Variational crypto exchange is a decentralized derivatives protocol based on Arbitrum. Omni Variational offers perpetual markets across crypto and traditional assets. Omni uses a request-for-quote model rather than a conventional public order book: trades are quoted against the Omni Liquidity Provider, while accounts are funded with USDC on Arbitrum.

This page tracks market activity on Variational, including open interest, trading volume, market share, growth over time and funding rates for the assets we cover. The historical chart makes it easier to see whether positioning and trading activity on the exchange are expanding or contracting relative to the broader perp market.

FAQ

What is Omni?

Omni is Variational’s trading platform for leveraged derivatives. It supports hundreds of markets across crypto and traditional assets, with positions settled in USDC. Variational protocol currently supports more than 500 markets and leverage of up to 50x, depending on the market.

How are trades executed?

Variational Perp DEX does not use a traditional public order book. When you place an order, the Omni Liquidity Provider returns a quoted price based on the market, available liquidity and the size of the trade. It opens dual-sided onchain pool, while platform doubles trade on the external trading exchange. This quoted price is the price at which the trade actually executes.

Does Variational charge fees?

Variational fees are 0% for all traders. Omni gets revenue from funding rate spread of external exchanges.

How does funding work?

Funding on Variational varies by market rather than using one fixed schedule across the exchange. For perpetuals, settlement intervals range from 1 to 8 hours; a positive rate means longs pay shorts, while a negative rate means shorts pay longs. Variational also uses different funding mechanics for some RWA and TradFi markets.