Variational

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.

Website

TVL

$28.37M

24h Volume

$864.03M

Open Interest

$1.45B

30d Revenue

$719.73K

24h Fees

-$15.32K

Ann. Revenue

$11.94M

Historical Data

Fee Structure

Maker Fee

0.0 bps

Taker Fee

0.05%

5.0 bps

Token / Airdrop / Points

Token Status

Upcoming

TGE: Before Q3 2026

Points Program

Active

Omni Points (Dec 17, 2025) — P2P trading, structured product creation, referrals. Maker rewards for liquidity providers.

Airdrop Info

$VAR token launch planned before Q3 2026. ~50% of total supply designated for community. Omni Points program launched Dec 17, 2025 — earn through peer-to-peer trading, custom structured products, and protocol participation. Peer-to-peer derivatives model differs from standard orderbook/AMM — allows any custom payoff structure between two counterparties.

Allocation

~50% community

Current Funding Rates(536 pairs)

Pair	Rate (8h)	Annualized	Open Interest	24h Volume
BOT-USD	+0.4896%	+536.12%	$5.30M	$107.36K
B2-USD	+0.1757%	+192.40%	$3.66K	$10.98K
BTR0-USD	+0.1681%	+184.07%	$293.35	$36.92K
NATGAS-USD	+0.1355%	+148.41%	$1.63M	$457.54K
M-USD	+0.1234%	+135.13%	$126.11K	$44.65K
SHAZ-USD	+0.1232%	+134.89%	$6.10M	$62.23K
PTB-USD	+0.1058%	+115.86%	$12.63	$251.29
US-USD	+0.0974%	+106.67%	$1.43K	$38.58K
ARCSOL-USD	+0.0899%	+98.42%	$2.25K	$4.56K
POWER-USD	+0.0869%	+95.11%	$3.44K	$780.10
STRC-USD	+0.0763%	+83.56%	$147.40M	$460.72K
TRUST-USD	+0.0760%	+83.23%	$2.16K	$1.13K
XPT-USD	+0.0686%	+75.14%	$498.17M	$391.99K
COIN-USD	+0.0585%	+64.10%	$153.86M	$851.41K
XMR-USD	+0.0526%	+57.56%	$1.24B	$279.64K
COPPER-USD	+0.0517%	+56.59%	$8.75M	$966.44K
XVG-USD	+0.0503%	+55.11%	$52.31	$0.00
ESPORTS-USD	+0.0439%	+48.07%	$409.48	$16.27K
FARTCOIN-USD	+0.0438%	+47.91%	$118.08K	$734.29K
NBIS-USD	+0.0434%	+47.51%	$345.80M	$1.11M

PairBOT-USD

Rate (8h)+0.4896%

Annualized+536.12%

Open Interest$5.30M

24h Volume$107.36K

PairB2-USD

Rate (8h)+0.1757%

Annualized+192.40%

Open Interest$3.66K

24h Volume$10.98K

PairBTR0-USD

Rate (8h)+0.1681%

Annualized+184.07%

Open Interest$293.35

24h Volume$36.92K

PairNATGAS-USD

Rate (8h)+0.1355%

Annualized+148.41%

Open Interest$1.63M

24h Volume$457.54K

PairM-USD

Rate (8h)+0.1234%

Annualized+135.13%

Open Interest$126.11K

24h Volume$44.65K

PairSHAZ-USD

Rate (8h)+0.1232%

Annualized+134.89%

Open Interest$6.10M

24h Volume$62.23K

PairPTB-USD

Rate (8h)+0.1058%

Annualized+115.86%

Open Interest$12.63

24h Volume$251.29

PairUS-USD

Rate (8h)+0.0974%

Annualized+106.67%

Open Interest$1.43K

24h Volume$38.58K

PairARCSOL-USD

Rate (8h)+0.0899%

Annualized+98.42%

Open Interest$2.25K

24h Volume$4.56K

PairPOWER-USD

Rate (8h)+0.0869%

Annualized+95.11%

Open Interest$3.44K

24h Volume$780.10

PairSTRC-USD

Rate (8h)+0.0763%

Annualized+83.56%

Open Interest$147.40M

24h Volume$460.72K

PairTRUST-USD

Rate (8h)+0.0760%

Annualized+83.23%

Open Interest$2.16K

24h Volume$1.13K

PairXPT-USD

Rate (8h)+0.0686%

Annualized+75.14%

Open Interest$498.17M

24h Volume$391.99K

PairCOIN-USD

Rate (8h)+0.0585%

Annualized+64.10%

Open Interest$153.86M

24h Volume$851.41K

PairXMR-USD

Rate (8h)+0.0526%

Annualized+57.56%

Open Interest$1.24B

24h Volume$279.64K

PairCOPPER-USD

Rate (8h)+0.0517%

Annualized+56.59%

Open Interest$8.75M

24h Volume$966.44K

PairXVG-USD

Rate (8h)+0.0503%

Annualized+55.11%

Open Interest$52.31

24h Volume$0.00

PairESPORTS-USD

Rate (8h)+0.0439%

Annualized+48.07%

Open Interest$409.48

24h Volume$16.27K

PairFARTCOIN-USD

Rate (8h)+0.0438%

Annualized+47.91%

Open Interest$118.08K

24h Volume$734.29K

PairNBIS-USD

Rate (8h)+0.0434%

Annualized+47.51%

Open Interest$345.80M

24h Volume$1.11M

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