# What Is Variational Variational is a protocol for on-chain derivatives trading across crypto, equities, commodities, and forex. By aggregating the deepest possible liquidity for each market from CEXs, DEXs, and TradFi dealers, Variational plugs DeFi directly into the global economy. The Variational Protocol currently powers two primary applications: Omni (a zero-fee perps trading venue) and Pro (an institution-focused settlement layer for customized derivatives). ## Omni Omni is the first app built on the Variational Protocol. It allows users to trade perpetuals across both crypto and traditional markets within a single cross-margined account. * ​[***Zero Fees***](/omni/trading/fees)***:*** Omni does not charge any fees. By vertically integrating the platform's liquidity provider, Omni generates revenue by retaining the market-making yield that is usually extracted by external market makers. * [***TradFi Liquidity Depth***](/omni/the-omni-liquidity-provider-olp)**:** The Omni Liquidity Provider directly accesses liquidity from CEXs, DEXs, and TradFi dealers to offer the tightest possible spreads on each listed crypto or RWA market. * ​[***Hundreds of Listings***](/omni/listing-engine)**:** By connecting to existing liquidity instead of bootstrapping new order books, Omni is able to list and maintain far more markets than order book exchanges. Over 450 crypto and RWA markets are currently live, with 100+ more RWA markets planned for listing this summer. {% content-ref url="/pages/o1PJgmvezpT0zWJJUQVg" %} [About Omni](/omni/about-omni) {% endcontent-ref %} ## Pro [Our team](/getting-started/core-contributors) has seen firsthand the inefficiencies that exist in institutional OTC derivatives trading. Trades are commonly negotiated via Telegram chats and other informal channels, then manually settled retroactively, with slow processes for margin calls exposing participants to substantial counterparty risk. The mission with Pro is to eliminate these inefficiencies and drastically streamline institutional OTC derivatives trading, unlocking billions of dollars in volume through better price discovery and accessibility. Pro automates the entire flow of institutional trades, from booking and clearing to settlement, and brings it on-chain. Institutions can create completely customized derivatives, set specific margin and liquidation rules, escrow collateral in segregated contracts on-chain, and use the Variational Oracle for pricing. TLDR: 1. Institutional derivatives trading currently happens either in manual direct channels (e.g. Telegram groups) or on platforms like Paradigm and Deribit. 2. Direct channels are extremely manual, inefficient, and risky. 3. Platforms like Paradigm and Deribit lack customization and only support options on majors (BTC, ETH, SOL), yet still process [upwards of $1T in annual volume](https://insights.deribit.com/exchange-updates/deribit-reports-q4-and-2024-year-end-volumes-provides-operational-update/). Pro can offer the same level of customization as direct channels while providing the efficiency of automated on-chain systems. {% content-ref url="/pages/JlYRg3bCwuvlR1OVDhUf" %} [About Pro](/pro/about-pro) {% endcontent-ref %} ## Investors Variational is backed by industry leaders, including Dragonfly Capital, Bain Capital Crypto, Coinbase Ventures, and more. # Why Build Variational In 2021, [co-founders Lucas Schuermann and Edward Yu](/getting-started/core-contributors) left their roles managing one of crypto’s largest OTC desks to launch a proprietary trading firm. After spending two years integrating with and providing liquidity to nearly every major CEX and DEX, the structural limits of existing trading venues became obvious: * **Relying on order books makes bringing new markets on-chain a slow, subsidy-fueled grind.** Exchanges are forced to pay millions in subsidies and rebates to external market makers just to bootstrap basic liquidity. * **The exchange model inherently leaks value**, resulting in a continuous outflow of capital from the platform to external market makers. * **Institutional OTC and customized derivatives trading remains largely manual**, often settled entirely off-chain via chat groups. Variational was built to solve this infrastructure problem. Funded by trading profits, Lucas and Edward set out to build a new type of trading venue that vertically integrates liquidity provisioning. By integrating its own primary market maker that connects directly to CEX, DEX, and TradFi liquidity, Variational bypasses the slow grind of bootstrapping isolated order books and ends extraction from the platform by external market makers. # Core Contributors ## Founders Variational was co-founded by [Lucas Schuermann](https://lvs.io/) and [Edward Yu](https://quant.am/). Lucas and Edward met as engineering students and researchers at Columbia University before founding their own hedge fund (Qu Capital) in 2017. In 2019, Qu Capital was acquired by Digital Currency Group, and Lucas and Edward became the VP of Engineering and VP of Quant Trading (respectively) at Genesis Trading. In 2021, after processing hundreds of billions in volume at Genesis (at the time one of the largest desks in crypto), Lucas and Edward left to start their own proprietary trading firm: Variational. After raising [$10M in funding](https://www.theblock.co/post/322653/arbitrum-crypto-protocol-variational-funding) to profitably run their trading strategies for a few years, and integrating with virtually every CEX and DEX in the space, Lucas and Edward decided to use Variational's trading profits to develop the Variational Protocol. ## Development and Quant Teams The Variational development and quant teams consist of industry veterans with prior experience at Google, Meta, Virtu, IMC, Jane Street, and more. All members of the core technical team each have more than a decade each of experience in software engineering and/or quantitative research. # Roadmap This roadmap is provided to give the Variational community a general sense of the planned progression of the project. This is a living roadmap, and should not be viewed as a promised list of features or a commitment to any specific timeline. **Q2 2024:** * [x] Omni testnet launch **Q3 2024:** * [x] New order types: TP/SL and limit * [x] Automated listing engine **Q4 2024:** * [x] Isolated settlement pools * [x] "Portfolio" and "markets" pages * [x] [Audits](/technical-documentation/audits) * [x] Production load testing/scaling **Q1 2025:** * [x] Omni private mainnet launch * [x] Limited launch of Omni referral program **Q2 2025:** * [x] Leaderboard page * [x] PnL cards * [x] Full launch of Omni referral program **Q3 2025:** * [x] Configurable leverage * [x] Display estimated liquidation prices * [x] Setting for TP/SL trigger prices to be based on quoted, mark, or index prices * [x] Major UI rework ("Omni v2") **Q4 2025:** * [x] Quoting upgrade to tighten spreads * [x] New order type: trigger * [x] Enabled referral reward claims * [x] Drag & drop TP/SL/Limit/Trigger orders on the chart * [x] Launch of the Omni points program **Undated Roadmap Items:** * [x] Enable read-only [Omni API](/technical-documentation/api) * [x] Improved mobile experience * [x] CSV data exports * [x] Initial [launch of RWA markets](https://x.com/variational_io/status/2057097346086047982) with aggregated crypto-native liquidity ("Phase 1") * [x] Improved portfolio page analytics * [x] Major UI rework ("Omni v3") * [ ] Isolated margin * [ ] Launch [swaps](https://x.com/variational_io/status/2074126508000755983) ("Phase 2") * [ ] Partial fills of limit orders * [ ] Enable API trading * [ ] Protocol statistics page * [ ] Enable 24/7 trading of swaps ("Phase 3") * [ ] Omni public mainnet launch * [ ] Launch of the $VAR token * [ ] Open community vault for[ Omni Liquidity Provider (OLP)](https://docs.variational.io/variational-omni/omni-liquidity-provider-olp) * [ ] Launch of [Variational Pro](https://docs.variational.io/variational-pro/about-pro) # Official Links * [Website](https://variational.io) * [Omni Mainnet (currently in private beta)](https://omni.variational.io) * [Omni Testnet (only used now for demoing new features)](https://omni.testnet.variational.io) #### **Social Accounts** * [X (Variational)](https://x.com/variational_io) * [X (Lucas, co-founder)](https://x.com/variational_lvs) * [X (Edward, co-founder)](https://x.com/edward_yu_var) * [LinkedIn]() #### **Community** * [Discord](https://discord.gg/variational) * [Telegram (Announcements)](https://t.me/variational_io) * [Telegram (Chat)](https://t.me/variational_chat) # Overview The Variational Protocol is built to manage the full lifecycle of peer-to-peer trades on-chain, and underpins multiple different applications. ## Variational Protocol The Variational Protocol is a collection of on and off-chain infrastructure designed to automate the process of booking, clearing, and settling derivatives trades. Users interact with the Variational Protocol by trading on applications built on top of it, such as [Omni](/omni/about-omni) and [Pro](/pro/about-pro). All applications built on Variational take advantage of the following foundational components: ### Pricing Oracle Variational uses a [custom pricing oracle](/variational-protocol/key-concepts/variational-oracle) to provide reliable data on the current prices of assets. The pricing oracle streams and aggregates data from a number of [partnered data providers](/technical-documentation/partners#pricing-data) to price assets from both centralized and decentralized exchanges. For Variational to support the trading of an asset, the primary requirement is that there are reliable services to stream pricing data from, and an algorithm by which a "fair value" can be determined using this source data.
### Core Margin & Liquidation Engine The core margin & liquidation engine manages margin requirements for trades, and handles the liquidation of positions that run out of margin. This engine consistently calculates the required amount of margin to maintain a position, and liquidates positions that fall under margin requirements. This process is applied per [settlement pool](/variational-protocol/key-concepts/settlement-pools), where liquidations can take place for a position between two parties without affecting any other settlement pool (any other users). ### Settlement & Funding Rate Engine The settlement & funding rate engine determines the settlement price for contracts upon their expiration, calculates funding rates (and other metadata) for applicable markets based on open positions, and tracks funding payments between counterparties within a settlement pool. Omni, due to its sole focus on perpetual contracts, does not utilize the settlement aspect of this engine. ### On-Chain Transaction Handler #### Transactor The on-chain transactor submits all necessary on-chain transactions for both users and market makers. On Omni, the on-chain transactor covers gas for user deposits and withdrawals on Omni, and as necessary to move funds from OLP into new settlement pools. #### Watcher The on-chain watcher is used to determine whether transactions submitted by the on-chain transactor have been finalized on-chain. The watcher protects against vampire/fake deposits, and ensures app balances reflect on-chain activity. # Key Concepts {% content-ref url="/pages/PERfTP98kemAvnhQZCkB" %} [P2P Trading Protocol vs DEX](/variational-protocol/key-concepts/p2p-trading-protocol-vs-dex) {% endcontent-ref %} {% content-ref url="/pages/8KnBUJxlE3TB5FQdJb7W" %} [Trading via RFQ](/variational-protocol/key-concepts/trading-via-rfq) {% endcontent-ref %} {% content-ref url="/pages/laAHitx3R9iPqqn2ikEF" %} [Variational Oracle](/variational-protocol/key-concepts/variational-oracle) {% endcontent-ref %} {% content-ref url="/pages/YEHMrbwhEdfBrdSkYVdR" %} [Settlement Pools](/variational-protocol/key-concepts/settlement-pools) {% endcontent-ref %} # P2P Trading Protocol vs DEX Variational is not an exchange; it is a peer-to-peer trading protocol. Although the user experience feels very similar to an exchange when using apps like [Omni](/omni/about-omni), the decision to build Variational as a protocol and not an exchange was very deliberate, and comes with certain tradeoffs. ## Segregated Risk Pools vs. Commingled Risk An exchange works by mixing all user funds in one bucket, and then doing careful accounting to determine each user's balance and positions. Variational works by having completely segregated [settlement pools](/variational-protocol/key-concepts/settlement-pools), which are on-chain smart contracts with funds isolated from other settlement pools. All positions in a settlement pool are peer-to-peer, meaning you have an explicit counterparty who is taking the other side of the trade. For example, all trades between Alice <> Bob may be in one settlement pool, and all trades between Cheryl <> Douglas in another. All users trading on [Omni](/omni/about-omni) have their own settlement pools defined as User <> [Omni Liquidity Provider (OLP)](/omni/the-omni-liquidity-provider-olp). | | Peer to peer model | Exchange model | | ----------------------- | ----------------------------------------------------------------------- | ---------------------------------------- | | **User funds** | Isolated and segregated into settlement pools | Commingled into one pool | | **Liquidity discovery** | [Request-for-quote](/variational-protocol/key-concepts/trading-via-rfq) | Central limit orderbook (CLOB) | | **Counterparty** | Explicit counterparty who is on other side of trade | Anonymous counterparty on the orderbooks | In a peer to peer model, one settlement pool going bankrupt has no effect on other healthy settlement pools; there is no contagion. Healthy settlement pools remain solvent and pay out as expected for uninvolved users. This is in contrast to an exchange model, wherein any loss of funds may be socialized across all users of the platform, regardless of whether they were at fault or not. On the other hand, the health of the counterparty is much more important in a peer to peer model. In an exchange model, if your counterparty has a negative balance, you are still guaranteed payout as long as the exchange is solvent. There is no such backstop in a peer to peer model. The funds deposited into the pool are the only funds available. This is explained further below. ## Counterparty Risk and Bad Debt The basic principle for the peer-to-peer model is that the collateral deposited into the settlement pool is the only collateral available backing the trades. The [margin engine](/omni/trading/margin) requires both counterparties to maintain certain collateral levels to avoid being [liquidated](/omni/trading/liquidation). In certain rare cases, the market may move so quickly that a counterparty's balance goes negative. There is no way to force the bankrupt counterparty to deposit more collateral to cover the losses. We refer to this situation as bad debt, where there is no way for the winning counterparty to realize his profits, i.e. collect the debt from the bankrupt counterparty. This is an inherent risk of trading in a peer to peer system. Please make sure you understand the [margin](/omni/trading/margin) requirements and [liquidation](/omni/trading/liquidation) system before entering into any trades. # Trading via RFQ Variational is a request-for-quote (RFQ) protocol, and does not utilize an orderbook. At a high level, an RFQ system consists of *takers* requesting quotes and *makers* responding to them with bids and/or offers. The generic RFQ flow (at the protocol level) is as follows: 1. The taker creates an RFQ by selecting the structure they would like to trade. For example, a future on ETH with a settlement date of 2026-01-01. The taker can either broadcast the RFQ globally (to all makers) or to a select whitelist of makers. 2. Eligible makers can respond with *quotes*. Each quote includes *terms*, which consist of: 1. The *price* at which the trade would be executed. The maker can either quote dual-sided (with a bid and offer), or single-sided (either a bid or offer). 2. The *settlement pool* in which the trade would be booked. This would be either an existing pool between the two parties (if one exists), or a new pool that would be created concurrently with the trade. Regardless of whether the trade will use an existing or new pool, margin requirements, liquidation penalties, and other pool parameters are proposed here before the quote is accepted. 3. If the terms are acceptable, the taker can choose a quote to accept. At this stage, the taker has to approve the smart contract calls to move collateral into the pool. However, no funds will actually be moved until the maker last look stage. 4. The maker has a last look, which is a final confirmation of the trade and all terms. If the maker gives the final "OK" by approving the smart contract calls, the pending trade will enter the clearing process. If a new settlement pool needs to be created, it will happen at this stage. At this point, collateral is moved from both parties into the pool, the trade is booked, and the new position will be reflected in the pool's ledger. ## RFQ on Omni Omni operates on top of the Variational protocol, using a simplified RFQ flow between users and OLP. The RFQ flow on Omni is as follows: 1. The taker (user) creates an RFQ by filling out the Order Entry Form on the Omni frontend. For example, a buy order of 1 ETH at 50x leverage. 2. The [Omni Liquidity Provider (OLP)](/omni/the-omni-liquidity-provider-olp), as the only eligible maker on Omni, responds with a quote. This quote consists exclusively of a price (bid or ask, depending on the user's intended direction), as all other parameters of the trade (settlement pool, margin requirements, liquidation penalties, etc.) are pre-set on Omni. 3. If the quoted price is acceptable to the taker, they can accept the quote to begin the order execution process. 4. OLP has a last look before the trade is booked and cleared. At this point, OLP will check the user's trade against its [risk limits](/omni/trading/risk-limits-rate-limits) and ensure it can safely finalize the trade. Once OLP's last look has passed, collateral is moved from the [OLP vault](/omni/the-omni-liquidity-provider-olp#the-vault) into the user's settlement pool, and the trade is booked and cleared. While this process contains many steps, the entire flow (starting once the user has filled out the order entry form) is completed in seconds. From a user perspective, they simply enter their desired position in the Order Entry Form, see the price they are offered by OLP, and choose to accept the quote (open the trade) or not. # Variational Oracle The Variational Oracle sources prices and market information for all assets supported by the Variational Protocol.
The oracle works by streaming a variety of different real-time data feeds for each listed market, using a weighted combination of prices on different exchanges. Having a customizable, in-house oracle allows Variational to support new assets quickly, and (in the future) list exotic and novel markets. # Settlement Pools A settlement pool is a one-to-many relationship created between the pool creator and its counterparties, and contains: 1. Open derivatives positions 2. USDC collateral from counterparties 3. Rules governing margin requirements and liquidation **Example:** bilateral pool between Alice <> Bob. **Example:** multilateral pool between Bank <> Bank clients. In this case, all the clients' funds are commingled in one pool. The bank could've also decided to make many bilateral pools instead of one multilateral pool as an alternative risk model.

On Omni, each user has their own bilateral pool created between User <> OLP.

