Variational

For week 14 of the Omni points program, 150,000 points were distributed across 23,640 accounts.

Over the past month, total accounts created on Omni grew from ~125k to ~137k. Here is the latest distribution of accounts across reward tiers 👇

Omni is now listed as an exchange on @CoinGecko! Track volume, open interest, funding rates, and more.

Read more about the new bug bounty program in the docs: docs.variational.io/technical-docu…

Our bug bounty program is now live in collaboration with @immunefi. This program will be paired with regular audits to continue protecting the integrity of the Variational Protocol.

To find which tokens to put in the retail sentiment index, we take all tokens with $0.5M+ in non-OLP open interest, and find the three with the highest % of OI that is long and the three with the highest % of OI that is short.

Weekly Omni Retail Sentiment Index: Today, traders on Omni are long $AAVE, $XMR, & $PUMP and short $XLM, $WLFI, & $ADA. Total non-OLP OI is currently 55% Long / 45% Short.

Variational's RFQ model allows liquidity to be provided as-needed (as opposed to requiring resting orders in books) This allows Omni to have the most listed markets of any on-chain trading platform (450+ even before RWAs) without compromising on spreads or liquidity depth.

Today, we rolled OLP's new spread model out to $HYPE. Enjoy tighter spreads and cheaper execution across all order sizes.

For week 13 of the Omni points program, 150,000 points were distributed across 23,335 accounts.

Read more about Pro in the Variational Docs: docs.variational.io/pro/about-pro

While our current focus is exclusively on Omni for perps trading, the long-term vision of the Variational Protocol is to support a variety of apps. Variational Pro, for example, is designed to streamline the $1T+ OTC derivatives market with an on-chain RFQ system.

Sources: ➡️ @ilyessghz2's liquidview.app ➡️ @fnatiqmambo's app.hyperliquid-tools.xyz/liquidity_anal…

Since the spread improvements made ~1 month ago, Omni has continuously ranked as one of the cheapest places to trade BTC perps.

To find which tokens to put in the retail sentiment index, we take all tokens with $0.5M+ in retail (non-OLP) open interest, and find the three with the highest % of OI that is long and the three with the highest % of OI that is short.

Weekly Omni Retail Sentiment Index: Today, traders on Omni are long $AAVE, $XMR, & $PUMP and short $XLM, $JUP, & $WLFI. Total OI is currently 51% Long / 49% Short.

Omni has paid out over 2 million USDC in referral rewards to users. Once you've traded enough to get a referral code, invite your friends to earn extra USDC and points!

Welcome back to our biweekly update! PRODUCT ➡️ The most recent mainnet release was v0.1.11. ➡️ Added slippage limits for TP/SL/trigger orders. ➡️ Rework of loss refund mechanism: accounts can now receive a maximum of 1 loss refund per week (previously 3 per day), and loss refunds will only be processed when the loss refund pool balance is >5000 USDC (previously >100 USDC). ➡️ Added shareouts to the leaderboard. ➡️ More listing engine improvements. ➡️ Modifications to read API to be compatible with CoinGecko / CoinMarketCap reporting requirements. METRICS ➡️ Total Volume Traded: $178.52B ➡️ Current Dual-Sided OI: $673.07M ➡️ TVL (Excludes Some OLP Hedging Accounts): $106.88M ➡️ Total Tokens Currently Listed: 470 ➡️ Total Rewards Claimed: $6,392,067 ➡️ Total Losses Refunded: $4,381,625 ➡️ Total Referral Rewards Claimed: $2,010,442 ➡️ Daily Active Users (avg. over past week): 10,954 ➡️ Weekly Active Users: 19,071 ➡️ 2w Spreads Paid (Gross Revenue): $1,758,330 ➡️ 2w Market Making Costs (Cost of Revenue): ($1,140,903) ➡️ 2w Net Revenue: $617,427 ➡️ 2w Rewards: ($260,884) ➡️ Loss Refunds: ($175,833) ➡️ Referral Rewards: ($85,051) ➡️ 2w Net Profit: $356,543 ➡️ Protocol Treasury: $175,833 ➡️ OLP PnL: $180,710 ➡️ Lifetime OLP PnL: $11,529,597 As always, we appreciate your continued support!

We plan to continue modifying rewards mechanisms (like loss refunds) to discourage systemic farming and maximize the rewards going to organic trading activity. See the full release notes in the Variational Discord.

3/5/26 Omni Release Notes: ➡️ Reworked loss refunds: accounts can receive 1 loss refund per week, and loss refunds are only processed when the pool balance is >5000 USDC. ➡️ Added shareouts to the leaderboard. ➡️ Read API changes to report data to @CoinGecko and @CoinMarketCap.