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 | $83.56K | PERP FUNDING8.9465%8h interval · NOT_ANNUALIZED · Raw current-period value, direction unverified | $108.20M | $91.99M | $200.19M | LONG$16.20MNet Long exposure · SIGNED +$16.20M | 8.0935% | 91.9065% | $628.75M | FRESHOI 2026-09-29 19:01:59 UTC |
| ETHEthereum · UNKNOWN | $2.69K | PERP FUNDING6.0558%8h interval · NOT_ANNUALIZED · Raw current-period value, direction unverified | $98.98M | $55.67M | $154.66M | LONG$43.31MNet Long exposure · SIGNED +$43.31M | 28.0033% | 71.9967% | $336.61M | FRESHOI 2026-09-29 19:01:59 UTC |
| US100SSwap on US Non-Financial 100 · SWAP | $30.37K | 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 | $36.68M | $25.38M | $62.06M | LONG$11.30MNet Long exposure · SIGNED +$11.30M | 18.2136% | 81.7864% | $1.49B | FRESHOI 2026-09-29 19:01:59 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 | $52.48M | $3.84M | $56.32M | LONG$48.64MNet Long exposure · SIGNED +$48.64M | 86.3567% | 13.6433% | $200.14M | FRESHOI 2026-09-29 19:01:59 UTC |
| XAUGold · UNKNOWN | $4.17K | PERP FUNDING16.5239%4h interval · NOT_ANNUALIZED · Raw current-period value, direction unverified | $18.95M | $35.20M | $54.15M | SHORT$16.25MNet Short exposure · SIGNED −$16.25M | 30.0158% | 69.9842% | $29.25M | FRESHOI 2026-09-29 19:01:59 UTC |
| ZECZcash · UNKNOWN | $1.43K | PERP FUNDING10.9500%8h interval · NOT_ANNUALIZED · Raw current-period value, direction unverified | $40.18M | $3.74M | $43.92M | LONG$36.43MNet Long exposure · SIGNED +$36.43M | 82.9472% | 17.0528% | $64.02M | FRESHOI 2026-09-29 19:01:59 UTC |
| US500SSwap on US 500 · SWAP | $7.68K | 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 | $28.89M | $13.36M | $42.26M | LONG$15.53MNet Long exposure · SIGNED +$15.53M | 36.7477% | 63.2523% | $443.40M | FRESHOI 2026-09-29 19:01:59 UTC |
| SOLSolana · UNKNOWN | $119.0692 | PERP FUNDING5.8276%8h interval · NOT_ANNUALIZED · Raw current-period value, direction unverified | $25.05M | $14.18M | $39.23M | LONG$10.87MNet Long exposure · SIGNED +$10.87M | 27.7026% | 72.2974% | $64.67M | FRESHOI 2026-09-29 19:01:59 UTC |
| HYPEHyperliquid · UNKNOWN | $86.4417 | PERP FUNDING10.9500%8h interval · NOT_ANNUALIZED · Raw current-period value, direction unverified | $22.38M | $6.60M | $28.98M | LONG$15.79MNet Long exposure · SIGNED +$15.79M | 54.4779% | 45.5221% | $47.80M | FRESHOI 2026-09-29 19:01:59 UTC |
| XAUTTether Gold · UNKNOWN | $4.17K | PERP FUNDING-5.3019%4h interval · NOT_ANNUALIZED · Raw current-period value, direction unverified | $19.71M | $8.97M | $28.68M | LONG$10.75MNet Long exposure · SIGNED +$10.75M | 37.4678% | 62.5322% | $199.38K | FRESHOI 2026-09-29 19:01:59 UTC |
