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Variational
DEXOpen Interest
$834.26mKey Metrics
Volume (30d)$50.492b
7d$13.011b
24h$1.398b
All-time$75.988b
Turnover (30d)60.5x
Markets122
Reference Assets118
Asset Groups11
Share of DEX OI15%
Est. Fees (30d)$0
24h$0
All-time$0
Est. Annual$0
Taker Fee0 bps
Markets
| Market | Open Interest | Volume | Price | Funding | Est. Fees | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Name | Asset Type | Access Model | Pair | Interval | ||||||||||||
| variational:us100sNasdaq-100 Index | Equity Index Perp | Permissionless | $159.07m | -2.53% | $693.79m | $7.409b | $29.617b | US100S-USDC | $29,946 | +0.81% | 0% | 50x | $0 | $0 | ||
| variational:xausGold | Commodity Perp | Permissionless | $100.9m | +7.23% | $127.42m | $932.17m | $4.677b | XAUS-USDC | $4,171 | +0.89% | +<0.001% | 50x | $0 | $0 | ||
| variational:xauGold | Commodity Perp | Permissionless | $86.66m | +2.96% | $14.47m | $165.94m | $876.63m | XAU-USDC | $4,174 | +0.91% | +0.046% | 0% | 4h | 50x | $0 | $0 |
| variational:xautTether Gold (XAUT) | Commodity Perp | Permissionless | $53.22m | +0.39% | $144,985 | $651,048 | $25.38m | XAUT-USDC | $4,161 | +0.88% | -0.042% | +2.74% | 4h | 50x | $0 | $0 |
| variational:us500sS&P 500 Index | Equity Index Perp | Permissionless | $47.76m | -10.46% | $353.66m | $2.636b | $9.054b | US500S-USDC | $7,750 | +0.70% | 0% | 50x | $0 | $0 | ||
| variational:us500State Street SPDR S&P 500 ETF Trust | ETF Perp | Permissionless | $45.43m | -1.24% | $4.98m | $55.39m | $229.73m | US500-USDC | $772.98 | +0.70% | +0.027% | 0% | 8h | 50x | $0 | $0 |
| variational:qqqInvesco QQQ Trust, Series 1 | ETF Perp | Permissionless | $38.02m | -4.82% | $7.82m | $49.74m | $159.86m | QQQ-USDC | $729.33 | +0.82% | +0.061% | +0.06% | 8h | 50x | $0 | $0 |
| variational:xagsSilver | Commodity Perp | Permissionless | $26.77m | -22.59% | $41.94m | $342.35m | $1.422b | XAGS-USDC | $57.54 | +2.71% | 0% | 50x | $0 | $0 | ||
| variational:paxgPax Gold | Commodity Perp | Permissionless | $22.25m | +0.84% | $3,839 | $75,262 | $1.96m | PAXG-USDC | $4,167 | +0.87% | -0.024% | +2.74% | 4h | 50x | $0 | $0 |
| variational:clCrude Oil (WTI) | Commodity Perp | Permissionless | $22.09m | -4.06% | $8.66m | $75.18m | $327.08m | CL-USDC | $95.66 | +3.00% | -0.072% | -3.71% | 4h | 50x | $0 | $0 |
| variational:bzCrude Oil (Brent) | Commodity Perp | Permissionless | $20.18m | -2.47% | $5.24m | $57.27m | $190.29m | BZ-USDC | $102.42 | +0.59% | -0.092% | -6.49% | 4h | 50x | $0 | $0 |
| variational:googlAlphabet Inc. | Stock Perp | Permissionless | $18.43m | +1.74% | $921,748 | $26.51m | $79.16m | GOOGL-USDC | $349 | +1.79% | +0.03% | 0% | 8h | 50x | $0 | $0 |
| variational:nvdaNVIDIA Corporation | Stock Perp | Permissionless | $16.3m | +2.68% | $5.09m | $58.41m | $135.56m | NVDA-USDC | $218.62 | -0.28% | +0.023% | 0% | 8h | 50x | $0 | $0 |
| variational:xagSilver | Commodity Perp | Permissionless | $14.97m | -6.29% | $7.22m | $59.17m | $219.17m | XAG-USDC | $57.58 | +2.69% | +0.05% | 0% | 4h | 50x | $0 | $0 |
