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Variational

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Key Metrics

Perp Volume 30d$78.526b
Perp Volume 30d by chain

Arbitrum$78.526b

Perp Volume 7d$16.033b

Arbitrum$16.033b

Perp Volume 24h$2.331b

Arbitrum$2.331b

Cumulative Perp Volume$342.879b

Arbitrum$342.879b

Open Interest$987.56m

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

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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

Latest from DefiLlama Research

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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 ($207.4m)AZverse Perps ($51.97m)Apex Omni ($29.62m)Aevo Perps ($14.69m)MUX Perps ($9.38m)Antarctic ($8.56m)Gains Network ($7.07m)Contango V2 ($7.04m)Ostium ($3.65m)Evedex ($3.53m)

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 #384 by TVL. The category holds $1.963b across 426 protocols, and Variational accounts for 0% of that total. Similar protocols include GMX EVM, AZverse Perps, Apex Omni, Aevo Perps, MUX Perps, Antarctic, Gains Network, Contango V2, Ostium, and Evedex.

How much perpetual futures volume does Variational process?

Variational processed $78.526b in perpetual futures volume over the past 30 days.