Equation V2(EQU)
Total Value Locked$0.88
TVL by Chain
Arbitrum$0.88
Key Metrics
Cumulative Fees$353,681
Cumulative Fees by chain
Arbitrum$353,681
Cumulative Perp Volume$13.171b
Cumulative Perp Volume by chain
Arbitrum$13.171b
Protocol Information
Equation is a decentralized perpetual contract built on Arbitrum. With its innovative BRMM model, Equation provides both traders and Liquidity Providers (LPs) with up to 100x leverage, enabling traders to establish larger and unrestricted positions while enhancing capital efficiency for LPs. It offers the industry's lowest maintenance margin rate at just 0.25%, thus significantly reducing liquidation risk.
Methodology
TVL: Total value of all coins held in the smart contracts of the protocolView code on GitHubFees: Fees from open/close position and placed limit order (0.05%), with invitation code (0.045%)View code on GitHubPerp Volume: Notional volume of all trades including leverage on the perp exchangeView code on GitHubCompetitors
Equation V2 history
TVL is the default DefiLlama definition. Daily values are UTC snapshots from Jan 29, 2024 to Oct 30, 2026.
All-time high TVL: $4.81m on Feb 7, 2024. All-time low TVL: $6,335 on Feb 3, 2025.
Daily TVL, Oct 1, 2026 to Oct 30, 2026
| Date | TVL |
|---|---|
| Oct 1, 2026 | $0 |
| Oct 2, 2026 | $0 |
| Oct 3, 2026 | $0 |
| Oct 4, 2026 | $0 |
| Oct 5, 2026 | $0 |
| Oct 6, 2026 | $0 |
| Oct 7, 2026 | $0 |
| Oct 8, 2026 | $0 |
| Oct 9, 2026 | $0 |
| Oct 10, 2026 | $0 |
| Oct 11, 2026 | $0 |
| Oct 12, 2026 | $0 |
| Oct 13, 2026 | $0 |
| Oct 14, 2026 | $0 |
| Oct 15, 2026 | $0 |
| Oct 16, 2026 | $0 |
| Oct 17, 2026 | $0 |
| Oct 18, 2026 | $0 |
| Oct 19, 2026 | $0 |
| Oct 20, 2026 | $0 |
| Oct 21, 2026 | $0 |
| Oct 22, 2026 | $0 |
| Oct 23, 2026 | $0 |
| Oct 24, 2026 | $0 |
| Oct 25, 2026 | $0 |
| Oct 26, 2026 | $0 |
| Oct 27, 2026 | $0 |
| Oct 28, 2026 | $0 |
| Oct 29, 2026 | $0 |
| Oct 30, 2026 | $0 |
TVL at each month end, Nov 2024 to Oct 2026
| Date | TVL |
|---|---|
| Nov 30, 2024 | $13,121 |
| Dec 31, 2024 | $7,406 |
| Jan 31, 2025 | $6,656 |
| Feb 28, 2025 | $6,690 |
| Mar 31, 2025 | $6,753 |
| Apr 30, 2025 | $6,754 |
| May 31, 2025 | $6,754 |
| Jun 30, 2025 | $6,754 |
| Jul 31, 2025 | $6,753 |
| Aug 31, 2025 | $0 |
| Sep 30, 2025 | $0 |
| Oct 31, 2025 | $0 |
| Nov 30, 2025 | $0 |
| Dec 31, 2025 | $0 |
| Jan 31, 2026 | $0 |
| Feb 28, 2026 | $0 |
| Mar 31, 2026 | $0 |
| Apr 30, 2026 | $0 |
| May 31, 2026 | $0 |
| Jun 30, 2026 | $0 |
| Jul 31, 2026 | $0 |
| Aug 31, 2026 | $0 |
| Sep 30, 2026 | $0 |
| Oct 30, 2026 (latest) | $0 |
TVL at each year end, Dec 31, 2024 to Dec 31, 2025
| Date | TVL |
|---|---|
| Dec 31, 2024 | $7,406 |
| Dec 31, 2025 | $0 |
The .csv export on the chart above downloads every daily value. The same data is in the public API: https://api.llama.fi/protocol/equation-v2
Frequently asked questions
What is Equation V2's TVL?
As of Oct 30, 2026, Equation V2 has $0.88 in total value locked.
What chains does Equation V2 operate on?
Equation V2 operates on Arbitrum. Arbitrum holds the largest share at 100%.
How does Equation V2's TVL compare to similar protocols?
Among Derivatives protocols tracked by DefiLlama, Equation V2 ranks #273 by TVL. The category holds $1.902b across 428 protocols, and Equation V2 accounts for <0.1% of that total. Similar protocols include GMX EVM, AZverse Perps, Apex Omni, Aevo Perps, Contango V2, MUX Perps, Antarctic, Gains Network, Ostium, and Evedex.