We're seeing Variational flipping TradeXYZ in real time on volume:
US100: 500M on Variational vs 229M on Trade
GOLD: 200M vs 86M
SP500: 124M vs 150M
This is just Variational Swaps, not even adding perps, and they're live for only a few days
Swaps are way more powerful than perps for big markets like commodities, FX or indices because of fixed funding rates
Variational is going to be #
1# pretty fast on those markets