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- Glossary termLiquidationThe forced closing of a position, or part of it, when collateral falls below the maintenance margin level.
- ArticleMargin and liquidation: the risks behind the termsWhat initial and maintenance margin are, how leverage relates to the liquidation threshold and why, in a peer-to-peer model, one side's loss can become bad debt for the other.
- ArticleZero trading fees: the costs that remainRemoving the trading fee takes away one line of costs, not all of them. We look at what else makes up the cost of a trade: spread, slippage, funding, liquidation penalties and transfer fees.
- SectionCore concepts and risksFunding, margin, liquidation, costs and classes of risk — mechanisms explained without trading recommendations.
- Glossary termMaintenance margin (MM)The minimum level of collateral needed to keep a position open; once it is breached, liquidation begins.
- Glossary termMark priceA calculated fair price for a contract, used to value unrealized profit and loss, margin and liquidation conditions.
- Glossary termSettlement poolIn the Variational protocol, a segregated smart contract that holds the parties' positions, their USDC collateral and the margin and liquidation rules.
- ArticleSwaps on Variational: what changed in 2026 and how they differ from perpsIn July 2026 Variational announced swaps, and by October its roadmap marked their launch as done. How this instrument differs from a perpetual future and which questions remain open.
- ArticleProtocol and application: how Variational and Omni relateWhere the Variational protocol ends and the Omni application begins: what settlement pools define, what Omni decides, what OLP is, where revenue comes from and how this split affects risk.
- SectionVariational: the project and how it worksWhat the Variational protocol is, how it differs from the applications built on it, and which limitations its own documentation describes.