Client-side

Arcus Points Lab

Independent research tool
LESSONS FROM THE FIELD

Protocol research

Compare six programs, modeled point values, and dated OTC references.

RESEARCH CHECKED · 06 OCT 2026

One hypothetical FDV for every protocol. These are not launch prices or current valuations.

ProtocolRelevant allocationDistribution / unitsImplied $ / pointOTC reference
V
Variational OmniVAR · Points live · Q4 2026 TGE planned (no date as of 29 Oct)
32%Announced genesis points pool150K / week + 3M retroactiveFinal eligible denominator unconfirmedUnavailableFinal points denominator unconfirmed$37.50 / pointBroker report · mirroredPublication date unverified ·
≈
HyperliquidHYPE · Historical · 2024
31%Genesis allocation1M → 700K / weekFinal eligible point denominator not verifiedUnavailableNo verified universal conversionJust above $6 / pointHistorical · secondary reportOct 2024 report ·
↗
LighterLIT · Historical · 2025
25%Seasons 1 + 2250K / week in S212.5M points · official announcement$20.00Aggregate implied average · assumed FDV$33 / pointHistorical · secondary report16 Sep 2025 report ·
✳
ParadexDIME · Announced allocation
20%Announced XP airdrop4M / week in S3Final airdrop XP denominator not verifiedUnavailableNo verified universal conversion~$0.80 / XPHistorical · low-confidence claim8 Dec 2025 report ·
✦
AsterASTER · Historical TGE pool
8.8%TGE pool · 53.5% long termRh / Au / GemsMultiple units; no universal point rateUnavailableNo verified universal conversionUnavailableNo verified matching-unit quote
dY
dYdXDYDX · Historical · 2021
7.5%2021 retroactive mining5 historical usage tiersNot a points-based conversionUnavailableNo verified universal conversionUnavailableToken tiers, not common points

“Unavailable” means a final eligible denominator or common unit is unverified. A larger headline community allocation may span multiple future programs.

Build a protocol valuation scenario

Use the comparison FDV above. Supply a denominator where the historical conversion is unverified.

ASSUMPTION SANDBOX
IMPLIED VALUE / MODELED UNIT$32.00

32% is the announced genesis points allocation. 10M eligible points is an illustrative assumption, not an official total. The separate 18% ecosystem reserve is excluded.

Compare with an OTC reference

Use the selected protocol and denominator above. This is a paper comparison.

NO LIVE ORDER BOOK

Broker report · mirrored. Publication date and settlement unverified; observed 6 Oct 2026. No live executable quote is established. See OTC research notes below.

OTC-implied FDV—
Reference vs modeled value—
Reference after fee / haircut—
Your acquisition cost / point—
Gross paper position at reference—
Paper position after fee / haircut—
Paper value less acquisition cost—

OTC-implied FDV = reference price × assumed final points ÷ allocation. A bid, ask, reported trade and token payout have different meanings. Quotes do not establish transferability, available size or successful settlement. Fees and haircut do not remove counterparty risk.

OTC research notes

Dated reports and attributed claims; none is a live executable quote.

CHECKED · 06 OCT 2026
ProtocolReported referenceReport date / qualityEvidence & limitations
Variational Omni$37.50 / pointPublication date unverifiedBroker report · mirroredObserved in a mirror on 6 Oct 2026. Operator-reported purchases; settlement and original post date unverified. Current bid/ask not verified.
HyperliquidJust above $6 / pointOct 2024 reportHistorical · secondary reportPublished 15 Oct, updated 24 Oct 2024. No exact price or executable quote; no numeric default is loaded.
Lighter$33 / point16 Sep 2025 reportHistorical · secondary reportReported before TGE. Settlement not independently verified. This observation must not be treated as a current LIT points price.
Paradex~$0.80 / XP8 Dec 2025 reportHistorical · low-confidence claimBlog claim about OTC groups; exact XP season and execution terms unverified. No current executable quote established.

No verified numeric OTC quote found for Arcus or Aster’s specific reward units. dYdX retroactive mining used token tiers, not points. Historical reports are retained as research context, not today’s marks. Aster / dYdX and missing quotes require your own input.

Read the mechanics

The rules that make a simple volume estimate incomplete.

