Linen X Mito🇰🇷 | Dual mind of arbitrage and trading | bitmex no.17 pnl (1311 btc)
south korea
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Update: We are now ranked No1 on the overall @variational_io Points Leaderboard with 44K+ points, $1.2B+ volume.
Our Current Stats
🥇 No1 on Variational points system ~ 44K+ points
🥉 No3 on total volume ~ $1.2B+ traded
- Maintaining a running position -$2.44M (Almost risk-neutral on $BTC and other Alts)
- Top trader on @Aster_DEX ~ six-figure $ASTER airdrop
- Top trader on @HyperliquidX ~ holding solid $HYPE bags
- #17 on BitMEX notional leaderboard ~ +1,300 BTC PnL
- Top trader on Binance
And we’re just getting started.
The secret is:
1. Trade Alts like $ETH, $ZEC, $LIT, etc.
2. Leverage on Referrals as well
3. Focus more on OI (Hold positions longer)
I’ll be sharing more highlights, Variational insights, and perp trading alpha, stay tuned.
Remember to Join The LinenMito Team on Variational, with the code: OMNIDAE
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linenmito retweeted
What a legend trader on Variational
Rank #2 on points leaderboard with 89k points.
Missed Hyperliquid airdrop worth $24m due to non registration before deadline.
Still such a humble man
A lot to learn from my friend and legend Linenmito 🦣
This week on @variational_io, we closed out with 89,111K+ Points on this account while still holding #2 on the leaderboard.
Our Variational stats now stand at:
- 89K+ Points
- #2 on the Points Leaderboard
- About $5B Total Volume (including referrals)
- $1M+ Total PnL
- Our most traded assets are: $BTC, $HYPE, $ETH, RWA, and SWAP markets
We are still targeting 100K points before TGE
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This week on @variational_io, we closed out with 89,111K+ Points on this account while still holding #2 on the leaderboard.
Our Variational stats now stand at:
- 89K+ Points
- #2 on the Points Leaderboard
- About $5B Total Volume (including referrals)
- $1M+ Total PnL
- Our most traded assets are: $BTC, $HYPE, $ETH, RWA, and SWAP markets
We are still targeting 100K points before TGE
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linenmito retweeted
"Yes, I will Still be using Variational Even After the Airdrop" - Linenmito
That's what makes Variational universal broker and Linenmito a legendary man 🐐
Will I still be using @variational_io after the airdrop?
This is one of the questions I get asked the most lately, and my answer is simple:
- $5B in cumulative volume (Incld. Ref Volume)
- $1M+ in Trading Profits
- $200K+ in Loss refund Rewards
- 88K+ VAR Points
Yes, I will Still be using Variational Even After the Airdrop.
The screenshot below is from January 2026, during the Loss Refund Program in the early days of @variational_io
Before the program ended, we had accumulated $200K+ in loss refunds, ranking among the highest earners on the platform.
But the interesting part is that I didn’t stop using Variational after the program.
I kept trading because I genuinely believe in what they’re building.
Anytime I open a $1M position, the execution cost is incredibly low and practically negligible compared to the size of the trade.
That’s the kind of infrastructure I want as a trader.
So to answer the question, I will continue to use variational.
Infact, I still use @HyperliquidX today, even after its $HYPE airdrop.
I still use @Lighter_xyz, even after its $LIT airdrop.
Because as a trader and arbitrageur, I’m not using a protocol simply because of its points or potential airdrop.
I use it because the product makes sense, because the team are great, because it is innovative and fits my strategy.
The airdrop is one event.
The product is what determines whether I stay.
And for me, Variational is here to stay.
gVAR
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Will I still be using @variational_io after the airdrop?
This is one of the questions I get asked the most lately, and my answer is simple:
- $5B in cumulative volume (Incld. Ref Volume)
- $1M+ in Trading Profits
- $200K+ in Loss refund Rewards
- 88K+ VAR Points
Yes, I will Still be using Variational Even After the Airdrop.
The screenshot below is from January 2026, during the Loss Refund Program in the early days of @variational_io
Before the program ended, we had accumulated $200K+ in loss refunds, ranking among the highest earners on the platform.
But the interesting part is that I didn’t stop using Variational after the program.
I kept trading because I genuinely believe in what they’re building.
Anytime I open a $1M position, the execution cost is incredibly low and practically negligible compared to the size of the trade.
That’s the kind of infrastructure I want as a trader.
