Variational Opens Omni Public Mainnet With 550+ Markets
Variational has removed Omni’s referral-code requirement, reporting over $1.5 billion in open interest and $450 billion in cumulative trading volume.
Key Notes
- Omni no longer requires a referral code to create an account.
- Variational reports more than $450 billion in cumulative trading volume across over 550 markets.
- Zero trading fees coexist with spreads and other costs while geographic restrictions remain in force.
Variational has opened Omni to public mainnet access, ending the invitation-only phase of its Arbitrum-based derivatives platform. New users no longer need a referral code to create an account and access more than 550 cryptocurrency and traditional-asset markets.
In its November 11 launch announcement, the company said the protocol supported more than $1.5 billion in open interest and had processed over $450 billion in cumulative trading volume. Those are company-reported measures of activity, rather than amounts newly deposited for the public launch.
Open interest measures outstanding contracts, while cumulative volume adds up trading activity over time. Neither figure is equivalent to the platform’s customer balances or the capital immediately available to absorb losses.
From Invitations to Public Access
Omni’s private mainnet beta began in January 2025 with a limited group of wallet addresses selected from its testnet and Discord waitlist. The latest release broadens access to an existing platform, rather than introducing a new blockchain.
During the beta, Variational introduced referral and points programs, redesigned its interface twice and added traditional financial markets alongside cryptocurrencies. It also introduced swaps that draw on traditional-market liquidity.
The launch announcement describes a team of 26 quantitative traders, engineers and cryptocurrency specialists. Co-founders Lucas Schuermann and Edward Yu met at Columbia University, and the team includes people with experience at Google, Meta, Jane Street, Virtu and IMC.
How Zero-Fee Trading Works
Omni does not charge maker or taker trading fees. Its business model instead relies on the spread between buying and selling prices, according to its fee documentation. Deposits and withdrawals carry a flat charge of 0.1 USDC, and liquidations attract a separate penalty.
Funding payments can also affect the cost of holding perpetual positions. Zero trading commissions therefore describe one part of the cost of using the platform, rather than eliminating every expense associated with a trade.
Omni uses a request-for-quote system instead of an order book. Its integrated liquidity provider, OLP, quotes prices and acts as the counterparty to user trades, hedging its exposure through external venues when needed. Trades clear and settle through the Variational protocol’s onchain infrastructure.
Derivatives Beyond Crypto
The market lineup extends to stocks, commodities and other traditional financial references. These are derivatives positions, not purchases of the underlying shares or physical commodities. Their prices and funding arrangements depend on the relevant instrument’s rules.
Removing invitation codes does not remove geographic restrictions. Variational’s access policy excludes US and Canadian persons, among others. Omni’s public rollout is separate from the CFTC’s recent move to allow equity perps on eligible registered US exchanges.
Omni’s account setup uses USDC on Arbitrum as collateral. Its documentation describes gasless authentication, deposits and withdrawals, with the transfer charge covering network costs without requiring users to hold ETH.
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