been quite transparent about being a broker-like model rather than an exchange. This actually necessitates the use of a single dealer: unlike spot assets, derivatives in crypto cannot be transferred between different exchanges. If we were to route your order split across 5 exchanges, you would not want to see 5 different positions displayed in your account. You want a sophisticated counterparty to do the liquidity aggregation. We've achieved the benefits you describe:
✅ more listings than any other DEX
✅ best in class liquidity on any asset class even as a new entrant
✅ liquidity aggregation of the best primary venues; no need to open 20 different exchange accounts and keep switching between them
On the moat
Bringing all of TradFi onchain will take years, if not decades. Swaps, for example, are a fundamentally bilateral contract that cannot be replicated by DEXes, and I don't even think any are trying. This is the first time we've seen direct TradFi liquidity ported onchain with stable funding rates (the routing actually doesn't touch a single crypto venue). Getting the partnerships in place for this was not easy; I think we'll see the same type of consolidation into a few winners as we see with CEXes, DEXes, and TradFi brokerages.
On price discovery
Our opinionated take:
a) You do not give a flying fuck as a user where price discovery is happening
b) In fact most users should not touch exchanges directly at all
Currently, no price discovery happens on any DEX, except in very niche scenarios. To say otherwise is massive cope. To build a venue for price discovery means catering to the very fastest HFTs: wake me up when DEXes have matching engine latency on the order of nanoseconds. Do a lead-lag analysis on prices between DEXes and CEXes, or DEXes vs CME, and it's obvious where price discovery originates. The only question is do you want a shallow clone of TradFi liquidity or direct access?
As a user, you primarily care about best execution, and that's what we optimize for. Additionally, the reason why brokerages exist in TradFi is to add another layer of protection between the user and the exchange.
▶️ When 10/10 occurred and billions of dollars of ADL were forced upon users at other venues, Variational came out squeaky clean.
▶️ When Binance was hacked for billions, we immediately put out a statement that said that user funds are safe in self-custodied smart contracts and not moved to offchain hedging venues. OLP puts up its own capital for that.
Variational Pro
Variational Pro will be multi-dealer: you will be able to request a quote and dealers will bid for your flow. This increases the complexity of the product but will have massive unlocks for institutions, including allowing for subnetworks of markets where OLP is not involved.
If two parties want to trade swaps or other derivatives peer-to-peer at infinite size we will facilitate the infrastructure for order matching, clearing, and margining for that.
Reminder that the tech for this has already been built; it's the same underlying protocol that clears billions every day for Omni! I hope you will see our vision to bring TradFi onchain is a multi-year one and cannot be cleanly segmented into "oh it's just a DEX" or "oh it's just a CFD broker". It's so much more than that and we encourage everyone to follow our roadmap which we publicize on our docs page.
The discourse over @variational_io is...bizzare.
Everyone knows it's a single dealer RFQ platform (or at least I'd hope by now).
This is neither inherently good nor bad, but it should shape your expectations.
Similar to a CFD broker, I'd expect Variational to trade at lower multiples than actual exchanges. IG Group trades at ~half the multiple of CME for example.
There's nothing terribly new or interesting about "RFQ", I'm not sure why people think it's a big value proposition or moat.
The real value prop of Variational is that in crypto, UI for DEXs is largely solved, and UX all comes down to liquidity. Variational can potentially list assets faster, get better liquidity on long tails, and generally abstract away a lot of the awkwardness of bootstrapping a brand new marker that a CLOB has. This has been and will likely continue to be enormously successful with their RWA swaps.
That's a very real value prop, for now. The problem is that they have much less moat than actual exchanges; they are not the venue where actual price discovery is happening. It's significantly harder for TradFi entrants to replicate what @HyperliquidX has built than it'll be for them to do what Variational does, but better. B-booking retail crypto traders and points farmers in OLP is enormously lucrative now, but how durable will those margins be over time?
Depending on the exact flavour of regulatory clarity we get, the value prop they offer for TradFi liquidity can pretty easily shrink as more TradFi market makers are willing/able to quote directly on permissionless CLOBs. I don't know where regulators will land here though; there's worlds that it's very good for Variational and very bad.
I see Variational as more of a bandaid fix/reg arb, but a lot of crypto falls into that category. It's attempting to solve a very real issue, but will that issue be as prevalent in 6 months? 1 year? 2 years? Hard to say.
Personally, I see $LIT and hyperliquid:native as more pure expressions of longing the proliferation of perps as an instrument and DeFi as a sector, where as I see $VAR as more of a business with more operator risk, but it could easily print money for months-years. $GMX might be a good example in that it printed fees for a long time and then eventually became more obsolete.