All settlement pools are completely isolated from each other. Positions that exist in one settlement pool cannot be transferred or netted with positions in another settlement pool. Similarly, uninvolved parties do not have access to funds in settlement pools they are not a part of. Margin requirements and liquidation rules may be completely different on a pool to pool basis; however, on Omni, all pools follow the same platform-wide margin requirements and liquidation rules. ### Deposits and Withdrawals A user may freely deposit more USDC into the pool. A user may withdraw the unused balance from the pool, up to the maintenance margin requirement. # About Omni Omni is the first application built on the Variational Protocol. It provides a single cross-margined account for trading perpetuals across crypto and real-world assets, including gold, silver, copper, and oil. Omni features zero trading fees and up to 50x leverage across 450+ live markets. ## Why Omni? Order book exchanges struggle to bootstrap liquidity for new markets and constantly bleed capital to external market makers. Omni replaces order books with a vertically integrated RFQ architecture, cutting out external market makers and bypassing the bootstrapping bottleneck by aggregating existing liquidity. ### Zero Fees Omni does not charge any maker or taker fees. By vertically integrating the platform's liquidity provider, Omni generates revenue by retaining the market-making yield that is usually extracted by external market makers. ### Aggregated Liquidity Order books fragment when applied to long-tail or off-chain markets because they attempt to rebuild liquidity from scratch. Omni solves this by tapping into the depth where it already exists, aggregating crypto liquidity from major exchanges and traditional market liquidity directly from TradFi dealers. ### Universal Market Coverage Omni currently supports over 450 crypto and traditional markets, with 100+ additional TradFi markets lined up for listing this summer. Omni's vertically integrated market maker aggregates liquidity from existing venues (CEXs, DEXs, TradFi) to offer immediate depth on each new listing. ## How Does Omni Work? Omni operates by vertically integrating the entire trading stack, from pricing to settlement to liquidity: * **Pricing**: Uses the [Variational Oracle](/variational-protocol/key-concepts/variational-oracle) to aggregate multi-venue market data, enabling broad coverage of crypto and traditional markets. * **Settlement**: Uses the core [Variational Protocol](/variational-protocol/overview) as the underlying infrastructure to transparently clear and settle all trades on-chain. * **Liquidity**: Uses the [Omni Liquidity Provider (OLP)](/omni/the-omni-liquidity-provider-olp) as the sole market maker. OLP aggregates external liquidity, provides direct quotes, and acts as the counterparty to user trades. Controlling the pricing infrastructure removes a key bottleneck to listing new markets, allowing Omni to scale its offerings instantly. Building custom settlement on the Variational Protocol ensures verifiable, 24/7 on-chain execution. Vertically integrating liquidity cuts out rent-seeking external market makers, and allowing the platform to plug directly into global liquidity. When combined, this full-stack integration is what allows Omni to deliver the asset breadth of a global brokerage, the cross-margining of a prime broker, and the 24/7 settlement of crypto. # The Omni Liquidity Provider (OLP) ## What is OLP? The Omni Liquidity Provider (OLP) is a vertically integrated market maker that acts as the counterparty to all trades on Omni. OLP can be broken down into three key components: the vault, the market making engine, and the risk management system.
#### The Vault The vault is a smart contract where the capital that powers OLP (USDC) is secured. The vault is the source of OLP's margin, and is also where OLP's market making profits are accumulated. #### The Market Making Engine OLP runs a sophisticated market making strategy that is responsible for generating competitive price quotes and acting as the counterparty to every trade executed on Omni. OLP runs proprietary in-house algorithms that analyze real-time data (such as flow and volatility) CEXs, DEXs, and TradFi sources to determine fair prices. The market making engine's objective is to maintain the tightest possible spreads across all markets while still generating revenue. OLP is based on the same market making engine that the [Variational founders](/getting-started/core-contributors#founders) have been using and improving for over 7 years. #### The Risk Management System OLP uses proprietary in-house algorithmic strategies to manage and hedge its positions to mitigate directional risk exposure and optimize long-term yield. ## OLP As The Sole Counterparty For every trade on Omni, both OLP and the user are subject to margin requirements. This means both parties are required to maintain margin in a [settlement pool](/variational-protocol/key-concepts/settlement-pools), and may be subject to liquidation if their margin levels fall below requirements. A key difference from Omni's design compared to other platforms is that OLP is the counterparty to all trades on Omni. This brings a variety of benefits to traders: * ***Zero Fees:*** Since all market making on Omni is done by OLP instead of external market makers, Omni doesn't need fees to generate revenue. * ***Listing Variety:*** All OLP requires for a new listing is a reliable price feed, a quoting strategy, and a hedging mechanism — all of which can be built and maintained in-house. This manifests as \~500 tradable markets on Omni, with RWAs and other exotic markets able to be added in the future. ## How Do OLP And The Variational Protocol Make Money? OLP makes money through the following flow: 1. OLP constantly determines a fair spread for each asset. 2. Users open trades against OLP at the quoted prices. 3. OLP hedges out the directional exposure it accumulates from traders via external venues as needed. The Variational protocol makes money by taking a percentage of the spreads paid to OLP. Currently, 20% of spreads paid is transferred to Variational's [protocol treasury wallet](https://arbiscan.io/address/0x5e91b40467fb8902c46a7b6cb90482363188d645). {% hint style="info" %} The percentage of spreads sent to the protocol treasury is still being tested and is subject to change. {% endhint %} ## OLP Compared To HLP & JLP OLP shares many similarities with the vaults of other platforms, such as the Hyperliquid Liquidity Provider (HLP) and the Jupiter Liquidity Provider (JLP). However, there are some key differences worth highlighting. HLP does run a sophisticated market making strategy, but is not the only counterparty to user trades on Hyperliquid. JLP is the only counterparty to user trades on Jupiter Perps, but it runs an AMM strategy rather than a complex proprietary strategy. OLP is the first vault that simultaneously runs a sophisticated market making strategy and is the only counterparty to user trades.
## How OLP Is Funded Initially, the Variational team has provided seed capital for OLP. Once the system's stability is proven over time in mainnet and has a good track record of generating market-neutral yield, we intend to open it up to user deposits via a community vault. Like any market making system, **there is a risk that OLP loses money**. Users should carefully understand the risks of OLP and the protections that the Variational protocol provides in terms of risk checks and locked collateral/liquidation rules. ## Fund Segregation OLP uses the settlement pool and P2P clearing design of the Variational Protocol, just like any user. Each user and OLP have a segregated settlement pool (User <> OLP). Each user's funds are held on-chain in this settlement pool, and used as collateral for the user's open positions. **OLP never transfers traders' funds to external venues such as CEXs or DEXs.** OLP only transfers **its own capital** to external venues for hedging purposes. If an exchange were to suffer a hack or incident that loses funds, OLP depositors may face a loss of capital, but traders would still be able to withdraw their remaining funds on the Variational Protocol (as these funds were never moved). If OLP were insolvent, any unrealized or realized PnL accrued going forward would be considered "bad debt," and would not be able to be paid out to the user. # Listing Engine On Omni, new perps markets are permissionlessly listed, which means that they are automatically listed once they fulfill certain criteria. These criteria include reliable price feeds, activity requirements, decentralization requirements, security checks, and more. Markets may be delisted if they fail to sustain the requirements. A delisting means all positions will be closed at the settlement price. The settlement price is an exponentially weighted moving average of the instrument price at the time of the delisting. # Getting Started with Omni ## Creating an Account & Depositing Funds Omni is deployed on Arbitrum One. You will need a crypto wallet and USDC on Arbitrum One to create a portfolio and deposit funds. You do not need any Ethereum on Arbitrum One, as Omni offers a completely gasless experience. #### To create an account: 1. Visit the Omni Mainnet app at . 2. “Connect Wallet” (we recommend using [Rabby Wallet](https://rabby.io/) on a Chrome browser). 3. You will see a screen requesting an referral code. You can look for a referral code from another user in the [Variational Discord](https://discord.gg/variational) or on Twitter. 4. Accept the [Terms of Use](/legal/terms-of-use). If you are a [Restricted Person](https://docs.variational.io/legal/restricted-persons), you are not allowed to access the app. If you see an “Access Restricted” screen, you are attempting to access the platform from a Restricted Country.
5. Wait for portfolio creation (an on-chain [settlement pool](/variational-protocol/key-concepts/settlement-pools) is automatically deployed between you and OLP). 6. Click “Authenticate” and sign the login message. #### To deposit funds: 1. Obtain USDC on Arbitrum One. 2. Click the “Transfer” button in the top right of the application to open the deposit and withdrawal options.
1. Enter the quantity of Arbitrum USDC you wish to deposit. There is a flat $0.1 fee for each deposit and withdrawal to prevent spam. 2. Click “Deposit”. 3. Sign the (gasless) allowance allowing the platform to transfer the specified amount of USDC from your wallet to your settlement pool, which credits the funds to your portfolio. 4. Your funds will be credited within a few seconds, after the transaction is confirmed on chain. You’re now ready to trade on Omni! ## Trading: The Interface Explained
1. **Order Entry Form:** This is where you will input all information about the position(s) you wish to open. 2. **Market Selector:** Located in the top left of the page, the market selector defines which chart you see and which market you are trading in the order entry form. Click "/" to quickly open the market selector. 3. **Leverage:** By clicking this button, you can open a slider that modifies the leverage of your position from a minimum of 1x to a maximum of 50x. 4. **Margin Mode:** By clicking this button, you can switch between cross and isolated margin mode. Currently, only cross margin is supported; isolated margin is coming soon. 5. **Order Type:** Here, you can choose which type of order you want to submit: market, limit, or "pro" (which includes trigger and TP/SL orders). 6. **Directional Toggle:** Select "buy" if you wish to go long, and "sell" if you wish to go short. The current bid and ask quotes (explained further in #12) for your inputted position size are displayed within this toggle. 7. **Quantity:** The amount you wish to buy/sell in the selected market, in either USD or or the underlying asset. Keep in mind that the quantity you are inputting is the after leverage sizing. 8. **Sizing Slider:** The sizing slider functions as an alternative to inputting a quantity. The slider goes between using 0% and 100% of your initial margin. 9. **Reduce Only:** Sets whether or not the order should be rejected if it would not decrease your position. For example, if you have a long position open and wish to submit a sell order to close it out, you can check Reduce Only to ensure you don’t accidentally end up with an open short position due to a quantity mismatch or race with another limit. 10. **Take Profit / Stop Loss:** Extra settings to input associated take profit and stop loss orders for the position you are about to open. Take profits and stop losses are executed based on quoted prices, not mark or index prices. [Read more about take profit and stop loss orders in the docs](https://docs.variational.io/variational-protocol/key-concepts/take-profit-and-stop-loss). 11. **Order Execution Button:** Submit the order currently in the Order Entry Form. 12. **Quote:** Omni does not have an orderbook. Instead, once an order is entered into the Order Entry Form, the platform’s liquidity provider (OLP) will offer you a quote. This quote is an estimate of the price at which the trade would be executed. [Read more about the quoted price in the docs](https://docs.variational.io/variational-protocol/key-concepts/mark-price-vs-index-price-vs-quote-price). 13. **Est. Slippage and Slippage Limit:** Estimated slippage displays the difference between the mark price and the current quoted price. Slippage limits instruct the platform to reject your order if the difference between the mark and final entry price is greater than your set threshold. [Read more about slippage in the docs](https://docs.variational.io/variational-protocol/key-concepts/slippage). 14. **Mark Price:** the calculated “fair value” of the market, based on the index price, funding rates, and more. Margin requirements are calculated based on this price. [Read more about the mark price in the docs](https://docs.variational.io/variational-protocol/key-concepts/mark-price-vs-index-price-vs-quote-price). 15. **Market Information:** This section above the chart shows the market’s FDV, long open interest, short open interest, hourly funding rate, and time until the next funding payment, respectively. Note both Omni's unique funding windows, and that funding rates on low-FDV/illiquid assets will likely be higher than funding rates on majors. [Read more about open interest and funding rates in the docs](https://docs.variational.io/variational-protocol/key-concepts/open-interest-and-funding-rates). 16. **Open Positions Table:** This table shows all of your positions, displaying the market, quantity, current mark price, total notional value of the position, entry price, estimated liquidation price, cumulative funding payments made/received, UPnL, and RPnL, respectively. 17. **Add TP/SL Button:** This button allows you to add take profit/stop loss orders to a position that does not already have them, or modify existing take profit/stop loss orders on a position that already has them. [Read more about take profit and stop loss orders in the docs](https://docs.variational.io/variational-protocol/key-concepts/take-profit-and-stop-loss). 18. **Close Position Button:** This button will open a modal that allows you to close a percentage (up to 100%) of your position at the current quoted price. 19. **Settings:** This icon opens a variety of platform settings that you can adjust, such as showing/hiding order and position lines on the chart. 20. **Portfolio / Initial Margin / Maintenance Margin Display:** These show, respectively, your total portfolio value, your current initial margin usage, and your current maintenance margin usage. [Read more about initial and maintenance margin in the docs](https://docs.variational.io/variational-protocol/key-concepts/margin). 21. **Transfer Button:** This button will open a modal that allows you to deposit more funds to your portfolio or withdraw funds back to your wallet. 22. **Help & Support**: Click this to open an in-app channel with our support team. [See the Getting Help page of the docs for more info](/more/getting-help-support). ## Feedback We are always open to feedback on Omni. If you have feedback (feature suggestions, UI/UX recommendations, listing requests, etc.) please contact us in [Discord](https://discord.gg/variational). We hope you enjoy trading on Omni! # Trading {% content-ref url="/pages/bWqp3pIWJInrdevxuEdg" %} [Quoted, Index, and Mark Prices](/omni/trading/quoted-index-and-mark-prices) {% endcontent-ref %} {% content-ref url="/pages/CGX2eusqbo4gNOmRMBmm" %} [Market, Limit, and Trigger Orders](/omni/trading/market-limit-and-trigger-orders) {% endcontent-ref %} {% content-ref url="/pages/rXzONbLoVhUuxbILlE0i" %} [Take Profit and Stop Loss](/omni/trading/take-profit-and-stop-loss) {% endcontent-ref %} {% content-ref url="/pages/JQC7NFrNkP15gFBCZFJO" %} [Automatic Deleveraging / Counterparty Liquidation](/omni/trading/automatic-deleveraging-counterparty-liquidation) {% endcontent-ref %} {% content-ref url="/pages/W4pSgAcfKJEaPb8pgjk7" %} [Margin](/omni/trading/margin) {% endcontent-ref %} {% content-ref url="/pages/A2RP3wZv0oX4fEJROhIN" %} [Slippage](/omni/trading/slippage) {% endcontent-ref %} {% content-ref url="/pages/HdST8AuZnmmyNg0AX22L" %} [Leverage](/omni/trading/leverage) {% endcontent-ref %} {% content-ref url="/pages/jTtDJSPpKBIbSjJOCa6n" %} [Liquidation](/omni/trading/liquidation) {% endcontent-ref %} {% content-ref url="/pages/lhZ0BFNbEx3Q4ID6oyV5" %} [Risk Limits / Rate Limits](/omni/trading/risk-limits-rate-limits) {% endcontent-ref %} {% content-ref url="/pages/XKeLq26hHZaOkK0Rc3k8" %} [Fees](/omni/trading/fees) {% endcontent-ref %} {% content-ref url="/pages/siEtB00CBdxbzgaNTIoE" %} [RWA Perpetuals](/omni/trading/rwa-perpetuals) {% endcontent-ref %} # Quoted, Index, and Mark Prices ### Quoted Prices Quoted prices are provided to traders in response to Requests for Quotes (RFQs). Quoted prices on Omni are price at which the [Omni Liquidity Provider](/omni/the-omni-liquidity-provider-olp) is willing to execute a trade. Quoted prices vary depending on market conditions, trade sizing, available liquidity, and OLP's current risk profile. All trades on Omni, including closing positions, are executed by accepting a quoted price from OLP. #### Indicative vs. Firm Quoted Prices All quotes displayed to traders on Omni are "indicative quotes." An indicative quote is informational only, and reflects OLP’s current view of the market. Indicative quotes are not a commitment to execute your order at a certain price. When you click "buy" or "sell" to submit your order, OLP generates a "firm quote," which is the exact price the order will be executed at. Your firm quote may be better or worse than the indicative quote depending on how the market has moved during that interval. You can always exercise full control over the entry prices you will accept by setting a [slippage limit](/omni/trading/slippage#avoiding-slippage). ### Index Prices The index price represents the real-time price of an underlying asset, and is sourced from the [Variational Oracle](/variational-protocol/key-concepts/variational-oracle). This price reflects the true market value of the asset and serves as a key input for calculating the Mark Price. ### Mark Prices The Mark Price (shown on the chart) is a calculated value used to determine the fair price of an asset in a perpetual futures contract. It is derived from a combination of the underlying asset's spot price (Index Price) and additional data (e.g. funding rates, OLP's current risk profile). The Mark Price is used as the reference price for UPnL, margin calculations and liquidations. # Market, Limit, and Trigger Orders ## Market Orders A market order is an order to buy or sell an asset immediately at the current quoted price. Traders can set a [slippage limit](/omni/trading/slippage) to exercise control over their fill price. ## Limit Orders A limit order is an order to buy or sell an asset at a specific price or better. Traders define a size and limit price in their order, and the order will only be filled at the set limit price or better. Limit orders execute once OLP's quoted price crosses the set limit price. Limit orders on Omni are currently all-or-nothing; either the quoted price crosses the limit price and the whole order is filled, or the quoted price does not cross the limit price and none of the order is filled. Partial fills are on the [roadmap](/getting-started/roadmap). {% hint style="info" %} Limit orders check whether the quoted price has crossed the limit price every 0.1 seconds. If the quoted price crosses the limit price for less than 0.1 seconds, it is possible for the order to not trigger. {% endhint %} ## Trigger Orders A trigger order submits a market order when the mark price crosses the defined trigger price. Trigger orders do not offer any guarantee of a specific fill price, as they execute based on mark prices instead of quoted prices. However, traders still can set a [slippage limit](/omni/trading/slippage) to exercise some control over their fill price. Trigger orders will only process when both the trigger condition is met and the estimated slippage is within the defined slippage limit. Otherwise, the order will remain pending. ## Comparison | | Market Orders | Limit Orders | Trigger Orders | | ----------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | | **Speed of Execution** |

Immediately.

Market orders execute at the current quoted price, unless the order is rejected due to a slippage limit.

|

It depends.

Limit orders may execute quickly if the market quickly crosses the set limit price, or never if the quoted price never reaches the limit price.

|

It depends.

Trigger orders may execute quickly if the market quickly crosses the set trigger price, or never if the mark price never reaches the trigger price.

| | **Level of Control over Execution Price** |

Low.

Traders can set a slippage limit to reject orders with a quote that deviates too significantly from the mark price, but can not set a specific entry price.

|

High.

Traders can set a specific price that they're willing to open their orders at, and the order is only executed when OLP's quoted price reaches that level.

|

Medium.

Traders control the specific trigger price that initiates the order, but the final fill price is not guaranteed and may deviate from the trigger price.

| # Take Profit and Stop Loss When opening a new market or limit order on Omni, you are presented with the option to set take profit and stop loss parameters. Adding a take profit order to a position defines the price at which a market order is submitted to close a position in profit. Stop losses are orders that define the price at which a market order is submitted to realize (and limit) losses. Take profit and stop loss orders are market orders that are submitted when a trigger condition is fulfilled, and do not offer any guarantee of a specific fill price. ## Auto-Resize When the auto-resize setting is enabled, TP/SL orders will be automatically resized to stay open through partial sizing reductions of the associated position (i.e. from partial closes or liquidations). If auto-resize is not enabled, TP/SL orders can be cancelled by any reduction in size of the associated position. We highly recommend keeping the auto-resize setting enabled unless you are an advanced user comfortable with partial TP/SL orders. ## Trigger Price When opening a new take profit or stop loss order, you are prompted to select whether your trigger price should be based on the mark price (default) or the quoted price. If you select "mark," your order will be executed at the best possible quote when the mark price crosses the trigger price. This is optimal for users who prioritize exiting positions when prices reach a certain level over the order being filled at the exact trigger price. If you select "quote," your order will be executed only when the quoted price is at or crosses your trigger, regardless of the mark price. This is optimal for users who prioritize their order to be filled as close as possible to the trigger price over exiting at a certain price level. {% hint style="info" %} Take profit and stop loss orders check whether the trigger price has been crossed every 0.1 seconds. If the mark price/quoted price crosses the trigger price for less than 0.1 seconds, it is possible for the TP/SL to not trigger. If the mark price also crosses a liquidation price within 0.1 seconds of crossing the trigger price, it is possible for a liquidation to trigger before a TP/SL. {% endhint %} ## Slippage Limits When submitting a new take profit or stop loss order, users define slippage limits to stop the TP/SL from processing if the estimated slippage of the order exceeds a defined value. Take profit and stop loss orders will only process when both the trigger condition is met and the estimated slippage is within the defined slippage limit. Otherwise, the order will remain pending. {% hint style="info" %} When submitting a parent market order with child TP/SL orders, all of the bundled orders will have the same slippage limit applied. If you wish to submit market orders and TP/SL orders with different slippage limits, you should use the “Pro” TP/SL order types. {% endhint %} # Funding Rates Perpetual futures contracts employ a funding rate mechanism to ensure the *mark price* stays close to the *index price*. Please see [Quoted, Index, and Mark Prices](/omni/trading/quoted-index-and-mark-prices) for an overview of the different prices. In summary, the index price is computed by aggregating the spot prices across different exchanges. The mark price is the fair value of the perpetual futures contract and is not used in the computations to derive the funding rate. A positive funding rate means longs pay shorts; a negative funding rate means shorts pay longs. The funding window is variable, and it may be from 1h to 8h. Please see [#calculation-window](#calculation-window "mention") for details. ### Formulas `Funding Rate (F) = Average Premium Index (P) + clamp (interest rate - Average Premium Index (P), -0.0005, 0.0005)` The premium is computed every 60s and then averaged over the calculation window using the weighting scheme described below. `premium = impact_price_difference / index_price` `impact_price_difference = max(impact_bid_px - index_price, 0) - max(index_price - impact_ask_px, 0)` The `impact_bid_px` is the bid price returned for a RFQ of size defined by [#impact-margin-notional](#impact-margin-notional "mention"). The `impact_ask_px` is the ask price obtained for a RFQ of size defined by [#impact-margin-notional](#impact-margin-notional "mention"). The `interest rate` is fixed at 0.00125% / hour, and the funding rate is capped at 2% per hour, except in certain special circumstances where a manual override is necessary. ### Weighting scheme We sample the premium `P` every 60s, leading to samples `P_1, P_2, ... P_i, ...P_N`. Then each sample `P_i` has weight $$\frac{2i}{N(N+1)}$$ ### Calculation window The calculation window is designed to match centralized exchanges, the waterfall works as follows: 1. If the market exists on Bybit, the calculation window will match Bybit's. 2. Else if the market exists on Binance, the calculation window will match Binance's. 3. Else the calculation window is 1 hour. Example: BTC perp market exists on Bybit and has a 8 hour calculation window. This means in hours 1-7, the hourly funding rate will be 0. In hour 8, the funding rate will be computed off the previous 8 hours of data. ### Impact margin notional The impact margin notional is generally $7500, except in special circumstances where it is manually configured. Furthermore, the impact prices only include the base spread, subtracting out any spreads included for hedging costs. `total_spread = base_spread + hedging_costs` ### Numerical example Let's take ``` index_price = $10,000 impact_bid_px = $10,100 impact_ask_px = $10,200 ``` Step 1: compute the `impact_price_difference` ``` impact_price_difference = max($10,100 - $10,000, 0) - max($10,000 - $10,200, 0) = max($100, 0) - max(-$200, 0) = $100 - $0 = $100 ``` Step 2: compute the `premium` ``` premium = $100 / $10,000 = 0.01 ``` Step 3: compute the funding rate ``` Funding Rate (F) = 0.01 + clamp(0.00001 - 0.01, -0.0005, 0.0005) = 0.01 + clamp(-0.00999, -0.0005, 0.0005) = 0.01 - 0.0005 = 0.0095 ``` # Automatic Deleveraging / Counterparty Liquidation {% hint style="info" %} Recall the following from the [Liquidation](/omni/trading/liquidation) page: > Due to the nature of bilateral trading, a position being closed means it will be closed for both parties. The party whose balance has fallen below the maintenance margin requirement (and thus caused the liquidation) will be tagged as the taker, and the other party the maker. > {% endhint %} {% hint style="info" %} From the [The Omni Liquidity Provider (OLP)](/omni/the-omni-liquidity-provider-olp) page: > For every trade on Omni, both OLP and the user are subject to margin requirements. This means both parties are required to maintain margin in a [settlement pool](/variational-protocol/key-concepts/settlement-pools), and may be subject to liquidation if their margin levels fall below requirements. > {% endhint %} OLP being liquidated is the functional equivalent of what is known as Automatic Deleveraging (ADL) on other exchanges. Automatic Deleveraging (ADL) is a last-resort mechanism that the [Omni Liquidity Provider (OLP)](/omni/the-omni-liquidity-provider-olp) can use to protect itself in the case of imminent bad debt or liquidity constraints. Similar to other trading platforms, ADL only occurs in periods of extreme market volatility with significant liquidations. When positions are auto deleveraged, the user's position is closed at the settlement price plus a liquidation reward. The user gains the [*liquidation penalty*](/omni/trading/liquidation), as OLP is liquidated and therefore penalized. Auto deleveraging can occur when: * A market is undergoing extreme volatility, and OLP is unable to safely maintain margin for an open position. * OLP is facing severe liquidity constraints and needs to immediately free up margin. Traders whose positions are affected by ADL are notified in-app via a banner popup. ADL events are categorized as "counterparty liquidation" in the portfolio page's trades and transfers tables. # Margin Margin requirements are set on a pool by pool basis; on Omni, all pools follow the same platform-wide margin requirements. Generally, margin requirements govern how much collateral is required to be deposited into the pool by each party to open and maintain positions. Margin is recomputed in realtime, and going below margin requirements may trigger *auto-liquidation* (depending on if this param is set to `true`). ### Initial Margin and Maintenance Margin * Initial Margin (IM): The amount of collateral required to open new positions. * Maintenance Margin (MM): The amount of collateral required to maintain existing positions. Going above 100% MM usage may cause liquidations. * As a general rule, the maintenance margin requirement is half that of the initial margin requirement. See [Leverage](/omni/trading/leverage) for more details. ### Portfolio Margin vs Simple Margin Variational supports both portfolio margin and simple margin mode. In addition, our margin engine is fully compatible with the Deribit margin engine, meaning that all of the calculations work the same way. {% embed url="" %} Deribit portfolio margin calculations {% endembed %} {% embed url="" %} Deribit simple margin calculations {% endembed %} There is one extra parameter that Variational supports in the portfolio margin params. `decorrelation_risk` tunes how much risk can be offset from positions with two different underlyings. Specifically, we compute margin requirements in two scenarios: 1. All assets have zero correlation (`mm_no_correlation`) 2. All assets have 100% correlation (`mm_complete_correlation`) The final margin requirement is ```rust decorrelation_risk * mm_no_correlation + (1.0 - decorrelation_risk) * mm_complete_correlation ``` ### Per Asset Params Default params are applied to every asset in the pool. You can set per asset params which will override the defaults for a specific asset. For example, if you set params for BTC, all options, futures, and perps with BTC as the underlying will be affected. All derivatives that do not have BTC as the underlying will use the default params. # Slippage ## How Slippage Happens Slippage refers to the difference between the mark price and the actual price at which a trade is executed. Slippage most frequently occurs with market orders, which aim to execute immediately at the best available price. When placing a market order, the quoted price offered by [OLP](/omni/the-omni-liquidity-provider-olp) will likely be different from the current mark price. This price difference is slippage. ## Avoiding Slippage While it's difficult to ever completely eliminate the impacts of slippage on trading, there are a number of strategies and configurations you can use to minimize the amount of slippage you face. 1. **Set a slippage limit:** Omni allows you to input a slippage limit when opening market, take profit, stop loss, or trigger orders. For market orders, if the slippage limit is exceeded, the platform will reject the order. For trigger, take profit, and stop loss orders, the platform will monitor the order until both the trigger condition is longer fulfilled and the slippage limit can be respected, at which point the order is processed. 1. For example, If you open a buy order with a slippage limit of 0.5% at a mark price of $100, you're instructing the platform to reject your order if the execution price ends up being at or above $100.5. 2. **Use smaller sizing:** Large orders are more impacted by slippage than small orders. When entering and exiting a position, consider moving in multiple small trades instead of one large trade, giving OLP more opportunity to source liquidity at your desired price level. 3. **Use limit orders:** Limit orders allow you to set the exact quoted price you want your trade to execute at, helping avoid the slippage caused by immediate execution of market orders. If you're willing to wait for favorable price movements for your order(s) to be filled, consider using limit orders. # Leverage Leverage refers to a trader's ability to increase their exposure to the market by controlling a larger position than the value of their initial margin deposit. Leverage is defined as `1 / initial_margin_percentage` . For example, if there is a 5% initial margin requirement, then the leverage is 20x. Decreasing your leverage will increase **both** your initial margin and maintenance margin requirements. Generally speaking, the maintenance margin requirement will be half that of the initial margin requirement. Example: 5x leverage = 20% initial margin requirement and 10% maintenance margin requirement. Decreasing your leverage may move your estimated liquidation price closer, as your maintenance margin requirements are increasing. # Liquidation Liquidations occur when the trigger condition is breached, and trades are executed at the liquidation price. Omni performs partial liquidations, meaning only the necessary quantity of a position to bring maintenance margin back under 100% is liquidated at a time. **Trigger condition:** maintenance margin >=100%. Maintenance margin is calculated by marking to market all positions using a very fast EMA of the mark price. The moving average ensures price stability and dampens the effect of sudden wicks. **Liquidation price:** the quote price + a liquidation penalty. The platform-wide liquidation penalty on Omni is currently set to 0.5%. This means if you get liquidated, your order is force-closed at ask + 0.5% (for a short) or bid - 0.5% (for a long). #### Technical Details If auto-liquidation is set to true (which is the case for all settlement pools on Omni), then positions will start to be forcefully closed if the pool balance falls below the maintenance margin requirements. Due to the nature of bilateral trading, a position being closed means it will be closed for both parties. The party whose balance has fallen below the maintenance margin requirement (and thus caused the liquidation) will be tagged as the taker, and the other party the maker. The taker will incur a liquidation penalty, which is a pool parameter. For example, if the penalty is set to 0.005 , then the taker will buy to close at the ask price + 0.5%, and sell to close at the bid price - 0.5%. {% hint style="info" %} For options (on [Pro](/pro/about-pro)), the penalty will apply to the implied volatility. So options would be bought at an implied volatility 0.5% higher in our previous example. {% endhint %} # Risk Limits / Rate Limits You may run into risk limit or rate limit errors when attempting to place trades. This page explains the different types of risk limits and rate limits. ## Risk Limits | Name | Error Message | Corrective Action | | ------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | UserGrossNotionalLimitRiskCheck | This trade would cause you to exceed your maximum account position size. Try reducing the trade size or file a support ticket to get an increase in account limits. | Each user has a max limit on their gross notional size for the entire account. Try reducing the trade size or file a [Getting Help (Support)](/more/getting-help-support) ticket to request an increase in limits. | | UserNetNotionalLimitRiskCheck | This trade would cause you to exceed your maximum account position size. Try reducing the trade size or file a support ticket to get an increase in account limits. | Each user has a max limit on their net notional size for the entire account. Try reducing the trade size or file a [Getting Help (Support)](/more/getting-help-support) ticket to request an increase in limits. | | UserInstrumentLimitRiskCheck | This trade would cause you to exceed your maximum position size on this market. Try reducing the trade size or file a support ticket to get an increase in your account limit for this market. | Each user has a max size limit on their position in each market. Try reducing the trade size or file a [Getting Help (Support)](/more/getting-help-support) ticket to request an increase in limits. | | OlpVarLimitRiskCheck | OLP is currently at its maximum risk capacity. Try waiting for others to close their positions or for OLP deposits to increase. | OLP positions in aggregate have a max value-at-risk limit. Wait for others to close their positions or increase deposits into OLP. | | OlpGrossNotionalRiskCheck | OLP is currently at its maximum position value, and is unable to open new positions. Try waiting for others to close their positions or for OLP deposits to increase. | OLP positions in aggregate have a max notional limit. Wait for others to close their positions or increase deposits into OLP. | | OlpNetNotionalRiskCheck | OLP is currently at its maximum position value, and is unable to open new positions. Try waiting for others to close their positions or for OLP deposits to increase. | OLP positions in aggregate have a max notional limit. Wait for others to close their positions or increase deposits into OLP. | | OlpPositionLimitRiskCheck | This trade would exceed OLP’s maximum single-position size. Try reducing the trade size. | OLP has a max position size. Try reducing your trade size. | | SkewAsPercentOfFdvLimit | The skew (long OI minus short OI) on this asset is too large to accommodate your trade. Try waiting for others to close their positions or opening a trade in the opposite direction. | The skew (long open interest minus short open interest) on this market is capped to a percent of the fully diluted value of the underlying token. Wait for others to close their positions and reduce skew or try trading the other direction (open a long instead of a short, or vice versa). | | OiAsPercentOfFdvLimit | The total OI on this asset is too large to accommodate your trade. Try reducing trade size or waiting for others to close their positions. | The open interest on this market is capped to a percent of the fully diluted value of the underlying token. Wait for others to close their positions and reduce open interest before attempting to trade. | | PricingRiskCheck | The mark price is too far from the quoted price. Try refreshing the quote or reducing the trade size. | The quote price is too far away from the mark price. Try refreshing the quote or reducing the trade size. | | GlobalConfigsCheck | Trading is currently disabled by admins. Please visit our Discord for updates. | Admins have disabled trading on Omni. Wait for admins to re-enable trading. | ### Rate Limits Rate limits (429 errors) are designed to protect the system from spam and abuse. Rate limits function using a "strikes" system, where an increasing number of strikes (after a grace / warning period) results in temporary bans from placing orders. | Strikes | Penalty | | ------- | ------- | | 1-4 | Warning | | 5 | 15s ban | | 6 | 30s ban | | 7 | 1m ban | | 8 | 5m ban | | 9 | 1h ban | | 10 | 3h ban | | 11+ | 24h ban | # Fees ## Deposit / Withdraw Fees Omni charges a flat fee of $0.1 per deposit/withdraw to disincentivize spam and cover gas costs. ## Trading Fees There are no trading fees on Omni. ## Liquidation Fees As a penalty for liquidations, Omni force-liquidates positions at ask price + 0.5% (for a short) or bid price - 0.5% (for a long). See the [Liquidation](/omni/trading/liquidation) page for more details on the liquidation penalty. ## FAQ
How are you able to offer zero trading fees? Omni generates revenue by capturing the spread, not by charging users fees. See the [Omni Liquidity Provider](/omni/the-omni-liquidity-provider-olp#how-do-olp-and-the-variational-protocol-make-money) page for more information.
If there are no trading fees how does the protocol make money? The Variational Protocol will receive a cut of Omni's spread revenue, rather than a cut of fees. See the [Omni Liquidity Provider](/omni/the-omni-liquidity-provider-olp#how-do-olp-and-the-variational-protocol-make-money) page for more information.
# RWA Perpetuals This documentation covers RWA perpetuals, or perpetual futures for real world assets like stocks, commodities, ETFs, and indices. RWA perps largely mirror crypto perps (e.g., cross margin, 24/7 trading). This page highlights only the differences. For all unlisted mechanics, assume standard crypto perp behavior outlined elsewhere in the documentation. ## Index Prices The index price represents the real-time price of the underlying market, and is sourced from the [Variational Oracle](/variational-protocol/key-concepts/variational-oracle). The underlying market may be a spot asset, a future, or an index. | Symbol | Underlying Index | | --------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | ANTHROPIC |

