The dilemma of Hyperliquid illustrates that infrastructure needs to be segmented by use case.

Haseeb Qureshi stated that Hyperliquid's order book model struggles to solve the liquidity issues of RWA assets, with liquidity for assets outside the top ten significantly decreasing. Variational uses an RFQ model for on-demand quoting and hedging, directly accessing traditional market liquidity. It is expected that next year, RWA perpetual contracts will become the largest on-chain contract category, potentially surpassing the total of BTC/ETH perpetual contracts. Variational announced the completion of a $50 million Series A funding round, led by Dragonfly, with Bain Capital Crypto and Coinbase Ventures participating.