Variational : Why You Need To Farm It
Variational: Why You Can’t Miss It
With decentralized exchanges (DEXs) taking more and more mindshare from centralized exchanges (CEXs) in trading and spot volumes, competition in this sector is rapidly intensifying. Inspired by the success of Hyperliquid, most of these platforms are running points programs. This is the case for Variational, one of the most promising trading protocols to farm right now.

What Is Variational ?
Unlike other perp DEXs like Hyperliquid or Extended that use an order book, Variational uses a Request for Quote (RFQ) model, notably used by large over-the-counter (OTC) venues. This system consists of takers (traders) requesting quotes and makers (market makers) responding with bids and/or offers.
In the case of Variational, the only market maker allowed is the Omni Liquidity Provider (OLP).
This model have various advantages :
- Zero Fees : Since all market making on Omni is done by OLP instead of external market makers, Omni doesn’t need fees to generate revenue.
- Complete control over revenues : A portion of the fees are directly red irected to users via various incentives.
- Listing Variety : All OLP requires for a new listing is a reliable price feed, a quoting strategy, and a hedging mechanism. This manifests as around 500 tradable tokens on Omni !
The team And Partners
Variational was co-founded by Lucas Schuermann and Edward Yu, they have great experience in trading, having work with Genesis after their hedge fund (Qu Capital) was bought by Digital Currency Group (DCG) in 2019.

They later left in 2021 to create their own proprietary trading firm after raising $10M. After two years, they decided to leverage their experience in trading and OTC exchanges to found the Variational protocol in 2023.
Other team members include many crypto veterans in algorithmic trading, with past experience at major firms such as Google and Goldman Sachs.
In June 2025, they raised an additional $1.5M in a strategic round.
Important Metrics
As mentioned in my previous article about perp DEXs, before farming a project I always analyze whether the opportunity cost is worth it. Let’s go through the key metrics one by one.
Trading Volume
It is important to note that at this time of year, volumes are down across nearly all perp DEXs.

Currently, the 24h trading volume is around $850M, placing Variational in the top 6 alongside major names such as Extended, Hyperliquid, and Lighter. Keep in mind that volume can be manipulated through wash trading, so it should not be used as a standalone indicator. For example, Aster ranks third, but farming its airdrop is not attractive.
Open Interest
Open interest represents the total value of active long and short contracts. It is a good indicator of project health, as it implies traders are holding positions for longer periods. Like any metric, it can be manipulated, so it should be evaluated alongside others.
Currently, open interest is around $1.26B, placing Variational in the top 6 perp DEXs. One week earlier, when I started writing this article before the Lighter TGE, it stood at $441M.

TVL
The current TVL is around $132M. While this may seem low compared to projects like Lighter or Extended, it is important to note that the OLP vault has not yet been opened.

For comparison, roughly half of the TVL on Lighter and Extended is stored in their vaults. Based on this, it would be reasonable to expect a TVL of around $260M for Variational once the vault opens. Depending on yield attractiveness, this could attract significant capital.
For a project still officially in private beta, this is already a strong TVL.
Roadmap
What users currently interact with is Omni, where retail traders can trade more than 480 tokens with a zero-fee model and up to 50x leverage on all pairs.
The team also plans to launch Variational Pro, designed for advanced and institutional traders of OTC derivatives. This dual-product approach allows Variational to target both retail traders (via Omni) and institutional entities (via Pro).
At the moment, the OLP vault is not open for public deposits. The team plans to launch it soon, allowing users to earn a share of Omni’s revenues. This is expected to be highly attractive, as Omni generates significant revenue due to the absence of external market makers.
On the trading side, the team plans to expand beyond crypto into other markets such as stocks, and to support additional collateral types beyond USDC, enabling broader cross-margin functionality.
There are many additional smaller features detailed in the documentation.
The Token ($VAR) and Points Program
There is limited information available about the token at this stage. The points season is expected to end no later than Q3 2026 and could conclude earlier depending on roadmap progress.

We know that approximately 50% of the token supply will be allocated to the community through multiple incentive mechanisms, rather than a single airdrop. Additionally, the team plans to buy back tokens using at least 30% of protocol revenues.
The points program launched three weeks ago, including a retroactive distribution of 3M points for users who traded before its launch. Going forward, 150,000 points will be distributed every Friday at 00:00 UTC, with snapshots taken every Thursday at 00:00 UTC.
Start now with the best boosted code you can have, allowing you to have a 15% points boost and silver rank :
https://omni.variational.io/?ref=OMNIPANDA
I don’t have an affiliate code, so I gave you the one I use, which is the best one to start earning those precious points on Variational. If you want to support my work, a simple like is enough.
For an estimate of point valuation, there is a strong analysis published by Points Goblin :
My Personal Opinion and Strategy
Following the Lighter TGE, there has been a rapid rotation toward newer perp DEXs such as Variational and Extended. This should not discourage farming these projects as long as the cost per point remains low.
I personally faded Lighter in June when its TVL reached around $170M, assuming it was too late. That assessment was incorrect, as TVL later exceeded $1B

Market conditions are currently pessimistic, with many participants sidelined. If hype returns, earning points will become significantly harder, while existing points are likely to increase in value.
This is why I am currently trading on Variational, mainly farming funding via the FundingView app.
Based on gathered information, points appear to be weighted more heavily toward :
- Holding positions for multiple days
- Trading low open-interest pairs
- Trading newly listed pairs
For additional insights, the following X accounts are worth following:
- Points Goblin
- Cllmax
Docs : https://docs.variational.io/
Discord : https://discord.gg/variational
Twitter (X) : https://x.com/variational_io
As always, thank you for reading !
Follow me on Twitter to get updates, alpha and much more !
Disclaimer: This is not financial advice, you need to do your own research !
Variational : Why You Need To Farm It was originally published in Coinmonks on Medium, where people are continuing the conversation by highlighting and responding to this story.






















