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Variational

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Key Metrics

Perp Volume 30d$82.486b
Perp Volume 30d by chain

Arbitrum$82.486b

Perp Volume 7d$19.292b

Arbitrum$19.292b

Perp Volume 24h$2.636b

Arbitrum$2.636b

Cumulative Perp Volume$324.544b

Arbitrum$324.544b

Open Interest$1.01b

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 ($212.46m)AZverse Perps ($51.99m)Apex Omni ($30.63m)Aevo Perps ($14.71m)MUX Perps ($9.65m)Antarctic ($8.86m)Gains Network ($8.48m)Contango V2 ($7.35m)Ostium ($4.15m)Evedex ($3.65m)

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 #382 by TVL. The category holds $1.966b across 422 protocols, and Variational accounts for 0% of that total. Other leading protocols include GMX EVM, AZverse Perps, Apex Omni, Aevo Perps, MUX Perps, Antarctic, Gains Network, Contango V2, Ostium, and Evedex.

How much perpetual futures volume does Variational process?

Variational processed $82.486b in perpetual futures volume over the past 30 days.