100+ Liquid RWA Markets in 90 Days

For orderbook exchanges, bringing hundreds of RWA markets on-chain is a decade-long grind fueled by millions in liquidity subsidies to market makers. But that's only the case for platforms trying to clone global liquidity from scratch. When you have the infrastructure to access the multi-trillion-dollar depth that already exists off-chain, you don't need a ten-year roadmap.

Here is our three-phase rollout to deliver TradFi-quality execution to DeFi in 90 days:

Phase 1: Aggregating Existing Perps Liquidity

Timeline: Launching in May.

Markets: 24/7 perps for the RWA markets with the most existing perpetuals liquidity: WTI Crude Oil, Gold, and Silver.

Phase 1 is about validating our cross-margining architecture for non-crypto assets. We are utilizing Omni's existing infrastructure for aggregating liquidity from perpetuals venues to offer 24/7 perps on a select menu of highly demanded RWAs. Users will be able to trade these markets alongside our 450+ crypto listings from a single USDC balance with zero fees.

Phase 1 will prove out the infrastructure, and feature deeper liquidity and better funding rates than existing crypto-native RWA markets by aggregating liquidity from multiple venues. However, because Phase 1 relies on existing perp venues, execution will be constrained by the limits of crypto-native liquidity. To deliver execution comparable to TradFi, we are plugging directly into non-crypto liquidity sources with Phase 2.

Phase 2: Bringing TradFi On-Chain

Timeline: ~1 month. Targeting kickoff in June.

Markets: Up to 23/5 CFDs for a collection of 100+ international indices (e.g., Singapore 30, Netherlands 25, China A50), commodities (e.g., Wheat, Soybeans, Natural Gas), and single-name equities (e.g., Alibaba, Coinbase, Intel, MicroStrategy, Nvidia, Rivian).

CFDs (Contracts for Difference) function similarly to perpetual futures by enabling leveraged trading of an asset's price action with no expiry date. At launch, these CFD markets will follow traditional market hours.

This is when Variational's liquidity aggregation model begins bringing CME-level depth directly on-chain. By routing to the largest global dealers, traders will be able to execute multi-million-dollar market orders with negligible slippage, and hold positions with nearly flat funding rates of ~4-6%. Dealer partnerships for over 100 markets under this structure have already been secured.

Phase 2 delivers TradFi liquidity, but also inherits one of TradFi's biggest limitations: the closing bell. In the beginning, these CFD markets will exist alongside our 24/7 crypto perps. The final step with Phase 3 is expanding these CFD markets to 24/7 trading using the aggregated liquidity that only Variational's model can offer.

Phase 3: Universal Coverage

Timeline: Q3 and beyond, with partnerships already in motion.

Markets: 24/7 perps on thousands of indices, commodities, stocks, and currencies. Expansion into perps on prediction, pre-IPO, and other exotic markets can be enabled through additional integrations.

By plugging in specialized off-hours dealers, Variational will transform the CFDs launched in Phase 2 into 24/7 markets while retaining TradFi depth. Traders will have uninterrupted access to both crypto and RWAs, backed by TradFi liquidity and near-flat funding rates, at any hour of the day, from a single cross-margined account.

From here, the protocol continuously plugs in new dealers for access to more liquidity, and more markets. Depth improves, spreads tighten, and new markets are unlocked with each additional integration.

Variational Summer

Over the next three months, Variational will transform from a crypto-focused perps platform to a universal trading venue for all assets. Starting with aggregating existing RWA perps liquidity this month, progressing to hundreds of CFD listings in June, and establishing true 24/7 RWA markets throughout Q3 and beyond.

The endgame is a brand-new type of trading platform: a single cross-margined account spanning crypto, equities, commodities, indices, and currencies that provides the execution quality of a traditional prime broker and the instant settlement of DeFi.