Anthropic PBC
Estimated share count: 1 billion shares

| | BZ | Brent Crude Oil futures | | CBRS | Cerebras Systems Inc. Class A Common Stock (Nasdaq: CBRS) | | CL | WTI Crude Oil futures | | COPPER | COMEX High Grade Copper futures | | EWJ | iShares MSCI Japan ETF | | EWY | iShares MSCI South Korea ETF | | INTC | Intel Corp. Common Stock (Nasdaq: INTC) | | MRVL | Marvell Technology, Inc. Common Stock (Nasdaq: MRVL) | | MU | Micron Technology, Inc. Common Stock (Nasdaq: MU) | | NATGAS | Henry Hub Natural Gas futures | | NBIS | Nebius Group N.V. Class A Ordinary Shares (Nasdaq: NBIS) | | OPENAI |

OpenAI Group PBC
Estimated share count: 1 billion shares

| | QCOM | QUALCOMM Incorporated Common Stock (Nasdaq: QCOM) | | QNTX |

Quantinuum Inc.
Estimated share count: 253.9 million shares

| | QQQ | Invesco QQQ Trust | | RKLB | Rocket Lab Corporation Common Stock (Nasdaq: RKLB) | | SOXL | Direxion Daily Semiconductor Bull 3X ETF (NYSE Arca: SOXL) | | SPCX |

