Callum

People are sharing all sorts of views on Variational's post-TGE price action Here's my thoughts: Much of it is based on phycology - and I think looking back at HYPE and LIT is important 1. Many Hyperliquid airdrop recipients sold early as they didn't see the vision, and didn't believe a project could be so highly valued that they got for free (still seeing many VAR point holders with max targets of $5B - people struggle to imagine earning 'unrealistically large' amount of money for 'free'). Again, this 'ceiling' is due to many people conflating their personal dollar earnings with objective valuations of where the project can go. I've talked about this before, and really think many will sell to early because of this. This is true for other big airdrops too. 2. Many LIT airdrop recipients sold early, and kept selling, as they thought it was a bad beta to Hyperliquid. Took a while for announcements to materialise and people to build up more belief in the project - reflected in the parabola chart. I'm seeing a lot of people expecting this same pattern with the Variational price action, but I think that won't be the case due to more variables being known (thanks to VAR airdrop recipients looking at the emerging patterns). 3. Variational points holders have had a few of the major concerns cleared up It's established that there are far fewer runners this cycle compared to previously (k-shaped recovery). There are a few narratives between the strongest alts, and VAR meets the criteria (TradFi, options, revenue meta, etc). As we head into the bull market, consensus to run through 2027/28, people are wanting to accumulate these strong alts, and deploy capital, not co much recoup losses from farming etc - much of what we saw with HYPE and LIT etc. Farmers who were unprofitable trying to instantly get back into the green. There will of course be unprofitable farmers again needing to sell. And non-believers, bears, VAR-fudders, etc looking to sell, but with the market taken into account, I think there will be no shortage of buyers. We have recently seen many huge players emerging who are bullish on VAR. @citrini, @punk2498_, and several of the biggest Hyperliquid whales are the most recent I've seen. Variational is positioned to capture the interest of both Crypto and TradFi investors - it's a really strong position to be in. The game-changing partnership the team said they delayed TGE and extended their points for is almost certainly a major TradFi investor - I expect it to take Variational's Swap and Pro products to the next level, and likely draw the interest of other huge TradFi names (who all watch each other closely). I think that the airdrop will easily be the biggest of 2026, and that again is great free marketing. I expect a very strong FDV soon after TGE, and investors to pile in more and more. I've talked for years now about Perp DEXs following Hyperliquid to be valuable if they have; - Useful USPs - A focus on their community (airdrop, coms, etc) - Community aligned tokenomics & rev (buybacks) Variational fits this profile very well. That's why I've been trading on Variational since ~200 users. If you're wanting to go one step further, your takeaway from this should be to use Variational as a case study to identify projects with the same sort of potential, but at an early stage. Look at product, but more importantly at how the team respond to feedback from you (it's much easier to contact teams than you'd think, especially if they are the sort of team you want to be supporting). Read the docs, test the product yourself, ask questions, consider PMF, research team, study roadmaps etc. The difficulty now is weeding out the projects that are trying to farm you, and discovering the community-aligned AND FUNCTION USEFUL & UNIQUE products. I have turned down 99% of partnerships from Perp DEXs & similar projects, but there are still some projects with big potential out there Same as always - be unemotional, be curious, and iterate quickly

Bit of Alpha for you guys: "Everyone should be excited for October... If you want to get that early activity, you have to do so within the Closed Beta before we reach Open Beta" 👀 "There's going to be retroactive rewards, stay tuned for the whole mechanics review" Huge rewards and big news coming for early users at @popdex_ Access & max rebates ↓ app.popdex.xyz/en/referral?r… PopDEX is the only new Perp DEX I've been excited about for a long time The last alpha this good I have shared previously was early 2024 when I posted about Variational when they had 200 users... Got some exciting news to share soon too, stay tuned!

