Bankless · Wednesday, September 30, 2026
Justin Bram, Head of Product at Variational, highlighted the cost advantages of their new swap product. He stated that for a market like the US 100, Variational's swaps are about one-fifth the cost compared to existing on-chain perpetuals, with funding rates capped below 5%. These swaps also boast multi-million dollar order sizes with sub-one basis point spreads, offering execution costs significantly lower than competing venues.
“So we post some of these stats pretty regularly, but about one fifth of the cost as your most liquid on-chain venue for getting access to a market like US 100, for example, compared to the perp that would be listed on places like TradeXYZ, maybe Binance, Bybit, etc.”
“And then funding, to Lucas's point, is bounded at, I think, just sub 5% now for US 100 as the prime example.”
“extremely liquid, multi-million dollar order size is totally reasonable with sub one basis point spread.”