| variational:spcxSpace Exploration Technologies Corp. | Stock Perp | Permissionless | $10.28m | -4.93% | $4.27m | $64.16m | $166.11m | SPCX-USDC | $152.33 | +1.98% | +0.07% | 0% | 8h | 50x | $0 | $0 |
| variational:sndkSandisk Corporation | Stock Perp | Permissionless | $9.14m | -6.72% | $5.43m | $55.72m | $136.02m | SNDK-USDC | $1,381 | +2.79% | -0.018% | 0% | 8h | 50x | $0 | $0 |
| variational:ukoilpCrude Oil (Brent) | Commodity Perp | Permissionless | $8.77m | -38.40% | $19.55m | $205.86m | $840.08m | UKOILP-USDC | $103.16 | +0.58% | 0% | 50x | $0 | $0 | ||
| variational:usoilpCrude Oil (WTI) | Commodity Perp | Permissionless | $7.56m | +0.31% | $16.58m | $234.41m | $839.74m | USOILP-USDC | $95.68 | +2.95% | 0% | 50x | $0 | $0 | ||
| variational:muMicron Technology, Inc. | Stock Perp | Permissionless | $7.41m | +18.41% | $5.84m | $51.64m | $132.27m | MU-USDC | $925.34 | +5.26% | +0.073% | 0% | 8h | 50x | $0 | $0 |
| variational:tslaTesla, Inc. | Stock Perp | Permissionless | $6.94m | +67.21% | $6.81m | $29.03m | $64.85m | TSLA-USDC | $376.36 | +3.77% | +0.118% | +4.89% | 8h | 50x | $0 | $0 |
| variational:skhySK hynix Inc. ADR | Stock Perp | Permissionless | $6.32m | +3.86% | $4.79m | $23.9m | $50.64m | SKHY-USDC | $143.02 | +3.65% | +0.018% | 0% | 8h | 50x | $0 | $0 |
| variational:soxlDirexion Daily Semiconductor Bull 3X ETF | ETF Perp | Permissionless | $6.07m | -28.56% | $14.87m | $72.74m | $146.63m | SOXL-USDC | $106.53 | +0.20% | +0.024% | 0% | 8h | 50x | $0 | $0 |
| variational:metaMeta Platforms, Inc. | Stock Perp | Permissionless | $5.39m | +13.31% | $1.73m | $12.59m | $41.66m | META-USDC | $736.99 | +1.05% | +0.024% | 0% | 8h | 50x | $0 | $0 |
About Variational
Variational Omni is an RFQ-based perpetual futures DEX on Arbitrum. Trades route through the Omni Liquidity Provider (OLP), which aggregates liquidity from CEXs, DEXs, AMMs, and OTC channels. All trades cleared into isolated onchain escrow contracts with pre-defined margin/liquidation rules. Zero maker/taker fees; revenue from spread captured by OLP. 450+ live markets including crypto, pre-market, RWAs (commodities, stocks, indices), volatility indices, interest-rate swaps. Up to 50x leverage. USDC settlement.
Entity
Legal entityVariational Labs
Primary chainArbitrum
Registry
Variational Labs (Columbia-University-origin team). Variational Protocol is a permissionless onchain derivatives infrastructure. Variational Omni is the flagship product — an RFQ perp DEX on Arbitrum with a single professional LP (Omni Liquidity Provider) aggregating CEX/DEX/AMM/OTC liquidity. Zero trading fees model. ~$200B lifetime volume, ~$100M TVL, ranked #4 perp DEX by OI per CoinGecko case study (Apr 2026).
Markets
Open Interest by asset group
Asset classes
Fees & revenue
Revenue modelSpread Capture
ConfidenceIssuer-Disclosed
Perp Maker Fee0 bps
Perp Taker Fee0 bps
Margin Settlement AssetsUSDC (Arbitrum)
Fees Last Verified2026-05-19
Zero maker/taker fees. Revenue from spread captured by the Omni Liquidity Provider; Variational Protocol receives a cut. $0.10 flat deposit/withdraw fee. Liquidation penalty: 0.5% of mid. Source: docs.variational.io/omni/trading/fees.