Variational intends to use 100% of treasury-directed revenue for VAR buy-and-burn after TGE. perpdex.io uses positive daily treasury USDC balance changes as an experimental reference, without treating balance changes as confirmed revenue or executed buybacks.
Official public market data · rate units labeled explicitly
| Asset | Mark | Holding Rate (annualization labeled) | Long OI (USDC) | Short OI (USDC) | Gross OI | Net OI / Direction | Net Exposure | Netting | 24H Volume | Freshness |
|---|---|---|---|---|---|---|---|---|---|---|
| BTCBitcoin · UNKNOWN | $83.35K | PERP FUNDING6.0305%8h interval · NOT_ANNUALIZED · Raw current-period value, direction unverified | $106.44M | $89.35M | $195.80M | LONG$17.09MNet Long exposure · SIGNED +$17.09M | 8.7274% | 91.2726% | $619.91M | FRESHOI 2026-09-29 18:20:56 UTC |
| ETHEthereum · UNKNOWN | $2.68K | PERP FUNDING6.1181%8h interval · NOT_ANNUALIZED · Raw current-period value, direction unverified | $97.23M | $47.42M | $144.65M | LONG$49.81MNet Long exposure · SIGNED +$49.81M | 34.4323% | 65.5677% | $320.48M | FRESHOI 2026-09-29 18:20:56 UTC |
| US100SSwap on US Non-Financial 100 · SWAP | $30.31K | SWAP FINANCING · LATEST_APPLIEDLONG4.8800% p.a.PAYSHORT-2.8800% p.a.RECEIVEAnnualized · Daily settlement · ACT/360 · PASS · AS OF 2026-09-28 21:05:00 UTC | $37.26M | $25.41M | $62.67M | LONG$11.85MNet Long exposure · SIGNED +$11.85M | 18.9147% | 81.0853% | $1.50B | FRESHOI 2026-09-29 18:20:56 UTC |
| XAUSSwap on Gold Spot · SWAP | $4.17K | SWAP FINANCING · LATEST_APPLIEDLONG5.7731% p.a.PAYSHORT-2.5928% p.a.RECEIVEAnnualized · Daily settlement · ACT/360 · PASS · AS OF 2026-09-28 21:05:00 UTC | $52.96M | $4.60M | $57.56M | LONG$48.37MNet Long exposure · SIGNED +$48.37M | 84.0250% | 15.9750% | $199.83M | FRESHOI 2026-09-29 18:20:56 UTC |
| XAUGold · UNKNOWN | $4.17K | PERP FUNDING17.6176%4h interval · NOT_ANNUALIZED · Raw current-period value, direction unverified | $18.73M | $35.21M | $53.94M | SHORT$16.48MNet Short exposure · SIGNED −$16.48M | 30.5484% | 69.4516% | $29.23M | FRESHOI 2026-09-29 18:20:56 UTC |
| ZECZcash · UNKNOWN | $1.41K | PERP FUNDING10.9500%8h interval · NOT_ANNUALIZED · Raw current-period value, direction unverified | $39.68M | $3.89M | $43.56M | LONG$35.79MNet Long exposure · SIGNED +$35.79M | 82.1518% | 17.8482% | $65.34M | FRESHOI 2026-09-29 18:20:56 UTC |
| US500SSwap on US 500 · SWAP | $7.66K | SWAP FINANCING · LATEST_APPLIEDLONG4.8800% p.a.PAYSHORT-2.8800% p.a.RECEIVEAnnualized · Daily settlement · ACT/360 · PASS · AS OF 2026-09-28 21:05:00 UTC | $28.88M | $13.50M | $42.38M | LONG$15.38MNet Long exposure · SIGNED +$15.38M | 36.2771% | 63.7229% | $450.39M | FRESHOI 2026-09-29 18:20:56 UTC |
| SOLSolana · UNKNOWN | $118.4629 | PERP FUNDING3.1907%8h interval · NOT_ANNUALIZED · Raw current-period value, direction unverified | $25.27M | $14.24M | $39.50M | LONG$11.03MNet Long exposure · SIGNED +$11.03M | 27.9141% | 72.0859% | $64.44M | FRESHOI 2026-09-29 18:20:56 UTC |