Space Exploration Technologies Corp.
Estimated share count: 11.87 billion shares

| | TSLA | Tesla Inc. Common Stock (Nasdaq:TSLA) | | TSM | Taiwan Semiconductor Manufacturing Company Ltd ADR (NYSE: TSM) | | US500 | An ETF composed of a basket of the leading 500 US stocks | | XAG | Silver spot price | | XAU | Gold spot price | | XPD | Palladium spot price | | XPT | Platinum spot price | ### Roll Mechanism When the underlying index are dated futures, the index price is computed of a combination of two different futures contracts, and at certain days of the month, the index price rolls to the next dated future contract. The daily shifting of weights occurs during the market's end of day maintenance hour (typically beginning at 17:00 ET). #### Continuous Month Roll Applicable to energy commodities (like Crude Oil and Natural Gas) where liquidity is excellent across consecutive calendar months. * **Roll window:** The 5th to the 9th trading day of the same calendar month as the near-month contract's LTD. *Example: WTI Crude rolling from May to June* *(Assuming the May contract's LTD is April 20th, the roll occurs in April)* | **Trading Calendar Window** | **Near Weight (May)** | **Far Weight (June)** | **Index Price Composition** | | ------------------------------- | --------------------- | --------------------- | --------------------------- | | **Before April 8** | 1.0 | 0.0 | 100% Pegged to May | | **April 8 (Maintenance Hour)** | 0.8 | 0.2 | Roll Phase 1 | | **April 9 (Maintenance Hour)** | 0.6 | 0.4 | Roll Phase 2 | | **April 10 (Maintenance Hour)** | 0.4 | 0.6 | Roll Phase 3 | | **April 13 (Maintenance Hour)** | 0.2 | 0.8 | Roll Phase 4 | | **April 14 (Maintenance Hour)** | 0.0 | 1.0 | Roll Complete | | **After April 14** | 0.0 | 1.0 | 100% Pegged to June | #### Jump Month Roll Applicable to metals and agricultural commodities (like Metals and Agriculture) where liquidity is concentrated in specific quarterly or bi-monthly cycles. * **Roll window:** The 5th to the 9th trading day of the calendar month prior to the near-month contract's LTD. *Example: Copper rolling from May to July* *(Assuming the May contract's LTD is May 27th, the roll occurs in the prior month: April)* | **Trading Calendar Window** | **Near Weight (May)** | **Far Weight (July)** | **Index Price Composition** | | ------------------------------- | --------------------- | --------------------- | --------------------------- | | **Before April 8** | 1.0 | 0.0 | 100% Pegged to May | | **April 8 (Maintenance Hour)** | 0.8 | 0.2 | Roll Phase 1 | | **April 9 (Maintenance Hour)** | 0.6 | 0.4 | Roll Phase 2 | | **April 10 (Maintenance Hour)** | 0.4 | 0.6 | Roll Phase 3 | | **April 13 (Maintenance Hour)** | 0.2 | 0.8 | Roll Phase 4 | | **April 14 (Maintenance Hour)** | 0.0 | 1.0 | Roll Complete | | **After April 14** | 0.0 | 1.0 | 100% Pegged to July | ### Index Smoothing The underlying market may have non 24/7 trading hours. During the off hours, the index is smoothed as follows: * **Standard Mode (Regular Hour)**: The index is updated every second as a weighted average of all constituents. * **Fast-Decay EWMA Mode (Pre-Market and After-Hours):** The weighted average index is smoothed using an exponentially weighted moving average (EWMA) to adapt to lower liquidity and higher volatility in extended hours. * **Slow-Decay EWMA Mode (Overnight):** The index is smoothed more gradually to ensure stable and continuous pricing during overnight sessions when liquidity is limited. * **Fixed Mode (Daily Maintenance, Holidays and Weekends)**: * Fixed Mode is applied on Equity-based RWA Perps. * No recalculation occurs, the Price Index remains fixed at the last available value. * **Orderbook EWMA Mode (Daily Maintenance, Holidays and Weekends):** * Orderbook EWMA Mode is active on Commodity-based RWA perps. * Instead of using prices from vendors, index price uses Impact Mid Price derived from the orderbook as index price, where Impact Mid Price is the average of Impact Bid Price and Impact Ask Price. * The index is also smoothed using an exponentially weighted moving average (EWMA). * Also the movement of index price is limited within the orderbook EWMA mode. ## Funding For the most part, funding works the same way as crypto perpetuals, with two key differences. First, the interest rate is set to 0%. Second, the funding formula is slightly adjusted as follows: `Funding Rate (F) = Average Premium Index (P) + clamp (interest rate - Average Premium Index (P), -0.0005, 0.0005) / (8 / N)` where `N` is the funding interval in hours. ### Dividend Funding Some underlyings, such as stocks and ETFs, pay dividends to their shareholders. To account for this, holders of the perpetual future will receive a special funding payment according to the procedure below. Generally speaking, short holders will pay long holders, and this will be represented as a negative funding rate. The dividend adjustment process spans from the previous business day (*ex\_date - 1*) to the morning of the ex-dividend date (*ex\_date*). Because the perpetual contract trades 24/7, *ex\_date - 1* specifically refers to the last traditional market business day prior to the ex-dividend date. *\*All times are in Eastern Time (ET).* | Date | Time (ET) | System Action | | ------------ | ------------ | ---------------------------------------------------------------------------------- | | ex\_date - 1 | 15:30 | The funding interval is modified to 1 hour (takes effect at 16:00). | | ex\_date - 1 | 18:00 | The contract is placed into *reduce\_only* mode. | | ex\_date - 1 | 20:00 | Special Dividend Funding is executed immediately following standard funding. | | ex\_date - 1 | Post-Funding | *reduce\_only* mode is disabled. | | ex\_date | 00:00 | The funding interval is restored to its standard duration (takes effect at 00:01). | [^1]: This is a pre-IPO listing. See Pre-IPO Perpetuals. [^2]: The estimated share count is provided for informational purposes only. The actual total share count post-IPO may differ from our estimates. # Pre-IPO Perpetuals Pre-IPO perpetuals are derivatives that are available to trade before a company's IPO date. After the IPO date, the contract will transition into a regular RWA perpetual, with the mark price, index price, and funding rate following standard methodology described in [RWA Perpetuals](/omni/trading/rwa-perpetuals). Prior to the transition, the mark and index price are derived from an aggregate of external venues that have listed the pre-IPO perpetual. {% hint style="warning" %} Pre-IPO perpetuals are subject to higher instability. There may be increased risk of wicks, volatility, and liquidations. Variational reserves the right to delist and force settle the contract in accordance with the settlement procedures in the event of any adverse market condition. {% endhint %} ### Funding Since pre-IPO listings do not have the underlying broadly available to trade on stock exchanges yet, the premium index is undetermined. The funding rate is fixed at 0.005% every 8 hours, or equivalently, 0.015% daily. ### IPO Transition On the day of the IPO, the mark price, index price, and funding rate formulas will transition to a regular perpetual future as soon as it is established that oracle pricing can be obtained. # Mobile Sign-In via QR Code **On your desktop:** 1. Open the [Omni app](https://omni.variational.io/) and ensure you are signed in. 2. Click the **"Link Mobile Device"** icon in the top right corner. **On your mobile device:** 3. Open the [Omni app](https://omni.variational.io/) and click **"Connect Wallet,"** then **"Link Desktop Wallet."** 4. You will see a **6-digit 2FA code**. Allow camera access on your mobile device if prompted. **On your desktop:** 5. Enter the 2FA code from your mobile device into the **"Code"** field on your desktop and sign the on-chain message to verify the connection. 6. Read the warning thoroughly. If you understand and accept the risks, click and hold on the **"Click & Hold to Show QR Code"** button. **On your mobile device:** 7. Scan the QR code displayed on your desktop screen with your mobile device. 8. Once verified, your mobile session is linked to your desktop session. You can now access your portfolio and trade on Omni from your mobile device. #### Notes: * Your mobile session inherits the authentication of your desktop session. You do not need to connect a wallet separately on mobile. * If your desktop session expires or you sign out on desktop, you will need to re-link your mobile device by repeating the steps above. # Rewards {% hint style="warning" %} Omni's rewards are a work in progress. Not all rewards outlined on this page have been implemented, and there are additional planned rewards not discussed on this page. {% endhint %} A core component of Omni's design is sharing revenue generated by the Omni Liquidity Provider (OLP) back with traders through various rewards. ## Reward Tiers Similar to other trading platforms, Omni gives users "tiers" based on their account's past 30 days of activity. Reward Tiers on Omni offer benefits like points boosts. {% hint style="info" %} Total Volume = Personal Volume + (0.2 × Referred Volume) {% endhint %}
Tier30d Total Volume RequirementFee RatePoints BoostTotal Volume Multiplier
Iron$00%+0%1x
Bronze$1M0%+0.5%1x
Silver$5M0%+1%1x
Gold$25M0%+2%1.1x
Platinum$100M0%+3%1.2x
Diamond$750M0%+4%1.2x
Infinity$2.5B0%+5%1.3x
The "Total Volume" multiplier (not yet implemented) will act as a universal multiplier to all personal and referred volume. For example, once an account is in Gold tier, it will receive a 1.1x multiplier to all personal and referred volume done going forward. If the account drops back down to Silver tier, all new personal and referred volume will no longer receive the 1.1x multiplier. Reward tiers also come with other benefits like name colors on the Variational leaderboard, PnL card themes, and roles in the Variational Discord. Expand the dropdowns below to see the full list of benefits for each tier.
Iron * $0 in 30d total volume required.
Bronze * ≥$1,000,000 in 30d total volume required. * +0.5% points earned from personal activity. * \[COMING SOON] Bronze name color on leaderboard. * \[COMING SOON] Bronze PnL card theme. * \[COMING SOON] Bronze role in Variational Discord.
Silver * ≥$5,000,000 in 30d total volume required. * +1% points earned from personal activity. * \[COMING SOON] Silver name color on leaderboard. * \[COMING SOON] Silver PnL card theme. * \[COMING SOON] Silver role in Variational Discord.
Gold * ≥$25,000,000 in 30d total volume required. * +2% points earned from personal activity. * \[COMING SOON] 1.1x multiplier to Total Volume generated. * \[COMING SOON] Gold name color on leaderboard. * \[COMING SOON] Gold PnL card theme. * \[COMING SOON] Gold role in Variational Discord.
Platinum * ≥$100,000,000 in 30d total volume required. * +3% points earned from personal activity. * \[COMING SOON] 1.2x multiplier to Total Volume generated. * \[COMING SOON] Platinum name color on leaderboard. * \[COMING SOON] Platinum PnL card theme. * \[COMING SOON] Platinum role in Variational Discord.
Diamond * ≥$750,000,000 in 30d total volume required. * +4% points earned from personal activity. * \[COMING SOON] 1.2x multiplier to Total Volume generated. * \[COMING SOON] Diamond name color on leaderboard. * \[COMING SOON] Diamond PnL card theme. * \[COMING SOON] Diamond role in Variational Discord.
Infinity * ≥$2,500,000,000 in 30d total volume required. * +5% points earned from personal activity. * \[COMING SOON] 1.3x multiplier to Total Volume generated. * \[COMING SOON] Infinity name color on leaderboard. * \[COMING SOON] Infinity PnL card theme. * \[COMING SOON] Infinity role in Variational Discord.
# Points The Variational Omni points program is designed to reward users of the Protocol. The program was officially launched on December 17, 2025. Point totals can be tracked by visiting the [Omni points page](https://omni.variational.io/points). Upon the launch of the program, 3,000,000 points were retroactively distributed to existing traders based on a variety of activity metrics through December 11. Users also received an additional 1 point for every 10 points their referrals earned. Going forward, points will be distributed every Friday at 0:00 UTC for the previous week’s platform activity through 0:00 UTC on Thursday. Weekly point distributions will conclude no later than the end of Q3 2026. Users will receive 1 point for every 10 points their referrals earn. Accounts that traded before the launch of the points program will receive a 10% boost to points earned. Users can also receive a boost by maintaining a [reward tier](https://docs.variational.io/omni/rewards) on Omni. | Tier | Points Boost | | ------------ | ------------ | | **Iron** | +0% | | **Bronze** | +0.5% | | **Silver** | +1% | | **Gold** | +2% | | **Platinum** | +3% | | **Diamond** | +4% | | **Infinity** | +5% | Variational reserves all rights to modify the points program or point totals at its sole discretion (e.g. for inorganic behavior or any violation of the [Terms of Use](/legal/terms-of-use)). # Referrals On Omni, users that refer other traders earn rewards in USDC based on the activity of their referrals. Omni users receive a flat 5% of all spread paid by their referrals in USDC, and receive 1 point per 10 points earned by their referrals. Referral codes are earned based on platform activity. Users receive their first referral code by reaching $1M in trading volume. For every additional $1M in trading and/or referral volume generated, users unlock one additional referral slot. You can find your referral link and progress in the ‘Referrals’ tab of the [Omni rewards page](https://omni.variational.io/rewards). {% hint style="info" %} Users interested in becoming a Variational affiliate can fill out this [form](https://variational.typeform.com/affiliates). {% endhint %} # Trading Competition Welcome to the third Variational TradFi Trading Competition! ## Timeline The competition will last for 14 days, beginning on 7/17/26 at 0:00 UTC and ending on 7/31/26 at 00:00 UTC. ## Prizes All prizes will be sent to the competitors’ connected Arbitrum address. Prizes will be paid out within one week of each winner submitting their KYC information. Rankings are decided by the trading competition tab of the leaderboard, which will rank users by a new “score” tab. **The score calculation (outlined below) will only take activity on TradFi markets into account.** Traders will receive the following prizes based on their score ranking at the end of the competition: * 1st Place: 5,000 USDC * 2nd Place: 4,000 USDC * 3rd Place: 3,000 USDC * 4th Place: 2,000 USDC * 5th Place: 1,000 USDC * 6th through 10th Place: 500 USDC * 11th through 20th Place: 250 USDC ## Rules & Guidelines The competition will be tracked in the [Competition tab of the app](https://omni.variational.io/competition), which will rank users based on their trading competition score. The Trading Competition Score is calculated as follows: **Score = A × √B** * A = PnL on TradFi markets since the beginning of the competition * B = Trading volume on TradFi markets since the beginning of the competition To be eligible to rank on the leaderboard, a competitor must have traded 250,000+ USDC in notional volume on TradFi markets during the competition window. Each user is only eligible to win one prize per competition. Users are required to complete a KYC to claim prizes. ## Competition Terms * All promotions are only available to users who are eligible as defined by the [Restricted Persons Policy](/legal/restricted-persons). Participation may not be available or may be restricted in certain jurisdictions or regions or to certain users, depending on legal and regulatory requirements. * Users are responsible for informing themselves about and observing any restrictions and/or requirements imposed with respect to the access to and use of Variational Omni trading services in each country/region from which the services are accessed. * Variational reserves the right to change, modify or impose additional restrictions with respect to the access to and use of the Omni app in its sole discretion at any time without notification. * Winning users will have 30 days from the conclusion of the competition to provide the necessary KYC identification to claim their prize. If a winning user fails to provide information within this time, their prize will be forfeited. * Variational reserves the right to disqualify trades or users for any reason, including but not limited to fraudulent behavior, wash trading, volume faking, multi-account (farming) operation, self-transaction, market manipulation, etc. * If users have been detected to have engaged in matched trading activities by our risk detection engine, all associated users will be disqualified from the competition. * Variational reserves the right at any time in its sole and absolute discretion to determine and/or amend or vary these terms and conditions without prior notice, including but not limited to canceling, extending, terminating, or suspending these activities, the eligibility terms and criteria, the selection and number of winners, and the timing of any act to be done, and all users shall be bound by these amendments. * Variational shall not be liable for any losses or damages users may incur as a result of their participation in the event and/or use of the services. # About Pro {% hint style="warning" %} Variational Pro is currently not live. Please sign up for the [waitlist on our website](https://www.variational.io/pro) if you are interested in using Pro. {% endhint %} **Variational Pro is designed for advanced and institutional traders of OTC derivatives.** Pro unlocks the full capabilities of the Variational protocol, allowing traders to access over-the-counter (OTC) liquidity for non-linear derivatives and execute block trades on configurable structures with deep liquidity. As with traditional finance, a large portion of trading volume in crypto happens via OTC derivatives trading. Crypto (and even certain segments of derivatives trading in traditional finance) still has largely undeveloped infrastructure for booking and settling these OTC trades. Variational Pro addresses this by creating a one-stop-shop for advanced derivatives traders (largely institutions) to automate the execution and settlement of any derivative product they desire. ## Why Variational Pro? Current institutional crypto derivatives trading (accounting for hundreds of billions or trillions in annual volume) relies heavily on manual OTC processes, often via informal channels like Telegram. While some exchanges like Deribit and tools like Paradigm exist, they lack customization and asset diversity beyond basic options on major cryptocurrencies. This results in high operational overhead for more complex derivatives, with dedicated team members, lawyers, and bank wires required to make any trades. Most current institutional trading occurs as follows: 1. An institution (Hedge Fund A) decides they want to make a trade on an altcoin option. 2. Knowing that Deribit and others don't support the altcoin they wish to trade, a team at Hedge Fund A uses Telegram to contact a market making desk (Market Maker A). 3. Prior to contacting Market Maker A, Hedge Fund A had to negotiate an ISDA agreement and go through a lengthy KYC process. They were rejected by Market Maker B due to operational constraints, and didn't have time to complete the forms from Market Maker C. 4. Given they only have one desk to choose from, in the Telegram group, Hedge Fund A describes the option structure they're looking to trade with Market Maker A. 5. A team at Market Maker A checks what quote they can offer for the trade Hedge Fund A is looking for, sometimes using manual infrastructure such as spreadsheets. 6. Market Maker A sends the quote and initial terms to Hedge Fund A. 7. Hedge Fund A and Market Maker A debate price/terms and eventually come to agreement. 8. Hedge Fund A and Market Maker A exchange an email trade confirm, which is reviewed by their legal and operations teams. 9. Hedge Fund A's operations team completes a test transaction to the crypto wallet or fiat account of Market Maker A. 10. Hedge Fund A sends funds directly to Market Maker A as collateral, assuming a large amount of counterparty risk if Market Maker A faces financial difficulty. 11. The trade is officially cleared. 12. Every so often, a team at Market Maker A checks up on the trade to ensure margin is topped up and no liquidation is required. Manual margin calls are issued via Telegram and email, though, since they don't have a strong relationship, Market Maker A never posts collateral to Hedge Fund A, even if their trade is winning. Even with all of this operational lift, institutions still face limited price transparency (i.e. Market Maker A knows that Hedge Fund A has very limited options to book this trade, and can price their quote accordingly), and increased counterparty risk due to infrequent collateral checks and one-way margin requirements. Some risks and inefficiencies of current OTC derivatives trading include: * **Lack of Market Participants:** Due to the operational overhead required to onboard/KYC, quote, and manage these trades, many smaller market makers and (especially) taker funds limit or outright avoid OTC derivatives trading. * **Human error:** Since margin checks, collateral movements, and liquidations are manual, firms have limited confidence in trades being managed properly. * **Counterparty Risk:** Since funds are not automatically moved on-chain with clearly defined rules for real-time pricing and liquidation, institutions are frequently assuming their counterparties will not go bankrupt. [Historically, this is a poor assumption](https://www.reuters.com/business/ftx-start-us-bankruptcy-proceedings-ceo-exit-2022-11-11/) to rely on. Variational Pro solves these issues by automating the entire trade lifecycle, from booking to on-chain settlement. It offers complete customization for complex derivatives, and allows traders to immediately receive competing quotes from many market makers simultaneously. As opposed to the 12-step, highly manual process above, the process of booking a trade on Variational Pro is the following: 1. An institution (Hedge Fund A) decides they want to make a trade on an altcoin option. 2. Hedge Fund A logs into their Variational Pro account, builds a Request-For-Quote (RFQ) describing the desired trade using the intuitive UI. 3. All market makers on Variational Pro see the RFQ (unless Hedge Fund A has designated specific MMs to request a quote from) and can respond with their best offer, over both the UI and API. 4. Hedge Fund A sees quotes from multiple market makers (Market Maker A, Market Maker B, Market Maker C) and decides which (if any) to accept, considering the counterparty's reputation, the terms of the quote (margin requirements), and more. 5. Once Hedge Fund A chooses to accept a quote (for example, with Market Maker B), Hedge Fund A and Market Maker B are immediately prompted to deposit funds to an on-chain smart contract that functions as their escrow/settlement pool. 6. Once deposits are verified, the trade is automatically marked as cleared. Variational Protocol automatically tracks margin usage, funding payments/settlements (if applicable), and handles liquidations. Variational Pro takes a process that currently requires Telegram groups, manual transfers/wires and large teams of operations employees and lawyers, and turns it into a safe, on-chain, fully automated flow that can be completed by a single team member or API client. ## How Does Variational Pro Work? Variational Pro allows for the safe trading of many kinds of bilateral derivatives on any token. Key features include: * **RFQ-Based:** Users submit a request-for-quote for a specific market/structure they'd like to trade. Liquidity providers respond with quotes and the user may select the best one. Users can also respond to RFQs by providing bids and offers. * **Bilateral:** All trades are completed peer-to-peer (interchangeably referred to as bilateral or OTC). Trades are booked in settlement pools, which are a ledger of open positions and collateral between two parties. Each unique pair of counterparties will have one (or more) settlement pools. Positions are not fungible between pools, and assets are not commingled between pools, isolating risk. * **Fully Customizable:** Almost every aspect of the trading, clearing, and settlement process is customizable. Terms are decided before any trade is done and agreed upon by both parties as part of the quote. Market makers compete to offer the best price and terms. Users can decide to only request quotes from a whitelist of counterparties, adjust margin requirements on a per pool basis, or decide to auto liquidate their counterparty when they fall below margin requirements/impose a liquidation penalty. # API ## Read-Only API Public REST API providing market statistics for Variational Omni. ### Base URL ### Endpoint GET /metadata/stats Returns platform-wide and per-listing market statistics. ### Rate Limits * Per IP: 10 requests per 10 seconds. * Global: 1000 requests per minute. ### Response Fields #### General Metrics | Field | Type | Description | | -------------------------- | ------- | --------------------------------------------------------------- | | total\_volume\_24h | string | 24-hour trading volume across all markets (USDC) | | cumulative\_volume | string | Lifetime cumulative trading volume (USDC) | | tvl | string | Total value locked in settlement pools and the OLP vault (USDC) | | open\_interest | string | Total open interest across all markets | | num\_markets | integer | Number of listed perpetual markets | | loss\_refund.pool\_size | string | Loss refund pool balance (USDC) | | loss\_refund.refunded\_24h | string | Amount of loss refunds processed in last 24 hours (USDC) | | listings | array | Per-listing statistics | #### Per-Listing Fields | Field | Type | Description | | ------------------------------------ | ------------- | --------------------------------- | | ticker | string | Asset ticker (e.g., `BTC`, `ETH`) | | name | string | Token Description | | mark\_price | string | Current mark price | | volume\_24h | string | 24h trading volume (USDC) | | open\_interest.long\_open\_interest | string | Long open interest | | open\_interest.short\_open\_interest | string | Short open interest | | funding\_rate | string | Current funding rate (decimal) | | funding\_interval\_s | integer | Funding interval in seconds | | base\_spread\_bps | string | Base spread in basis points | | quotes.updated\_at | string | ISO 8601 timestamp of quote | | quotes | quotes object | Quote details | #### Quotes Fields | Field | Type | Description | | ----------- | ------------------------------- | ------------------------------------------ | | updated\_at | Time the quote was last updated | ISO 8601 timestamp of quote | | size\_1k | quote object | Quote at $1,000 notional | | size\_100k | quote object | Quote at $100,000 notional | | size\_1m | quote object | Quote at $1,000,000 notional (majors only) | #### Quote Fields | Field | Type | Description | | ----- | ------ | ----------- | | bid | string | price | | ask | string | price | ### Sample Json ``` { "total_volume_24h":"1852892926.854888", "cumulative_volume":"108671952666.516115", "tvl":"100687516.122407000000", "open_interest":"901741683.7948225316456366773", "num_markets":486, "loss_refund":{ "pool_size":"106919.703032000000", "refunded_24h":"25475.042848" }, "listings":[ { "ticker":"BTC", "name":"Bitcoin", "mark_price":"93787.9606019699", "volume_24h":"1058107020.462713", "open_interest":{ "long_open_interest":"113883049.01452301878687056000", "short_open_interest":"82403040.51901045963533924000" }, "funding_rate":"0.037347", "funding_interval_s":28800, "base_spread_bps":"0.4307589134116585963643440000", "quotes":{ "updated_at":"2026-01-06T06:38:52.476166127Z", "size_1k":{ "bid":"93750.97", "ask":"93755.01" }, "size_100k":{ "bid":"93746.13", "ask":"93759.85" }, "size_1m":{ "bid":"93718.95", "ask":"93779.82" } } } ] } ``` ### Example #### Python ```python import requests BASE_URL = "https://omni-client-api.prod.ap-northeast-1.variational.io" def fetch_stats(): resp = requests.get(f"{BASE_URL}/metadata/stats") resp.raise_for_status() return resp.json() stats = fetch_stats() # Platform metrics print(f"24h Volume: ${float(stats['total_volume_24h']):,.2f}") print(f"TVL: ${float(stats['tvl']):,.2f}") print(f"Open Interest: ${float(stats['open_interest']):,.2f}") print(f"Markets: {stats['num_markets']}") # List all tokens print("\nListings:") for listing in stats["listings"]: print(f" {listing['ticker']}: ${listing['mark_price']}") ``` ### Notes * All numeric values are returned as strings to preserve decimal precision. * The bid/ask price may be cached for up to 600 seconds, all quotes contain an updated\_at field * Prices and volumes are denominated in USDC**.** * Funding rates are decimals (multiply by 100 for percentage). * Optional fields may be omitted when unavailable. ### Support For questions, [contact support through one of our official channels](/more/getting-help-support). ## Trading API {% hint style="info" %} The trading API is still in development, and is not yet available to any users. Please fill out [this form](https://variational.typeform.com/api-request) if you wish to be notified once the trading API is available. {% endhint %} # Trade and Transfer History CSV downloads are available by clicking the download icon on each page in one's portfolio. Users can download CSVs of their historical trades, funding, realized PnL, and transfers from Omni (up to a 365-day window). {% hint style="info" %} Pending items are not included in CSV exports, and only up to 10,000 rows will be exported at once. {% endhint %} ### Trades The following data is included in each row of the trades CSV: | Column | Type | Description | | --------------------------- | --------- | --------------------------------------------------------------------------------------------- | | id | string | Unique identifier for each trade. | | created\_at | timestamp | Timestamp of trade creation. | | side | string | Always one of: {"buy", "sell"} | | instrument\_type | string | Always "perpetual\_future" | | underlying | string | Ticker of underlying (e.g. “BTC”). | | price | decimal | Execution price of the trade | | qty | decimal | Trade quantity | | trade\_type | string | Always one of: {"trade", "liquidation", "settlement\_market\_delisted"} | | status | string | Always one of: {“confirmed”, “failed”} | | liquidation\_trigger\_price | decimal | If trade\_type is "liquidation," this displays the mark price that triggered the liquidation. | ### Funding, Realized PnL, and Transfers The following data is included in each row of the transfers CSV: | Column | Type | Description | | ---------------- | --------- | --------------------------------------------------------------------------- | | id | string | Unique identifier for each transfer. | | created\_at | timestamp | Timestamp of transfer creation. | | qty | decimal | Transfer quantity | | asset | string | Settlement asset for the transfer (e.g. "USDC") | | transfer\_type | string | Always one of: {"deposit", "withdrawal", "realized\_pnl", "funding", "fee"} | | status | string | Always "confirmed" | | underlying | string | Ticker of underlying (e.g. “BTC”). | | instrument\_type | string | Always "perpetual\_future" | | fee\_type | string | Always one of {"trade", "deposit", "withdrawal"} | | funding\_rate | decimal | Funding rate at given timestamp | # Mainnet Contracts ## Contracts * Protocol Treasury: [0x5e91b40467fb8902c46a7b6cb90482363188d645](https://arbiscan.io/address/0x5e91b40467fb8902c46a7b6cb90482363188d645) * Core OLP Vault: [0x74bbbb0e7f0bad6938509dd4b556a39a4db1f2cd](https://arbiscan.io/address/0x74bbbb0e7f0bad6938509dd4b556a39a4db1f2cd) * Settlement Pool Factory Contract: [0x0F820B9afC270d658a9fD7D16B1Bdc45b70f074C](https://arbiscan.io/address/0x0F820B9afC270d658a9fD7D16B1Bdc45b70f074C) * Oracle Contract: [0x84BE56470d45b7f6629A66A219a38681F6BA6172](https://arbiscan.io/address/0x84BE56470d45b7f6629A66A219a38681F6BA6172#code) # Audits The Variational Protocol has undergone audits with both [Zellic](https://www.zellic.io/) and [Spearbit](https://cantina.xyz/solutions/spearbit). We are committed to maintaining high security standards and continue to conduct regular audits as new features are deployed. ## Spearbit {% file src="/files/bmH4Chk0u1gOsFwBEwRO" %} *Audit completed March 2025.* ## Zellic {% file src="/files/GMOsiGV9Usm8cG9ZlpWd" %} *Audit completed December 2024.* # Partners ## Charts
Charts on Variational Omni are powered by TradingView. TradingView provides traders with high-quality charts, financial news, and market data. To learn more, explore the [TradingView](https://tradingview.com) website, or check crypto prices using their [BTCUSD](https://tradingview.com/symbols/BTCUSD) data. ## Pricing Data Variational uses pricing data from [Kaiko](https://kaiko.com/), [CoinGecko](https://www.coingecko.com/), and [CoinMarketCap](https://coinmarketcap.com/) for assets on centralized exchanges, and pricing/asset data from [Birdeye](https://birdeye.so/), [Jupiter](https://jup.ag/), [0x](https://0x.org/), [CoinMarketCap](https://coinmarketcap.com/), and [CoinGecko](https://www.coingecko.com/) (Gecko Terminal) for assets on decentralized exchanges, including AMMs. Additionally, Variational integrates with most other large CEX and DEX platforms to stream prices directly to our proprietary infrastructure. ## RPC Endpoints Variational interfaces with Arbitrum through RPC endpoints via [Alchemy](https://www.alchemy.com/) and [QuickNode](https://www.quicknode.com/). ## Custody Variational uses [Fireblocks](https://www.fireblocks.com/) to protect contract deployments and handle signing for oracles. # Bug Bounties As a supplement to regular auditing, we offer bug bounties to ethical hackers that responsibly report any issues they discover. The Variational bug bounty program is run in collaboration with [ImmuneFi](https://immunefi.com/). Access the Variational bug bounty dashboard [here](https://immunefi.com/bug-bounty/variational/information/). # $VAR **The Variational token ($VAR) is not yet live.**\ \ The utility of the token will primarily be driven by using a minimum of 30% of protocol revenue to purchase and burn $VAR tokens. We plan to distribute approximately 50% of the tokens to the community. The community token allocation is expected to be distributed over time through various initiatives. # Media Kit {% file src="/files/tssvJ4JZMWDRsESIFskq" %} A ful kit of all official Variational logos & wordmarks, in both PNG and SVG formats. {% endfile %}

The primary Variational logo.

The primary Variational wordmark.

