# Perp DEX Points and OTC Research Compare Variational Omni, Hyperliquid, Lighter, Paradex, Aster and dYdX rewards, allocations and dated OTC point-price reports with source notes. Research checked 2026-10-06. Announced allocations, default modeled values, reported OTC prices and realized token payouts have different meanings. Final eligibility, reward scope and denominators must match. ## Variational Omni Reward scope: Announced genesis points pool. Allocation: 32%. Distribution: 150K / week + 3M retroactive. Final eligible denominator unconfirmed. 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 The scoring formula remains unpublished. 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. [Variational · Omni points rules](https://docs.variational.io/omni/rewards/points) [Variational · VAR tokenomics announcement](https://t.me/variational_io/405) [Variational · Week 42 distribution](https://t.me/variational_io/411) ## Hyperliquid Reward scope: Genesis allocation. Allocation: 31%. Distribution: 1M → 700K / week. Final eligible point denominator not verified. Recurring criteria, trading activity and referrals across two phases. Closed-alpha rewards and transition multipliers also existed. 31% is the announced genesis bucket. A universal HYPE-per-point conversion cannot be verified from these sources; unclaimed allocations went to future rewards. [Hyperliquid · Points](https://hyperliquid.gitbook.io/hyperliquid-docs/points) [Hyper Foundation · HYPE Genesis](https://hyperfnd.medium.com/hype-genesis-1830a4dc2e3f) ## Lighter Reward scope: Seasons 1 + 2. Allocation: 25%. Distribution: 250K / week in S2. 12.5M points · official announcement. Season 2 split 200K retail / 50K market makers weekly. Retail scoring included volume, OI, funding and PnL, with market and quality weights. 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. [Lighter · Retail points](https://docs.lighter.xyz/points-program/retail) [Lighter · Market makers](https://docs.lighter.xyz/points-program/market-makers) [Lighter · LIT allocation announcement](https://x.com/Lighter_xyz/status/2005862686131638603) ## Paradex Reward scope: Announced XP airdrop. Allocation: 20%. Distribution: 4M / week in S3. Final airdrop XP denominator not verified. 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. 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. [Paradex · XP program](https://docs.paradex.trade/docs/xp-referrals/xp) [Paradex Foundation · Introducing DIME](https://www.paradex.trade/blog/introducing-dime-the-native-token-of-the-paradex-network) ## Aster Reward scope: TGE pool · 53.5% long term. Allocation: 8.8%. Distribution: Rh / Au / Gems. Multiple units; no universal point rate. Spectra used separate Rh trading and Au asset-holding points; Gems also participated. Rh allocations used relative shares in each weekly epoch. 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. [Aster · Tokenomics](https://docs.asterdex.com/usdaster-token/tokenomics) [Aster · Trade to earn Rh](https://docs.asterdex.com/stage-1-spectra/trade-to-earn-rh) ## dYdX Reward scope: 2021 retroactive mining. Allocation: 7.5%. Distribution: 5 historical usage tiers. Not a points-based conversion. Snapshot of historical usage assigned five tiers. Users then had to reach a perpetual-trading milestone in Epoch 0 to unlock their allocation. 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. [dYdX Foundation · Retroactive Mining](https://www.dydx.foundation/blog/retroactive-mining) ## OTC research references None is a live executable quote. ### Variational Omni $37.50 / point. Broker report · mirrored. Publication date unverified. Observed in a mirror on 6 Oct 2026. Operator-reported purchases; settlement and original post date unverified. Current bid/ask not verified. [Source: PointsOTC · Variational broker report (mirror)](https://www.sotwe.com/pointsotc?lang=en) ### Hyperliquid Just above $6 / point. Historical · secondary report. Oct 2024 report. Published 15 Oct, updated 24 Oct 2024. No exact price or executable quote; no numeric default is loaded. [Source: OAK Research · Historical Hyperliquid points market](https://oakresearch.io/en/reports/markets/crypto-market-review-september-2024) ### Lighter $33 / point. Historical · secondary report. 16 Sep 2025 report. Reported before TGE. Settlement not independently verified. This observation must not be treated as a current LIT points price. [Source: Bitget / Coin World · Historical Lighter OTC report](https://www.bitgetapp.com/amp/news/detail/12560604968915) ### Paradex ~$0.80 / XP. Historical · low-confidence claim. 8 Dec 2025 report. Blog claim about OTC groups; exact XP season and execution terms unverified. No current executable quote established. [Source: CoinStats · Historical Paradex OTC claim](https://coinstats.app/blog/perp-dex-farming-for-crypto-traders-earn-your-first-100k-in-crypto-airdrops-in-2026/) OTC-implied FDV = reference price × assumed eligible points / allocation fraction. Reference after fees and haircut = price × (1 − haircut fraction) × (1 − fee fraction). Quote transferability, available size and settlement are unverified unless independently established. No verified matching-unit OTC reference is supplied for Arcus or Aster; dYdX retroactive mining was tiered tokens, not points.