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Variational

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Key Metrics

Perp Volume 30d$78.529b
Perp Volume 30d by chain

Arbitrum$78.529b

Perp Volume 7d$16.706b

Arbitrum$16.706b

Perp Volume 24h$764.01m

Arbitrum$764.01m

Cumulative Perp Volume$340.153b

Arbitrum$340.153b

Open Interest$944.02m

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

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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

Latest from DefiLlama Research

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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

Methodology

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

Competitors

GMX EVM ($208.93m)AZverse Perps ($52.04m)Apex Omni ($29.88m)Aevo Perps ($14.81m)MUX Perps ($9.51m)Antarctic ($8.39m)Contango V2 ($7.14m)Gains Network ($7.08m)Evedex ($3.68m)Ostium ($3.63m)

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 #383 by TVL. The category holds $1.975b across 425 protocols, and Variational accounts for 0% of that total. Similar protocols include GMX EVM, AZverse Perps, Apex Omni, Aevo Perps, MUX Perps, Antarctic, Contango V2, Gains Network, Evedex, and Ostium.

How much perpetual futures volume does Variational process?

Variational processed $78.529b in perpetual futures volume over the past 30 days.