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Key Metrics

Perp Volume 30d$73.484b
Perp Volume 30d by chain

Arbitrum$73.484b

Perp Volume 7d$21.406b

Arbitrum$21.406b

Perp Volume 24h$2.859b

Arbitrum$2.859b

Cumulative Perp Volume$303.201b

Arbitrum$303.201b

$1.009b

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.

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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 V2 Perps ($209.57m)AZverse Perps ($52.01m)Apex Omni ($31.09m)Aevo Perps ($15.25m)Contango V2 ($12.51m)MUX Perps ($9.77m)Antarctic ($8.82m)Gains Network ($8.42m)Ostium ($4.9m)Evedex ($3.7m)

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 #382 by TVL. The category holds $2.005b across 420 protocols, and Variational accounts for 0% of that total. Other leading protocols include GMX V2 Perps, AZverse Perps, Apex Omni, Aevo Perps, Contango V2, MUX Perps, Antarctic, Gains Network, Ostium, and Evedex.

How much perpetual futures volume does Variational process?

Variational processed $73.484b in perpetual futures volume over the past 30 days.