| US500State Street SPDR S&P 500 ETF Trust · UNKNOWN | $765.4103 | PERP FUNDING9.6887%8h interval · NOT_ANNUALIZED · Raw current-period value, direction unverified | $11.93M | $9.56M | $21.49M | LONG$2.36MNet Long exposure · SIGNED +$2.36M | 11.0022% | 88.9978% | $8.07M | FRESHOI 2026-09-29 19:01:59 UTC |
| QQQInvesco QQQ Trust, Series 1 · UNKNOWN | $738.9805 | PERP FUNDING0.0000%8h interval · NOT_ANNUALIZED · Raw current-period value, direction unverified | $11.55M | $5.09M | $16.64M | LONG$6.46MNet Long exposure · SIGNED +$6.46M | 38.8285% | 61.1715% | $2.98M | FRESHOI 2026-09-29 19:01:59 UTC |
| NEARNEAR Protocol · UNKNOWN | $5.0735 | PERP FUNDING10.9500%8h interval · NOT_ANNUALIZED · Raw current-period value, direction unverified | $13.23M | $454.51K | $13.68M | LONG$12.77MNet Long exposure · SIGNED +$12.77M | 93.3561% | 6.6439% | $19.29M | FRESHOI 2026-09-29 19:01:59 UTC |
| XAGSSwap on Silver Spot · SWAP | $61.3535 | 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 | $10.96M | $2.35M | $13.31M | LONG$8.61MNet Long exposure · SIGNED +$8.61M | 64.6764% | 35.3236% | $43.26M | FRESHOI 2026-09-29 19:01:59 UTC |
| CLWTI Crude Oil · UNKNOWN | $89.3806 | PERP FUNDING0.0000%4h interval · NOT_ANNUALIZED · Raw current-period value, direction unverified | $6.70M | $5.18M | $11.87M | LONG$1.52MNet Long exposure · SIGNED +$1.52M | 12.8331% | 87.1669% | $10.62M | FRESHOI 2026-09-29 19:01:59 UTC |
| PAXGPAX Gold · UNKNOWN | $4.18K | PERP FUNDING10.9500%4h interval · NOT_ANNUALIZED · Raw current-period value, direction unverified | $3.13M | $8.36M | $11.49M | SHORT$5.23MNet Short exposure · SIGNED −$5.23M | 45.5619% | 54.4381% | $935.7712 | FRESHOI 2026-09-29 19:01:59 UTC |
| BZBrent Oil · UNKNOWN | $96.048 | PERP FUNDING-28.5063%4h interval · NOT_ANNUALIZED · Raw current-period value, direction unverified | $3.77M | $5.94M | $9.71M | SHORT$2.18MNet Short exposure · SIGNED −$2.18M | 22.4444% | 77.5556% | $5.26M | FRESHOI 2026-09-29 19:01:59 UTC |
| USOILPSwap on WTI Crude Oil · SWAP | $88.476 | 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 | $8.60M | $787.09K | $9.39M | LONG$7.82MNet Long exposure · SIGNED +$7.82M | 83.2393% | 16.7607% | $31.90M | FRESHOI 2026-09-29 19:01:59 UTC |
| LIGHTERLighter · UNKNOWN | $4.5288 | PERP FUNDING10.9500%4h interval · NOT_ANNUALIZED · Raw current-period value, direction unverified | $6.09M | $1.47M | $7.56M | LONG$4.62MNet Long exposure · SIGNED +$4.62M | 61.0383% | 38.9617% | $4.44M | FRESHOI 2026-09-29 19:01:59 UTC |
| DOGEDogecoin · UNKNOWN | $0.0941 | PERP FUNDING10.9500%8h interval · NOT_ANNUALIZED · Raw current-period value, direction unverified | $4.25M | $3.23M | $7.48M | LONG$1.01MNet Long exposure · SIGNED +$1.01M | 13.5418% | 86.4582% | $1.04M | FRESHOI 2026-09-29 19:01:59 UTC |
