Variational

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Key Metrics

Perp Volume 30d$63.061b

Perp Volume 30d by chain

Arbitrum$63.061b

Perp Volume 7d$19.442b

Arbitrum$19.442b

Perp Volume 24h$924.95m

Arbitrum$924.95m

Cumulative Perp Volume$284.72b

Arbitrum$284.72b

$1.075b

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.

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Category:Derivatives

Methodology

Perp Volume: Notional volume of all trades including leverage on the perp exchange

Competitors

GMX V2 Perps ($213.27m)Derive V2 ($194.76m)AZverse Perps ($52.1m)Apex Omni ($31.46m)Aevo Perps ($15.36m)Contango V2 ($13.13m)MUX Perps ($10.11m)Gains Network ($8.96m)Antarctic ($7.99m)Ostium ($7.68m)

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 #380 by TVL. The category holds $2.21b across 419 protocols, and Variational accounts for 0% of that total. Other leading protocols include GMX V2 Perps, Derive V2, AZverse Perps, Apex Omni, Aevo Perps, Contango V2, MUX Perps, Gains Network, Antarctic, and Ostium.

How much perpetual futures volume does Variational process?