Make sure to register for the @jumperapp waitlist If this does end up being the airdrop, you absolutely don't want to miss it Jumper was one of my first ever 'airdrop farms' but I then ended up using it organically over the years The timing is perfect waitlist.jumper.xyz/r/JMP-BB…

Here are my thoughts on Bitcoin's price action, and exactly how I'm positioning in the wider market based on different scenarios: I've charted the likely bear scenario for $BTC (imo) Reverse 'head and shoulders' My buy range would be around the first shoulder (I'm completely unexposed to BTC currently to be honest, so I'd be happy with this playing out) Like I previously talked about, I took a lot of profits on short-term high-leverage trades, plan now is to accumulate more if we dip In the scenario that we rip past $82k, I already have exposure to alts in my low-leverage ZEC positions, holding spot $HYPE (still from the airdrop), and I'd count my 5,000+ Variational Airdrop Points as good exposure too (along with some other airdrops). TLDR, I am exposed if BTC breaks through this level and starts the bull run. I'm telling you about my personal circumstances here because your individual scenario for how you play this should be based on your personal exposure, risk limit, and your own thoughts. If we get this BTC dip, I'll be buying spot and low leveraged BTC positions. I'll also be building more long-term low-leverage altcoin perp positions I'll look at what coins have performed well in this recent market pump; $NEAR, $VVV, $LIT, $HYPE, $CHIP, $ZEC, and maybe a couple more (will need to more research on areas I've missed) Its also a good idea for you to create a watchlist of coins you want to buy, so if the opportunity comes you are ready to act fast I've got a long term bag of $ZEC at 3x leverage that I'm really happy to just hold and not get shaken out of. I've found comfort in not constantly watching the chart, knowing I'll not likely hit the liquidation price ($300), and my trade time horizon is months and months, if not 1-2 years Its allowed me to trade better elsewhere too as I'm not stressed to constantly be buying at every moment. Would highly recommend! The same with taking profits and having cash ready for dips. No matter the scenario that plays out, this plan is structed for success long term Hopefully you got some value here, feel free to lmk how my thought process compares to yours!

5 High-Value Crypto Actions You Should Be Doing - My To-Do List No.1 Sign up to the @arcus_xyz waitlist Quickest thing on the list - takes 10 seconds New Perps Platform built by team behind DYDX (did one of the biggest ever airdrops) and partnered with @RobinhoodCrypto Link ↓ waitlist.arcus.xyz/s/CALLUM (just follow on X and connect wallet) You can also push some spot volume which could help you get access sooner No.2 Check if you are eligible for the @variational_io rewards programme (~$4.6m worth of rewards) There's a list of 10,000 traders from other top Perp DEXs that Variational want onboarded and they are paying you to join & trade Check the list here ↓ omni.variational.io/trader-r… If you're on the list, you'll need an invite code to join Variational and start trading ↓ omni.variational.io/?ref=OMN… In addition, you'll get airdrop points for farming. Feel free to DM me if you are on the list and want some help with what exactly to do No.3 @popdex_ are a new Perp DEX who have raised $30m, the are very small and currently running a rewards campaign for 'Early Contributors' Last week they gave away the first wave of rewards. Users who qualified needed only >$10k of volume and/or provided useful feedback to the DEX Eligible users got between $500 and $25k Higher volume and better quality feedback = more rewards I only have 10 invites, so only use if you're gonna be trading there please :) Hint - time sensitive! Link ↓ app.popdex.xyz/referral?refe… No.4 @get_truenorth x @OndoPerps are doing a rewards campaign right now TrueNorth is an AI trading assistant, it's actually really good and it's free to give it a try. Create an Ondo trading account and then link to TrueNorth. Earn up to $4k in prizes per week over the next 2 weeks (as well as potential airdrops from both projects 👀) Check TrueNorth's page for more details My buddy @HyperliquidEco has the best Ondo ref boost I've seen - you'll get a 60% discount on fees: Ondo Link ↓ app.ondoperps.xyz/?ref=OVG4W… (or use code OVG4WA) TrueNorth Link ↓ truenorth.xyz/ref/CALLUM It's a great tool to use to help you improve at trading. It can give you price targets, show you liquidation levels, review and analyse news events, and setup the trade for you. The competition is only with Ondo, but they do support Hyperliquid too (0% builder fees there right now). 2bps for Ondo currently There is hardly any competition - no brainer to join and push some trades. Ask TN for a /setup for $LIT for example and it'll give you the whole trade setup, and even advise you not to trade if nothing is on. 2-in-1 airdrop if TN do an airdrop (👀) No.5 @Lighter_xyz have launched a new airdrop campaign with @RobinhoodCrypto, with over $25m in $LIT rewards Trading on regular Lighter will not count towards the new airdrop, you need to create a robinhood mobile wallet and connect to the new Lighter x Robinhood interface (Step-by-step guide on my profile, it's absolutely worth the effort as many wont be bothered) You get points rewarded in real time for both trading and holding positions But the big thing - in addition to the live points, there will be additional weekly airdrop points, starting next Friday I'm going big early, trying to push at least a few million volume in the next 7 days Link ↓ robinhoodchain.lighter.xyz/?… - There you have it! 5 great airdrop opportunities you can be doing right now. Feel free to bookmark, but remember the ones who will get the most rewards are the ones who take action early! - If you're not a good/profitable directional Perps Trader, I recommend doing funding arbitrage (long on one platform and short on another or vies versa) for any of these trading platforms You'll be able to push a lot of volume with predictable costs, rather than nuking your account with random directional trades (for TN you should be doing normal trading, it's not useful for the team if you are wash trading there - they want real data to improve their product) - You might be thinking "why so many Perp DEX rewards?" Good question - the rewards are real, it's not too good to be true Many Perp DEXs have a lot of capital, often tens of millions of dollars (through fees and/or VCs) and are battling to onboard users. With no users the products will be useless, so they are willing to pay and give lots of incentives to get you trading on them! That's our opportunity It's always good to understand if something is too good to be true. In this case, the rewards make sense. - Let me know if you have any questions, and as always feel free to DM if you want more help :)

