Equation V1(EQU)
Total Value Locked$18.93
TVL by Chain
Arbitrum$18.93
Key Metrics
Cumulative Fees$916,611
Cumulative Fees by chain
Arbitrum$916,611
Cumulative Revenue$114
Cumulative Revenue by chain
Arbitrum$114
Cumulative Perp Volume$7.725b
Cumulative Perp Volume by chain
Arbitrum$7.725b
Staked$0
Protocol Information
Equation is a decentralized perpetual contract built on Arbitrum. With its innovative BRMM model, Equation provides both traders and Liquidity Providers (LPs) with up to 200x leverage, enabling traders to establish larger and unrestricted positions while enhancing capital efficiency for LPs.
Audits:
Methodology
TVL: Count the tokens in different pools in the equation.View code on GitHubFees: Fees from open/close position and placed limit order (0.05%), with invitation code (0.045%)View code on GitHubRevenue: Revenue is 50% of all collected feesView code on GitHubPerp Volume: Notional volume of all trades including leverage on the perp exchangeView code on GitHubCompetitors
Equation V1 history
TVL is the default DefiLlama definition, which excludes Pool2 and Staking. Daily values are UTC snapshots from Nov 1, 2023 to Oct 27, 2026.
All-time high TVL: $23m on Dec 11, 2023. All-time low TVL: $18 on Aug 12, 2025.
Daily TVL, Sep 28, 2026 to Oct 27, 2026
| Date | TVL |
|---|---|
| Sep 28, 2026 | $18 |
| Sep 29, 2026 | $18 |
| Sep 30, 2026 | $18 |
| Oct 1, 2026 | $18 |
| Oct 2, 2026 | $18 |
| Oct 3, 2026 | $18 |
| Oct 4, 2026 | $18 |
| Oct 5, 2026 | $18 |
| Oct 6, 2026 | $18 |
| Oct 7, 2026 | $18 |
| Oct 8, 2026 | $18 |
| Oct 9, 2026 | $18 |
| Oct 10, 2026 | $18 |
| Oct 11, 2026 | $18 |
| Oct 12, 2026 | $18 |
| Oct 13, 2026 | $18 |
| Oct 14, 2026 | $18 |
| Oct 15, 2026 | $18 |
| Oct 16, 2026 | $18 |
| Oct 17, 2026 | $18 |
| Oct 18, 2026 | $18 |
| Oct 19, 2026 | $18 |
| Oct 20, 2026 | $18 |
| Oct 21, 2026 | $18 |
| Oct 22, 2026 | $18 |
| Oct 23, 2026 | $18 |
| Oct 24, 2026 | $18 |
| Oct 25, 2026 | $18 |
| Oct 26, 2026 | $18 |
| Oct 27, 2026 | $18 |
TVL at each month end, Nov 2024 to Oct 2026
| Date | TVL |
|---|---|
| Nov 30, 2024 | $21,100 |
| Dec 31, 2024 | $21,025 |
| Jan 31, 2025 | $21,026 |
| Feb 28, 2025 | $20,993 |
| Mar 31, 2025 | $21,074 |
| Apr 30, 2025 | $21,074 |
| May 31, 2025 | $21,074 |
| Jun 30, 2025 | $21,074 |
| Jul 31, 2025 | $21,071 |
| Aug 31, 2025 | $18 |
| Sep 30, 2025 | $18 |
| Oct 31, 2025 | $18 |
| Nov 30, 2025 | $18 |
| Dec 31, 2025 | $18 |
| Jan 31, 2026 | $18 |
| Feb 28, 2026 | $18 |
| Mar 31, 2026 | $18 |
| Apr 30, 2026 | $18 |
| May 31, 2026 | $18 |
| Jun 30, 2026 | $18 |
| Jul 31, 2026 | $18 |
| Aug 31, 2026 | $18 |
| Sep 30, 2026 | $18 |
| Oct 27, 2026 (latest) | $18 |
TVL at each year end, Dec 31, 2023 to Dec 31, 2025
| Date | TVL |
|---|---|
| Dec 31, 2023 | $14.16m |
| Dec 31, 2024 | $21,025 |
| Dec 31, 2025 | $18 |
Fees and revenue by UTC calendar month, Oct 2023 to Apr 2025
| Month | Fees | Revenue |
|---|---|---|
| Oct 2023 | $14,243 | - |
| Nov 2023 | $213,234 | - |
| Dec 2023 | $374,712 | - |
| Jan 2024 | $110,107 | - |
| Feb 2024 | $204,172 | $107 |
| Mar 2024 | $140 | $7 |
| Apr 2024 | $3 | $0 |
| May 2024 | $0 | $0 |
| Jun 2024 | $0 | $0 |
| Jul 2024 | $0 | $0 |
| Aug 2024 | $0 | $0 |
| Sep 2024 | $0 | $0 |
| Oct 2024 | $0 | $0 |
| Nov 2024 | $0 | $0 |
| Dec 2024 | $0 | $0 |
| Jan 2025 | $0 | $0 |
| Feb 2025 | $0 | $0 |
| Mar 2025 | $0 | $0 |
| Apr 2025 | $0 | $0 |
The .csv export on the chart above downloads every daily value. The same data is in the public API: https://api.llama.fi/protocol/equation-v1
Frequently asked questions
What is Equation V1's TVL?
As of Oct 27, 2026, Equation V1 has $18.93 in total value locked. TVL has increased 5.2% over the past 30 days.
What chains does Equation V1 operate on?
Equation V1 operates on Arbitrum. Arbitrum holds the largest share at 100%.
How does Equation V1's TVL compare to similar protocols?
Among Derivatives protocols tracked by DefiLlama, Equation V1 ranks #253 by TVL. The category holds $1.972b across 426 protocols, and Equation V1 accounts for <0.1% of that total. Similar protocols include GMX EVM, AZverse Perps, Apex Omni, Aevo Perps, MUX Perps, Antarctic, Gains Network, Contango V2, Ostium, and Evedex.