| HYPEHyperliquid · UNKNOWN | $85.7646 | PERP FUNDING10.9500%8h interval · NOT_ANNUALIZED · Raw current-period value, direction unverified | $22.16M | $6.62M | $28.77M | LONG$15.54MNet Long exposure · SIGNED +$15.54M | 54.0156% | 45.9844% | $47.51M | FRESHOI 2026-09-29 18:20:56 UTC |
| XAUTTether Gold · UNKNOWN | $4.16K | PERP FUNDING-3.6941%4h interval · NOT_ANNUALIZED · Raw current-period value, direction unverified | $19.69M | $8.96M | $28.65M | LONG$10.73MNet Long exposure · SIGNED +$10.73M | 37.4678% | 62.5322% | $199.38K | FRESHOI 2026-09-29 18:20:56 UTC |
| US500State Street SPDR S&P 500 ETF Trust · UNKNOWN | $764.2537 | PERP FUNDING10.8237%8h interval · NOT_ANNUALIZED · Raw current-period value, direction unverified | $12.09M | $9.61M | $21.69M | LONG$2.48MNet Long exposure · SIGNED +$2.48M | 11.4286% | 88.5714% | $7.53M | FRESHOI 2026-09-29 18:20:56 UTC |
| QQQInvesco QQQ Trust, Series 1 · UNKNOWN | $737.6431 | PERP FUNDING0.0000%8h interval · NOT_ANNUALIZED · Raw current-period value, direction unverified | $11.53M | $5.07M | $16.61M | LONG$6.46MNet Long exposure · SIGNED +$6.46M | 38.9016% | 61.0984% | $3.00M | FRESHOI 2026-09-29 18:20:56 UTC |
| NEARNEAR Protocol · UNKNOWN | $4.8958 | PERP FUNDING10.9500%8h interval · NOT_ANNUALIZED · Raw current-period value, direction unverified | $13.12M | $550.30K | $13.67M | LONG$12.57MNet Long exposure · SIGNED +$12.57M | 91.9513% | 8.0487% | $18.99M | FRESHOI 2026-09-29 18:20:56 UTC |
| XAGSSwap on Silver Spot · SWAP | $61.2023 | SWAP FINANCING · LATEST_APPLIEDLONG5.9199% p.a.PAYSHORT-2.5209% p.a.RECEIVEAnnualized · Daily settlement · ACT/360 · PASS · AS OF 2026-09-28 21:05:00 UTC | $10.97M | $2.36M | $13.33M | LONG$8.61MNet Long exposure · SIGNED +$8.61M | 64.6069% | 35.3931% | $43.01M | FRESHOI 2026-09-29 18:20:56 UTC |
| CLWTI Crude Oil · UNKNOWN | $89.8231 | PERP FUNDING0.0000%4h interval · NOT_ANNUALIZED · Raw current-period value, direction unverified | $6.75M | $5.45M | $12.20M | LONG$1.30MNet Long exposure · SIGNED +$1.30M | 10.6191% | 89.3809% | $10.46M | FRESHOI 2026-09-29 18:20:56 UTC |
| PAXGPAX Gold · UNKNOWN | $4.17K | PERP FUNDING10.9500%4h interval · NOT_ANNUALIZED · Raw current-period value, direction unverified | $3.12M | $8.35M | $11.48M | SHORT$5.23MNet Short exposure · SIGNED −$5.23M | 45.5619% | 54.4381% | $935.7712 | FRESHOI 2026-09-29 18:20:56 UTC |
| BZBrent Oil · UNKNOWN | $96.3508 | PERP FUNDING-32.6031%4h interval · NOT_ANNUALIZED · Raw current-period value, direction unverified | $3.83M | $5.81M | $9.64M | SHORT$1.98MNet Short exposure · SIGNED −$1.98M | 20.5851% | 79.4149% | $5.06M | FRESHOI 2026-09-29 18:20:56 UTC |
| USOILPSwap on WTI Crude Oil · SWAP | $88.903 | SWAP FINANCING · LATEST_APPLIEDLONG-0.139441 pts/unitRECEIVESHORT0.139441 pts/unitPAYNOT_ANNUALIZED · Daily price points · PASS · AS OF 2026-09-28 21:05:00 UTC | $8.50M | $786.42K | $9.28M | LONG$7.71MNet Long exposure · SIGNED +$7.71M | 83.0567% | 16.9433% | $31.11M | FRESHOI 2026-09-29 18:20:56 UTC |
