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
Variational has no public order book. BID / ASK are public indicative OLP RFQ prices for $100K size. A quote better than Mark is labelled price improvement, never negative cost.
| Swap Contract | Market Status | Mark | Financing Long / Short (p.a. / non-annualized points) | Long OI (USDC) | Short OI (USDC) | Gross OI | Net OI / Direction | Net Exposure | Netting | Quote Time | Long-Hold Study | Validation |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| US100SSwap on US Non-Financial 100 | OPENStandard session with fresh quoteMon–Fri 00:00–17:00, 18:00–24:00 ETET · America/New_York · AS OF 2026-09-29 19:07:07 UTCAUTO_VERIFIED_DOCUMENT · VERIFIED 2026-09-29 14:25:53 UTC | $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% | 2026-09-29 19:01:56 UTCFRESH | ACTIVEOPEN 2026-09-14 18:27:31 UTC | PARTIALNAME_PREFIX |
| XAUSSwap on Gold Spot | OPENStandard session with fresh quoteMon–Fri 00:00–17:00, 18:00–24:00 ETET · America/New_York · AS OF 2026-09-29 19:07:07 UTCAUTO_VERIFIED_DOCUMENT · VERIFIED 2026-09-29 14:25:53 UTC | $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% | 2026-09-29 19:01:32 UTCFRESH | ACTIVEOPEN 2026-09-14 18:23:06 UTC | PARTIALNAME_PREFIX |
| US500SSwap on US 500 | OPENStandard session with fresh quoteMon–Fri 00:00–17:00, 18:00–24:00 ETET · America/New_York · AS OF 2026-09-29 19:07:07 UTCAUTO_VERIFIED_DOCUMENT · VERIFIED 2026-09-29 14:25:53 UTC | $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% | 2026-09-29 19:01:52 UTCFRESH | ACTIVEOPEN 2026-09-14 18:27:31 UTC | PARTIALNAME_PREFIX |
| XAGSSwap on Silver Spot | OPENStandard session with fresh quoteMon–Fri 00:00–17:00, 18:00–24:00 ETET · America/New_York · AS OF 2026-09-29 19:07:07 UTCAUTO_VERIFIED_DOCUMENT · VERIFIED 2026-09-29 14:25:53 UTC | $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% | 2026-09-29 19:01:40 UTCFRESH | ACTIVEOPEN 2026-09-15 00:27:37 UTC | PARTIALNAME_PREFIX |
| USOILPSwap on WTI Crude Oil | OPENStandard session with fresh quoteMon–Fri 00:00–17:00, 18:00–24:00 ETET · America/New_York · AS OF 2026-09-29 19:07:07 UTCAUTO_VERIFIED_DOCUMENT · VERIFIED 2026-09-29 14:25:53 UTC | $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% | 2026-09-29 19:01:48 UTCFRESH | ACTIVEOPEN 2026-09-15 16:08:05 UTC | PARTIALNAME_PREFIX |
| TWISSwap on Taiwan Index | OPENStandard session with fresh quoteMon–Fri 00:00–01:45, 02:00–17:00, 20:45–24:00 ETET · America/New_York · AS OF 2026-09-29 19:07:07 UTCAUTO_VERIFIED_DOCUMENT · VERIFIED 2026-09-29 14:25:53 UTC | $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% | 2026-09-29 19:01:52 UTCFRESH | PRESTART_CAPTUREWAITING_TRADEXYZ_MAPPING | PARTIALNAME_PREFIX |
| UKOILPSwap on Brent Crude Oil | OPENStandard session with fresh quoteMon–Fri 00:00–17:00, 20:00–24:00 ETET · America/New_York · AS OF 2026-09-29 19:07:07 UTCAUTO_VERIFIED_DOCUMENT · VERIFIED 2026-09-29 14:25:53 UTC | $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% | 2026-09-29 19:01:44 UTCFRESH | ACTIVEOPEN 2026-09-14 18:27:31 UTC | PARTIALNAME_PREFIX |
| COPPPSwap on Copper Spot | OPENStandard session with fresh quoteMon–Fri 00:00–17:00, 18:00–24:00 ETET · America/New_York · AS OF 2026-09-29 19:07:07 UTCAUTO_VERIFIED_DOCUMENT · VERIFIED 2026-09-29 14:25:53 UTC | $6.6917 | SWAP FINANCINGN/ASWAP_FINANCING_CAPTURE_UNAVAILABLE | $1.19M | $1.03M | $2.23M | LONG$157.31KNet Long exposure · SIGNED +$157.31K | 7.0686% | 92.9314% | 2026-09-29 19:01:22 UTCFRESH | PRESTART_CAPTUREWAITING_TRADEXYZ_MAPPING | PARTIALNAME_PREFIX |