# Getting Help (Support) Answers to common questions can be found here in the [Variational Docs](https://docs.variational.io/), or in the [Variational Help Center](https://help.variational.io/). If you need support from a member of the team, a ticket can be opened through the following channels: * **Help Center:** Visit the [Variational Help Center](https://help.variational.io/), click the Variational logo in the bottom right corner, and click "Contact Support." * **In App:** Click on the "Help & Support" link in the "More" dropdown to message our support team from within the [Omni app](https://omni.variational.io/). Please provide as much information as possible (including your account's address and trade IDs, if relevant) in your initial message. Responses can take up to 24 hours, with longer wait times on weekends. # Additional Resources ## Podcasts {% embed url="" %} Published 5/20/26 {% endembed %} {% embed url="" %} Published 7/30/25 {% endembed %} {% embed url="" %} Published 2/13/25 {% endembed %} ## Articles & Research {% embed url="" %} Published 7/1/26 {% endembed %} {% embed url="" %} Published 6/29/26 {% endembed %} {% embed url="" %} Published 6/16/26 {% endembed %} {% embed url="" %} Published 6/1/26 {% endembed %} {% embed url="" %} Published 5/21/26 {% endembed %} {% embed url="" %} Published 5/20/26 {% endembed %} {% embed url="" %} Published 8/28/25 {% endembed %} {% embed url="" %} Published 8/11/25 {% endembed %} {% embed url="" %} Published 6/4/25 {% endembed %} {% embed url="" %} Published 10/23/24 {% endembed %} # Terms of Use Welcome to the Variational website and platform (accessible at ) (the “**Platform**”) and the suite of features, services and applications made available thereon (collectively, the “**Services**”), provided and operated by MCMC Research Corporation, S.A. (the “**Company**”, “we”, “our” or “us”). These Terms of Use (the “**Terms**”) govern your access to and use of the Company’s Platform and Services and constitute a legally binding agreement between (i) us and you, and/or (ii) if you are representing an entity, the entity that you are representing (hereinafter referred to as “you” or “your”). By accessing and/or using the Platform and any of the Services, you agree to be bound by these Terms and our [Privacy Policy](/legal/privacy-policy) which collectively represent the complete agreement between you and us in respect of our Platform and Services and shall supersede any prior agreements between us, whether written or oral. THESE TERMS CONTAINS A BINDING INDIVIDUAL ARBITRATION AGREEMENT AND CLASS ACTION WAIVER IN THE SECTION TITLED “DISPUTE RESOLUTION.” THIS AFFECTS YOUR RIGHTS WITH RESPECT TO ANY “DISPUTE” BETWEEN YOU AND THE COMPANY AND MAY REQUIRE YOU TO RESOLVE DISPUTES IN BINDING, INDIVIDUAL ARBITRATION, AND NOT IN COURT. PLEASE READ THIS ENTIRE SET OF TERMS CAREFULLY. IF YOU DO NOT AGREE TO THESE TERMS, YOU ARE NOT PERMITTED TO ACCESS OR USE OUR PLATFORM OR ANY OF THE SERVICES. 1. **Eligible Users**\ By accessing and/or using the Platform and any of the Services, you must be and hereby affirm that you: 1. are not prohibited or restricted from accessing the Platform or using the Services available on the Platform by any laws or regulations applicable to you; 2. are an adult of the legal age of majority in your country or state of residence (whichever is higher). If you are under the legal age of majority, you may not use the Platform; and 3. are not: 1. a citizen of, or located in or ordinarily resident in any of the Restricted Jurisdictions (defined below); or 2. under the control or ownership of a person that is, subject to sanctions or otherwise designated on any list of prohibited or restricted parties, including but not limited to the lists maintained by the United Nations Security Council, the BVI government, the United Kingdom government, the U.S. Government (e.g., the Specially Designated Nationals List and Foreign Sanctions Evaders List of the U.S. Department of Treasury and the Entity List of the U.S. Department of Commerce), the European Union or its Member States, or other applicable government authority. 2. **Access and Use of the Platform** 1. The Platform utilizes various technologies (including without limitation, blockchain and decentralized technologies such as Layer 1 and Layer 2 blockchains) to enable you or other users of the Platform (each a “**User**”) to perform the following activities through the Platform: 1. create, link, connect, access and/or utilize a self-custodial digital wallet (whether provided by the Company or by a third-party provider) to or with the Platform (a “**Digital Wallet**”); 2. store locally on your own devices, tokens, cryptocurrencies and other crypto or blockchain-based digital assets (collectively, "**Digital Assets**"); 3. view and track aggregated information and data relating to Digital Assets; 4. view information relating to your activity and transactions on the Platform (“**Progress Tracking**”); 5. access or use decentralized applications or protocols, including, without limitation peer-to-peer (“**P2P**”), derivative trading protocols, liquidity provision, settlement pools, swapping functionalities, cross-blockchain bridges and Digital Wallets (collectively "**Dapp(s)**"). For avoidance of doubt, such Dapp(s) may be operated or managed by third parties instead of us; 6. participate in the P2P trading of, staking of, and/or provisioning of derivative positions, liquidity, or settlement pools relating to, Digital Assets through the Dapp(s) as stated above; and 7. such other features and functionalities that may be added to the Platform from time to time. More details on the Services provided through the Platform can be found in Section 3 below. 2. To access and use the Platform and some of the Services, you will be required to create, link and/or connect your Digital Wallet and create a user account associated with that Digital Wallet (each a “**User Account**”). Certain parts of the Platform may require additional access credentials or other specific conditions in order to access or use the Platform. Access and use of the Platform via a User Account, are subject to the following terms and conditions: 1. The Company shall have the right to monitor and/or record your communications when you use the Platform, and you acknowledge and agree that when you use the Platform, you have no expectation that your communications will be private. The Company shall have the right to disclose your communications for any reason, including: (a) to satisfy any applicable law, regulation, legal process or governmental request; (b) to enforce the terms of these Terms or any other of the Company’s policies; (c) to protect the Company’s legal rights and remedies; (d) to protect the health or safety of anyone that the Company believes may be threatened; or (e) to report a crime or other offensive behavior. 2. You are solely responsible for all activities conducted through your User Account whether or not you authorize the activity. In the event that fraud, illegality or other conduct that violates these Terms is discovered or reported (whether by you or someone else) that is connected with your User Account, the Company may suspend or block your User Account’s access to the Platform, whether for a period of time or indefinitely. 3. You are solely responsible for maintaining the confidentiality and security of your User Account and for restricting access to your User Account and/or devices. You are solely responsible for any harm resulting from your disclosure, or authorization of the disclosure, of your access credentials (for example, passwords or biometrics) or from any person's use of your access credentials to gain access to your User Account. You acknowledge that in the event of any unauthorized use of or access to your User Account, access credential or other breach of security, you accept that due to the nature of the Platform, the Company will be unable to remedy any issues that arise, and the Company will not be responsible or liable for the same. 4. The Company will not be liable for any loss or damage (of any kind and under any legal theory) to you or any third party arising from your inability or failure for any reason to comply with any of the foregoing obligations, or for any reason whatsoever, except fraud on our part. 5. The Company will not be liable for any loss or damage arising from your sharing or other loss of your private key or related information, or any other damage or loss arising from unauthorized access to your account. 3. **Grant of License.** If you accept and comply with these Terms, the Company will grant, and you will receive, a limited, revocable, non-sub licensable, and non-exclusive license to access and use the Platform subject to the “Restrictions,” set forth in Section 5 below, as follows: 1. You may access and use applicable Services available on the Platform on one or more computers or mobile devices under your authorized control. 2. You may use the Platform for your personal and non-commercial purposes only. 3. You may not transfer your rights and obligations to use the Platform. 4. Some Services (including Dapps) of the Platform are provided, managed or operated by third party suppliers, partners or licensors of the Platform (“**Third Party Providers**”) and may be subject to specific requirements or terms and conditions imposed by such Third Party Providers. Please refer to Section 8 below for more information. 4. **Open Source Components**. The Platform may contain components that are subject to open-source licenses ("**OSS Components**”). Your access and use of these OSS Components shall be subject to the applicable open-source licenses that apply to and govern such OSS Components. 5. **Acknowledgements and Disclaimers.** You acknowledge and understand that: 1. **Features and Services.** The Company offers a number of Services which can be generally accessed through the Platform. Some of the Services may require you to create an account or connect a Digital Wallet. Further details of each of the Services, and the terms and conditions applicable to such Services, are provided on the Platform and in these Terms. Your access and use of each of these Services are solely at your own risk, and subject to the applicable terms and conditions for the relevant Service. 2. **Use of Digital Wallets.** To access our Platform and/or Services, you may be required to create a Digital Wallet or connect your own third-party Digital Wallet. We are not responsible or liable for your Digital Wallet or funds held therein, including your access and use thereof. You are solely responsible for the retention and security of your private keys or other security credentials in connection with your Digital Wallet. We shall not be liable in any way for any loss of your funds due to your failure to retain and/or secure your Digital Wallet. 3. **Digital Assets Risk Disclaimer.** You acknowledge and agree that there are inherent risks in your use of the Platform and the Services, including any smart contract or security breaches, fluctuations in the value of your Digital Assets, risks of liquidation or counterparty risks, any communication failures, disruptions, errors, distortions or delays, the risk of hardware, software and Internet connections failure or problems, or malicious software introduction, or the risk that third parties may obtain unauthorized access to your information or Digital Wallet, which may result in the loss of your Digital Assets or access to the Platform and/or Services. By using the Platform and/or Services, you acknowledge and agree to undertake these risks, and you accept that we shall not be liable for any losses or damages arising from or in connection with such risks. 4. **No Reliance on Information.** Any information provided or made available on our Platform and/or Services shall not be considered or construed as financial advice, investment advice, tax advice, legal advice, or any other sort of advice. No representation or warranty, express or implied, is made as to the fairness, accuracy, timeliness, correctness or completeness of such information and is provided only for general informative purposes, and no reliance should be placed on it. The Company shall not be responsible or liable to you for any use of, or reliance placed on, any available or provided information. We are not, and shall not be deemed as or treated as a financial institution, centralized exchange or trading platform, broker or fund management platform. 5. **No Fiduciary Relationship.** The Terms are not intended to, and do not, create or impose any fiduciary duties on us. You further agree that the only duties and obligations that we have are expressly set out in these Terms (including in the [Privacy Policy](/legal/privacy-policy)). 6. **Compliance Checks.** We may be required by anti-money laundering or other forms of regulations, and as part of our internal policies, to make background checks or verification checks on the source of any funds placed on deposit by our customers. In the event that our background or verification checks do not provide us with sufficient information about you, we may request further information from you from time to time and you agree to promptly provide such information when requested to do so. We reserve the right to suspend or terminate your access to and use of the Platform or any Services should we be unable to satisfy ourselves in respect of any background or verification checks. 7. **Legal and Regulatory Compliance.** You are responsible for complying with all laws that may be applicable to or govern your use of the Platform and/or Services, including, but not limited to, the Commodity Exchange Act and the regulations promulgated thereunder by the U.S. Commodity Futures Trading Commission ("CFTC"), the federal securities laws and the regulations promulgated thereunder by the U.S. Securities and Exchange Commission ("SEC"), the Securities and Futures Act and the Payment Services Act overseen by the Monetary Authority of Singapore and all foreign laws that apply to you and your use of such Services. You shall not access or use our Platform or Services if it would be illegal, or a violation of any applicable laws or regulations, to do so within your jurisdiction. 8. **Security.** You are solely responsible for properly configuring and using the Platform and the Services and otherwise taking appropriate action to secure, protect, and backup your User Accounts and Digital Wallet and/or your User Content in a manner that will provide appropriate security and protection, which might include use of encryption. If you are not able to be responsible for your own account security, or do not want such an obligation, then you should not access or use the Platform and the Services. Your obligations under these Terms include ensuring any available software updates or upgrades to the Platform and/or the Services you are using are promptly installed or implemented, and recording and securely maintaining any access credentials or passwords that relate to your use of the Platform and the Services. 9. **User Warranties.** Prior to your use of the Platform and on an ongoing basis, by using the Platform, or any of the Services (including without limitation, any of the informational and social content made available thereon (collectively, the “**Content**”)), you represent, warrant and covenant that: 1. You will not provide any false, inaccurate, incomplete or misleading information while using the Platform, or any Service or Content available thereon, or engage in any activity that operates to defraud the Company, other Users, or any other person or entity; 2. You will not use the Platform or any Service to transmit or exchange Digital Assets that are the direct or indirect proceeds of any criminal or fraudulent activity, including, without limitation, terrorism or tax evasion; 3. Any Digital Assets you use in connection with the Platform or any Service are either owned by you or you are validly authorized to carry out actions using such assets; 4. You access and use the Platform (including any Service or Content available therein) for your own benefit and not for the benefit or on behalf of any third party beneficiary; 5. There is a risk of losing your Digital Assets (including without limitation, your funds and cryptocurrency) when using the Platform and/or any Service and that we have no responsibility to you for any such loss; 6. You will not utilize or deposit funds or assets, which originate from criminal or other unauthorized, illegal or illicit activity; 7. You will not utilize or deposit funds or assets, using payment methods that do not belong to you; 8. You accept and acknowledge that the value of your Digital Assets (including any cryptocurrency) can change dramatically depending on the market value, market conditions or any reason whatsoever and you bear the sole risk of such fluctuations; 9. We are not, and shall not be deemed as or treated as a financial institution, centralised exchange or trading platform, broker or fund management platform; 10. We may be required by anti-money laundering regulations, and as part of our internal policies, to make background or verification checks on the source of any funds placed on deposit by our customers. In the event that our background or verification checks do not provide us with sufficient information about you, we may request further information from you from time to time and you agree to promptly provide such information when requested to do so. We reserve the right to suspend or terminate your access to and use of the Platform, any Service, or to your Digital Assets (including cryptocurrency and funds deposited via on our Platform should we be unable to satisfy ourselves that your source of funds is legitimate; 11. You will not, and will not attempt to, authorize anyone other than you to access the Platform and any of the Services through your Digital Wallet or User Account; 12. You will not disrupt, interfere with, or otherwise adversely affect the normal flow of the Platform and/or the Services or otherwise act in a manner that may negatively affect other users' experience when using the Platform and Services. This includes taking advantage of software vulnerabilities and any other act that intentionally abuses or exploits the design of the Platform and the Services; 13. You are sophisticated in using and evaluating blockchain technologies and related blockchain-based Digital Assets, including the blockchain networks, smart contract systems, automated market making protocols, derivative and margin trading, perpetual future contracts, P2P trading and related settlement pools, liquidity pool pricing bonding curves, the concept of pricing slippage, the mechanism of liquidity attribution and the potential of value loss for liquidity providers due to liquidity attribution and dynamic pricing across different liquidity pools. Specifically, you represent and warrant that you have evaluated and understand the use of the Platform and the Services and have not relied on any information, statement, representation, or warranty, express or implied, made by or on behalf of the Company with respect to the Platform and the Services; and 14. You accept and acknowledge all risks associated with the use or access of the Platform or any Services made available thereon, including but not limited to the risks set out in these Terms. 6. **Changes.** We may change, add to, modify, remove, suspend, or discontinue any aspect of the Platform and/or Services at any time, and without prior notice or liability to you. We may also impose limits on certain features or restrict your access to parts or all of the Platform or any Services made available thereon without notice or liability. 3. **Overview of Services and Features Available on the Platform** 1. **Testnet.** The Variational Testnet (“**Testnet**”) is made available to you solely for testing and development purposes. It is designed as a simulated environment for you to test the features therein and is not intended for use with any real Digital Assets. By using the Testnet, you acknowledge and agree that: 1. Tokens and transactions accrued or made within the Testnet have no actual monetary value and are not legally binding; 2. The Testnet is provided on an “as-is” and “under development” basis and we make no guarantees or warranties in respect of the functionality, performance, security or reliability of the Testnet; 3. The Company will not be liable to you for any loss or damages arising from or in connection with your use of the Testnet; 4. You will not exploit any security vulnerabilities or bugs detected in the Testnet. You will immediately notify us if you detect, become aware of, or have a reason to suspect, any security vulnerabilities or bugs in the Testnet; 5. The Company may, at its sole and absolute discretion, modify or discontinue the Testnet at any time; and 6. Where any feedback is provided by you in respect of the performance or functionality of the Testnet, the Company reserves the right to use any and all such feedback to improve the Platform without any obligation to compensate or acknowledge you in any form. 2. **Closed Beta.** The Variational Closed Beta (“**Beta**”) is made available to you via limited referral or access codes for voluntary early usage of the Platform. It is still under active development. By using the Beta, you acknowledge and agree that: 1. The Beta is provided on an “as-is” and “under development” basis and we make no guarantees or warranties in respect of the functionality, performance, security or reliability of the Beta; 2. The Company will not be liable to you for any loss or damages arising from or in connection with your use of the Beta; 3. You will not exploit any security vulnerabilities or bugs detected in the Beta. You will immediately notify us if you detect, become aware of, or have a reason to suspect, any security vulnerabilities or bugs in the Beta; 4. The Company may, at its sole and absolute discretion, modify or discontinue the Beta at any time; and 5. Where any feedback is provided by you in respect of the performance or functionality of the Beta, the Company reserves the right to use any and all such feedback to improve the Platform without any obligation to compensate or acknowledge you in any form. 3. **Service Availability.** The Services are provided on an “as-is” and “as-available” basis without warranties of any kind, whether express or implied, including but not limited to warranties of merchantability and fitness for a particular purpose, operation and any particular application or use. You acknowledge and agree that we may, in our sole discretion, apply changes, replace or discontinue (temporarily or permanently) any part of the Services at any time. We reserve the right to disable or modify access to the Services at any time in the event of a breach of the Terms, including, if we reasonably believe any of your representations and warranties may be untrue, misleading or inaccurate, and the Company will not be liable to you for any losses or damages you may suffer as a result of or in connection with the Services being inaccessible to you at any time or for any reason. 4. **P2P Trading.** The Platform enables you to enter into derivatives transactions with other Users via smart-contracts available on the blockchain on a peer-to-peer basis. The transaction is conducted by each User (including you) providing collateral in a specific settlement pool that will be used to execute a transaction with another User. The Company and the Platform does not have control over such smart-contracts or the blockchain, and the Company and the Platform does not verify and cannot guarantee whether any given settlement pool has sufficient assets or collateral to execute or maintain a transaction. All transactions executed via the P2P trading feature are final and irreversible once confirmed on the blockchain and we will not be able to cancel, stop, delay or reverse any transaction that is made on the blockchain. You acknowledge that we have no obligation to, nor will we reverse or refund any transaction even if made erroneously. It is your sole responsibility to verify the accuracy of your orders before confirmation. Before entering into any transaction, please ensure that you fully understand the associated risks, including without limitation: 1. **Market Risks.** Digital assets are subject to significant volatility and performing derivatives transactions on the Platform using the P2P trading feature may involve price fluctuations, market manipulation by bad actors, and loss of value in your Digital Assets. We will not be liable to you for any losses incurred from any transactions executed on the Platform via the P2P trading feature. 2. **Liquidity Risks.** Due to insufficient or limited liquidity at times, you may face the risk of price slippage and/or potential delays in any execution of your transactions, or you may find it difficult or impossible for you to execute a transaction (for example, sell or exit a position when you wish to do so). This may occur at any time, including at times of rapid price movements. We will not be liable to you for any losses incurred arising from such liquidity risks (for example, losses suffered from any such price differences, delays in execution or inability to execute a transaction). 3. **Counterparty Risks.** When conducting a P2P trade with another User (the “**Counterparty**”), fluctuations in the prices of Digital Assets and the value of the market may move so quickly that the balance of the Counterparty’s assets or collateral in a settlement pool goes to zero, or becomes negative. In such an event, there is no way to compel or force the counterparty to deposit more collateral or Digital Assets to cover such losses. In the case where your Counterparty experiences such a situation, you may not be able to realize your profits or cover your losses (if any) and the Company will not be able to assist you in recovering such profits or losses (the “**Counterparty Risk**”). The Company will not be liable or responsible for any Counterparty Risk. 4. **Informational Risks.** Notwithstanding the Company’s efforts, information available as part of the Services may not be accurate, timely, current or complete, and may include technical inaccuracies or typographical errors. Information is subject to change or update from time to time without notice, including information regarding the Company’s Terms or policies. Accordingly, you should verify all information before relying on it, and all decisions based on information contained on the Platform or otherwise as part of the Services are your sole responsibility. No representation is made as to the accuracy, completeness, or appropriateness for any particular purpose of any pricing information distributed via the Platform or otherwise when using the Services. Prices and pricing information may be higher or lower than prices available on platforms providing similar services. 5. **Trades are Final and Irreversible.** All transactions undertaken through the Platform and the Services are irreversible and final, and there are no refunds. You accept all consequences of accessing and using the Platform and the Services, including the risk that you may lose access to your Digital Assets indefinitely. All transaction decisions are made solely by you. Notwithstanding anything to the contrary in these Terms, the Company has no responsibility whatsoever for, and will in no circumstances be liable to you in connection with, your use of the Platform and the Services for performing transactions relating to Digital Asset. 6. **Other Financial Risks.** Use of the Platform and Services carries financial risks, including the risk of loss. Digital Assets are, by their nature, highly experimental, risky and volatile. The risk of loss in trading Digital Assets, especially entering into perpetual contracts, can be substantial. Use of leverage can magnify any such losses. There are other risks relating to such transactions (including without limitation, liquidation of your transactions or your Digital Assets, funding of payments, liquidity pools, settlement pools and the need to provide additional funds with your Digital Assets to avoid liquidation or margin calls and other general risks relating to such Digital Asset transactions). You understand that transactions involving Digital Assets can lead to loss of potentially substantial or all of your Digital Assets involved in the transaction. The Company is not and will not provide any advice to you with respect to your transactions with Digital Assets. You should, therefore, carefully consider whether such transactions are or would be suitable for you in light of your circumstances and financial resources. By accessing and using the Platform and the Services, you represent and warrant that you have been, are, and will be solely responsible for making your independent appraisal and investigations into the risks of a given transaction and the underlying digital assets. You represent that you have sufficient knowledge, market sophistication, professional advice and experience to make your evaluation of the merits and risks of any transaction conducted in connection with the Platform and the Services or any Digital Asset. Kindly refer to our documentation available at for more details on how the P2P trading feature operates on our Platform, and the risks associated with the same. \ In entering into and conducting transactions on the Platform via the P2P feature, you represent and warrant that: 1. you will not utilise or deposit funds which originate from criminal or other unauthorised activity; 2. you will not utilise or deposit funds using payment methods that do not belong to you; 3. you will not withdraw or try to withdraw any funds that do not belong to you; and 4. you fully understand the risks associated with conducting transactions in trading in a peer to peer system and your use of the P2P trading feature to conduct such transactions is solely at your own risk, and the Company will not be, and is not, liable for any losses suffered by you as a result of your use of the P2P trading feature. 5. **Bridging.** The Platform provides a service that enables you to transfer, or “bridge”, a Digital Asset from one blockchain network to another (for example, from the Ethereum network to an L2 where the Variational protocol is deployed). Bridging is performed through the utilization of smart contract applications which are deployed on both the blockchains. These smart contracts constitute the bridge, and they work by allowing a User to deposit and transfer a relevant Digital Asset on one blockchain network and receive a corresponding equivalent of that Digital Asset that is native to the other blockchain network, and vice-versa. You accept all risks associated with using the bridge. Bridging is an extremely novel technical area and is subject to material risks which may lead to total loss of your Digital Assets. All bridges are smart contracts that are subject to many known and unknown risks, including smart contract exploits of the actual smart contract code to produce outcomes different than those such bridges were designed to achieve, and cyberattacks intended to gain unauthorized control of the smart contracts or associated systems. Certain volume limitations of tokens flowing into and out of the Variational protocol may be imposed on the bridge or the Platform and the Services. Some or all Users of the bridge may be subject to the limitation, which may impact the time it takes you to bridge in or out of the Variational protocol while using the bridge. The volume limitation is a security measure to limit harm in the event of a malicious third party-act, and it may be changed without notice. Additionally, you acknowledge the risk that the volume limitation may not be technically effective, or may even be compromised. You accept the risk that it will not function as intended and assume any losses, direct, indirect, or consequential, stemming from the volume limitations. 