| LIGHTERLighter · UNKNOWN | $4.5019 | PERP FUNDING10.9500%4h interval · NOT_ANNUALIZED · Raw current-period value, direction unverified | $6.06M | $1.49M | $7.55M | LONG$4.57MNet Long exposure · SIGNED +$4.57M | 60.5483% | 39.4517% | $4.43M | FRESHOI 2026-09-29 18:20:56 UTC |
| DOGEDogecoin · UNKNOWN | $0.0937 | PERP FUNDING10.9500%8h interval · NOT_ANNUALIZED · Raw current-period value, direction unverified | $4.23M | $3.22M | $7.45M | LONG$1.01MNet Long exposure · SIGNED +$1.01M | 13.5652% | 86.4348% | $1.05M | FRESHOI 2026-09-29 18:20:56 UTC |
| PUMPFUNPump.fun · UNKNOWN | $0.0057 | PERP FUNDING10.9500%4h interval · NOT_ANNUALIZED · Raw current-period value, direction unverified | $6.83M | $489.40K | $7.32M | LONG$6.34MNet Long exposure · SIGNED +$6.34M | 86.6345% | 13.3655% | $11.83M | FRESHOI 2026-09-29 18:20:56 UTC |
| XAGSilver · UNKNOWN | $61.2333 | PERP FUNDING5.7954%4h interval · NOT_ANNUALIZED · Raw current-period value, direction unverified | $3.51M | $3.13M | $6.64M | LONG$379.51KNet Long exposure · SIGNED +$379.51K | 5.7131% | 94.2869% | $6.35M | FRESHOI 2026-09-29 18:20:56 UTC |
| XRPXRP · UNKNOWN | $1.4893 | PERP FUNDING10.9500%8h interval · NOT_ANNUALIZED · Raw current-period value, direction unverified | $4.71M | $1.46M | $6.17M | LONG$3.25MNet Long exposure · SIGNED +$3.25M | 52.7385% | 47.2615% | $12.71M | FRESHOI 2026-09-29 18:20:56 UTC |
| SPCXSPAC and New Issue ETF · UNKNOWN | $147.9025 | PERP FUNDING14.3289%8h interval · NOT_ANNUALIZED · Raw current-period value, direction unverified | $2.18M | $3.83M | $6.01M | SHORT$1.65MNet Short exposure · SIGNED −$1.65M | 27.4043% | 72.5957% | $4.46M | FRESHOI 2026-09-29 18:20:56 UTC |
| AAVEAave · UNKNOWN | $167.2856 | PERP FUNDING10.9500%8h interval · NOT_ANNUALIZED · Raw current-period value, direction unverified | $5.67M | $68.78K | $5.73M | LONG$5.60MNet Long exposure · SIGNED +$5.60M | 97.6014% | 2.3986% | $4.89M | FRESHOI 2026-09-29 18:20:56 UTC |
| TWISSwap on Taiwan Index · SWAP | $4.27K | SWAP FINANCING · LATEST_APPLIEDLONG4.8800% p.a.PAYSHORT-2.8800% p.a.RECEIVEAnnualized · Daily settlement · ACT/360 · PASS · AS OF 2026-09-28 21:05:00 UTC | $3.34M | $2.30M | $5.63M | LONG$1.04MNet Long exposure · SIGNED +$1.04M | 18.4802% | 81.5198% | $75.34M | FRESHOI 2026-09-29 18:20:56 UTC |
| GOOGLAlphabet Inc. · UNKNOWN | $339.6044 | PERP FUNDING19.8008%8h interval · NOT_ANNUALIZED · Raw current-period value, direction unverified | $4.82M | $530.44K | $5.35M | LONG$4.29MNet Long exposure · SIGNED +$4.29M | 80.1764% | 19.8236% | $1.62M | FRESHOI 2026-09-29 18:20:56 UTC |
| NVDANVIDIA Corporation · UNKNOWN | $228.204 | PERP FUNDING16.0909%8h interval · NOT_ANNUALIZED · Raw current-period value, direction unverified | $3.71M | $1.59M | $5.31M | LONG$2.12MNet Long exposure · SIGNED +$2.12M | 39.9177% | 60.0823% | $4.68M | FRESHOI 2026-09-29 18:20:56 UTC |
| LTCLitecoin · UNKNOWN | $67.2611 | PERP FUNDING-1.2013%8h interval · NOT_ANNUALIZED · Raw current-period value, direction unverified | $4.50M | $310.84K | $4.81M | LONG$4.19MNet Long exposure · SIGNED +$4.19M | 87.0803% | 12.9197% | $1.03M | FRESHOI 2026-09-29 18:20:56 UTC |
