POPA ReconVariational Introduces Onchain Gold and Nasdaq Swaps
Variational Introduces Onchain Gold and Nasdaq Swaps Variational shipped its first swap markets: XAU and US100 - sourcing liquidity directly from TradFi dealers instead of crypto venues. Swaps replace the volatile funding of typical perps with a stable carry rate benchmarked to USD borrowing costs: longs pay 4–6% annually, shorts receive 2–3%. A $3M gold long costs 16 bps on the most liquid crypto perp venue against 2 bps here, and the advantage widens as trades get bigger rather than shrinking. That's only possible because of the RFQ model - the Omni Liquidity Provider faces TradFi venues…
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