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

$1.84B

Open Interest

$975.08M

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(553 pairs)

Pair	Rate (8h)	Annualized	Open Interest	24h Volume
APEX-USD	+0.1450%	+158.79%	$6.31K	$15.48K
XPD-USD	+0.1148%	+125.69%	$606.81M	$130.04K
NAORIS-USD	+0.1085%	+118.86%	$1.54K	$176.20
ARK-USD	+0.1032%	+113.01%	$1.53K	$3.63K
STORJ-USD	+0.1010%	+110.64%	$155.66	$987.59
ESPORTS-USD	+0.0924%	+101.14%	$303.72	$2.16K
BOT-USD	+0.0851%	+93.17%	$795.62K	$9.21K
B3-USD	+0.0823%	+90.14%	$6.34	$22.74K
STXX-USD	+0.0798%	+87.35%	$87.50M	$79.84K
B2-USD	+0.0623%	+68.27%	$6.89K	$128.51
VELVET-USD	+0.0584%	+63.96%	$1.59K	$11.08K
BOBA-USD	+0.0468%	+51.27%	$14.15	$1.09K
RDDT-USD	+0.0452%	+49.54%	$5.82M	$586.74K
OKB-USD	+0.0409%	+44.82%	$8.17M	$535.81
CRCL-USD	+0.0404%	+44.27%	$231.07M	$1.78M
XAU-USD	+0.0403%	+44.16%	$202.47B	$35.69M
M-USD	+0.0354%	+38.78%	$93.64K	$2.50K
US-USD	+0.0330%	+36.19%	$1.27K	$75.65K
ONG-USD	+0.0316%	+34.62%	$4.47K	$10.22K
XAG-USD	+0.0301%	+32.98%	$382.12M	$10.57M

PairAPEX-USD

Rate (8h)+0.1450%

Annualized+158.79%

Open Interest$6.31K

24h Volume$15.48K

PairXPD-USD

Rate (8h)+0.1148%

Annualized+125.69%

Open Interest$606.81M

24h Volume$130.04K

PairNAORIS-USD

Rate (8h)+0.1085%

Annualized+118.86%

Open Interest$1.54K

24h Volume$176.20

PairARK-USD

Rate (8h)+0.1032%

Annualized+113.01%

Open Interest$1.53K

24h Volume$3.63K

PairSTORJ-USD

Rate (8h)+0.1010%

Annualized+110.64%

Open Interest$155.66

24h Volume$987.59

PairESPORTS-USD

Rate (8h)+0.0924%

Annualized+101.14%

Open Interest$303.72

24h Volume$2.16K

PairBOT-USD

Rate (8h)+0.0851%

Annualized+93.17%

Open Interest$795.62K

24h Volume$9.21K

PairB3-USD

Rate (8h)+0.0823%

Annualized+90.14%

Open Interest$6.34

24h Volume$22.74K

PairSTXX-USD

Rate (8h)+0.0798%

Annualized+87.35%

Open Interest$87.50M

24h Volume$79.84K

PairB2-USD

Rate (8h)+0.0623%

Annualized+68.27%

Open Interest$6.89K

24h Volume$128.51

PairVELVET-USD

Rate (8h)+0.0584%

Annualized+63.96%

Open Interest$1.59K

24h Volume$11.08K

PairBOBA-USD

Rate (8h)+0.0468%

Annualized+51.27%

Open Interest$14.15

24h Volume$1.09K

PairRDDT-USD

Rate (8h)+0.0452%

Annualized+49.54%

Open Interest$5.82M

24h Volume$586.74K

PairOKB-USD

Rate (8h)+0.0409%

Annualized+44.82%

Open Interest$8.17M

24h Volume$535.81

PairCRCL-USD

Rate (8h)+0.0404%

Annualized+44.27%

Open Interest$231.07M

24h Volume$1.78M

PairXAU-USD

Rate (8h)+0.0403%

Annualized+44.16%

Open Interest$202.47B

24h Volume$35.69M

PairM-USD

Rate (8h)+0.0354%

Annualized+38.78%

Open Interest$93.64K

24h Volume$2.50K

PairUS-USD

Rate (8h)+0.0330%

Annualized+36.19%

Open Interest$1.27K

24h Volume$75.65K

PairONG-USD

Rate (8h)+0.0316%

Annualized+34.62%

Open Interest$4.47K

24h Volume$10.22K

PairXAG-USD

Rate (8h)+0.0301%

Annualized+32.98%

Open Interest$382.12M

24h Volume$10.57M

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