| BNBBNB · UNKNOWN | $753.7824 | PERP FUNDING-7.1713%8h interval · NOT_ANNUALIZED · Raw current-period value, direction unverified | $3.73M | $966.65K | $4.70M | LONG$2.76MNet Long exposure · SIGNED +$2.76M | 58.8341% | 41.1659% | $4.85M | FRESHOI 2026-09-29 18:20:56 UTC |
| XMRMonero · UNKNOWN | $542.9822 | PERP FUNDING4.1900%8h interval · NOT_ANNUALIZED · Raw current-period value, direction unverified | $3.35M | $1.28M | $4.63M | LONG$2.06MNet Long exposure · SIGNED +$2.06M | 44.5322% | 55.4678% | $537.23K | FRESHOI 2026-09-29 18:20:56 UTC |
| ENAEthena · UNKNOWN | $0.2472 | PERP FUNDING10.9500%4h interval · NOT_ANNUALIZED · Raw current-period value, direction unverified | $4.23M | $246.71K | $4.48M | LONG$3.99MNet Long exposure · SIGNED +$3.99M | 88.9882% | 11.0118% | $6.38M | FRESHOI 2026-09-29 18:20:56 UTC |
| UNIUniswap · UNKNOWN | $8.9063 | PERP FUNDING10.9500%8h interval · NOT_ANNUALIZED · Raw current-period value, direction unverified | $3.75M | $481.98K | $4.24M | LONG$3.27MNet Long exposure · SIGNED +$3.27M | 77.2419% | 22.7581% | $2.42M | FRESHOI 2026-09-29 18:20:56 UTC |
| SNDKSandisk Corporation · UNKNOWN | $1.71K | PERP FUNDING0.0000%8h interval · NOT_ANNUALIZED · Raw current-period value, direction unverified | $3.51M | $656.98K | $4.17M | LONG$2.85MNet Long exposure · SIGNED +$2.85M | 68.4670% | 31.5330% | $3.38M | FRESHOI 2026-09-29 18:20:56 UTC |
| TAOBittensor · UNKNOWN | $307.8957 | PERP FUNDING10.9500%4h interval · NOT_ANNUALIZED · Raw current-period value, direction unverified | $3.90M | $114.22K | $4.01M | LONG$3.78MNet Long exposure · SIGNED +$3.78M | 94.3082% | 5.6918% | $2.25M | FRESHOI 2026-09-29 18:20:56 UTC |
| UKOILPSwap on Brent Crude Oil · SWAP | $96.073 | SWAP FINANCING · LATEST_APPLIEDLONG-0.134071 pts/unitRECEIVESHORT0.134071 pts/unitPAYNOT_ANNUALIZED · Daily price points · PASS · AS OF 2026-09-28 21:05:00 UTC | $2.53M | $1.10M | $3.63M | LONG$1.42MNet Long exposure · SIGNED +$1.42M | 39.2332% | 60.7668% | $29.34M | FRESHOI 2026-09-29 18:20:56 UTC |
| XPLPlasma · UNKNOWN | $0.0974 | PERP FUNDING10.9500%4h interval · NOT_ANNUALIZED · Raw current-period value, direction unverified | $2.60M | $1.00M | $3.60M | LONG$1.60MNet Long exposure · SIGNED +$1.60M | 44.3852% | 55.6148% | $3.73M | FRESHOI 2026-09-29 18:20:56 UTC |
| ZROLayerZero · UNKNOWN | $1.5357 | PERP FUNDING-3.0990%4h interval · NOT_ANNUALIZED · Raw current-period value, direction unverified | $2.90M | $474.22K | $3.37M | LONG$2.42MNet Long exposure · SIGNED +$2.42M | 71.8558% | 28.1442% | $2.05M | FRESHOI 2026-09-29 18:20:56 UTC |
| LINKChainlink · UNKNOWN | $14.6123 | PERP FUNDING10.4058%8h interval · NOT_ANNUALIZED · Raw current-period value, direction unverified | $3.15M | $193.26K | $3.34M | LONG$2.96MNet Long exposure · SIGNED +$2.96M | 88.4443% | 11.5557% | $3.03M | FRESHOI 2026-09-29 18:20:56 UTC |
