Variational

Welcome back to the Variational biweekly update! PRODUCT ➡️ The most recent mainnet release was v0.15.1. ➡️ Added default TP/SL slippage limits of 3%. ➡️ Prepared competition leaderboard for competition 2. ➡️ Miscellaneous performance improvements for trading history CSV downloads. ➡️ The first version of the v3 UI was brought to testnet. METRICS ➡️ Total Volume Traded: $211.19B ➡️ Current Dual-Sided OI: $674.88M ➡️ TVL (Excludes Some OLP Hedging Accounts): $109.13M ➡️ Total Tokens Currently Listed: 456 ➡️ Total Rewards Claimed: $6,871,220 ➡️ Total Losses Refunded (Sunset): $4,559,196 ➡️ Total Referral Rewards Claimed: $2,312,024 ➡️ Daily Active Users (avg. over past week): 7,139 ➡️ Weekly Active Users: 12,723 ➡️ 2w Spreads Paid (Gross Revenue): $1,426,600 ➡️ 2w Market Making Costs (Cost of Revenue): ($1,108,556) ➡️ 2w Net Revenue: $318,044 ➡️ 2w Rewards: ($69,545) ➡️ Referral Rewards: ($69,545) ➡️ 2w Net Profit: $248,499 ➡️ Protocol Treasury: $285,320 ➡️ OLP PnL: ($36,821) ➡️ Lifetime OLP PnL: $12,723,710 As always, thank you for your trust and support!

For week 20 of the Omni points program, 150,000 points were distributed across 19,895 accounts.

This token was listed ~6 hours ago. Listing ≠ endorsement. Do your own research and trade with caution. omni.variational.io/perpetual/MEGA

$MEGA perps are now tradable on Omni! Go long or short with zero fees and up to 50x leverage.

@wintermute_t Variational x.com/variational_io…

In 2020, we had DeFi Summer In 2026, it’s _____ Summer

We're putting the finishing touches on our new UI based on the feedback we're receiving from traders. Give the new UI a try on testnet (code: TESTCODE) and let us know what you think! The development and design teams will look in the comments of this post for feedback.

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 $H, $PUMP, & $PEPE and short $EDGE, $TRUMP, & $XRP. Total non-OLP OI is currently 51% Long / 49% Short.

This token was listed ~2 hours ago. Listing ≠ endorsement. Do your own research and trade with caution. omni.variational.io/perpetual/GENI…

$GENIUS perps are now tradable on Omni! Go long or short with zero fees and up to 50x leverage.

This token was listed ~5 minutes ago. Listing ≠ endorsement. Do your own research and trade with caution. omni.variational.io/perpetual/OPN_…

$OPN perps are now tradable on Omni! Go long or short with zero fees and up to 50x leverage.

Trade $APE perps on Omni with zero fees and up to 50x leverage: omni.variational.io/perpetual/APE Always do your own research and trade responsibly.

JUST IN: $APE prints +30% daily candle.

For week 19 of the Omni points program, 150,000 points were distributed across 20,799 accounts.

Some personal news: I've joined Variational as head of product. I am now responsible for driving the product’s transition from crypto to RWAs. As a long time crypto builder, this is the first time in a while that I'm waking up genuinely excited about what I’m shipping. Beyond the mission, I’ve been incredibly impressed by the caliber of the team here @variational_io is the universal broker. We aggregate liquidity across all perps so users get the best execution in one place. We've facilitated $200B of volume, with current OI at $650M. The RWA category is already bigger than most people realize. RWA perps are now ~50% of onchain volume and the main driver of growth. We’re partnering with the largest exchanges and market makers in tradfi to bring their liquidity to Variational. This means the same depth as tradfi, the best funding rates in the industry, and a breadth of perp markets that don’t exist anywhere else. I won't frontrun the full announcement but that's where 100% of our time is going if you trade perps in size, specifically rwas, dm me so I can get you the benefits of early access and get your feedback built into the product.

The competition will start 4/23/26 at 0:00 UTC and end at 5/7/26 at 00:00 UTC. Read the full details of the competition (including terms and conditions) in the docs: docs.variational.io/omni/trading-c… Happy trading!

We’re hosting a second trading competition on Omni, with another $20,000 in prizes! This competition will start today, and rank users based on their ROI, PnL, and volume over the next two weeks.