So to answer the question, I will continue to use variational.
Infact, I still use @HyperliquidX today, even after its $HYPE airdrop.
I still use @Lighter_xyz, even after its $LIT airdrop.
Because as a trader and arbitrageur, I’m not using a protocol simply because of its points or potential airdrop.
I use it because the product makes sense, because the team are great, because it is innovative and fits my strategy.
The airdrop is one event.
The product is what determines whether I stay.
And for me, Variational is here to stay.
gVAR
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Back when I started trading, I was hardly on social media.
I remember doing +1,300 $BTC in profits and ranking #17 globally on @BitMEX notional leaderboard.
Then my focus expanded into ICOs, airdrops, and perps:
- 8 figures+ from $HYPE
- 6 figures+ from aster-2:native
- Solid drops from $LIT, $EDGE, $BP, and others.
Over time, I started getting more and more questions from people asking what to farm, where to farm, and how to do it efficiently.
So I started sharing some of the opportunities I was personally exploring.
One of them was @variational_io.
Fast forward to today, and the community that followed along has now crossed $2B+ in combined volume. (Cummulatively, we are around $4B to $5B in volume)
That's honestly the part I enjoy most, finding something early, testing it myself, and then sharing it with people who can potentially benefit from it too.
Congrats to everyone who got onboard $VAR early.
I'll keep sharing opportunities I find interesting.
Happy $2B.
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Points Farming, OI and APR Revised Again on @RobinhoodCrypto x @Lighter_xyz
1/
Based on our current measurements, maintaining $1M in gross OI generates approximately:
- Live Points = 5.5 points per week
- Estimated OI component inside the Weekly Drop = 11.8 points per week
- Total = approximately 17.3 points per $1M OI-week
The Live Points estimate remains unchanged.
What has changed is our interpretation of the Weekly Drop.
We previously assumed that it was almost entirely volume driven, but the latest account-level data is better explained by a model that includes an OI component.
This is not an officially disclosed formula.
It remains a conditional model based on our observed data.
2/
Assuming:
- Gross OI equal to approximately 20x deposited capital
- 1.5M total points at the end of the program
- 7.33 $LIT per point
- LIT at $5
the estimated gross APR becomes:
Revised estimate including the modeled Weekly OI reward: approximately 65.9%
If the model is correct, OI farming may provide a much more meaningful yield than we previously concluded.
However, 7.33 LIT per point assumes a relatively early end to the program and should be considered an optimistic scenario.
If the program continues longer or total points grow faster, the final APR will decline.
These figures are also before accounting for:
- Funding rate differences
- Basis and hedge PnL
- Execution costs
- Liquidation and operational risks
If the Weekly Drop ultimately contains no OI reward, the estimate would fall back toward the Live-Points-only APR of approximately 21%.
3/
One of the accounts we operate together currently ranks #22 on the Robinhood Chain / Lighter leaderboard.
So this analysis is not based only on external observations.
We are maintaining meaningful OI, reconstructing account activity, and continuously comparing the actual point changes across multiple accounts.
We are taking this farming strategy more seriously than it may appear.
If additional data shows that the current model is wrong, I will revise it again just as clearly as before.
(If you found this useful and plan to try it, we would appreciate it if you use the referral link below.)
robinhoodchain.lighter.xyz/?…
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Personal thoughts about @variational_io FDV
Using the latest profit figures and assuming that all treasury inflows are used for buybacks, an FDV of roughly $4B to $5B could be justified mathematically if we assume a 32% circulating supply and apply a buyback yield similar to Hyperliquid’s $HYPE current level.
That said, @HyperliquidX is not simply a perp DEX. It has its own L1, spot markets, the HIP-3 ecosystem, and several other sources of value. Because of this, directly comparing Hyperliquid with Variational in its current form could somewhat overstate Variational’s valuation considering how many products are yet to be shipped to VAR.
Realistically, I think an FDV of around $2.5B to $3B at TGE may be a more reasonable benchmark.
I also expect revenue to grow further once cross margin between Swaps and Perps is implemented. For that reason, I do not necessarily think a valuation around this level would be excessive, and I believe there could still be meaningful upside from there.
One more important point is that this valuation does not include any potential distribution of OLP profits to $VAR stakers.
If a structure is introduced in the future where a portion of OLP profits is distributed to VAR stakers, this could create an additional source of value accrual for the VAR token on top of the existing buyback mechanism.