| WLDWorldcoin · UNKNOWN | $0.4888 | PERP FUNDING10.9500%8h interval · NOT_ANNUALIZED · Raw current-period value, direction unverified | $3.07M | $148.67K | $3.22M | LONG$2.92MNet Long exposure · SIGNED +$2.92M | 90.7652% | 9.2348% | $5.97M | FRESHOI 2026-09-29 18:20:56 UTC |
| MUMicron Technology, Inc. · UNKNOWN | $1.07K | PERP FUNDING7.1066%8h interval · NOT_ANNUALIZED · Raw current-period value, direction unverified | $2.58M | $476.96K | $3.05M | LONG$2.10MNet Long exposure · SIGNED +$2.10M | 68.7564% | 31.2436% | $3.26M | FRESHOI 2026-09-29 18:20:56 UTC |
| ADACardano · UNKNOWN | $0.2436 | PERP FUNDING-0.7887%8h interval · NOT_ANNUALIZED · Raw current-period value, direction unverified | $285.64K | $2.64M | $2.92M | SHORT$2.35MNet Short exposure · SIGNED −$2.35M | 80.4674% | 19.5326% | $869.25K | FRESHOI 2026-09-29 18:20:56 UTC |
| METAMeta Platforms, Inc. · UNKNOWN | $732.455 | PERP FUNDING0.0000%8h interval · NOT_ANNUALIZED · Raw current-period value, direction unverified | $2.52M | $300.72K | $2.82M | LONG$2.22MNet Long exposure · SIGNED +$2.22M | 78.6641% | 21.3359% | $984.39K | FRESHOI 2026-09-29 18:20:56 UTC |
| ASTERAster · UNKNOWN | $0.7254 | PERP FUNDING10.9500%4h interval · NOT_ANNUALIZED · Raw current-period value, direction unverified | $2.41M | $386.28K | $2.79M | LONG$2.02MNet Long exposure · SIGNED +$2.02M | 72.3585% | 27.6415% | $216.45K | FRESHOI 2026-09-29 18:20:56 UTC |
| GRASSGrass · UNKNOWN | $0.658 | PERP FUNDING10.9500%4h interval · NOT_ANNUALIZED · Raw current-period value, direction unverified | $2.70M | $74.31K | $2.78M | LONG$2.63MNet Long exposure · SIGNED +$2.63M | 94.6507% | 5.3493% | $195.41K | FRESHOI 2026-09-29 18:20:56 UTC |
| AMZNAmazon.com, Inc. · UNKNOWN | $247.235 | PERP FUNDING0.1161%8h interval · NOT_ANNUALIZED · Raw current-period value, direction unverified | $2.31M | $439.55K | $2.75M | LONG$1.87MNet Long exposure · SIGNED +$1.87M | 68.0182% | 31.9818% | $972.21K | FRESHOI 2026-09-29 18:20:56 UTC |
| AVAXAvalanche · UNKNOWN | $11.1985 | PERP FUNDING10.7283%8h interval · NOT_ANNUALIZED · Raw current-period value, direction unverified | $2.59M | $110.82K | $2.70M | LONG$2.48MNet Long exposure · SIGNED +$2.48M | 91.7816% | 8.2184% | $1.84M | FRESHOI 2026-09-29 18:20:56 UTC |
| CRCLCircle Internet Group · UNKNOWN | $83.9652 | PERP FUNDING0.0000%8h interval · NOT_ANNUALIZED · Raw current-period value, direction unverified | $2.13M | $442.09K | $2.57M | LONG$1.69MNet Long exposure · SIGNED +$1.69M | 65.5955% | 34.4045% | $1.88M | FRESHOI 2026-09-29 18:20:56 UTC |
| ANTHROPICAnthropic · UNKNOWN | $1.99K | PERP FUNDING5.4750%8h interval · NOT_ANNUALIZED · Raw current-period value, direction unverified | $1.96M | $442.45K | $2.41M | LONG$1.52MNet Long exposure · SIGNED +$1.52M | 63.2115% | 36.7885% | $412.43K | FRESHOI 2026-09-29 18:20:56 UTC |
| DRAMRoundhill Memory ETF · UNKNOWN | $61.2333 | PERP FUNDING6.0118%8h interval · NOT_ANNUALIZED · Raw current-period value, direction unverified | $1.69M | $656.44K | $2.35M | LONG$1.04MNet Long exposure · SIGNED +$1.04M | 44.1296% | 55.8704% | $962.53K | FRESHOI 2026-09-29 18:20:56 UTC |