Ask about Variational · free
Logo of Variational

Variational

View exchange stats

Key Metrics

Perp Volume 30d$78.371b
Perp Volume 30d by chain

Arbitrum$78.371b

Perp Volume 7d$14.705b

Arbitrum$14.705b

Perp Volume 24h$2.683b

Arbitrum$2.683b

Cumulative Perp Volume$351.024b

Arbitrum$351.024b

Open Interest$857.61m

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

Loading chart...

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

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

Methodology

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

Competitors

GMX EVM ($202.32m)AZverse Perps ($52m)Apex Omni ($28.53m)Aevo Perps ($14.32m)Contango V2 ($9.52m)MUX Perps ($9.08m)Antarctic ($8.54m)Gains Network ($6.65m)Ostium ($3.58m)Evedex ($3.5m)

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 #386 by TVL. The category holds $1.907b across 428 protocols, and Variational accounts for 0% of that total. Similar protocols include GMX EVM, AZverse Perps, Apex Omni, Aevo Perps, Contango V2, MUX Perps, Antarctic, Gains Network, Ostium, and Evedex.

How much perpetual futures volume does Variational process?

Variational processed $78.371b in perpetual futures volume over the past 30 days.