Variational operates a zero-fee trading platform (Omni) that aggregates liquidity from both on-chain and traditional markets to offer perpetuals and generalized derivatives. The protocol entered invite-only private beta in January 2025 and has since processed over $200B in trading volume, served 50k+ accounts, amassed over $750M in open interest, and shared over $7M in rewards with traders. Its initial RWA rollout (Phase 1) includes gold, silver, copper and WTI crude to validate cross-margining and on-chain settlement using aggregated crypto-native liquidity. Phase 2 intends to route liquidity directly from TradFi sources and expand to 100+ new markets. Variational’s 2026 roadmap includes listing additional RWA markets, deepening liquidity via partnerships, and releasing a trading API. The team includes veterans from firms such as Google, Meta, Virtu, IMC, and Jane Street.

Total raised

$62M

Funding rounds

3

Latest round

Series A

Latest activity

May 2026