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Variational
DEXOpen Interest
$914.82mKey Metrics
Volume (30d)$49.523b
7d$13.343b
24h$1.711b
All-time$92.045b
Turnover (30d)54.1x
Markets134
Reference Assets129
Asset Groups13
Share of DEX OI15.5%
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 | $143.56m | +3.81% | $735.57m | $6.585b | $27.859b | US100S-USDC | $29,702 | +1.24% | 0% | 50x | $0 | $0 | ||
| variational:xausGold | Commodity Perp | Permissionless | $105.56m | +6.21% | $163.09m | $1.115b | $4.025b | XAUS-USDC | $4,060 | +1.12% | 0% | 50x | $0 | $0 | ||
| variational:xauGold | Commodity Perp | Permissionless | $84.13m | +6.77% | $22.49m | $176.95m | $681.04m | XAU-USDC | $4,063 | +1.11% | +0.057% | +2.27% | 4h | 50x | $0 | $0 |
| variational:us500sS&P 500 Index | Equity Index Perp | Permissionless | $71.33m | +2.62% | $196.2m | $1.46b | $8.249b | US500S-USDC | $7,723 | +0.45% | 0% | 50x | $0 | $0 | ||
| variational:xautTether Gold (XAUT) | Commodity Perp | Permissionless | $47.99m | +1.00% | $7,669 | $1.8m | $5.22m | XAUT-USDC | $4,051 | +1.04% | -0.038% | -0.19% | 4h | 50x | $0 | $0 |
| variational:us500State Street SPDR S&P 500 ETF Trust | ETF Perp | Permissionless | $36.28m | +1.86% | $2.29m | $25.96m | $175.36m | US500-USDC | $770.48 | +0.48% | +0.052% | +1.11% | 8h | 50x | $0 | $0 |
| variational:qqqInvesco QQQ Trust, Series 1 | ETF Perp | Permissionless | $33.96m | +1.19% | $4.39m | $44m | $155.17m | QQQ-USDC | $722.99 | +1.25% | +0.034% | 0% | 8h | 50x | $0 | $0 |
| variational:clCrude Oil (WTI) | Commodity Perp | Permissionless | $24.88m | -1.48% | $5.89m | $54m | $277.05m | CL-USDC | $101.05 | +0.10% | -0.064% | -0.58% | 4h | 50x | $0 | $0 |
| variational:us30sDow Jones Industrial Average | Equity Index Perp | Permissionless | $22.47m | -14.77% | $307.8m | $1.86b | $2.166b | US30S-USDC | $52,319 | -0.16% | 0% | 50x | $0 | $0 | ||
| variational:paxgPax Gold | Commodity Perp | Permissionless | $21.59m | +1.05% | $0 | $34,058 | $399,596 | PAXG-USDC | $4,059 | +1.00% | -0.056% | +2.74% | 4h | 50x | $0 | $0 |
| variational:bzCrude Oil (Brent) | Commodity Perp | Permissionless | $18.13m | -2.06% | $3.23m | $33.65m | $157.15m | BZ-USDC | $110.72 | +0.84% | -0.1% | 0% | 4h | 50x | $0 | $0 |
| variational:xagsSilver | Commodity Perp | Permissionless | $17.76m | -5.28% | $30.11m | $228.32m | $1.009b | XAGS-USDC | $54.42 | +0.66% | 0% | 50x | $0 | $0 | ||
| variational:googlAlphabet Inc. | Stock Perp | Permissionless | $17.23m | +6.99% | $3.9m | $18.03m | $78.37m | GOOGL-USDC | $325.46 | +2.23% | +0.087% | +1.66% | 8h | 50x | $0 | $0 |
| variational:xagSilver | Commodity Perp | Permissionless | $15.9m | -2.52% | $5.24m | $38.43m | $181.05m | XAG-USDC | $54.45 | +0.63% | +0.034% | +0.94% | 4h | 50x | $0 | $0 |
| variational:dxipUS Dollar Index | Forex Perps | Permissionless | $15.03m | -7.73% | $46.96m | $331.67m | $373.9m | DXIP-USDC | $102.07 | +0.32% | 0% | 50x | $0 | $0 | ||
| variational:cna50sFTSE China A50 Index | Equity Index Perp | Permissionless | $14.82m | +27.24% | $9.77m | $63.39m | $69.97m | CNA50S-USDC | $13,151 | -0.14% | 0% | 50x | $0 | $0 | ||
| variational:nvdaNVIDIA Corporation | Stock Perp | Permissionless | $13.22m | -8.99% | $2.13m | $29.81m | $151.83m | NVDA-USDC | $218.20 | +0.60% | +0.028% | 0% | 8h | 50x | $0 | $0 |
| variational:twisMSCI Taiwan Index | Equity Index Perp | Permissionless | $11.8m | +1.21% | $19.14m | $115.2m | $134.81m | TWIS-USDC | $4,093 | +1.20% | 0% | 50x | $0 | $0 | ||
| variational:usoilpCrude Oil (WTI) | Commodity Perp | Permissionless | $11.18m | +26.65% | $18.37m | $131.09m | $606.08m | USOILP-USDC | $100.37 | +0.16% | 0% | 50x | $0 | $0 | ||
| variational:spcxSpace Exploration Technologies Corp. | Stock Perp | Permissionless | $10.11m | +4.83% | $2.29m | $52.18m | $170.97m | SPCX-USDC | $149.41 | +1.15% | +0.107% | +3.96% | 8h | 50x | $0 | $0 |
| variational:muMicron Technology, Inc. | Stock Perp | Permissionless | $9.56m | +0.47% | $2.27m | $29.1m | $146.89m | MU-USDC | $954.96 | +3.80% | +0.045% | 0% | 8h | 50x | $0 | $0 |
| variational:ukoilpCrude Oil (Brent) | Commodity Perp | Permissionless | $9.5m | +35.68% | $16m | $110.92m | $678.11m | UKOILP-USDC | $110.19 | +0.77% | 0% | 50x | $0 | $0 | ||
| variational:sndkSandisk Corporation | Stock Perp | Permissionless | $9.07m | -8.51% | $5.7m | $52.45m | $173.77m | SNDK-USDC | $1,335 | +3.92% | -0.02% | 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.