Natalia Krasnodebska

We backed @variational_io @variational_lvs because we believe they’re building the next generation of derivatives infrastructure, one where users win. Today, they announced a $1.5M strategic round with @caladanxyz (us), @MiranaVentures, and @zokuventures, but what matters more is why we invested 🧵 At the core of Variational is Omni, a zero-fee perps platform that doesn’t rely on traditional orderbooks. Instead, it’s powered by a vertically integrated market maker (OLP) and a request-for-quote system that lets the protocol control spread and flow directly. That design unlocks structural efficiency: Variational captures 15bps per dollar traded, ~5x more than typical exchanges. And they’re not hoarding it. They’re giving it back. > Zero trading fees > Soon-to-be-public OLP vault delivering >85% APY > Upcoming loss refunds > A points program in the pipeline This model turns user-aligned economics into a long-term moat. Since launching the Omni Private Beta, Variational has achieved: > Over $100M in volume > $5M+ daily volume without incentives > 850+ unique markets > Regular product shipping and infra-level security All during a gated, invite-only phase. And starting today? Referrals are live. Early users can now invite others to the private beta -- still scarce, but no longer closed. Retail traders on Omni aren’t competing against sharp HFT flow on orderbooks. They’re getting better pricing, tighter spreads, and differentiated markets, many of which aren’t listed anywhere else. Omni’s forthcoming loss-refund program could become its signature feature, returning market making profits to the users by refunding portions of their trading losses while still preserving attractive performance for the platform vault. This is what a fairer derivatives market looks like. With a strong balance sheet, clear legal structuring, a scalable backend, and $VAR on the horizon, the team is positioned to win the long game. We're proud to support this vision, and you should be watching it too. 🔥