| PUMPFUNPump.fun · UNKNOWN | $0.0058 | PERP FUNDING10.9500%4h interval · NOT_ANNUALIZED · Raw current-period value, direction unverified | $7.00M | $460.05K | $7.46M | LONG$6.54MNet Long exposure · SIGNED +$6.54M | 87.6614% | 12.3386% | $12.02M | FRESHOI 2026-09-29 19:01:59 UTC |
| XAGSilver · UNKNOWN | $61.4014 | PERP FUNDING7.0311%4h interval · NOT_ANNUALIZED · Raw current-period value, direction unverified | $3.70M | $3.29M | $7.00M | LONG$410.67KNet Long exposure · SIGNED +$410.67K | 5.8708% | 94.1292% | $6.76M | FRESHOI 2026-09-29 19:01:59 UTC |
| SPCXSPAC and New Issue ETF · UNKNOWN | $148.2279 | PERP FUNDING14.6928%8h interval · NOT_ANNUALIZED · Raw current-period value, direction unverified | $2.43M | $4.02M | $6.45M | SHORT$1.59MNet Short exposure · SIGNED −$1.59M | 24.5634% | 75.4366% | $5.00M | FRESHOI 2026-09-29 19:01:59 UTC |
| XRPXRP · UNKNOWN | $1.4982 | PERP FUNDING10.9500%8h interval · NOT_ANNUALIZED · Raw current-period value, direction unverified | $4.75M | $1.43M | $6.18M | LONG$3.32MNet Long exposure · SIGNED +$3.32M | 53.6339% | 46.3661% | $12.72M | FRESHOI 2026-09-29 19:01:59 UTC |
| AAVEAave · UNKNOWN | $165.2114 | PERP FUNDING10.9500%8h interval · NOT_ANNUALIZED · Raw current-period value, direction unverified | $5.63M | $50.26K | $5.68M | LONG$5.58MNet Long exposure · SIGNED +$5.58M | 98.2313% | 1.7687% | $5.01M | FRESHOI 2026-09-29 19:01:59 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 | $3.30M | $2.30M | $5.60M | LONG$998.55KNet Long exposure · SIGNED +$998.55K | 17.8168% | 82.1832% | $73.78M | FRESHOI 2026-09-29 19:01:59 UTC |
| GOOGLAlphabet Inc. · UNKNOWN | $341.1836 | PERP FUNDING19.6866%8h interval · NOT_ANNUALIZED · Raw current-period value, direction unverified | $4.87M | $491.95K | $5.36M | LONG$4.37MNet Long exposure · SIGNED +$4.37M | 81.6350% | 18.3650% | $1.64M | FRESHOI 2026-09-29 19:01:59 UTC |
| NVDANVIDIA Corporation · UNKNOWN | $228.607 | PERP FUNDING16.2487%8h interval · NOT_ANNUALIZED · Raw current-period value, direction unverified | $3.74M | $1.60M | $5.34M | LONG$2.14MNet Long exposure · SIGNED +$2.14M | 40.1074% | 59.8926% | $4.90M | FRESHOI 2026-09-29 19:01:59 UTC |
| LTCLitecoin · UNKNOWN | $67.469 | PERP FUNDING-1.3633%8h interval · NOT_ANNUALIZED · Raw current-period value, direction unverified | $4.53M | $312.01K | $4.85M | LONG$4.22MNet Long exposure · SIGNED +$4.22M | 87.1214% | 12.8786% | $1.05M | FRESHOI 2026-09-29 19:01:59 UTC |
| BNBBNB · UNKNOWN | $754.7594 | PERP FUNDING-8.3176%8h interval · NOT_ANNUALIZED · Raw current-period value, direction unverified | $3.74M | $983.31K | $4.72M | LONG$2.76MNet Long exposure · SIGNED +$2.76M | 58.3720% | 41.6280% | $4.83M | FRESHOI 2026-09-29 19:01:59 UTC |