And yes, this is entirely a personal opinion, and in no way constitute a financial advice
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Unfortunately, this was me 😂
Farmed @HyperliquidX, ranked significantly high
Got airdropped around 260K hyperliquid:native tokens, worth around $24M at CMP
Forgot to claim, was on holiday and didn’t sign TC
Good thing is, didn’t relent, now fiercely on @variational_io , ranked #2 with over 88K points
And if you are looking for the next Alpha, join Variational here, using my code for the maximum point boost on any code; OMNIDAE
omni.variational.io/?ref=OMN…
If you think your day is going badly,
remember someone completely forgot to register during the @HyperliquidX airdrop.
Total loss: 260K+ $HYPE - worth $24M today.
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TGE will be just start of this journey.
🫡
A year and a half ago, we launched Omni to bring broker-style trading on-chain. Back then, we got excited about hitting $1M in daily volume. As we relentlessly iterated on our product with UI redesigns, spread improvements, new order types, and more listings, our user base grew exponentially. Eventually, we started seeing $10M, $100M, $500M, $1B+ days.
Now, Omni is one of the largest on-chain trading venues by any metric: $3B+ in daily volume and nearly $2B in open interest. More than half of the platform's activity is in non-crypto markets. That rapid growth is driven primarily by swaps, our new instrument bringing TradFi liquidity on-chain.
Omni was (and continues to be) shaped by the feedback of traders. Hyperliquid proved that if you do right by your community, they will do right by you. That's why 32% of $VAR is going to Variational traders at TGE, fully unlocked. No external market makers on Omni, and no points for OLP. 100% of the allocation goes to real users.
We have so much left to build: trading API, 24/7 swaps liquidity, spread rebates, OLP deposits, spot markets, and Pro for options. TGE will be just the start of our journey to make Variational the best place for retail and institutions to trade any global market on-chain.
I'm excited to share more about our upcoming partnerships. For now I'll just say that the wait will be worth it. See you in Q4.
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This week, we closed with 88K+ points on @variational_io on this main account
Team announced points farming to linger through Q4. Apparently, we could still hit the 100K points target on this account
If you’re not yet on Variational, use the LinenMito code “OMNIDAE” for 18% point boost up, and that is the max rate code.
Imagine missing out on a $HYPE like drop
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$VAR TGE is officially coming in Q4 2026. Here’s the TL;DR:
- 32% of total $VAR supply → Genesis airdrop to points holders
- 100% unlocked at TGE for the Genesis allocation
- 150K points distributed every week until TGE
- 1+ point = eligibility for the Genesis airdrop
- 18% ecosystem reserve for future growth
- 50% team + investors → 12-month lock, then 3+ year vesting
- 100% of treasury revenue intended for $VAR buybacks & burns
- Unclaimed Genesis tokens will be burned
And there’s more coming before TGE:
→ Omni public mainnet
→ More Swap markets
→ Trading API
→ $VAR buyback + utility details
→ More TradFi markets + strategic partnerships
I’ve been farming Variational since early on and currently sitting at 87K+ points.
If you’re looking to get started or join Variational, use the LinenMito code “OMNIDAE” for 18% point boost up, and that is the max rate code.
omni.variational.io/?ref=OMN…
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Was ranked #124 at some point during @HyperliquidX point farming, ended up with around 260K hyperliquid:native token airdrop that should be worth $24M at current price (Forgot to claim though 🥲)
Fast forward today
Ranked #2 on @variational_io points leaderboard with over 87K points.
Make of this information as you please, but don't forget to join Variational, use OMNIDAE for max boost. Thank me later
What’s your biggest crypto fumble/mistake?
I’ll go first 👇
During the @HyperliquidX airdrop, we completely forgot to register the claim
Ended up forfeiting 260K+ $HYPE tokens now worth around $10M.
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If you’re looking to get started or join Variational, use the LinenMito code “OMNIDAE” for 18% point boost up, and that is the max rate code.
omni.variational.io/?ref=OMN…
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Last week, @variational_io was doing $2.1B volume in 24hrs
This week, we are seeing $3.87B Volume in 24hrs, It has no ceiling.
What should we expect next week?
gVAR
$2.11B is Reportedly Traded on @variational_io in 24hrs
We have come a long way Varriors, and yet it's only the beginning
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The most rewarding place to trade? @variational_io
- 87K+ Variational Points at 0$ Cost
- Around $1M in profits (including loss refund rewards)
- Over $1.5B in pure volume
All these from trading $BTC, $HYPE, $ETH, $ZEC, RWA and the swap market at $0 fee and super thin executional cost.
gVAR!