I actually don't think any of this impacts point price much at TGE, and that's what everyone seems to care about. Market conditions at the time of TGE probably dictate $VAR performance way more than any of this.
Aditya retweeted
Welcome back to the Variational biweekly update!
PRODUCT
➡️ The most recent mainnet release was v0.38.2
➡️ Updated wallet connection service
➡️ Improved mobile notification display
➡️ Various portfolio page optimizations
➡️ Trading API preparations
METRICS
➡️ Total Volume Traded: $449.92B
➡️ Current Dual-Sided OI: $1.78B
➡️ TVL (Excludes OLP Hedging Accounts): $289.97M
➡️ Total Markets Currently Listed: 581
➡️ Total Rewards Claimed: $9.08M
➡️ Total Losses Refunded (Sunset): $4.56M
➡️ Total Referral Rewards Claimed: $4.52M
➡️ 2w Spreads Paid (Gross Revenue): $5,233,390
➡️ 2w Net Revenue: $2,341,767
➡️ 2w Rewards: ($236,977)
➡️ Referral Rewards: ($236,977)
➡️ 2w Net Profit: $2,104,790
➡️ 2W Protocol Treasury Inflow: $1,046,678
➡️ 2W OLP PnL: $1,058,112
➡️ Lifetime OLP PnL: $24,483,081
➡️ Current Protocol Treasury Holdings: 12,128,702 USDC
Thank you for your continued trust and support!
Aditya retweeted
The new Variational blog page now aggregates major announcements from across all Variational social platforms.
Aditya retweeted
trade[XYZ] launched its first market on Hyperliquid 381 days ago. Today, we are joining forces with ICE, parent company of the New York Stock Exchange, to bring perpetual futures on Hyperliquid to U.S. regulated markets.
I don’t usually write long posts, but today merits reflection.
For years, builders across this industry have worked to show that open, onchain markets could support price discovery, manage risk, and withstand stress to the standards of traditional market infrastructure, all while staying open when and where those markets aren’t.
Our achievements stand on the shoulders of those builders. And today, the company that owns the New York Stock Exchange has chosen to build upon the work of every developer, trader, market maker, and user who took a chance on us and our markets. We share this moment with all of you.
Markets are shaped by their participants. A new generation of investors trades from their phones, across asset classes, at any hour of any day. Until Hyperliquid, the right infrastructure for those markets didn’t exist.
Building these markets was hard. It took novel approaches to pricing, funding, and risk, refined with real capital at stake, in markets that don’t close. It also meant earning the trust of the people trading on them. We’re honored that the community recognized that effort and responded in kind.
That trust is what allowed us to grow our volumes to a ~$1 trillion annualized run rate in just over a year, to help pioneer new instruments like pre-IPO perps, and to earn the confidence of storied institutions like S&P Dow Jones Indices. That’s why ICE has chosen trade[XYZ] as its exclusive partner to bring 24/7 perps to the U.S.
Shifts in technology have pushed markets toward greater transparency, better price discovery, and broader access: from the coffee house to the curb exchange, ticker tape to the telephone, the trading floor to digital exchanges.
ICE helped write that last chapter. In 1997, Jeff Sprecher bought a small power-trading technology business for $1. ICE launched as an electronic energy marketplace in 2000, helped digitize major commodity markets, and acquired the NYSE in 2013. It has grown exponentially because of this appetite for innovation. That’s the partner we wanted: a partner that looks forward and embraces progress.
Americans deserve access to the most innovative markets in the world, and the protections of U.S. regulation. With trade[XYZ] and ICE, subject to regulatory approvals, they’ll have both.
The difference isn’t just access. Perps don’t expire, so traders never have to roll positions, and liquidity concentrates in a single deep market for each asset. Cross-margining enhances capital efficiency by letting one pool of collateral back positions across stocks, commodities, and crypto. Underpinning it all are atomic clearing and settlement, real-time risk management that enables continuous markets, and universally applied rules that anyone can verify. This is the next chapter we’ll write together.
My responsibility, our responsibility, is to now build markets worthy of the confidence our partners and our users have placed in us. Our commitments will not waver: to fair and transparent markets, to diverse markets, to low costs of execution, and above all, to market integrity.
All of this in pursuit of one thing:
A universal exchange, open around the clock, coming to the United States.
