Is Variational the Next Hyperliquid? | CEO Lucas Schuermann and Justin Bram

What if the next major onchain trading platform looks less like a crypto exchange and more like Robinhood with institutional liquidity underneath? Variational co-founder Lucas Schumann and Head of Product Justin Bram join David to unpack the broker model behind Variational, why they believe swaps can improve on perps for real-world assets, and how TradFi liquidity can be brought onchain without rebuilding every market from scratch. --- 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium --- BANKLESS SPONSOR TOOLS: 🔓NEAR | TRADE CONFIDENTIALLY, GET 20% BACK https://bankless.cc/near2026 🎯THE DEFI REPORT | ONCHAIN INSIGHTS https://thedefireport.io/bankless 👑BANKLESS CONTENT MCP https://www.bankless.com/premium --- TIMESTAMPS 0:00 經紀商，而非交易所 5:07 為何經紀商對散戶有優勢 8:22 什麼是掉期？ 9:58 交易的實際成本 11:43 將傳統金融流動性帶入鏈上 14:44 構建 Variational 23:14 從加密交易者到所有人 26:42 下一個使用者族群 30:35 鏈上實際發生了什麼？ 34:00 OLP 內部 37:03 Arbitrum 與使用者資金 39:44 VAR 代幣與 32% 空投 42:34 資金支援代幣模式 44:11 2027 年路線圖 47:44 協議還是平臺？ --- RESOURCES Lucas Schuermann https://x.com/variational_lvs Justin Bram https://x.com/JustinCBram Variational https://www.variational.io/en --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures