Variance Perps

Variance Perps

The Missing Piece in Crypto Trading

Every professional trading desk monitors volatility. They hedge it, trade it, profit from it. Yet until now, crypto traders had two choices: complex options strategies that require constant management, or sitting out entirely. Variance perpetuals change this.

Simple Volatility, Powerful Alpha

VAR-BTC and VAR-ETH track the 30-day realized volatility of Bitcoin and Ethereum. Think of them as speedometers for market chaos—when crypto gets wild, these instruments capture that energy as tradable value.

Unlike options with their Greeks, strikes, and expiries, variance perps work like any perpetual contract you already trade. Long VAR-BTC if you expect turbulence. Short it when you anticipate calm. The mechanics are familiar; the opportunity is revolutionary.

Why We're Starting Here

Volatility is the heartbeat of crypto markets. It drives option premiums, determines risk limits, and creates the opportunities traders live for. Yet it's never been directly tradable—until now.

The numbers tell the story: Deribit processes $1.7B daily in crypto options, all centered around volatility. The variance risk premium—the gap between implied and realized volatility—represents $45B in systematic mispricing. Professional desks have harvested this for years through complex strategies. We're democratizing that access.

Real Trading, Real Scenarios

Thursday Before Fed Minutes Markets are eerily quiet. VAR-BTC sits at 35. You know volatility clusters—calm before storms. You long VAR-BTC. Fed surprises hawkish, Bitcoin swings 8% in hours, VAR-BTC spikes to 55. You captured pure volatility without guessing direction.

Options Portfolio Protection You're short straddles on ETH, collecting premium in rangebound markets. But one tweet from Vitalik could blow up your position. Instead of buying expensive protective options, you long VAR-ETH as a clean hedge. If volatility explodes, your variance position offsets option losses.

The Calm Trade After a 15% weekend dump, VAR-BTC reads 75. Panic is priced in. You understand volatility mean-reverts. You short VAR-BTC, betting on normalization. As markets stabilize over two weeks, variance drops to 45. Profit from the return to equilibrium.

Built for Humans, Powered by Math

No calculating implied volatility from option chains. No managing delta hedges. No watching theta decay. Just one number: realized volatility over 30 days, updated in real-time.

• Entry: "Is crypto about to get crazy?" → Long variance

• Management: Watch one metric, not twenty Greeks

• Exit: Close like any perp when your thesis plays out

The Foundation for Everything Else

We're launching with variance perps because volatility is the master variable—it influences every other market we're building. Master volatility trading, and you're ready for the forex pairs, equity indices, and commodity markets coming next.

This isn't just another derivative. It's the missing primitive that makes sophisticated trading strategies possible on-chain. The same tool Goldman Sachs traders use to hedge billion-dollar books, now accessible to anyone with a wallet.

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