Variational

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Key Metrics

Perp Volume 30d$59.066b

Perp Volume 30d by chain

Arbitrum$59.066b

Perp Volume 7d$18.522b

Arbitrum$18.522b

Perp Volume 24h$3.04b

Arbitrum$3.04b

Cumulative Perp Volume$279.153b

Arbitrum$279.153b

$1.045b

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 ($209.45m)Derive V2 ($187.8m)AZverse Perps ($52.02m)Apex Omni ($31.28m)Aevo Perps ($15.38m)MUX Perps ($9.98m)Contango V2 ($9.37m)Gains Network ($9.37m)Ostium ($8.67m)Antarctic ($8.41m)

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 #381 by TVL. The category holds $2.166b 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, MUX Perps, Contango V2, Gains Network, Ostium, and Antarctic.

How much perpetual futures volume does Variational process?