Varda came up through Partizan's youth system and made his debut during the 1995–96 season, before making himself eligible for the 2001 NBA Draft. He ended up not getting selected but still found himself on the Detroit Pistons roster to the start of the 2001–02 season. Varda ended up spending two seasons in the NBA on the rosters of the Pistons and the Washington Wizards, but during that time he was only featured in a single official game (he played six minutes and scored five points for Detroit).
In 2003, he returned to Europe and signed for Union Olimpija until the end of the 2002–03 season. Over the summer of 2004, he played with Beşiktaş of the Turkish Basketball League, but he left the club during the final series against Efes Pilsen.
In the 2006–07 season, he played in the Spanish Liga ACB with Real Madrid, but he could not finish the season due to an anterior cruciate ligament in his left knee.
On October 29, 2007, he signed for the entire season of the Spanish championship with ViveMenorca, having recovered from his knee injury.
On August 21, 2008, he signed a two-year contract with the Lithuanian champions BC Žalgiris from Kaunas. Because of the financial problems of the club, he left Žalgiris in late November. The details of his financial arrangements at the bankrupt club became publicly known when he wrote an open letter to the public discussing the issue.
On January 26, 2009, he signed with the Russian club BC Khimki. On the last day of 2009, Varda signed a one-month contract with Asseco Prokom Gdynia of Poland. In 2010, Varda extend his contract with Prokom until the end of the 2010–11 season.
In August 2011, he returned to his former club Union Olimpija, signing a one-year contract. However, he left the team in December because of the club's financial difficulties and signed with BC Azovmash from Mariupol. He left the team in March by mutual agreement.
On September 29, 2012, he signed a one-month deal with Iranian club Mahram Tehran.
On November 5, 2012, he signed with Radnički Kragujevac. In January 2013, he got injured and missed the rest of the season.
On July 31, 2013, he signed a one-year deal with Mega Vizura.
In 2012 and 2013, he captained the Republika Srpska team in friendlies against Serbia.
On February 2, 2015 he signed with United Byblos Amchit of the Lebanese Basketball League.
On October 1, 2015, Varda signed with KK Kožuv of the Macedonian First League. On November 4, 2015, he parted ways with Kožuv after appearing in four league games and two BIBL games. On December 30, 2015, he signed with the Montenegrin club Sutjeska for the rest of the season. On February 3, 2016, he left Sutjeska and signed with Hekmeh of the Lebanese Basketball League for the rest of the 2016 season. On November 7, 2016, he re-signed with Hekmeh.
On March 7, 2017, Varda announced his retirement.
A Serb, Varda was born in Gradiška, SR Bosnia and Herzegovina, SFR Yugoslavia (now Bosnia and Herzegovina). His family moved to Serbia during the Bosnian War. He has a tattoo of Saint George and the Dragon.