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Variational

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RWA Active AUM$0

Key Metrics

Perp Volume 30d$63.456b
Perp Volume 30d by chain

Arbitrum$63.456b

Perp Volume 7d$12.117b

Arbitrum$12.117b

Perp Volume 24h$1.623b

Arbitrum$1.623b

Cumulative Perp Volume$379.077b

Arbitrum$379.077b

Open Interest$736.55m

Total Raised$61.8m

Oct 23, 2024$10.3mRound: SeedInvestors: Bain Capital, Peak XV Partners, Coinbase Ventures, Hack VC, Dragonfly Capital, North Island Ventures

Jun 4, 2025$1.5mRound: Investors: Mirana Ventures, Caladan, Zoku Ventures

May 20, 2026$50mRound: Series AInvestors: Dragonfly Capital, Coinbase Ventures, Bain Capital Crypto

Protocol Information

Variational is a protocol that provides infrastructure for peer-to-peer trading, clearing, and settlement of perpetuals and generalized derivatives. The Variational Protocol enables safe and efficient bilateral trading of options, futures, perpetuals, exotics, and more. Multiple apps have been built on the Variational Protocol, including Omni for perpetuals trading and Pro for institutions to trade customizable OTC derivatives.

WebsiteGitHubX/TwitterExchange profile
Category:Derivatives

Methodology

Perp Volume: Notional volume of all trades including leverage on the perp exchangeView code on GitHub

Latest from DefiLlama Research

Visit DefiLlama Research
Variational SwapsVariational Swaps9 Sep 2026Read report Variational and the Shift to Onchain BrokerageVariational and the Shift to Onchain Brokerage16 Jun 2026Read report Untitled researchTrade everything: How Variational is bringing 100+ TradFi markets onchain1 Jun 2026Read report

Competitors

GMX EVM ($188.83m)AZverse Perps ($51.99m)Apex Omni ($26.91m)Aevo Perps ($14.72m)Antarctic ($8.29m)MUX Perps ($8.02m)Gains Network ($6.04m)Contango V2 ($5.95m)AlphaX ($3.52m)Evedex ($3.39m)

Closest by TVL

UrDEX FinanceUXUY Perps V2VelocityWorld Markets Perps

Frequently asked questions

What chains does Variational operate on?

Variational operates on Arbitrum.

How does Variational's TVL compare to similar protocols?

Among Derivatives protocols tracked by DefiLlama, Variational ranks #421 by TVL. The category holds $1.718b across 425 protocols, and Variational accounts for 0% of that total. Similar protocols include GMX EVM, AZverse Perps, Apex Omni, Aevo Perps, Antarctic, MUX Perps, Gains Network, Contango V2, AlphaX, and Evedex.

How much perpetual futures volume does Variational process?

Variational processed $63.456b in perpetual futures volume over the past 30 days.