Original | Odaily Planet Daily (@OdailyChina)

Author | Asher (@Asher_ 0210)

A financing news has made Perp DEX Variational the focus of discussions in the hair-raising circle.

Last night, Variational announced the completion of a $50 million Series A financing, led by Dragonfly Capital, with participation from Bain Capital Crypto and Coinbase Ventures. Affected by this news, Variational's pre-market price surged over 36% at one point, reaching $6.9 (corresponding FDV of $690 million), and has since pulled back to report $6.1 (corresponding FDV of $610 million).

Variational pre-market price trend

Moreover, the prediction platform predict.fun shows that the probability of the event “Variational's FDV exceeding $500 million one day after opening” has risen to 57%; the probability of the event “Variational's FDV exceeding $1 billion one day after opening” has risen to 27%.

predict.fun event “Variational FDV after opening”

Next, Odaily Planet Daily will take you to understand Variational, the rules for earning points through trading, and when to conduct TGE.

Variational: A zero-fee Perp DEX deployed on Arbitrum

Variational is a Perp DEX platform deployed on Arbitrum, headquartered in the Cayman Islands, with its core product being Omni. Simply put, users can trade mainstream crypto assets like BTC, ETH, SOL on Variational, as well as long-tail assets, stocks, commodities, volatility indices, and more types of perpetual contract markets.

Compared to most Perp DEXs, the most straightforward feature of Variational is zero trading fees. When users trade on Omni, the platform does not charge standard trading fees; the main costs come from spreads, slippage, funding rates, and deposit and withdrawal fees.

Moreover, the underlying design of Variational is also different from traditional Perp DEXs. It does not simply rely on internal matching or a single liquidity pool to handle trades, but instead connects multiple sources of liquidity through a broker-style model, including traditional financial market makers, crypto-native market makers, and mainstream trading platforms, to solve the on-chain market "liquidity cold start" problem.

According to DefiLlama data, Variational's trading volume has exceeded $16 billion in the past month, and its current open interest exceeds $800 million, ranking fourth in the Perp DEX sector. Notably, among the top five Perp DEXs by open interest, Variational is the only platform that has not issued a token yet.

Perp DEX open interest ranking

Earning points through trading, detailed rules of Variational

For regular users, the most direct way to engage with Variational is still trading to earn points.

Variational will officially launch the Omni points program on December 17, 2025, and will give out 3 million points to historical trading users in a one-time retroactive distribution, covering the period up to December 11, 2025. After that, points will be distributed every Friday at 00:00 UTC, counting platform activities up to the previous Thursday at 00:00 UTC.

Additionally, according to the document content, the project commits about 50% of the token supply to the community (through various mechanisms like points, revenue sharing, rather than a single airdrop), while planning to use at least 30% of protocol revenue for VAR token repurchase and burning.

The core of the Variational points system is not complicated—the more actively you trade, the more opportunities there are to earn points. However, Variational does not simply distribute points based on trading volume, but also incorporates designs that emphasize trading quality, including:

• Points are directly related to user trading activities: The platform's reward page shows that the points program is intended to reward protocol users, who can earn points through platform activities. The official retains the right to adjust points and handle non-organic behavior, meaning that obvious meaningless volume stuffing and arbitrage-style point earning may later face risks of reduction or exclusion;
• Early users receive additional bonuses: Accounts that have traded before the points program goes live can enjoy a 10% points bonus when earning points afterwards;
• Introducing a Reward Tiers system: The total trading volume of users over the past 30 days will affect their tier, calculated as individual trading volume plus 0.2 times the invited trading volume. Different tiers correspond to different points bonuses: Iron is 0%, Bronze is 0.5%, Silver is 1%, Gold is 2%, Platinum is 3%, Diamond is 4%, and Infinity is 5%. Among them, Bronze requires a total volume of $1 million in the last 30 days, Silver requires $5 million, Gold requires $25 million, Platinum requires $100 million, Diamond requires $750 million, and Infinity requires $2.5 billion;
• Invitations can also bring points and USDC rewards: Inviter can receive 5% USDC rewards on the spread paid by the invited user, and for every 10 points the invited user earns, the inviter can receive 1 point.

In terms of rules, Variational's points design leans towards organic trading rather than pure volume inflation. For hair-raising users, the focus is not just on completing a trade, but on thinking whether their trading frequency, capital efficiency, position risk, and points cost are in alignment.

When will Variational conduct TGE?

Currently, Variational has not announced a specific TGE date for VAR. However, according to information disclosed in official documents, the distribution of points will last until at least the end of the third quarter of 2026. Therefore, the community generally expects the TGE time to be between Q3 and Q4 of this year.

Data source: Variational Official Documentation

Furthermore, the pricing in the prediction market leans more towards Q4. Polymarket data shows that the probability of the event “Variational will issue a token before September 30 this year” is only 26%, while the probability of the event “Variational will issue a token before December 31 this year” is 78%.

Polymarket event “When will Variational TGE?”

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