Quick Guide - How to Farm the next $25m Lighter Airdrop with Robinhood (3-in-1 Opportunity) The slight friction of setting up the wallet will put many people off - that's your opportunity! Here's a step-by-step guide and how to farm the airdrop: Step 1 Download the Robinhood wallet on the App Store / Google Play Store Step 2 Create New Wallet and select 'Back up manually' (not the auto-save to online drive). Write down your seed phrase and keep it safe Step 3 Get some USDG on ETH > I bridged USDC on Arbitrum to USDC on ETH using @StargateFinance > I then swapped USDC on ETH to USDG on ETH using @Rabby_io swap feature Step 4 Send the USDG to your newly created Robinhood wallet Step 5 On your Robinhood wallet swap your USDG from ETH to USDG on Robinhood Chain Step 6 Go to Lighter on Robinhood chain (different to regular Lighter - trading on regular lighter won't count towards the airdrop Link ↓ robinhoodchain.lighter.xyz/?… Step 7 Click Robinhood Wallet for the signup Scan the QR Code with your phone Approve 'Connect to Lighter' Step 8 > Deposit from Connected Wallet > If it shows your balance as zero, swap to another coin and then back to USDG and it should show up > Approve transaction(s) on your mobile Wallet You might need to refresh the browser and then sign approval on your app again to finalise the account Your account is now Finished! Step 9 >Trade and earn airdrop points! >They update live rather than weekly airdrops, so I'd recommend to start trading asap! If you want to do some normal, directional, trading, skip the next step Step 10 -Bonus If you want to reduce risk of trading to a fairly low cost where you can push a good bit of volume, I recommend trading Delta-neutral with another Perp DEX I'll be doing this with @variational_io to farm 2 airdrops at once! I think Variational is the absolute best airdrop option right now, and is likely giving away hundreds of millions, possible $1b+ of tokens to users Link: ↓ omni.variational.io/?ref=OMN… The setup would look like this: Place equal and opposite trades E.g. short $HYPE on Lighter Long $HYPE on Variational For a bit extra - look for Funding Arbitrage opportunities. Funding fees are paid out on all positions, if the value is positive, then longs pay shorts (and vies versa). e.g. short $INTC on lighter, long on Variational. The difference is 31% APY currently which you'll get paid every hour, however funding rates do change. Earning Airdrop Points: Because the points formula is unknown, it makes sense to go big early. I'll be testing out different strategies to see what earns points the best. Probably pushing volume, leaving positions open for varying time (from minutes to days), and trading different assets, would be my suggestion for now You could also test: - RWAs vs Crypto - Liquidations - Profitable vs Unprofitable trades - Having multiple positions open - Trading lower OI assets - Anything else you can think of! From my testing so far > You get points straight away from opening positions > You get points from closing positions > You get points for leaving positions open over time I'd recommend to do some testing yourself, don't just listen to people on X because no one knows yet :) Let me know if you have any questions 🫡