6. **Advertising.** The Platform may incorporate third-party technology that enables advertising on the Platform. As part of this process, the Company and/or its authorized third party advertisers may collect standard information that is sent when your personal computer or device connects to the Internet including your Internet protocol (IP) address. 7. **Conduct.** You shall ensure that your actions, conduct and behavior in your use of the Platform comply with and abide by all the rules and guidelines imposed by the Company and/or its Third Party Providers. The Company may suspend or block your access to the Platform and/or any Services, whether for a period of time or indefinitely, in the event that you violate or fail to comply with any of such rules and guidelines. For the avoidance of doubt, although we may suspend or block your access or use of the Platform and Services, we will not block or prevent you from accessing your Digital Wallet or the Digital Assets stored thereon, unless legally required to do so by any applicable laws or regulatory, court or governmental order. 8. **Identity Disclosure.** You are responsible for the protection of your real and actual identity within the Platform, and any disclosure of your real and actual identity to any other user within the Platform is at your own risk. For example, subject to availability, you are able to create and choose a username on Progress Tracking Features (defined below) of the Platform (a “Username”), and you should take care to only choose a Username that you are comfortable with (to the extent that such Username results in the disclosure of your identity). The Company and/or its Third Party Providers will not be liable or responsible for any disclosure of your real and actual identity by you within the Platform, or any loss, damage or harm arising as a result of such disclosure. 9. **User Created or Uploaded Content**. The Platform may enable you to upload and display content (including without limitation, Username, images, text, messages, data, information, videos, voice and sound recordings) on the Platform, (collectively, the “**User Content**”). 1. You retain ownership over your User Content but you hereby grant the Company a perpetual, irrevocable, worldwide, fully paid up, non-exclusive, sub-licensable, right and license to use for any purpose whatsoever (whether commercial or otherwise) the User Content and all elements thereof, in any and all media, formats and forms, known now or hereafter devised. The Company shall have the unlimited right to copy, reproduce, fix, modify, adapt, translate, reformat, prepare derivatives, add to and delete from, rearrange and transpose, manufacture, publish, distribute, sell, license, sublicense, transfer, rent, lease, transmit, publicly display, publicly perform, provide access to, broadcast, and practice the User Content as well as all modified and derivative works thereof and any and all elements contained therein, and use or incorporate a portion or portions of the User Content or the elements thereof in conjunction with or into any other material. In the event you upload or otherwise transmit to the Company any concepts, ideas, or feedback relating to the Platform, you shall not be entitled to any compensation for any such submission, unless expressly agreed between you and the Company, and the Company may freely use any such submission in any manner it deems appropriate. Any such submission by you shall not create any contractual relationship between you and the Company. Except to the extent that any such waiver is prohibited by law, you hereby waive the benefit of any provision of law known as "moral rights" or "droit moral" or any similar law in any country of the world. You represent and warrant that the User Content does not infringe upon the copyright, trademark, patent, trade secret or other intellectual property rights or proprietary rights of any third party. 2. You further represent and warrant that you will not use or contribute User Content that is unlawful, tortious, defamatory, obscene, invasive of the privacy of another person, threatening, harassing, abusive, hateful, racist or otherwise objectionable or inappropriate. The Company may remove or delete any User Content and any related content or elements from the Platform at its sole discretion (including without limitation, where the Company believes that any User Content is in violation of these Terms of Use). 3. The Company does not guarantee that it will retain or store any User Content, and the Company shall not be liable or responsible to you or any third party for any inability to access or retrieve your User Content arising from any reason whatsoever (including without limitation, any loss, removal or deletion of User Content). You are solely responsible for retaining backups or copies of your own User Content. You are solely responsible for ensuring that any User Content you submit or upload to the Platform comply with any applicable laws and third party rights, including but not limited to any intellectual property rights, privacy rights and publicity rights. You agree that any information included in your User Content may be used in accordance with our [Privacy Policy](/legal/privacy-policy). The Company always has the right, in its sole discretion, to accept or reject any User Content. 10. **Digital Wallets Created via the Platform**. You may use the Platform to link or create a Digital Wallet. The Company will not be liable or responsible for the creation of any Digital Wallet by you, and for your access and use of such Digital Wallet. You acknowledge and understand that: 1. The Company does not have control over your Digital Wallet, and cannot be liable or responsible for any activity or transaction conducted via your Digital Wallet, whether initiated through the Platform’s user interface or otherwise. 2. All actions taken or purported to be taken via your Digital Wallet (including the initiating of, or signing of, any transactions) will be automatically deemed to have been conducted and authorized by you. The Company and the Platform will not be able to verify the veracity or authenticity of such transactions or prevent such transactions from occurring. 3. In certain circumstances, such as if you lose or forget your password for your Digital Wallet, you will need to use a seed or recovery phrase to access any Digital Assets stored in your wallet (the "**Seed Phrase**"). You are solely responsible for the retention and security of your Seed Phrase. Your Seed Phrase is the only way to restore access to the Digital Assets stored in your Digital Wallet if you lose access to your Digital Wallet. Anyone who knows your Seed Phrase can access, transfer or otherwise deal with or dispose of your Digital Asset. If you lose your Seed Phrase, you may not be able to access, transfer or otherwise deal with or dispose of your Digital Asset. You acknowledge that certain methods of securing your Seed Phrase, such as storing it as a digital file anywhere, including on your personal device or on a cloud storage provider, increase the risk that your account or Seed Phrase will be compromised. You further acknowledge that you will not share with us nor any other third party any password or Seed Phrase that relates to your use of the Digital Wallet, and that we will not be held responsible if you do share any such password or phrase, whether you do so knowingly or unknowingly. For the avoidance of doubt, we take no responsibility whatsoever for any theft of a secret recovery phrase that involved intrusion through any means into your personal device or a cloud provider’s data repository. 4. You acknowledge and agree that we do not store and is not responsible in any way for the security of your Seed Phrase and you agree to hold us, our affiliates, representatives, agents and personnel harmless and that no such party shall be liable in any way in the event you lose your Seed Phrase and cannot access, transfer, use or otherwise deal with or dispose of your Digital Assets. You bear sole responsibility for any loss of your Digital Assets due to failure to retain and/or secure your Seed Phrase. 5. Digital Wallets provided by Third Party Providers shall be subject to the terms and conditions of such Third Party Providers. The Company has no control or responsibility over Digital Wallets provided by Third Party Providers. 11. **Digital Asset Information.** Information relating to Digital Assets (including but not limited to supply, volume, pricing, trends and/or value of such Digital Assets) made available on or through the Platform are obtained and/or sourced from external sources managed by Third Party Providers and has not been independently verified by the Company. The Platform aggregates and publishes publicly available information relating to the blockchain and Digital Assets in a manner and format which we feel is easy to read and understand. Such information is also independently available from other sources—for example, a person may directly review transaction history, wallet activity or wallet / account balances and on a blockchain explorer. In providing information about Digital Assets, the Platform associates or presumes the association of a relevant Digital Asset’s name, ticker, symbol or logo with a specific smart contract deployed to one or more blockchain systems. In making such associations, the Platform relies upon third-party resources which may not be accurate or may not conform to a given User’s expectations. Multiple smart contracts can utilize the same Digital Asset name, ticker. logo or symbol as one another, meaning that the name, ticker, logo or symbol of a Digital Asset does not guarantee that it is the token desired by the User or generally associated with such name, ticker, logo or symbol. Users must not rely on the name, symbol, ticker or branding of a Digital Asset on the Platform, but instead must perform your own due diligence and research, including without limitation, examining the specific smart contract associated with the name, symbol, ticker or branding and confirm that the relevant Digital Asset accords with User’s expectations. Such information shall not be considered or construed as financial advice, investment advice, tax advice, legal advice, or any other sort of advice. No representation or warranty, express or implied, is made as to the fairness, accuracy, timeliness, quality, origin, ownership or completeness of the information made available on this Platform, and is provided only for general informative purposes, and no reliance should be placed on it. The Company shall not be responsible or liable to you for any use of, or reliance placed on, the information relating to Digital Assets. We shall not be liable for any errors, misrepresentations, or omissions in, of, and about, the information, nor for the availability of the information. 12. **Progress Tracking Feature**. From time to time, the Company may provide features that track your progress or record your activity and profile on the Platform as part of the “**Progress Tracking Feature**”, and to incentivise, and track, your participation on our Platform and in our ecosystem. Such features may include the issuance of points, rewards, benefits and incentives (collectively, “**Points**”) and the allocation and assignment of levels, tiers or statuses to a User Account (collectively, “**Tiers**”) based on a User’s activity and participation within the Platform, and/or the conducting or issuance of various challenges, quests, mini-games or other activities that you may be able to participate in. We may also issue Points, gifts or other benefits and incentives or allocate or assign Tiers at our sole discretion (whether randomly or otherwise). The amount, type and value of any such Points, Tiers or other rewards or benefits offered, if any, may be set, modified, withheld or cancelled by the Company at any time without prior notice or liability. From time to time, we may limit the number or amount of Points, Tiers or other rewards or benefits a User may receive, impose expiration dates, or require additional actions to unlock Points, Tiers or other rewards or benefits. Progress Tracking is provided for your information and entertainment only, and shall not be deemed as having any intrinsic value or entitling you to any funds, compensation, or other benefit (financial or otherwise). Any Points issued or awarded or Tiers allocated or assigned may be retracted, cancelled, invalidated or amended based on a criteria determined by us, or at our sole discretion. Such Progress Tracking may be reset regularly, and changes in the server status (such as server maintenance or server refreshes) may result in your Progress Tracking (including all or part of your Points or Tiers or other rewards or benefits under your User Account) being reset, unsaved or lost. The Company shall not be liable or responsible to you or any third party in the event that your Progress Tracking (including all or part of your Points or Tiers or other rewards or benefits under your User Account) is reset, unsaved or lost. 13. **Referral Reward Program**. From time to time, we may implement a referral reward program (“**Referral Program**”). This may include the issuance of unique referral links, codes or identifiers to you, which may be used by other users (the “**Referred Users**”) to register on the Platform or access specific features, and for which such registration shall be linked or accounted to you. Subject to the Company’s policies and eligibility criteria in force at the relevant time, you may be assigned or allocated Tiers or be issued or awarded Points, rewards or other benefits upon a valid referral, and such referral may be considered valid only if it satisfies the following conditions, and/or such other conditions as may be imposed by the Company from time to time, whether applicable to a particular referral campaign or generally: 1. the Referred User is a new User who has not previously created a User Account; 2. the Referred User constitutes an eligible User; 3. the Referred User completes certain required actions or reaches defined milestones on the Platform, such as successfully registering a User Account account, engaging with specific features, or meeting certain usage or volume thresholds, as may be imposed by the Company from time to time; and 4. the referral does not involve any fraud, abuse, self-referral, “sybil attacks”, “farming”, unfair practices, unfair or undue manipulation or exploitation of any mechanics of the Referral Programme or violation of our policies. The amount, type and value of any Points, rewards or benefits offered, and the benefits that an assigned or allocated Tier provides, under the Referral Programme may be set, modified, withheld or cancelled by the Company at any time without prior notice or liability. From time to time, we may limit the number or amount of Points, rewards or benefits a User may receive, impose expiration dates, or require additional actions to unlock Points, Tiers or other rewards or benefits. Additionally, the **Referral Programme may be limited, suspended, or made unavailable in certain jurisdictions due to applicable laws, regulations, or compliance requirements**. You acknowledge and agree that we may disclose your personal details to your Referred Users as the referrer. Participation is subject to geographic eligibility, and the Company reserves the right to restrict access at its sole discretion. The Company shall not be liable or responsible to you or any third party, including the Referred User, in the event that your referral rewards or progress tracking are delayed, inaccurate, withheld or suspended for any reason, including technical issues, policy updates or user misconduct. You acknowledge that the Referral Programme does not in any way constitute financial or investment solicitation, or an offering to participate in securities or regulated products. The Referral Programme and any associated Points, Tiers or other rewards or benefits are not intended to, and shall not be construed as, an inducement, solicitation, or enticement to engage in any form of cryptocurrency purchase, trading, or investment activity. We may reject or cancel any Referral Programme, or your participation thereto, at our sole and absolute discretion without any prior notice or explanation, or any further liability, to you. 14. **Trading Incentives**. As part of providing a rewarding trading experience, the Company may introduce, issue and grant various Points or other rewards and incentives, including without limitation, loss refunds and other trading based-bonuses or compensation, to Users who perform trades via the Platform (“**Trading Incentives**”). Such Trading Incentives will be introduced, issued and granted at the Company’s sole discretion, and may be issued at random, or based on any eligibility criteria as determined by the Company, including without limitation, a User’s trading activity, trading volume, number of Points held, or associated User Account Tier. Where Trading Incentives are provided, the Platform may automatically deduct a fee from such Trading Incentives to cover any expenses or costs in transferring the Trading Incentives. The Trading Incentives are provided solely as an additional benefit to Users, and nothing in these Terms shall be deemed as any guarantee or promise that a User may receive any Trading Incentives. The Company may discontinue, amend, vary, suspend or terminate any Trading Incentives at any time without any notice to the Users. 4. **Restrictions on Use of Platform and Features** 1. **Restrictions.** The Company may suspend or revoke your license to use the Platform or any Services or Content made available thereon if you violate, or assist others in violating, the restrictions and limitations set forth below. You agree that you will not, in whole or in part or under any circumstances, do any of the following: 1. **Unauthorized Derivative Works**: Copy, reproduce, translate, reverse engineer, derive source code from, modify, disassemble, decompile, or create derivative works based on or related to the Platform or the Services (or any Content made available thereon). 2. **Prohibited Commercial Uses**: Exploit or use in a manner for commercial purposes, in its entirety or individual components, the Platform (or any Content made available thereon) for any purpose not expressly authorized by the Company, including, without limitation (i) accessing and using the Platform at commercial establishments; (ii) using the Platform to advertise, market, provide or sell any third-party product or service; (iii) performing in-Platform services including, without limitation, account boosting or resource-farming or botting or similar activities, whether in exchange for payment or otherwise; (iv) communicating or facilitating (by text or otherwise) any commercial advertisement, solicitation or offer through or within the Platform or (v) organizing, promoting, facilitating, or participating in any event involving wagering on the outcome, or any other aspect of, activities within the Platform, whether or not such conduct constitutes gambling under the laws of any applicable jurisdiction, without authorization. 3. **Cheating**: Create, use, offer, promote, advertise, make available and/or distribute the following or assist with any of the following activities: 1. **Exploits**; i.e. methods not expressly authorized by the Company (whether accomplished using hardware, software, a combination thereof, or otherwise), influencing and/or facilitating use of any Service or Content in a manner that is unintended by the Company, including exploits of any bugs in any Service or Content in the Platform, and thereby granting you and/or any other User an undue and unfair advantage over other Users not using such methods; 2. **Bots**; i.e. any code and/or software, not expressly authorized by the Company, that allows the automated control of your User Account or any Service or Content of the Platform; 3. **Hacks**; i.e. accessing or modifying the software of the Platform (or any Service or Content made available therein) in any manner not expressly authorized by the Company; and/or 4. any code and/or software, not expressly authorized by the Company, that can be used in connection with the Platform, any Service, any Content and/or any component or part thereof which changes and/or facilitates the feature or functionality of the same; 4. **Data Mining**: Use any unauthorized process or software that intercepts, collects, reads, or “mines” information generated or stored by the Platform (or any Service or Content made available therein); provided, however, that the Company may, at its sole and absolute discretion, allow the use of certain third-party user interfaces. 5. **Unauthorized Connections:** Facilitate, create or maintain any unauthorized connection to the Platform (or any Service or Content made available therein) including without limitation (i) any connection to any unauthorized server that emulates, or attempts to emulate, the Platform (or any Service or Content made available therein); and (ii) any connection using third-party programs or tools not expressly authorized by the Company. 6. **Transfers:** Attempt to sell, sublicense, rent, lease, grant a security interest in or otherwise transfer any copy of the Platform (or any Service or Content made available therein) or component thereof, or your rights to the Platform (or any Service or Content made available therein) to any other party in any way not expressly authorized herein. 7. **Disruption / Harassment:** Engage in any conduct intended to disrupt or diminish the social experience for other Users, or disrupt operation of the Company’s Platform (or any Service or Content made available therein) in any way, including: 1. Disrupting or assisting in the disruption of any server, equipment, hardware or computer system used to support the Platform (or any Service or Content made available therein) or interfering with, disrupting, negatively affecting or inhibiting other Users from enjoying the Platform or any Service or Content made available therein, or in any action or conduct that could damage, disable, overburden, or impair the functioning of the Platform, Service or Content made available therein. ANY ATTEMPT BY YOU TO DISRUPT THE PLATFORM OR UNDERMINE THE LEGITIMATE OPERATION OF THE PLATFORM MAY BE A VIOLATION OF CRIMINAL AND CIVIL LAWS. 2. Harassment, “griefing,” abusive behaviour or chat, conduct intended to unreasonably undermine or disrupt the Platform experiences of others, and/or any other activity which violates these Terms. 3. Post or transmit unsolicited or unauthorized advertising, or promotional materials, that are in the nature of "junk mail," "spam," "chain letters," "pyramid schemes," or any other similar form of solicitation within the Platform. 8. **Violation of Laws:** Access or Use the Platform or any Service or Content provided therein to violate or attempt to violate any applicable law or regulation (including without limitation any applicable anti-money laundering, anti-proliferation and anti-terrorism financing laws and sanctions programs, including, without limitation, the U.S. Bank Secrecy Act and those enforced by the U.S. Department of Treasury's Office of Foreign Assets Controls and any other export control laws). 9. **Violation of Polices:** Access or Use the Platform or any Service or Content provided therein to violate or attempt to violate any policies of the Company. 10. **Violation of Proprietary Rights:** Use the Platform or Services in any manner that violates, misappropriates, or infringes the rights of the Company, our licensors, our Users, or others, including privacy, publicity, intellectual property, or other rights. 11. **Impersonation:** Use the Platform, Services or any content that involves falsehoods, misrepresentations, or misleading statements, including impersonating someone. 12. **Circumvention of Security:** Avoid, bypass, remove, deactivate, impair, descramble or otherwise circumvent any technological measure implemented by us or any of our service providers or any other third party to protect the Platform, or any Service or Content. 13. **VPN:** Disguise your location through IP proxying, VPN or other methods. 14. **Circumvention of Content Filtering:** Circumvent any content-filtering techniques, security measures or access controls employed on the Platform or any Service or Content) in any manner. 15. **Illegal, Unfair or Manipulative Trading Practices:** Engage in or knowingly facilitate any “front-running,” “wash trading,” “pump and dump trading,” “ramping,” “cornering” or fraudulent, deceptive or manipulative trading activities in any Digital Asset, or taking undue or unfair advantage over other Users, including without limitation: 1. trading at successively lower or higher prices for the purpose of creating or inducing a false, misleading or artificial appearance of activity, unduly or improperly influencing market prices or establishing a price which does not reflect the true state of the market; 2. trading without changes in material beneficial ownership for the purpose of creating or inducing a false or misleading appearance of trading activity or creating or inducing a false or misleading appearance with respect to market conditions; 3. participating in, facilitating, assisting or knowingly transacting with any pool, syndicate or joint account organized for the purpose of unfairly or deceptively influencing market prices; 4. transacting in securities, commodities futures, trading of commodities on a leveraged, margined or financed basis, binary options (including prediction-market transactions), real estate or real estate leases, equipment leases, debt financings, equity financings or other similar transactions, in each case, if such transactions do not comply with all laws, rules and regulations applicable to the parties and assets engaged therein; or 5. engaging in token-based or other financings of a business, enterprise, venture, DAO, software development project or other initiative, including ICOs, DAICOs, IEOs, or other token-based fundraising events; 6. taking advantage of any arbitrage between the Platform and other platforms or service providers; 7. engage in any money laundering, terrorist financing, or other illegal activities; and 16. Encourage or enable any other individual to do any of the foregoing. 2. You agree to comply with all applicable U.S. and non-U.S. export control and trade sanctions laws ("**Export Laws**"). 3. Without limiting the foregoing, you may not use the Platform or any Service or any Content if: 1. you are in, under the control of, or a national or resident of Cuba, Iran, North Korea, Sudan, or Syria or any other country subject to United States embargo, UN Security Council Resolutions, HM Treasury's financial or other sanctions regime, or if you are on the U.S. Treasury Department's Specially Designated Nationals List or the U.S. Commerce Department's Denied Persons List, Unverified List, Entity List HM Treasury's financial or other sanctions regime; or 2. you intend to supply the Platform or any Service or any Content to Cuba, Iran, North Korea, Sudan or Syria or any other country subject to United States embargo or HM Treasury's financial or other sanctions regime (or a national or resident of one of these countries), or to a person on the Specially Designated Nationals List, Denied Persons List, Unverified List, Entity List, or HM Treasury's financial or other sanctions regime. 4. Additionally, the Platform (and any Service or Content available thereon) is not made available to persons (whether a natural person or a legal entity) that fall within the restrictions set out in . 5. In addition to the geographical restrictions in Sections 4(C) and 4(D) above (the “Restricted Jurisdictions”), we reserve the right to refuse customers from any other country. 6. Particular Services and Content may also not be available in certain countries due to regulatory, licensing and local restrictions. 7. We may deploy technological solutions (such as geo-blocking) to prevent persons located in Restricted Jurisdictions from registering an account and/or otherwise being able to access, or to use, the Platform or Services. You acknowledge and agree that we will not be responsible to you for, and that you will indemnify and hold us harmless for and in relation to, any losses suffered by you as a result of your attempting to access the Platform or Services from within a Restricted Jurisdiction, including by way of any means designed to circumvent any controls or technological solutions that we may have in place from time to time, and which are intended to prevent or limit such access. You accept and acknowledge that we reserve the right to detect and prevent the use of prohibited techniques, including but not limited to fraudulent transaction detection, examination of your device properties, detection of geo-location and IP masking, transactions and blockchain analysis. 8. By accessing the Platform (or any Service or Content found thereon), and entering into this agreement, you confirm that you are not located in a Restricted Jurisdiction or a jurisdiction in which it is illegal to use the Platform (or any Service or Content found thereon). 9. We reserve the right to terminate or limit any person’s User status or access to or use of the Platform at any time, with or without notice, as determined in our sole and absolute discretion. Such terminations and limitations may be based on any factor or combination of factors, including a person’s identity, blockchain address, IP address, internet service provider, virtual provider network provider, metadata, browser software, device type, wallet application, wallet device, region of citizenship or residence or current location, or suspicion that User has engaged or intends to engage in any of the restrictions set out above. 5. **Payment, Gas Fees and Taxes** 1. You may be charged fees or charges to access or use some of the Services on the Platform, including fees without limitation: 1. such fees for the utilisation of the Platform (the “**Platform Fee**”) on all transactions made on or via the Platform (each a “**Platform Transaction**”). We reserve the right to change or revise the Platform Fee at any time, and any changes or revisions to the Platform Fee will be published on the website and/or be updated within these Terms. It is your responsibility to take note of any changes or revisions to the Platform Fee, and any Platform Transaction conducted by you after the Platform Fee is revised shall constitute your acceptance of such revised Platform Fee; and 2. gas fees or transaction fees charged on the deposit, withdrawal, conversion, swaps or other transactions relating to the Digital Assets carried out via any Services or other fees or charges imposed by Third Party Providers when you use their Dapps (“**Third Party Fees**”). Where applicable, gas fees are paid to the third parties and/or network of computers that operate the blockchain and/or process the transactions and are not paid to us. Kindly note that such Third Party Fees often fluctuate based on a number of factors, all of which are not under our control, and may therefore change at any time without notice. 2. By using the Services, you agree to pay any such fees or charges (including the Platform Fee and the Third Party Fees) imposed for the use of such Services. 3. Although the Company or the Third Party Provider endeavours to provide an accurate estimate of the final quote, any such information only represents an estimation of the applicable fees or charges (such as the Platform Fee and/or the Third Party Fees), which may vary from the fees or charges actually paid to use the relevant Service and/or interact with the relevant blockchain or any other network with which the relevant Service and the Platform are compatible. 4. Any transactions or payments made through any Service via the Platform will be processed through the blockchain or such other payment gateway or process as may be determined by us or by the relevant Third Party Provider (collectively, the “**Payment Process**”). We have no control over these payments or transactions, nor do we have the ability to reverse any payments or transactions made via the Payment Process. You acknowledge that we have no liability to you or to any third party for any claims or damages that may arise as a result of any payments or transactions you made via any Service, including, but not limited to, instances where your payment was not properly processed on the Payment Process or where payment was erroneously made to an unintended recipient. It is solely your responsibility to confirm that your payment for any Platform Transaction has been processed and completed successfully. We do not provide refunds for any fees, payments or Platform Transactions that you might make on or through the Platform. 5. All amounts payable by you under these Terms will be paid to us without set-off or counterclaim, and without any deduction or withholding. Fees and charges for any new Service or new feature of a Service will be effective when we use commercially reasonable efforts to communicate updated fees and charges through our Platform, or other public channels. We may increase or add new fees and charges for any existing Services you are using by using commercially reasonable efforts to notify Users through our Platform, or other public channels. 6. You are solely responsible for determining and paying (or reimbursing for the payment of) any and all sales, use, value-added and other taxes, duties, and assessments (excluding taxes imposed on our net income) now or hereafter claimed or imposed by any tax or other governmental authority associated with your use of the Platform (collectively, the “**Taxes**”). You will pay or reimburse us for all Taxes of any jurisdiction (whether national, federal, state, local, foreign or other), including value added taxes and taxes as required by international tax treaties, customs or other import or export taxes, and amounts levied in lieu thereof based on charges set, services performed or payments made hereunder, as are now or hereafter may be imposed under the authority of any national, federal, state, local, foreign or other taxing jurisdiction; and will not be entitled to deduct the amount of any such Taxes or amounts levied in lieu thereof from payments (including gas fees) made to us pursuant to these Terms. 6. **Ownership of Intellectual Property** 1. The Platform and the Services and Content contained therein, including any Variational Trademarks (defined below), media, web applications, mobile applications, software, computer code, metadata, materials, design, text, images, photographs, illustrations, animation, content, text, media files, artwork, graphic material, databases, proprietary information, graphics and visual effects, as well as any accompanying documentation or other written materials, tangible or intangible, and all legally protectable elements of the foregoing, including, without limitation, all derivative works, translations, adaptations or variations of same, regardless of the medium, format or form, now known or hereinafter developed or discovered, and regardless of where produced, and all Intellectual Property Rights therein (all of the foregoing, individually and collectively, the “**Variational Assets**”), are our property and/or where applicable, the property of our licensors or suppliers. The Platform may contain materials licensed by third-parties to the Company, and these third-parties may enforce their ownership rights against you in the event that you violate these Terms. Nothing in these Terms shall be interpreted as granting any license of Intellectual Property Rights of the Variational Assets to you other than as explicitly set forth in these Terms. You may not remove, delete or obscure any trademark notice, copyright notice or other intellectual property notice in any part of the Platform. You may not do anything that infringes, violates or misappropriates the exclusive rights belonging to us. 2. Under these Terms, “**Intellectual Property Rights**” refer to patents, utility models, rights to inventions, copyright and neighboring and related rights, trade marks and service marks, business names and domain names, rights in get-up and trade dress, goodwill and the right to sue for passing off or unfair competition, rights in designs, rights in computer software, database rights, rights to use, and protect the confidentiality of, confidential information (including know-how and trade secrets), and all other intellectual property rights, in each case whether registered or unregistered and including all applications and rights to apply for and be granted, renewals or extensions of, and rights to claim priority from, such rights and all similar or equivalent rights or forms of protection which subsist or will subsist now or in the future in any part of the world. “**Variational Trademarks**” means any and all logos, trademarks, service marks, and trade dress associated with the Platform, including the “Variational” name or products or service developed by us (which include without limitation, “Variational Protocol”, “Variational Omni”, “Variational Pro”, and “$VAR”). 3. The animations, page headers, custom graphics, button icons, style sheets and scripts that contribute to the “look and feel” of the Platform are service marks, trademarks and/or trade dress that belong to us and may not be copied, imitated or used, in whole or in part, in connection with any product or service that is not expressly authorized by us in writing, in any manner that is likely to cause confusion among consumers, or in any manner that disparages or discredits the Platform, the “Variational” name or the Company. 4. You may choose to submit comments, bug reports, ideas or other feedback about the Platform, including, without limitation, about how to improve the Platform, the Services or any Content through the email address provided at the end of these Terms or support channels within the Platform (collectively, “**Feedback**”). By submitting any Feedback, you agree that we are free to use such Feedback at our discretion and without additional compensation to you, and to disclose such Feedback to third parties (whether on a non-confidential basis, or otherwise). You hereby grant us a perpetual, irrevocable, nonexclusive, worldwide license under all rights necessary for us to incorporate and use your Feedback for any purpose. 7. **Third-Party Providers And Services** 1. The Platform and any Services made available thereon may contain software or services provided by or links to third-party services (“**Third-Party Content**”). We make no warranties or representations, express or implied, in respect of the availability, functionality or content of such Third-Party Content, and you agree that the Company shall not be liable for any loss or damages arising from or in connection with your use of any third-party services. You may be subject to the terms and policies of such relevant third-parties. 2. When you use the Platform and any Service and any Content made available thereon, you may also be using the functionality, application, software or service of one or more Third Party Providers. For example, the operation of the P2P trading feature relies on smart contracts, blockchains, and computer infrastructure operated by third persons. Your use of those and other third-party functionality, application, software or service (each a "**Third-Party Service**") will be subject to the privacy policies, terms of use and similar policies and terms, and fees of those Third Party Providers. You agree that the Company shall not be liable for any loss or damages arising from your use of or the breach thereof of any Third-Party Service. We have no responsibility for any Third-Party Content or any Third-Party Service that may be misleading, incomplete, erroneous, offensive, indecent, or otherwise objectionable to you or under the law in your jurisdiction. The choice to rely on Third-Party Content or to use a Third-Party Service is your own, and you are solely responsible for ensuring that your reliance or use is in compliance with all applicable laws. Dealing or correspondence with any third party that provides such content or services is solely between you and that third party. We reserve the right to change, suspend, remove, disable, or impose access restrictions or limits on the use of any Third-Party Content and Third-Party Service at any time without notice. 3. The Platform and any Service and any Content made available thereon may contain links to Third-Party Services (including, without limitation, Dapps), and may leverage or plug into such Third-Party Services to enable certain features. When using a Dapp or other Third-Party Service, you understand that you are at no time transferring your Digital Assets or private keys to us. We provide the Platform (and the Service and/or Content made available thereon) and access to Third-Party Services only as a convenience, and we do not have control over their content, and we do not warrant or endorse, and are not responsible for the availability or legitimacy of, the content, products or functionality made accessible via the Platform or by those Third Party Providers (including any related website, resources or links displayed therein). We make no warranties or representations, express or implied, about the Platform (including any Content or Service made available thereon) or such linked Third-Party Services, the third parties they are owned and operated by, the information contained on them or the suitability of their products or services. You acknowledge sole responsibility for and assume all risk arising from your use of the Platform and any Service and any Content made available thereon including any third-party website, applications, or resources. When you click such a link, we may not warn you that you have left our Platform. 4. We may provide experiences on social media platforms that enable online sharing and collaboration among users who have registered to use them. Any content you post is subject to the terms of use and privacy policies of those platforms and related services. We have no control over such social media platforms or related services, and they are deemed Third-Party Services under these Terms. 8. **Data Protection and Privacy** 1. In the course of your access and/or use of the Platform or any Service, we may be required to collect, use, disclose and/or process certain data (including personal data) belonging to you. In this regard, we will collect, use, disclose and/or process your personal data in accordance with applicable data protection and privacy laws, and as set out in our [Privacy Policy](https://docs.variational.io/legal/privacy-policy). 9. **Limited Warranty and Disclaimer** 1. GENERAL: 1. TO THE FULLEST EXTENT ALLOWED BY APPLICABLE LAW, THE PLATFORM AND ANY SERVICE AND ANY CONTENT MADE AVAILABLE THEREON ARE PROVIDED ON AN “AS IS”, “UNDER DEVELOPMENT”, "WITH ALL FAULTS" AND “AS AVAILABLE,” BASIS FOR USE, WITHOUT WARRANTY OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION ANY IMPLIED WARRANTIES OF CONDITION, UNINTERRUPTED OR ERROR-FREE USE, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NONINFRINGEMENT, TITLE, AND THOSE ARISING FROM COURSE OF DEALING OR USAGE OF TRADE. 2. YOU ACKNOWLEDGE AND AGREE THAT YOU ASSUME FULL RESPONSIBILITY FOR YOUR USE OF THE PLATFORM AND ANY SERVICE AND ANY CONTENT MADE AVAILABLE THEREON. YOU ACKNOWLEDGE AND AGREE THAT ANY INFORMATION YOU SEND OR RECEIVE DURING YOUR USE OF THE PLATFORM AND ANY SERVICE AND ANY CONTENT MADE AVAILABLE THEREON MAY NOT BE SECURE AND MAY BE INTERCEPTED OR LATER ACQUIRED BY UNAUTHORIZED PARTIES. YOU ACKNOWLEDGE AND AGREE THAT YOUR USE OF THE PLATFORM AND ANY SERVICE AND ANY CONTENT MADE AVAILABLE THEREON IS AT YOUR OWN RISK. RECOGNIZING SUCH, YOU ACKNOWLEDGE AND AGREE THAT, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, NEITHER THE COMPANY, ITS DIRECTORS, OFFICERS AND EMPLOYEES, NOR ITS SUPPLIERS, THIRD PARTY PARTNERS OR LICENSORS WILL BE LIABLE TO YOU FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, PUNITIVE, EXEMPLARY OR OTHER DAMAGES OF ANY KIND, INCLUDING WITHOUT LIMITATION DAMAGES FOR LOSS OF PROFITS, GOODWILL, USE, DATA OR OTHER TANGIBLE OR INTANGIBLE LOSSES OR ANY OTHER DAMAGES BASED ON CONTRACT, TORT, STRICT LIABILITY, INFRINGEMENT OF INTELLECTUAL PROPERTY OR THEFT OR MISAPPROPRIATION OF PROPERTY OR ANY OTHER THEORY (EVEN IF THE COMPANY HAD BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES), RESULTING FROM (A) THE PLATFORM AND ANY SERVICE AND ANY CONTENT MADE AVAILABLE THEREON; (B) THE USE OR THE INABILITY TO USE THE PLATFORM AND ANY SERVICE AND ANY CONTENT MADE AVAILABLE THEREON; (C) UNAUTHORIZED ACCESS TO OR ALTERATION OF YOUR TRANSMISSIONS OR DATA; (D) STATEMENTS, CONTENT OR CONDUCT OF ANY THIRD PARTY ON THE PLATFORM AND ANY SERVICE AND ANY CONTENT MADE AVAILABLE THEREON; (E) ANY ACTIONS THE COMPANY TAKES OR FAILS TO TAKE AS A RESULT OF COMMUNICATIONS YOU SEND; (F) HUMAN ERRORS; (G) TECHNICAL MALFUNCTIONS; (H) FAILURES, INCLUDING PUBLIC UTILITY OR TELEPHONE OUTAGES; (I) OMISSIONS, INTERRUPTIONS, LATENCY, DELETIONS OR DEFECTS OF ANY DEVICE OR NETWORK, PROVIDERS, OR SOFTWARE (INCLUDING, BUT NOT LIMITED TO, THOSE THAT DO NOT PERMIT PARTICIPATION IN THE PLATFORM AND ANY SERVICE AND ANY CONTENT MADE AVAILABLE THEREON); (J) ANY INJURY OR DAMAGE TO COMPUTER EQUIPMENT; (K) INABILITY TO FULLY ACCESS THE PLATFORM AND ANY SERVICE AND ANY CONTENT MADE AVAILABLE THEREON OR ANY OTHER WEBSITE; (L) THEFT, TAMPERING, DESTRUCTION, OR UNAUTHORIZED ACCESS TO, IMAGES OR OTHER CONTENT OF ANY KIND; (M) DATA THAT IS PROCESSED LATE OR INCORRECTLY OR IS INCOMPLETE OR LOST; (N) TYPOGRAPHICAL, PRINTING OR OTHER ERRORS, OR ANY COMBINATION THEREOF; (O) OR ANY OTHER MATTER RELATING TO THE PLATFORM AND ANY SERVICE AND ANY CONTENT MADE AVAILABLE THEREON. SOME JURISDICTIONS DO NOT ALLOW THE EXCLUSION OF CERTAIN WARRANTIES OR THE LIMITATION OR EXCLUSION OF LIABILITY FOR INCIDENTAL OR CONSEQUENTIAL DAMAGES. ACCORDINGLY, SOME OF THE ABOVE LIMITATIONS MAY NOT APPLY TO YOU. 3. WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, THE COMPANY, ITS DIRECTORS, OFFICERS, EMPLOYEES AND LICENSORS DO NOT REPRESENT OR WARRANT TO YOU THAT: (A) YOUR ACCESS TO OR USE OF THE PLATFORM AND ANY SERVICE AND ANY CONTENT MADE AVAILABLE THEREON WILL MEET YOUR REQUIREMENTS, (B) YOUR ACCESS TO OR USE OF THE PLATFORM AND ANY SERVICE AND ANY CONTENT MADE AVAILABLE THEREON WILL BE UNINTERRUPTED, TIMELY, SECURE OR FREE FROM ERROR, (C) USAGE DATA PROVIDED THROUGH THE PLATFORM AND ANY SERVICE AND ANY CONTENT MADE AVAILABLE THEREON WILL BE ACCURATE, (D) THE PLATFORM AND ANY SERVICE AND ANY CONTENT MADE AVAILABLE THEREON ARE FREE OF VIRUSES OR OTHER HARMFUL COMPONENTS, OR (E) THAT ANY DATA THAT YOU DISCLOSE WHEN YOU USE THE PLATFORM AND ANY SERVICE AND ANY CONTENT MADE AVAILABLE THEREON WILL BE SECURE. YOU ACCEPT THE INHERENT SECURITY RISKS OF PROVIDING INFORMATION AND DEALING ONLINE OVER THE INTERNET, AND AGREE THAT THE COMPANY, ITS DIRECTORS, OFFICERS AND EMPLOYEES HAVE NO LIABILITY OR RESPONSIBILITY FOR ANY BREACH OF SECURITY UNLESS IT IS DUE TO ITS GROSS NEGLIGENCE OR WILLFUL MISCONDUCT. 4. THE COMPANY, ITS DIRECTORS, OFFICERS AND EMPLOYEES WILL NOT BE RESPONSIBLE OR LIABLE TO YOU FOR ANY LOSSES YOU INCUR AS THE RESULT OF YOUR USE OF ANY DIGITAL WALLETS OR OTHER APPLICABLE BLOCKCHAIN, INCLUDING BUT NOT LIMITED TO ANY LOSSES, DAMAGES OR CLAIMS ARISING FROM: (A) USER ERROR, SUCH AS FORGOTTEN OR COMPROMISED PASSWORDS OR SEED PHRASES OR INCORRECTLY CONSTRUED SMART CONTRACTS OR OTHER TRANSACTIONS; (B) SERVER FAILURE OR DATA LOSS; (C) CORRUPTED WALLET FILES; (D) INTELLECTUAL PROPERTY INFRINGEMENT BY THE USERS; (E) UNAUTHORIZED ACCESS OR ACTIVITIES BY THIRD PARTIES, INCLUDING BUT NOT LIMITED TO THE USE OF VIRUSES, PHISHING, BRUTEFORCING OR OTHER MEANS OF ATTACK AGAINST THE PLATFORM AND ANY SERVICE AND ANY CONTENT MADE AVAILABLE THEREON. 2. DIGITAL ASSETS RELATED DISCLAIMERS: 1. The Company and the Platform and the Services could be impacted by one or more regulatory inquiries or regulatory action, which could impede or limit your ability to access or use the Platform, the Services, the Variational protocol or network or other applicable blockchain. The Company, the Platform and the Services are not registered or licensed by any governmental or regulatory authority or agency. No such governmental or regulatory authority or agency has reviewed or approved the Company, the Platform and the Services provided thereunder. 2. You acknowledge and agree that blockchain and decentralized technologies are an emerging technology and progressing field. Advances in code cracking or technical advances such as the development of quantum computers may present risks to smart contracts, Digital Assets, the Platform, and the Services which could result in the theft or loss of your cryptographic tokens or property, among other potential consequences. By using the Platform and any of the Services you acknowledge and agree to undertake these risks. 3. You acknowledge and agree that such Digital Assets, blockchain technologies and associated assets are highly volatile due to many factors including but not limited to popularity, adoption, speculation, regulation, technology and security risks. You also acknowledge and agree that the cost of transacting on such technologies is variable and may increase at any time causing impact to any activities taking place on the Variational protocol or network or other applicable blockchain. The Company does not invite or make any offer to acquire, purchase, sell, transfer or otherwise deal in any Digital Asset. Third parties may provide services involving the acquisition, purchase, sale, transfer or exchange of Digital Assets; the Company does not provide any such service and does not undertake any liability in connection thereto. You acknowledge and agree these risks and represent that the Company cannot be held liable for changes and fluctuations in value or increased costs. 4. The Company is a developer and provider of software. The Company is not a broker, fund management agency, fund manager, financial institution nor is it a dealer or arranger, nor does it operate a Digital Asset exchange platform or offer trade execution or clearing services and, therefore, has no oversight, involvement, or control concerning the transactions you choose to conduct via the Services. All transactions between Users are executed and conducted peer-to-peer directly on the Third Party Service via the Variational protocol or network (or other network) addresses through smart contracts. You are responsible for complying with all laws that may be applicable to or govern your use of the Services, including, but not limited to, the Commodity Exchange Act and the regulations promulgated thereunder by the CFTC, the federal securities laws and the regulations promulgated thereunder by the SEC, the Securities and Futures Act and the Payment Services Act overseen by the Monetary Authority of Singapore and all foreign laws that apply to you and your use of such Services. 5. There are risks associated with using an Internet-based currency, including, but not limited to, the risk of hardware, software and Internet connections failure or problems, the risk of malicious software introduction, and the risk that third parties may obtain unauthorized access to information stored within your Digital Wallet. You accept and acknowledge that the Company will not be responsible for any communication failures, disruptions, errors, distortions or delays you may experience when using the Platform, the Services, the Variational protocol or network or other applicable blockchain for processing transactions, however caused. 6. You acknowledge and agree that the Platform, and the Services and Contents made available thereon are software code and are subject to flaws and acknowledge that you are solely responsible for evaluating any smart contract, code provided by the Platform and/or the Services and Contents made available thereon and the trustworthiness of any third-party websites, products, smart-contracts, or content you access or use through the Platform. Like all software, the Platform and the Services may be subject to exploits. The Company is not and will not be responsible for exploits of any kind. While the Company has taken a number of precautions to maintain the security of the Platform and the Services respectively, this is a nascent technology and it is not possible to guarantee that the software codes or any smart contracts are completely free from vulnerabilities, bugs or errors. You accept all risks that arise from using the Platform and the Services, including, and not limited to, the risk of any funds being lost due to a failure or exploit of the Platform or any of the Services. You further expressly acknowledge and agree that the Digital Assets, and Variational protocol or network applications or other blockchain applications can be written maliciously or negligently, that the Company cannot be held liable for your interaction with such Digital Assets applications and that such applications may cause the loss of property or even identity. This warning and others later provided by the Company in no way evidence or represent an on-going duty to alert you to all of the potential risks of utilizing the Platform or any Service or Content made available thereon. 7. Any and all information provided in connection with your access and use of the Platform (or any Service or Content made available thereon), including without limitation any User Content, should not and may not be construed as legal, tax, investment, financial, professional or other advice. You should not take, and should refrain from taking, any action based on any information contained on the Platform (or any Service or Content made available thereon), or any other information we make available at any time, including, without limitation, blog posts, articles, links to third-party content, discord or telegram content, news feeds, tutorials, tweets and videos. Before you make any financial, legal or other decisions involving the Platform (or any Service or Content made available thereon) or use thereof, you should seek independent professional advice from an individual who is licensed and qualified in the area for which such advice would be appropriate. The Terms are not intended to, and do not, create or impose any fiduciary duties on us. You further agree that the only duties and obligations that we have are expressly set out in these Terms (including in the [Privacy Policy](/legal/privacy-policy)). 8. The following risks are associated with Digital Assets, the Platform, the Services and blockchain based technologies in general: the risk of losing private keys, theft resulting from third parties discovering your private key, value fluctuation of Digital Assets on the secondary market, disruptions to the Variational protocol or network caused by network congestion, lack of usability of, or loss of value with respect to, digital assets due to a hard fork or other disruption to the Variational protocol or network, or errors, bugs, or vulnerabilities in the smart contract code associated with a given Digital Asset or transactions involving Digital Assets. 9. Upgrades, forks or changes to the blockchain or a change in how transactions are confirmed on the blockchain may have unintended, adverse effects. In the event of a change to an underlying blockchain network, or other network disruption, resulting in a fork of the existing blockchain into one (or more) additional blockchains, the Platform and the Services may not halt and stop functioning. In addition, in the event of a fork, transactions on the network may be disrupted, including transactions involving the Platform and the Services. 10. Other counterparty risks. Apart from situations where another User is the Counterparty, the use of the Platform may include other counterparty related risks including without limitation, if a market maker or liquidity provider faces issues which could result in slippage or an inability to execute trades; failures by or disputes with payment processors which may delay deposit and withdrawal transactions; borrowers defaulting on their repayment obligations which may delay the redemption of deposits from certain products. In such other exceptional circumstances, your Digital Asset holdings and your ability to transact or deal with your Digital Asset holdings, may be adversely affected which may result in a range of outcomes including, without limitation, transactions not completing as expected, trading costs being irrecoverable, loss of profits, inability to acquire or dispose of assets at the desired time or price. 11. The Digital Asset industry is subject to systemic and systematic risk. Systemic and systematic risks are both threats to the Digital Asset markets and economy, but the cause of these risks and the approaches for managing them are different. Systemic risk is the risk that a company or industry-level risk could trigger a major collapse. Systematic risk is the risk inherent to the entire market, which can be economic, sociopolitical, technological, or natural in origin. These risks can affect the prices of Digital Assets. 10. **Limitations of Liability.** To the fullest extent allowed by applicable law, the Company, its parent, subsidiaries, Third Party Providers and affiliates shall not be liable for any loss or damage arising out of your use of, or inability to access or use, the Platform or Services. The Company liability shall never exceed the total Platform Fees paid by you to the Company during the six (6) months prior to your making a claim against the Company, or USD$100, whichever is lower, unless applicable law explicitly disallows this limitation, in which case the Company’s liability shall be limited to the fullest extent permitted by applicable law. 11. **Indemnity.** You hereby agree to defend and indemnify the Company, its parent, subsidiaries, Licensors and affiliates against and from any third party claims, liabilities, losses, injuries, damages, costs or expenses incurred by the Company arising out of or from any violation by you of these Terms or your misuse of the Platform or Services. 12. **Equitable Remedies.** You agree that the Company would be irreparably damaged if the sections of these Terms were not specifically followed and enforced. In such an event, you agree that the Company shall be entitled, without bond or other security, or proof of damages, to appropriate equitable relief in the event you breach these Terms; and that the awarding of equitable relief to the Company will not limit its ability to receive remedies that are otherwise available to the Company under applicable laws. 13. **Amendments and Variations** 1. **Alterations to the Terms** 1. **The Company’s Rights.** The Company may create updated versions of these Terms (each a “**New Terms**”) as its business and the law evolves. 2. **New Terms.** These Terms will terminate immediately upon the introduction of a New Terms. New Terms will not be applied retroactively and cannot alter the process for resolving a Dispute between us once you have notified the Company of a Dispute. If you do not wish to be bound by the New Terms, you must immediately cease using the Platform or Services. Your continued use of the Platform or the Services after the Company has published any New Terms constitutes acceptance by you of the New Terms. 14. **Term and Termination** 1. **Term.** These Terms are effective upon your first access and use of the Platform, and shall remain in effect until it is terminated or superseded by a New Terms, or, if neither of the foregoing events occur, as long as you continue using the Platform. 2. **Termination** 1. The Company reserves the right to terminate these Terms at any time for any reason, or for no reason, with or without notice to you. For purposes of explanation and not limitation, most access and usage suspensions and terminations are the result of violations of these Terms. In case of minor violations of these rules, the Company may provide you with a prior warning and/or suspend your use of the Platform due to your non-compliance prior to terminating these Terms. 2. In the event of a termination of these Terms, you will continue to be able to access and use your Digital Wallet, but you may need to do so through means outside of the Platform (for example, a browser extension). In addition, you will not be able to use the Platform. The Dispute Resolution provisions of these Terms will survive termination and apply to all Disputes that arose or could have been initiated prior to termination. 15. **Dispute Resolution.** PLEASE READ THIS SECTION CAREFULLY. IT MAY SIGNIFICANTLY AFFECT YOUR RIGHTS, INCLUDING YOUR RIGHT TO FILE A LAWSUIT IN COURT OR TO PURSUE CLAIMS IN A CLASS OR REPRESENTATIVE CAPACITY. 1. **APPLICABILITY OF THIS DISPUTE RESOLUTION POLICY.