V

Variational Omni

POINTS LIVE · Q4 2026 TGE PLANNED (NO DATE AS OF 29 OCT)
HOW DISTRIBUTION WORKED

Omni launched points on 17 Dec 2025 with 3M retroactive points. Weekly drops occur Friday at 00:00 UTC for activity through Thursday 00:00 UTC. Referrals earn 1 point per 10 referred points; legacy traders get a 10% boost and reward tiers add 0–5%. The scoring formula remains unpublished.

VALUING THE POINTS

The announced genesis pool is 32% of VAR supply, fully unlocked and proportional to points. The separate 18% ecosystem reserve is not this redemption pool. Drops continue at 150K weekly until the planned Q4 2026 TGE; rechecked 29 Oct 2026, no TGE date or listing announced. The final eligible total is unconfirmed.

Model continued issuance and actual spread/funding costs. A broker-reported OTC price is a separate reference, not guaranteed cash or token value.
≈

Hyperliquid

HISTORICAL · 2024
HOW DISTRIBUTION WORKED

Recurring criteria, trading activity and referrals across two phases. Closed-alpha rewards and transition multipliers also existed.

VALUING THE POINTS

31% is the announced genesis bucket. A universal HYPE-per-point conversion cannot be verified from these sources; unclaimed allocations went to future rewards.

A large allocation helps, but final eligibility and the denominator matter just as much.
↗

Lighter

HISTORICAL · 2025
HOW DISTRIBUTION WORKED

Season 2 split 200K retail / 50K market makers weekly. Retail scoring included volume, OI, funding and PnL, with market and quality weights.

VALUING THE POINTS

25% × FDV ÷ 12.5M points gives the aggregate value per point. LIT trades at roughly $2.8-3.0B FDV (several trackers, checked 29 Oct 2026), about $56-60 per point; at its $5.50 high in September 2026 it was about $110. This is an average from the announced pool, not a promise for every account, and the price moves daily.

Zero standard trading fees did not make acquisition cost zero: slippage, funding and trading losses still counted.
✳

Paradex

ANNOUNCED ALLOCATION
HOW DISTRIBUTION WORKED

XP rewards contributions beyond volume. Prior docs report ~100M XP in pre-season/S1 and ~236M in S2. Season 3 adds 4M per week, plus affiliate XP.

VALUING THE POINTS

The historical DIME announcement earmarked 20% across XP seasons. Secondary reports from January 2026 say Paradex raised the XP airdrop to 25% of supply (20% for Season 2 holders) with a launch planned for late February or March 2026; DIME market data is inconsistent across trackers and same-ticker tokens exist, so no realized value is shown. Do not divide this by current S3 XP.

Season extensions dilute value per XP when the allocation stays fixed.
✦

Aster

HISTORICAL TGE POOL
HOW DISTRIBUTION WORKED

Spectra used separate Rh trading and Au asset-holding points; Gems also participated. Rh allocations used relative shares in each weekly epoch.

VALUING THE POINTS

The initial 8.8% pool covered several reward systems. The 53.5% headline is a multi-year airdrop allocation, not the initial points redemption bucket.

Use the allocation for the exact season and reward type being modeled.
dY

dYdX

HISTORICAL · 2021
HOW DISTRIBUTION WORKED

Snapshot of historical usage assigned five tiers. Users then had to reach a perpetual-trading milestone in Epoch 0 to unlock their allocation.

VALUING THE POINTS

7.5% (75M DYDX) was allocated to retroactive mining. Rewards were tiered tokens and milestone-based, so a dollar-per-point number is not applicable.

A token allocation and a volume incentive do not automatically imply a linear points formula.

What did your points actually cost?

Personal cost basis works across programs, even when the official score is opaque.

YOUR OBSERVED COST / POINT$5.00

Include fees, spread, slippage, net funding, hedging and realized losses. Negative total costs mean net income. No universal historical cost per point exists.

MARKET DATA

Manage your volume source

DefiLlama’s derivatives API requires a paid plan. The bundled snapshot was checked 29 Oct 2026; the exact metric cutoff is unknown. Update it manually or connect a public, CORS-enabled JSON feed.

Public endpoints only. Do not paste API keys or URLs containing credentials. A paid key must stay in a trusted server; it cannot be protected in a static browser app.

{
  "total24h": 335100000,
  "total7d": 2169000000,
  "asOf": "2026-10-29T07:14:36Z"
}

One request at a time. 15-minute successful-data cache; at least 60 seconds between attempts. No background polling or automatic retries. Client-side requests still follow provider limits and CORS rules.