We’re proud to have deployed more than 100 markets on trade[XYZ]. But measured against the opportunity ahead, we’ve barely started. There is an enormous universe of assets we haven’t reached, alongside things people want to trade that have no established market at all. Wherever there is demand to trade an asset, we want trade[XYZ] to be where its price is discovered.
Global stocks, commodities, bonds, pre-IPO companies, compute, new indices, digital assets, interest rates, equity baskets, volatility products, alt assets… Anything. Anytime. Anywhere.
Ultimately, everything you own should work with everything you trade. Picture a headline breaking on Saturday night. You should be able to post tokenized shares as collateral, hedge your portfolio with an index perp, add exposure to oil, and take a view on a company that has not yet gone public. All in one account, all on one risk engine, before any traditional market opens. trade[XYZ] and Hyperliquid were built for this.
I hope someone opens their first investment account years from now to find that trivial, and to wonder why their predecessors needed so many separate financial relationships. Getting there will take liquidity, reliability, trust, and prices people have reason to believe. It will take years. I’m prepared to spend them.
Finally, a few thank yous.
First to the XYZ team: For the tireless nights and for committing to this vision before it was obvious.
To Jeff Sprecher and ICE, with special thanks to Michael Blaugrund and Trabue Bland who championed us throughout: You’re a world-class, technology-embracing team that proves innovation and scale are in fact not at odds.
To Stan Druckenmiller: For your partnership and helping us turn the next page.
To Hyperliquid Labs: For being the best partners we could ask for. You set an impossible standard, one we continually strive to meet. @chameleon_jeff, @iliensinc, @xulian_hl
And most importantly, to our users: You traded these markets when no one thought it mattered.
Guess what? It did.
trade[XYZ] and ICE, owner of the New York Stock Exchange, are joining forces to bring 24/7 perpetual futures on Hyperliquid to the United States.
In just over a year, our markets on Hyperliquid have surpassed $650 billion in volume. They provide continuous price discovery for stocks, indices, and commodities, and have become trusted reference points for retail and institutions alike when traditional markets are closed. Much of the world trades them. Until now, Americans could only watch.
We intend to change that. Subject to CFTC approval, trade[XYZ] and ICE plan to establish a new, dedicated U.S. market, with novel exchange and clearing infrastructure built on Hyperliquid. Planned contracts span equities, indices, commodities, FX, and crypto, with access through participating brokers and platforms. We’ll share more on products, eligibility, and timing as approvals progress.
ICE brings more than 25 years of experience operating regulated markets, clearing, and managing risk. trade[XYZ] brings the product development, market design, and technology behind the most liquid and robust markets on Hyperliquid.
Innovation and the protections of U.S. regulation shouldn’t be a trade-off. Together, we plan to prove it.
ICE is making a strategic investment in trade[XYZ] and joins us in building towards the future of Hyperliquid. A small group of market luminaries is joining as well, beginning with Stan Druckenmiller. For more than four decades, few investors have anticipated the great turns in markets as often as Stan. We’re proud to have him with us for the next one.
We’re building the U.S. market in parallel with our existing HIP-3 markets, which we’ll continue to expand and innovate on. We expect both to flourish. They each have a long road map ahead, from new asset classes to new ways to trade them.
To the Hyperliquid community, whether you were here before us or came because of us, thank you. You took a chance on new markets and you made them matter. You’ll forever be a part of this story.
Anything. Anytime. On ICE[XYZ].
Aditya 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!
Umm time to update this-
I had lowered my exposure in web3 in the recent times cause of exams and all, but somehow still crossed 1800+ variational points in total.
Winter is coming, so the variational tge is... so just flow with it baby😚🤗
gVariational and a happy new week guys:))
Variational's recent performance has been genuinely impressive with daily volume going past above $1.5B and OI above $950M.
And guess what The most interesting part isn't the current numbers, it's what happens if TradFi assets become a major part of the platform 👀
New categories will add more participants which will eventually lead to new ath daily volumes and higher Open Interest ( generally leads to deeper liquidity )
Still early and team is executing at a very high level, excited to see what happens when TradFi perps scale.
Keep accumulating 👀🫀
Aditya retweeted
Thanks to everyone who joined! Glad to kick off a content series on how Variational Pro will bring trillions of dollars in institutional trading on-chain across rates, options, and other derivatives.
As @andyyy says, "be more bullish."
Aditya retweeted
Come learn how Pro will bring institutional trading on-chain.
Any specific questions @andyyy and I should cover?
In 12 hours, @variational_lvs and @andyyy will go live for a discussion on Variational Pro!
Link below 👇

