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Updated Model and Revised Estimates on @RobinhoodCrypto / @Lighter_xyz Points Farming
I am correcting the figures from my previous post on Lighter points farming.
Over the past two weeks, we separated OI-based points from volume-based points across multiple accounts that we manage together.
The conclusion is simple:
OI points are much lower than we initially estimated, and trading volume appears to be the primary source of points.
The original thesis remains intact, but the previous numbers were incorrect and needed to be revised.
1/
Live Points
Based on our direct measurements, maintaining $1M in gross OI currently generates approximately:
- 0.033 points per hour
- 0.79 points per day
- 5.5 points per week
Across the measured accounts, the observed range was:
5.1 - 6.0 points per $1M gross OI-week
The rate remained relatively linear from approximately $0.23M to $28M in gross OI.
We also did not observe any meaningful difference based on position size or market composition, including crypto, stock, and index perps.
2/
Weekly Drop
Based on the data collected so far, the Friday Weekly Drop appears to be primarily volume-driven rather than OI-driven.
The observed rate is approximately:
50 - 54 points per $1M traded
Stock perps appear to receive a slightly higher rate than crypto perps.
There is also a separate real-time volume credit that is added close to the time of execution:
- Approximately 4.6 points per $1M traded
Therefore, under the current model, generating $1M in trading volume earns approximately:
55 - 58 points in total
(Even if the Weekly Drop contains an OI component, our current estimate is: No more than approximately 6 points per $1M OI-week. It may also be zero.)
3/
OI Farming APR
Assume that gross OI is maintained at approximately 20x deposited capital, using only Live Points.
If each point ultimately converts into 7.33 ethereum:0x232ce3bd40fcd6f80f3d55a522d03f25df784ee2, and LIT trades at $5, the estimated gross APR would be:
Approximately 21%
This is before accounting for:
- Funding-rate differences between long and short positions
- Basis and hedge PnL
- Execution costs
- Liquidation and operational risks
Also, 7.33 ethereum:0x232ce3bd40fcd6f80f3d55a522d03f25df784ee2 per point is not a confirmed conversion rate.
It assumes that the program ends after approximately 1.5M total points have been distributed.
Based on our estimate of current outstanding points and the weekly growth rate, this effectively assumes that the program ends sometime in November.
It should therefore be viewed as an optimistic scenario.
At the current observed rate, OI farming appears to be a supplementary yield earned while maintaining positions, rather than the main opportunity.
4/
Volume Farming Efficiency
Based on our measurements, generating $1M in taker volume currently costs approximately:
$350 - 440 per $1M traded
In return, the same volume earns approximately:
55 - 58 points
This implies a current acquisition cost of approximately:
$6 - 8 per point
If the program ends relatively early, volume farming could still turn out to be quite rewarding.
5/
Conclusion
The priority has changed meaningfully from our original analysis.
- OI farming is estimated to generate approximately 21% gross APR under the optimistic scenario
- Trading volume currently appears to be the primary source of points
- Final profitability will depend heavily on when the program ends and how quickly points are diluted
The most important correction is that maintaining OI still generates points, but at a much lower rate than we initially estimated.
For maintaining OI over longer periods, we still prefer the cross-margin web interface.
For pure volume farming, the 2x multiplier through Robinhood Wallet currently provides much stronger point efficiency.
(If you found this useful and plan to try it, I would appreciate it if you use the referral link below).
Robinhood Chain / Lighter OI Points Farming
Another farming we’re currently running is OI points farming through the @Lighter_xyz web interface on @RobinhoodCrypto Chain.
Using cross margin, we maintain a long/short basket designed to minimize directional exposure while adjusting individual positions as needed.
The strategy currently maintains gross OI at approximately 20x deposited capital.
Based on what we have directly observed so far, maintaining $1M in gross OI generates approximately:
- 0.22 Live Points per hour
- 5.3 Live Points per day
- 37 Live Points per week
Lighter has allocated a total of 11M $LIT to the Robinhood community.