| XMRMonero · UNKNOWN | $542.0963 | PERP FUNDING2.1231%8h interval · NOT_ANNUALIZED · Raw current-period value, direction unverified | $3.33M | $1.28M | $4.61M | LONG$2.05MNet Long exposure · SIGNED +$2.05M | 44.4151% | 55.5849% | $547.52K | FRESHOI 2026-09-29 19:01:59 UTC |
| ENAEthena · UNKNOWN | $0.2501 | PERP FUNDING10.9500%4h interval · NOT_ANNUALIZED · Raw current-period value, direction unverified | $4.30M | $257.39K | $4.55M | LONG$4.04MNet Long exposure · SIGNED +$4.04M | 88.6937% | 11.3063% | $6.27M | FRESHOI 2026-09-29 19:01:59 UTC |
| UNIUniswap · UNKNOWN | $8.98 | PERP FUNDING10.9500%8h interval · NOT_ANNUALIZED · Raw current-period value, direction unverified | $3.78M | $480.04K | $4.26M | LONG$3.30MNet Long exposure · SIGNED +$3.30M | 77.4732% | 22.5268% | $2.44M | FRESHOI 2026-09-29 19:01:59 UTC |
| SNDKSandisk Corporation · UNKNOWN | $1.72K | PERP FUNDING0.0000%8h interval · NOT_ANNUALIZED · Raw current-period value, direction unverified | $3.53M | $650.84K | $4.18M | LONG$2.88MNet Long exposure · SIGNED +$2.88M | 68.8360% | 31.1640% | $3.24M | FRESHOI 2026-09-29 19:01:59 UTC |
| TAOBittensor · UNKNOWN | $308.2863 | PERP FUNDING10.9500%4h interval · NOT_ANNUALIZED · Raw current-period value, direction unverified | $3.91M | $114.45K | $4.02M | LONG$3.79MNet Long exposure · SIGNED +$3.79M | 94.3107% | 5.6893% | $2.25M | FRESHOI 2026-09-29 19:01:59 UTC |
| XPLPlasma · UNKNOWN | $0.0986 | PERP FUNDING10.9500%4h interval · NOT_ANNUALIZED · Raw current-period value, direction unverified | $2.63M | $1.08M | $3.71M | LONG$1.56MNet Long exposure · SIGNED +$1.56M | 42.0080% | 57.9920% | $3.73M | FRESHOI 2026-09-29 19:01:59 UTC |
| UKOILPSwap on Brent Crude Oil · SWAP | $95.705 | 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 | $2.54M | $1.06M | $3.60M | LONG$1.49MNet Long exposure · SIGNED +$1.49M | 41.3166% | 58.6834% | $30.05M | FRESHOI 2026-09-29 19:01:59 UTC |
| ZROLayerZero · UNKNOWN | $1.57 | PERP FUNDING-22.2799%4h interval · NOT_ANNUALIZED · Raw current-period value, direction unverified | $2.97M | $484.95K | $3.46M | LONG$2.49MNet Long exposure · SIGNED +$2.49M | 71.9297% | 28.0703% | $2.06M | FRESHOI 2026-09-29 19:01:59 UTC |
| WLDWorldcoin · UNKNOWN | $0.4944 | PERP FUNDING10.9500%8h interval · NOT_ANNUALIZED · Raw current-period value, direction unverified | $3.21M | $154.09K | $3.36M | LONG$3.06MNet Long exposure · SIGNED +$3.06M | 90.8392% | 9.1608% | $6.00M | FRESHOI 2026-09-29 19:01:59 UTC |
| LINKChainlink · UNKNOWN | $14.5619 | PERP FUNDING6.0875%8h interval · NOT_ANNUALIZED · Raw current-period value, direction unverified | $3.11M | $192.58K | $3.30M | LONG$2.92MNet Long exposure · SIGNED +$2.92M | 88.3461% | 11.6539% | $3.04M | FRESHOI 2026-09-29 19:01:59 UTC |