** This binding individual arbitration section will not apply to the extent prohibited by the laws of your country of residence. To the fullest extent allowed by applicable law, you and the Company agree to submit all Disputes between us to individual, binding arbitration. A “**Dispute**” means any dispute, claim, or controversy (except those specifically exempted below) between you and the Company that relates to any aspect of our relationship, including, without limitation, your use or attempted use of the Platform (including any Service or Content made available thereon), and all marketing related to them, any licensed content, and all matters arising under these Terms, the Company’s [Privacy Policy](/legal/privacy-policy), or any other agreement between you and the Company, including the validity and enforceability of this agreement to arbitrate. A Dispute shall be subject to binding, individual arbitration regardless of whether it is based in contract, statute, regulation, ordinance, tort (including fraud, misrepresentation, fraudulent inducement, or negligence), or any other legal or equitable theory. This includes claims that accrued before you entered into these Terms. You understand that there is no judge or jury in arbitration and that court review of an arbitration award is limited. 2. **INFORMAL NEGOTIATION PERIOD.** In an effort to accelerate resolution and reduce the cost of any Dispute related to, or arising out of, these Terms, you and the Company agree to first attempt to negotiate any Dispute (except as set out in Section 16.F. below) informally for at least thirty (30) days before either party initiates any arbitration or court proceeding. \ **Notice must be provided within one (1) year of the Dispute having arisen, but in no event after the date on which the initiation of legal proceedings would have been barred under the applicable statute of limitations. The failure to provide timely notice shall bar all claims.** 1. Negotiations will begin upon receipt of written notice by the party raising the Dispute. The Company will send its notice to your e-mail address or otherwise contact you via the registered telephone number that you have provided to us. 2. You will send your notice to the Company at . 3. **BINDING ARBITRATION.** If a Dispute cannot be resolved through negotiations, either you or the Company may elect to have the Dispute finally and exclusively resolved by binding arbitration. The provision by you of a notice to the Company, containing all of the information referenced above, and your good-faith participation in the Informal Negotiation Period, are prerequisites to commencing arbitration. 1. Any dispute as to any matter arising under, out of or in connection with this Agreement (including but not limited to any question regarding its existence, validity or termination) shall be referred to and finally and exclusively determined by arbitration in Panama at the Arbitration and Settlement Centre of Panama (“**CECAP**”) in accordance with the Arbitration Rules of the CECAP for the time being in force, which rules are deemed to be incorporated by reference in this Clause. The Tribunal shall consist of one arbitrator to be appointed by the Chairman (or equivalent position) of the CECAP. The language of the arbitration shall be English. The award by the arbitrator shall be valid, final and binding on each of the Parties. The Parties shall have the right to seek interim injunctive relief from a court of competent jurisdiction, both before and after the arbitrator has been appointed, at any time up until the arbitrator has made its final award. The Parties undertake to carry out any award without delay and waive their right to any form of recourse insofar as such waiver can validly be made. Judgment upon the award may be entered by any court having jurisdiction thereof or having jurisdiction over the relevant party or its assets. You and the Company shall be responsible for their respective attorneys’ fees and expenses. 2. THE ARBITRATION PROCEEDINGS DESCRIBED HEREIN WILL BE CONDUCTED ON AN INDIVIDUAL BASIS ONLY. The arbitrator may not consolidate disputes against the Company by other individuals or entities unless the Company expressly consents to such consolidation. These Terms provide no right or authority for any Dispute to be arbitrated, adjudicated, or resolved through proceedings on a class or representative basis or using class action procedures. The arbitrator may award any relief that is permitted by applicable law with respect to your individual claim, but to the maximum extent permitted by applicable law, may not award relief against the Company respecting any person other than you. 4. **CLASS AND COLLECTIVE ACTION WAIVER.** To the fullest extent allowed by applicable law, you and the Company agree that neither you nor the Company may participate as a class representative, private attorney general, or as a member of any class of claimants for any Dispute subject to arbitration or for any non-arbitrable claim pursued in court. The arbitrator and any court shall construe the agreement to arbitrate and the agreement to waive class or collective actions in any manner that will render them enforceable and give them effect. If, for any reason, this class or collective action waiver is deemed unenforceable by a court or arbitrator, you agree that the parties’ contract to arbitrate is then entirely void. If any portion of these Terms other than the class action waiver is found illegal or unenforceable, such portion shall be severed and the remainder of these Terms shall be given full force and effect. Any Dispute subject to any such portion of these Terms shall be decided by the arbitrator. 5. **GOVERNING LAW.** Unless these Terms include express language to the contrary, all Disputes shall be governed by and construed under the laws of Panama without regard to choice of law principles. The application of the United Nations Convention on Contracts for the International Sale of Goods is expressly excluded. This paragraph will be interpreted as broadly as applicable law permits. 6. **EXCEPTIONS TO NEGOTIATIONS AND ARBITRATION.** You and the Company agree that the following Disputes are not subject to the above provisions concerning negotiations and binding arbitration: 1. any Dispute seeking to enforce or protect, or concerning the validity of, any of the Company’s intellectual property rights; 2. any Dispute related to, or arising from, claims that the other party has committed piracy; 3. individual actions duly filed in a small-claims court of competent jurisdiction on a non-representative basis; any claim within the jurisdictional limits of the small claims courts; 4. enforcement actions pursued through a governmental agency if permitted by applicable law; 5. the Company’s right to seek injunctive relief to preserve the status quo pending or during an arbitration. Claims excluded from arbitration under this section are subject to the choice of law, forum selection, and jury waiver clauses set forth in these Terms. 16. **Data Analytics.** In accordance with our [Privacy Policy](/legal/privacy-policy), we may collect information from our users through the Platform in order to better understand their needs and usage patterns, which can be used to inform future improvements to the Platform and provide a more personalized experience. Information being collected may include, without limitation, the following: 1. Users, page views, session 2. Source (e.g. Google, social, direct) 3. Time spent on site 4. User's demographic info (country, browser language) 17. **General** 1. You understand and agree that the Platform may not be used, accessed, downloaded, or otherwise exported, reexported, or transferred in contravention of applicable export control, economic sanctions, and import laws and regulations, including, but not limited to, the U.S. Export Administration Regulations (“**EAR**”) and regulations promulgated by the U.S. Department of the Treasury’s Office of Foreign Assets Control (“**OFAC**”). You represent and warrant that you (1) are not subject to any sanctions or export restrictions (including without limitation, U.S. or UN imposed sanctions or export restrictions) and otherwise are eligible to utilize the Platform under applicable laws and regulations; (2) are not located or ordinarily resident in a country or region subject to comprehensive or near-comprehensive sanctions/embargo (including without limitation, U.S. or UN imposed sanctions or embargoes), unless your use of the Platform in such country or region is authorized by applicable law; (3) are not an official, employee, agent, or contractor of, or directly or indirectly acting or purporting to act for or on behalf of, a government (including any political subdivision, agency, or instrumentality thereof or any person directly or indirectly owned or controlled by the foregoing) or political party (e.g., Cuban Communist Party, Workers’ Party of Korea) subject to U.S. or UN sanctions/embargo or any other entity in a sanctioned/embargoed country or region or subject to U.S. or UN imposed based sanctions/embargo; and (4) will not use the Platform in connection with an end-use prohibited by applicable law. 2. The Company may assign these Terms, in whole or in part, to any person or entity at any time with or without your consent. You may not assign these Terms without the Company’s prior written consent. Your assignment of these Terms without the Company’s prior written consent shall be void. 3. The Company’s failure to enforce a provision of these Terms shall not be construed as a (i) waiver of such provision, or (ii) diminishment of any right to enforce such provisions. Further, the Company may choose to waive enforcement of a provision of these Terms in a particular instance; however, you are still obligated to comply with that waived provision in the future. 4. **Notices** 1. If to the Company: 2. If to You. All notices given by the Company under these Terms shall be given to you either through written notice, email, or website blog post. 5. The Company shall not be liable for any delay or failure to perform resulting from causes outside the reasonable control of the Company, such as natural disasters, unforeseen intrusions into our cyberspace, war, terrorism, riots, embargoes, acts of civil or military authorities, acts of God, fire, floods, accidents, pandemics, strikes, or shortages of transportation facilities, fuel, energy, labor or materials. 6. If any part of these Terms is determined to be invalid or unenforceable, then that portion shall be severed, and the remainder of these Terms shall be given full force and effect. 7. These Terms, along with the Company’s other applicable agreements located on , constitutes and contains the entire agreement between the parties with respect to the subject matter hereof and supersedes any prior oral or written agreements. 8. Any provisions of these Terms that by its construction are intended to survive the termination of such Terms shall survive. This includes, without limitations, Sections 3, 4, 5, 6, 8, 9, 10, 11, 12, 13, 14, 15 and 17. ### Last updated: January 25, 2026 # Privacy Policy This Privacy Policy of MCMC Research Corporation, S.A. (“us,” “we,” and “our”) describes the information we collect about you when you access our website at variational.io (“the “Site”), enter into agreements with us, use our services and products, send us communications, or otherwise engage with us, and what we do with such information. Any references to variational.io in this Privacy Policy also refer to its wholly owned subsidiaries. This Privacy Policy covers all of our services and products and all methods by which you may access our Site. ## Controller Details MCMC Research Corporation, S.A.\ Bella Vista, Avenida Balboa, P.H. Bay Mall Building\ 3rd Floor, Office 304\ Panama\ Republic of Panama\ \ Contact email address: ## Scope of This Policy This Privacy Policy is applicable to all Personal Information collected by our Site (“Personal Information”). For the purposes of this Privacy Policy, Personal Information is information that can reasonably identify, relate to, describe, be associated with, or reasonably be associated with a particular individual or household. Personal Information also includes information that may be classified as “Personal Data” or “Personally Identifiable Information” in some jurisdictions. This Privacy Policy does not apply to anonymized or de-identified data that cannot be used to identify you. ## Personal Information We Collect We may collect, store, use, and transfer the following types of Personal Information: Identity Data such as cookie ID email address, Transaction Data such as cryptocurrency wallet address(es), information relating to your variational.io account and cryptocurrency trading transactions and related information for deposits or withdrawals. Device Data such as internet protocol (IP) address, device type and model, device keys, device location, web browser type and version, operating system (OS) type and version, device creation/modification/authentication dates, device IDs, device login history. ## Purposes and Legal Basis of Collection and Processing of Personal Information | Purpose of Processing Personal Data | Data Collected | Legal Basis | | -------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | ------------------------------------------------------------------------------------------------------------------ | | Providing service for you in accordance with our Terms of Use and other agreements. | email address, internet protocol (IP) address, device type and model, device keys, device location, web browser type, cryptocurrency wallet address(es) | your consent, necessary for the performance of our contractual obligations | | Verify user information, prevent fraud | internet protocol (IP) address, device type and model, device keys, device location, web browser type, cryptocurrency wallet address(es) | vital interest, necessary for the performance of our contractual obligations | | Personalize our service, associate staking to you. | internet protocol (IP) address, device type and model, device keys, device location, web browser type and version, operating system (OS) type and version, device creation/modification/authentication dates, device IDs | your consent, necessary for the performance of our contractual obligations | | Communicating with you in connection with the use of our service and providing customer support. | email address | your consent, necessary for the performance of our contractual obligations | | To improve our service, enhance customer experience, resolve bugs, errors and other issues that may arise during the operation. | internet protocol (IP) address, device type and model, device keys, device location, web browser type and version, operating system (OS) type and version | your consent, necessary for the performance of our contractual obligations | | For website analytics, data aggregations from the information to improve our service. | cookies | your consent for marketing cookies, necessary for the performance of our contractual obligations | | Determine general geolocation information (country and region) to safeguard our service and comply with relevant laws and regulations. | address, internet protocol (IP) address | protect the vital interests of the data subject or of another natural person in compliance with a legal obligation | ## How We Collect Information Direct Interactions. You provide Personal Information when you use our services and products, open an account with us, request marketing information, participate in a promotion, engage with our social channels and/or contact us with questions or requests. Technological Interactions. When you use our services and products, use our applications, or visit our website, we may collect device data and online data through cookies and other similar technologies (see Cookies and Automatically Collected Data). We may also collect cryptocurrency wallet addresses. ## How We Use Your Personal Information We use information that we collect about you or that you provide to us, including any Personal Information: * To present our Site, and its contents to you. * To provide you with information that you request from us. * To fulfill any other purpose for which you provide it. * To notify you about changes to our Site. * To allow you to participate in interactive features on our Site. * In any other way we may describe when you provide the information. * For any other purpose with your consent. * Research and development purposes. We may use Personal Information for testing, research, analysis, product development, and machine learning to improve the user experience. This helps us to make our services more convenient and easier-to-use, enhance the safety and security of our services, and develop new services and features. * Marketing. We may use Personal Information to market our services to our users. This includes sending users communications about variational.io services, features, promotions, studies, surveys, news, updates, and events. We may do so through various methods, including , push notifications, in app communications and ads, and ads on third party platforms. * Legal proceedings and requirements. We may use Personal Information to investigate or address claims or disputes relating to use of our services, to satisfy requirements under applicable laws, regulations, or operating licenses or agreements, or pursuant to legal process or governmental request, including from law enforcement. * Non-marketing communications. We may use Personal Information to inform you of changes to our terms, services, or policies; or send other communications that aren’t for the purpose of marketing the services or products of the Site or its partners. We may use the information we have collected from you to enable us to display advertisements to our advertisers’ target audiences. Even though we do not disclose your Personal Information for these purposes without your consent, if you click on or otherwise interact with an advertisement, the advertiser may assume that you meet its target criteria. We will not use your Personal Information for purposes other than those purposes we have disclosed to you without your permission. If we need to use your Personal Information for an unrelated, new, or additional purpose, we will notify you and obtain your consent to use it for such unrelated, new, or additional purpose. ## Sharing Your Personal Information We may disclose aggregated information about our users, and information that does not identify any individual, without restriction. We may disclose Personal Information that we collect, or you provide as described in this Privacy Policy: * To our subsidiaries and affiliates. * To contractors and other third parties we use to support our business and who are bound by contractual obligations to keep personal information confidential and use it only for the purposes for which we disclose it to them. * To a buyer or other successor in the event of a merger, divestiture, restructuring, reorganization, dissolution, or other sale or transfer of some or all of the Site assets, whether as a going concern or as part of bankruptcy, liquidation, or similar proceeding, in which Personal Information held by us about our users is among the assets transferred. * To fulfill the purpose for which you provide it. * For any other purpose disclosed by us when you provide the information. * With your consent. We may also disclose your Personal Information: * To comply with any court order, law, or legal process, including to respond to any government or regulatory request. * To enforce or apply our Terms of Use and other agreements, including for billing and collection purposes. * If we believe disclosure is necessary or appropriate to protect the rights, property, or safety of the Site, our customers, or others. ## Opting Out of Sharing Your Personal Information In addition to the circumstances described above, from time to time, we may request your permission to allow us to share your Personal Information with third parties. You may opt out of having your Personal Information shared with third parties, under certain circumstances, or from allowing us to use your Personal Information for a purpose that is incompatible with the purposes for which we originally collected it, or subsequently obtained your authorization. If you choose to so limit the use of your Personal Information, certain features or our services may not be available to you. ## Permanent Information Blockchain records are permanent, uneditable and immutable digital records. Interactions with the smart contract logs and events will create permanent records, which cannot be deleted. ## Third-Party Websites We may have links to unaffiliated third-party websites on our Site. These third-party websites have their own privacy policies. We have no involvement with their policies and are not responsible for their practices. You are encouraged to review the privacy policies of all third-party websites you visit. ## Sale of Your Personal Information We do not sell your Personal Information. ## Personal Information of Minors Our services and products are not intended for individuals under the age of eighteen (18). We do not knowingly collect and use Personal Information related to minors. ## Cookies and Automatically Collected Data Cookies are small text files sent from a site to a user's device to store bits of information related to that user or device. First-party cookies are put on your device directly by our website, which allows us to collect analytical data and provide other useful functions that create a good user experience. Third-party cookies are placed on your device by a third party (e.g.: advertiser or analytic system). The third parties who serve cookies on our site may link your Personal Information to other information they collect. Certain features of our Site may use local stored objects (or Flash cookies) to collect and store information about your preferences and navigation to, from, and on our Site. Flash cookies are not managed by the same browser settings as are used for browser cookies. Pages of our Site and our e-mails may contain small electronic files known as web beacons (also referred to as clear gifs, pixel tags, and single-pixel gifs) that permit us, for example, to count users who have visited those pages or opened an email and for other related website statistics (for example, recording the popularity of certain website content and verifying system and server integrity). We use the following types of cookies: * Strictly Necessary Cookies allow us to provide basic website functions such as browsing capabilities and secure access. * Functional Cookies allow us to provide enhanced functionality. For example, we use these cookies to notify you of account updates, notifications, and reminders. You may refuse to accept these cookies; however, this may affect access to certain parts of our website. Additionally, you may not be able to take advantage of personalized features. * Performance / Analytics Cookies collect information about how you use our Site, for example, which pages you visited, and which links you clicked. The information collected is aggregated and cannot be used to identify you. * Marketing Cookies may be set on our Site by our advertising and marketing service providers and partners. They are used to track online activities and help us provide relevant advertising, links, or other information about our services and products to users visiting other websites after visiting our Site. * Wallet Cookies are generated by the Site or the payment gateways when users perform blockchain-based transactions online. These cookies may store information on certain user characteristics and transaction information. Cookies may also collect wallet addresses. We may also use automatic data collection technologies to authenticate users remembering user preferences and settings; to determine the popularity of content and measure the effectiveness of advertising campaigns; analyze site traffic and trends, and generally understanding the online behaviors and interests of people who interact with our services. ## Managing Cookies and Other Similar Technologies You can activate or later deactivate the use of cookies through a functionality built into your web browser. If you want to learn more about cookies, or how to control, disable or delete them, please visit for detailed guidance. You can opt out of certain web-based targeted advertising by visiting the Digital Advertising Alliance (DAA) for participating companies at , or the Network Advertising Initiative (NAI) for participating companies at ; Individuals residing in Canada can visit to learn about the DAA’s opt out choices. Individuals residing in Europe can learn about opt out choices for web-based targeting advertising by visiting . ## Security We have implemented measures designed to secure your Personal Information from accidental loss and from unauthorized access, use, alteration, and disclosure. The safety and security of your information also depends on you. Where we have given you (or where you have chosen) a password for access to certain parts of our Site, you are responsible for keeping this password confidential. We ask you not to share your password with anyone. Unfortunately, the transmission of information via the internet is not completely secure. Although we do our best to protect your personal information, we cannot guarantee the security of your Personal Information transmitted to our Site. ## Storing Personal Information We will store your Personal Information until: * They are necessary to render you Services. * Your consent is withdrawn, expires or otherwise becomes invalid. * You exercise your right to erasure. * We have received a court order or a lawful authority’s request mandating us to permanently delete all the Personal Information we have obtained about you. * It is required by applicable laws. ## Your Rights with Regard to Personal Data Processing In connection with the accessing, browsing of the Site and using the services, you shall be entitled to exercise certain rights laid down by the GDPR, similar privacy laws and outlined herein below, however exercise of some of those rights may not be possible in relation to the Site and services taking account of the services’ nature, manner, form and other applicable circumstances. In some cases, we may ask you to provide us additional evidence and information confirming your identity. * Right to Access: you may request access to all Personal Information being processed about you by sending an email request to . * Right to Rectification: if your Personal Information is inaccurate, you have the right to have the data rectified without undue delay. If you wish to rectify your personal information please send us an email request to . * Right to Erasure (Right to be Forgotten): you can send us the request to delete your Personal Information we are currently processing about you. * Restriction of Processing: you are entitled to request restriction of processing of your Personal Information. * Objection to Processing: under certain circumstances you may exercise this right with respect to your Personal Information. For example, you have absolute right to object to processing of your Personal Information if it is for direct marketing purposes. * Right to Data Portability: you may exercise this right with respect to your Personal Information which allows you to obtain and reuse your Personal Information for your own purposes across different services. * Consent Withdrawal Right: you are entitled to withdraw consent to the processing of your Personal Information. In particular, you can change your cookie choices by using our cookie consent tool built in the website. You can exercise your right to withdraw consent by unsubscribing from our email newsletter. * Automated Decision-Making, Profiling: you have the right to object to decisions based solely on automated processing, including profiling. * You shall have the right to file a complaint with a competent data protection supervisory authority. Please keep in mind that the use of services based on public blockchains intended to immutably record transactions across wide networks of computer systems. Many blockchains are open to forensic analysis which can lead to deanonymization and the unintentional revelation of personal data, in particular when blockchain data is combined with other data. Because blockchains are decentralized or third-party networks which are not controlled or operated by us, we are not able to erase, modify, or alter personal data from such networks. ## International Data Transfer We may transfer information collected about you, including Personal Information, to affiliated entities, or to other third-party service providers across borders and from your country or jurisdiction to other countries or jurisdictions around the world (all solely for legitimate business purposes). Please note that we may transfer such information to a country and jurisdiction that does not have the same data protection laws as your jurisdiction, and you consent to such transfer of information. Such jurisdictions are the US and the EU/EEA. Transfers of Personal Information to third countries, shall be made subject to appropriate safeguards approved by government authorities such as standard contractual clauses adopted by a supervisory authority and approved by the European Commission. ## Changes to Our Privacy Policy It is our policy to post any changes we make to our Privacy Policy on this page with a notice that the Privacy Policy has been updated on the Site home page or blog. If we make material changes to how we treat our users’ Personal Information, we will notify you by written notice, email, or Site blog post. The date the Privacy Policy was last revised is identified at the bottom of the page. You are responsible for ensuring we have an up-to-date active and deliverable email address for you, and for periodically visiting our Site and this Privacy Policy to check for any changes. ### Last updated : Jan 27, 2025 # Restricted Persons Variational does not provide products or services to: Any person (natural or legal) who is not Eligible as defined in our [Terms of Service](/legal/terms-of-use); or, Any person (natural or legal) or territory that is the subject of economic sanctions or other trade or export restrictions imposed or administered by the United States, the European Union, the United Kingdom, Singapore or the United Nations. These restricted territories are currently: * Crimea, Donetsk, Luhansk, and Sevastopol regions of Ukraine * Cuba * Iran * North Korea * Sudan * Syria * Canada * United States * Micronesia (US associated territory) * Guam (US associated territory) * Marshall Islands (US associated territory) * Northern Mariana Islands (US associated territory) * Puerto Rico (US associated territory) * Palau (US associated territory) * US Minor Outlying Islands * US Virgin Islands Any person (natural or legal) that is a * “U.S. person” (as defined under U.S. securities and commodity futures laws) or * “Canadian person” (as defined under Canadian law) All of the above are referred to as “Restricted Persons.” None of the above are eligible to utilize Variational’s products and services. By using Variational's products and services, you represent and warrant to Variational on an ongoing basis that you are not a Restricted Person. ### Last updated: April 20, 2026