Has you wallet been whitelisted for @variational_io 's $4,600,000 rewards programme for Perp DEX Whales? If you are a power user of a Perp DEX such as Hyperliquid, Lighter, or any other, you could be eligible for Variational's new incentive Variational is the top tokenless Perp DEX, and are giving out Cash and Airdrops for people who sign up and trade on Variational if you haven't already Here's what you need to know: Variational just announced a campaign where they are giving away $1,000,000 and 150k Variational Points (worth $3,600,000+ worth at current OTC prices, probably more at TGE realistically) If you're in their list of 10,000 identified top accounts and sign up, you could get up to 3,000 points (OTC Value of $72,000+, likely more at TGE) You need a ref link for access, please feel free to use mine! Hit me up if you do and I'll send you some of the kickback I get too ❤️ (would be up to a few thousand dollars for you :) My invite link for access: omni.variational.io/?ref=OMN… Check the official list for if your wallet has been whitelisted: omni.variational.io/trader-r… If you are on the list and sign up with my ref link (or use code CALLUM ), I'll give you any help you need and will split the signup bounty with you You get rewarded regardless, I as a referrer would get some cash too which I'd split :) Full post here: nitter.gq/variational_io/status/…

Here's some tips of how I farm Variational Points more efficiently than you: The best airdrop of 2026- my Points are Valued ~$98,758 (Current OTC Bids $22/point) - there's still ~9 weeks to farm! 1. Variety of positions open at the same time 2. Trade a variety of different assets over the week (RWAs and Crypto) 3. Hold your positions open for varying lengths of time 4. Vary your position sizes 5. Avoid spamming volume, opening and closing positions quickly is a big red flag and can get your points greatly reduced For example - this week I traded $VVV, $XAU, $HYPE, $PAYP, and $MU My average hold time for these was between ~20 minutes and ~5 hours. My position size was smallest ~$3k, largest ~$57k OI up to ~$100k at times, usually $20k - $30k My Longest position opened was $VVV for 76+ hours, however I was averaging in and out of the position in a range. My shortest trade was just 4 minutes long ⭐️How you should apply this info: I think people stress too much about doing EXACTLY (X) The points formula does change week to week, and emphasis has changed from volume, to OI, to RWAs, etc The overall best tip I have, is to emulate behaviours that seem organic to a real trader CONTEXT IS IMPORTANT! An example of a bad replication attempt at creating organic trading activity: This user trades the same 5 different assets, but he trades them 1 at a time. He opens and closes positions with the same hold time of just a couple minutes. All his position times are the same. He trades all his weekly volume on the same day. Although the number of assets traded, volume, and maybe even PnL are the same as what I did, there are clearly some very important factors he missed that lead to him getting far fewer points I got over 40 points per million volume traded this week. It's also important to note that from what I've seen, points earned are not linear, and do trail off slightly as you push more volume, but you can still be very efficient and profitable. Variational is still my no.1 airdrop farm, and the only Perp DEX I can really confidently recommend you to farm ~9 weeks of Airdrop Points left 6 days until the next snapshot ~$3.3m/week in Points at current OTC prices Also, if you join via my code from now onwards, and push over 5m volume, I'll send you back 100% of trading fees I earn from you (should help you farm more efficiently, and I appreciate you using my code🫡 ) Variational Access & Points Boost: omni.variational.io/?ref=OMN… Or go to link in bio @variational_io and use code OMNICALLUM for access DM me if you want to take me up on this offer so I can track it, and I'll also be available to help you discuss farming optimisation :) Variational is Generational If you trade normally too (not just airdrop farming) please give variational a go! The trading experience is great, and you'll probably earn some good airdrop points for just switching your trading activity to here from any other platform you use Hopefully you guys did good this week! 🫡