| MUMicron Technology, Inc. · UNKNOWN | $1.07K | PERP FUNDING6.6541%8h interval · NOT_ANNUALIZED · Raw current-period value, direction unverified | $2.58M | $475.65K | $3.06M | LONG$2.10MNet Long exposure · SIGNED +$2.10M | 68.8648% | 31.1352% | $3.28M | FRESHOI 2026-09-29 19:01:59 UTC |
| ADACardano · UNKNOWN | $0.2448 | PERP FUNDING2.4659%8h interval · NOT_ANNUALIZED · Raw current-period value, direction unverified | $287.38K | $2.65M | $2.94M | SHORT$2.37MNet Short exposure · SIGNED −$2.37M | 80.4532% | 19.5468% | $869.87K | FRESHOI 2026-09-29 19:01:59 UTC |
| METAMeta Platforms, Inc. · UNKNOWN | $734.4123 | PERP FUNDING0.0000%8h interval · NOT_ANNUALIZED · Raw current-period value, direction unverified | $2.52M | $301.37K | $2.82M | LONG$2.22MNet Long exposure · SIGNED +$2.22M | 78.6468% | 21.3532% | $986.67K | FRESHOI 2026-09-29 19:01:59 UTC |
| GRASSGrass · UNKNOWN | $0.6671 | PERP FUNDING10.9500%4h interval · NOT_ANNUALIZED · Raw current-period value, direction unverified | $2.74M | $75.22K | $2.81M | LONG$2.66MNet Long exposure · SIGNED +$2.66M | 94.6507% | 5.3493% | $195.41K | FRESHOI 2026-09-29 19:01:59 UTC |
| ASTERAster · UNKNOWN | $0.7279 | PERP FUNDING10.9500%4h interval · NOT_ANNUALIZED · Raw current-period value, direction unverified | $2.42M | $387.07K | $2.81M | LONG$2.03MNet Long exposure · SIGNED +$2.03M | 72.4360% | 27.5640% | $220.22K | FRESHOI 2026-09-29 19:01:59 UTC |
| AVAXAvalanche · UNKNOWN | $11.2732 | PERP FUNDING5.5983%8h interval · NOT_ANNUALIZED · Raw current-period value, direction unverified | $2.61M | $121.69K | $2.73M | LONG$2.48MNet Long exposure · SIGNED +$2.48M | 91.0763% | 8.9237% | $1.86M | FRESHOI 2026-09-29 19:01:59 UTC |
| AMZNAmazon.com, Inc. · UNKNOWN | $248.945 | PERP FUNDING1.8573%8h interval · NOT_ANNUALIZED · Raw current-period value, direction unverified | $2.28M | $440.48K | $2.72M | LONG$1.84MNet Long exposure · SIGNED +$1.84M | 67.5918% | 32.4082% | $1.03M | FRESHOI 2026-09-29 19:01:59 UTC |
| CRCLCircle Internet Group · UNKNOWN | $84.0926 | PERP FUNDING0.0000%8h interval · NOT_ANNUALIZED · Raw current-period value, direction unverified | $2.13M | $440.46K | $2.57M | LONG$1.69MNet Long exposure · SIGNED +$1.69M | 65.7566% | 34.2434% | $1.58M | FRESHOI 2026-09-29 19:01:59 UTC |
| ANTHROPICAnthropic · UNKNOWN | $1.99K | PERP FUNDING5.4750%8h interval · NOT_ANNUALIZED · Raw current-period value, direction unverified | $1.97M | $467.43K | $2.44M | LONG$1.50MNet Long exposure · SIGNED +$1.50M | 61.6732% | 38.3268% | $441.24K | FRESHOI 2026-09-29 19:01:59 UTC |
| DRAMRoundhill Memory ETF · UNKNOWN | $61.3914 | PERP FUNDING8.2472%8h interval · NOT_ANNUALIZED · Raw current-period value, direction unverified | $1.70M | $658.03K | $2.36M | LONG$1.04MNet Long exposure · SIGNED +$1.04M | 44.1277% | 55.8723% | $942.05K | FRESHOI 2026-09-29 19:01:59 UTC |