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first_img Castle Labs: Variational Swaps have execution costs 8 to 12 times lower than mainstream on-chain venues

Castle Labs released a research report on September 10, comparing the execution costs of the swaps products launched by Variational with traditional perpetual contracts. The report shows that for most trading volumes, Variational is currently the lowest-cost venue among listed assets, with the cost of a $1 million trade in the US100 market being only $47.The report points out that the trading volume of RWA perpetual contracts has grown from less than $1 billion in October 2025 to over $12 billion in August 2026, currently accounting for about 12% to 13% of on-chain perpetual contract trading volume, with a peak in July reaching 20%. As of the report's release, the total open interest of RWA perpetual contracts was $4.9 billion, with TradeXYZ and Variational accounting for nearly 90%.Variational's swaps utilize RFQ execution and the proprietary liquidity provider Omni, with liquidity coming directly from traditional financial partners, and the fees being a holding cost charged once at the daily close, rather than relying on market supply and demand funding rates. Since the launch of the US100, US500, XAU, XAG, and USOIL markets at the beginning of the month, a total trading volume of $3.8 billion has been accumulated, with a peak open interest of $245 million. Currently, swaps have contributed over 50% of Variational's daily trading volume and more than $220 million in open interest.

first_img Institutions like Nasdaq have written to the European Union, requesting the cancellation or increase of the tokenization cap

According to CoinDesk, European financial and cryptocurrency industry organizations have written to the EU Council and the European Parliament, urging lawmakers to remove the cap on the scale of tokenized securities platforms or set it at least at €1.5 trillion (approximately $1.74 trillion), arguing that the €100 billion cap proposed by the European Commission will hinder industry development. Signatories include the French Digital Asset Association Adan, Crypto Council for Innovation, the European Ethereum Institute, as well as companies like Nasdaq and Boerse Stuttgart.The EU's distributed ledger pilot regime allows operators to test the trading and settlement of tokenized stocks, bonds, and investment funds while exempting some existing financial rules. After observing "moderate" participation, the European Commission proposed to expand the pilot framework and raise the current €6 billion cap to €100 billion. Adan stated that considering the development of the global market, this increase is still insufficient, and their preferred option is to completely remove the cap or at least set it to €1.5 trillion, which is 15 times the proposed cap.The joint letter pointed out that some existing European projects have reached a scale of €350 billion and plan to grow further, but did not disclose specific projects or calculation methods. The letter also emphasized that the relevant threshold targets the market capitalization of admitted securities rather than trading volume and opposed giving central securities depositories a significantly higher differentiated cap than other blockchain market operators, arguing that this would be detrimental to emerging service providers.The alliance also compared the restrictive measures in Europe with an unnamed mainstream settlement platform in the United States, which can tokenize assets like stocks without a trading volume cap; if the cap is retained, the alliance hopes the Commission can flexibly raise it as the market grows, without presetting a maximum limit.

RootData: Apple, QQQ, and over ten popular assets have the most optimal trading costs on Bitget, with a weighted price difference of 0.0144%

According to the report "Explosive Growth of Stock Derivatives in 2026: The Landscape of Cryptocurrency Exchanges and Key Trends" released by RootData, the stock derivatives sector has transitioned from "marginal experimentation" to the "explosive growth" phase, with a cumulative trading volume of approximately $17.5 trillion from January to August.In terms of cumulative transaction volume, the concentration effect among the top exchanges remains significant. Among the four exchanges, Binance ranks first with $853.58 billion and a 61.3% market share; Bitget follows in second place with $270.85 billion and a 19.5% market share; OKX comes in third with $234.39 billion and a 16.8% market share; Bybit ranks fourth with $33.41 billion and a 2.4% market share.Regarding liquidity, in the ±2% weighted order book depth indicator, Binance and Bitget together account for over 70% of the stock derivatives order book liquidity. Among them, Binance has an average daily order book depth of approximately $10.1 million, followed closely by Bitget at $4.82 million, with OKX and Bybit at $3.87 million and $1.16 million, respectively.In terms of trading costs, in the recent comparison of weighted spreads for more than a dozen representative popular assets, Bitget ranks first with 0.0144%, followed closely by Binance at 0.0145%, with both essentially at the same level; OKX is at 0.0154%, and Bybit is at 0.0237%.
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