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We prove variation-norm estimates for the Walsh model of the truncatedbilinear Hilbert transform, extending related results of Lacey, Thiele, andDemeter. The proof uses analysis on the Walsh phase plane and two newingredients: (i) a variational extension of a lemma of Bourgain byNazarov-Oberlin-Thiele, and (ii) a variation-norm Rademacher-Menshov theorem ofLewko-Lewko.

Variational bounds for a dyadic model of the bilinear Hilbert transform