Many people are acting like they are entitled to their airdrops - it's a serious problem Sorry to those who lost money farming Dango, and all the other Perp DEXs that are rugging / getting exploited / etc This links to a deeper point, that many of you (farmers) miss as you are blinded by the opportunity of money It's almost like there are a swarms of projects out for the quick cash grab after Hyperliquid, and so many have failings: > Incompitent teams > Rushing (leading to vulnerabilities) > Malicious Intent regarding user's funds > Teams focused on the cash grab > etc etc - Not only are the projects terrible and full of red flags, but there are so many KOLs leading their followers like lambs to slaughter They just want the ref fees and free airdrop points Their risk/reward is ENTIRELY different to yours as an airdrop farmer if you don't have referrals propping you up Many have been rushing to delete their posts on all the recent rugged/exploited projects too - I'm not trying to pat myself on the back, but I try my best to only post about projects that I am actually spending my money on farming myself, done hours of due-diligence, spoken with the teams, meticulously read the docs, tested it out myself, etc I've turned down a lot of money by not taking 99% of the affiliate offers I get. Every Perp DEX out there. The last project I affiliated myself with was Variational over 1 year ago If you are consistently picking the wrong projects, you either need to follow advice from people who have historically been accurate and respectful of their followers, or personally do the due-diligence. Use my points above as a checklist if you like. It's a good skill to learn. One of the more valuable ones tbh. - This post is not about Dango specifically, but Dango illistrates the point I'm trying to make Most people have it backwards on effort regarding project selection VS farming optimisation The later is useless without the former!

Many Airdrop Farmers Overlook this super important detail: WHEN the token will launch. For example - Farmer 1 goes all in on Perpl, RiseX, Arcus, etc. He spends all his money on fees, gets a bunch of early airdrop points. Now you just sit on your hands for a year? 2 years? Farmer 2 farms Extended & Variational (very likely airdropping this year) They then spend some fees being early on some of these new platforms Even if they spend all their funds, airdrops from Extended & Variational will bring new capital (likely at a good profit if they farmed the airdrop efficiently) Farmer 2 is in a much better position. Personally: I was early to Variational, Extended, Lighter, Hyperliquid, Pacifica, etc I do go for quality, but I do also farm a selection of projects This is because there are many unknowns, and having more frequent, possibly smaller, but on average profitable airdrops keeps my capital compounding Therefore this has allowed me to become a better airdrop farmer, with more predictable returns, and I see these returns more often. Still lump-sum payments, but I expect them more frequently. I see many people fading projects that are profitable to farm and almost certainly will airdrop this year, instead farming projects that TGE's are 1 year+ away Not taking timing of airdrops into account is often a huge oversight Example (values made up) you'd rather hit a 4x, and then compound into another 4x (1,600% gain total) by farming projects that will launch sooner rather than going all-in with a project you expect an 8x but have no idea if & when it'll launch You can probably even farm both projects and get better yield on the later ones because you'll have more capital You probably want to be farming multiple airdrops that you expect to have a variation of TGE dates Then you can keep gains ticking over, and hopefully compound them Going all-in on an airdrop is still fine IMO if it's highly likely to be airdropping soon. E.g. Variational has ~10 weeks max of airdrop points, then should be airdropping after Or Extended has probably 2-3 months left It is situational - if you have constant cashflow coming in that you use for farming, then this isn't such a consideration for you, but if you have a certain amount of capital to farm with and don't plan on adding to it, please consider the points I have made.

Fixed the hyperliquid:native head and shoulders chart, don't worry guys

Which of these scenarios for hyperliquid:native seems most likely?