Assuming each point ultimately converts into approximately 7.33 LIT, the estimated gross APR at 20x gross OI relative to deposited capital would be:
- LIT at $3 → ~85% APR
- LIT at $4 → ~113% APR
- LIT at $5 → ~141% APR
These estimates only include Live Points accrued in real time through the Lighter web interface. They do not include the additional Weekly Drop distributed every Friday.
One important detail is that trading on Lighter through Robinhood Wallet currently provides a 2x points multiplier.
However, positions opened through that interface only support isolated margin.
For a strategy designed to maintain OI over longer periods, I personally believe that using cross margin through the web interface provides greater practical value than receiving 2x points under isolated margin.
Cross margin improves capital efficiency and provides more flexibility when managing liquidation risk across a hedged basket.
There are still several risks to consider:
- Funding-rate differences between the long and short positions
- Basis and beta mismatch within the hedge basket
- A breakdown in correlation during volatile markets
- Changes to the points formula or the eventual LIT conversion ratio
- Counterparty and protocol risk
- Liquidation risk during sudden market moves
Once we have accumulated enough data on the Friday Weekly Drops, we will update the APR estimates to include that component as well.
For now, the figures above represent gross APR based solely on Live Points, before accounting for funding costs, directional PnL, and execution costs.
(One final note: liquidity is still relatively shallow on some pairs, so using TWAP orders is recommended to minimize slippage.)
Referral link: If you found this useful and plan to try it, I’d appreciate it if you use my link below. I may receive referral rewards if you do.
robinhoodchain.lighter.xyz/?…
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Happy to share an update on how our @Lighter_xyz × @RobinhoodCrypto strategy is going so far.
We’ve now accumulated 1,967+ points, currently ranking #29.
If our current assumption holds of roughly 7 $LIT per point, with $LIT valued around $5, the potential rewards could be significant especially as $BTC, $ETH, and $HYPE are getting pumped.
I’ll run the full numbers and come back with a proper breakdown of the potential value.
If you’re looking to start Lighter point farming, you can read the full post👇
Robinhood Chain / Lighter OI Points Farming
Another farming we’re currently running is OI points farming through the @Lighter_xyz web interface on @RobinhoodCrypto Chain.
Using cross margin, we maintain a long/short basket designed to minimize directional exposure while adjusting individual positions as needed.
The strategy currently maintains gross OI at approximately 20x deposited capital.
Based on what we have directly observed so far, maintaining $1M in gross OI generates approximately:
- 0.22 Live Points per hour
- 5.3 Live Points per day
- 37 Live Points per week
Lighter has allocated a total of 11M $LIT to the Robinhood community.
Assuming each point ultimately converts into approximately 7.33 LIT, the estimated gross APR at 20x gross OI relative to deposited capital would be:
- LIT at $3 → ~85% APR
- LIT at $4 → ~113% APR
- LIT at $5 → ~141% APR
These estimates only include Live Points accrued in real time through the Lighter web interface. They do not include the additional Weekly Drop distributed every Friday.
One important detail is that trading on Lighter through Robinhood Wallet currently provides a 2x points multiplier.
However, positions opened through that interface only support isolated margin.
For a strategy designed to maintain OI over longer periods, I personally believe that using cross margin through the web interface provides greater practical value than receiving 2x points under isolated margin.
Cross margin improves capital efficiency and provides more flexibility when managing liquidation risk across a hedged basket.
There are still several risks to consider:
- Funding-rate differences between the long and short positions
- Basis and beta mismatch within the hedge basket
- A breakdown in correlation during volatile markets
- Changes to the points formula or the eventual LIT conversion ratio
- Counterparty and protocol risk
- Liquidation risk during sudden market moves
Once we have accumulated enough data on the Friday Weekly Drops, we will update the APR estimates to include that component as well.
For now, the figures above represent gross APR based solely on Live Points, before accounting for funding costs, directional PnL, and execution costs.
(One final note: liquidity is still relatively shallow on some pairs, so using TWAP orders is recommended to minimize slippage.)
Referral link: If you found this useful and plan to try it, I’d appreciate it if you use my link below. I may receive referral rewards if you do.
robinhoodchain.lighter.xyz/?…
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If you’re looking to start Lighter point farming, you can join below 👇
robinhoodchain.lighter.xyz/?…
Lighter
Lighter - Trade perpetuals with unmatched efficiency and security
robinhoodchain.lighter.xyz 1
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You can join the LinenMito community dedicated to market insights, disciplined trading, market opportunities, and staying ahead in an ever-changing market.
t.me/linenmito
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