Key Metrics
Perp Volume 30d$22.617b
Perp Volume 30d by chain
Arbitrum$22.617b
Perp Volume 7d$5.133b
Arbitrum$5.133b
Perp Volume 24h$736.66m
Arbitrum$736.66m
Cumulative Perp Volume$197.965b
Arbitrum$197.965b
$1.552b
Total Raised$61.8m
Oct 23, 2024$10.3mRound: SeedInvestors: Bain Capital Crypto, 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.
Category:Derivatives
Methodology
Perp Volume: Notional volume of all trades including leverage on the perp exchangeView code on GitHubFrequently Asked Questions
What is Variational?
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.
What chains does Variational operate on?
Variational operates on Off Chain.
How does Variational's TVL compare to similar protocols?
Among Derivatives protocols tracked by DefiLlama, Variational ranks #343 by TVL. The category holds $1.897b across 373 protocols, and Variational accounts for 0% of that total. Other leading protocols include Jupiter, Hyperliquid, and GMX.
How much perpetual futures volume does Variational process?
Variational processed $22.617b in perpetual futures volume over the past 30 days.