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Key Metrics
Perp Volume 30d$37.321b
Perp Volume 30d by chain
Arbitrum$37.321b
Perp Volume 7d$10.63b
Arbitrum$10.63b
Perp Volume 24h$2.011b
Arbitrum$2.011b
Cumulative Perp Volume$237.571b
Arbitrum$237.571b
$1.67b
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
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.
Methodology
Perp Volume: Notional volume of all trades including leverage on the perp exchangeView code on GitHubCompetitors
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 #390 by TVL. The category holds $2.055b across 424 protocols, and Variational accounts for 0% of that total. Other leading protocols include GMX V2 Perps, Derive V2, AZverse Perps, Apex Omni, Aevo Perps, Ostium, Gains Network, MUX Perps, Antarctic, and Contango V2.
How much perpetual futures volume does Variational process?
Variational processed $37.321b in perpetual futures volume over the past 30 days.