Variational launched its first onchain swap markets for gold and the Nasdaq 100, sourcing liquidity directly from TradFi venues.

The new XAU and US100 swaps replace the volatile funding rates of typical perps with stable carry rates tied to USD borrowing costs, giving traders more predictable holding costs. Pricing runs through an RFQ (request-for-quote) model backed by an off-chain liquidity provider, which lets Variational offer deeper books with zero trading fees.

By wiring in TradFi liquidity, the launch pushes onchain derivatives past crypto pairs into commodities and equity indexes, a growing front in the race to bring real-world markets onchain.

The launch is an early push into onchain commodity and index exposure, a slice most perps venues have left to crypto pairs, and one gaining traction as more real-world assets come onchain.

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