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@DefiIgnas

Variational is doing $1.43b in open interest with 13k daily active accounts. That's $108k per user. In comparison: - Hyperliquid: $13.29b in OI /~101k daily users!! = $132k - Lighter: $1.12b / ~21k = ~$53k per user So Lighter traders carry half the size whether that's smaller accounts or less leverage. Also, Variational has 31% of OI in tradfi markets: equities, gold and indexes. While HIP-3 OI (which is mostly tradfi) is $3.74b against Hyperliquid's $13.29b total, so 28%. Again, very comparable! $LIT is trading $3.5b with less open interest. $VAR TGE is in q4, perfect timing as the market is rebounding. I bet it will surprise the traders with a juicy airdrop.

The Variational stats page powered by @EntropyAdvisors is now live. Metrics tracked include volume, OI, daily active accounts, treasury inflows, spreads over time, and more. https://x.com/variational_io/status/2092268416493318335/photo/1

4:27 PM · Aug 25, 2026 · 27K Views

8 Reposts 2 Quotes 157 Likes 30 Bookmarks

26 replies collected of 29 X reports

Shtihmas (❖,❖) @Shtihmas11 · Aug 25 11K D

@DefiIgnas $108k per user? That’s real money.

AliSH @0xAliSHH · Aug 25 D

@DefiIgnas the gap between those averages is way larger than i thought

Pebbles @absPEBBLES · Aug 25

@DefiIgnas Ignas always has the scoop

Victor.hl @VictorTopDefiG · Aug 25 A

@DefiIgnas I definitely wannna be suprised, even if they don't owe us tge right after points end x.com/victortopdefig/status/20…

2 8

RC @MuddyRC · Aug 25

@DefiIgnas VAR will definitely cook the market is underestimating the stickiness of the OI imo

Eden @OxEden_ · Aug 25

@DefiIgnas yeah I think so too 👀

Macro Bombastic @MacroBombastic · Aug 25 11K D

@DefiIgnas the tradfi OI percentage makes this way more interesting than it looks

Freya @freya_xbt · Aug 25 D

@DefiIgnas 108k per user puts variational next to hl not lighter

1 1

Dmitry | DeFi Vibe @0xZloiZayats · Aug 25 D

@DefiIgnas 108k OI per user screams whales not adoption. One chunky account leaves and the metric looks way less sexy.

freemartian.Eth @Cryptonut24 · Aug 25

@DefiIgnas you onboarded at the last minute it will be your top 2026 decision LFG

RaY @RaYzerHL · Aug 25 D

@DefiIgnas x.com/RaYzerHL/status/20922973…

Saffron @saffroncrypto1 · Aug 25

@DefiIgnas Generational

Surya Within @Jayasur84161650 · Aug 25

@DefiIgnas Two more points to be added bro: 1) swaps incoming 2) APIs will be live next month....Metrics will be doubled.

Cairdrops @asmaaa_099 · Aug 25 D

@DefiIgnas 108k per user is wild, VAR’s TGE coming right as market flips. LFG

Cr8.fun @cr8dotfun · Aug 25 D

@DefiIgnas if you've traded on variational you should open your free crate

kai @0xkkai · Aug 25

@DefiIgnas lighter traders carry half the size but that says nothing about account quality smaller accounts can still be active and engaged

Red Mask Ninja @RedMaskNinja · Aug 25

@DefiIgnas Nice, btw isn't it late to start farming Variational? saw prices in xbto otc on telegram around 35 bucks per point

sigma^2 @SigmaSquared_ · Aug 25 B

@DefiIgnas have you seen OI/TVL ratio

Danny @Satoshi_2008 · Aug 25

@DefiIgnas gVAR💙 x.com/Satoshi_2008/status/2092…

soldier.var @SpaceandtimeCN · Aug 25 C

@DefiIgnas hope so

FortunaShield @FortunaShield · Aug 26 D

@DefiIgnas $108k a head is either a very healthy whale pond or a very efficient way to discover who still has feelings left in this market

Reinforce.fi | Stablecoin Yield @reinforce_fi · Aug 26 D

@DefiIgnas OI per active account is useful, but it mixes account size, leverage and position duration. The cleaner comparison is OI/equity plus turnover per user — $108k OI/user can mean bigger traders, more leverage, or simply stickier positions.