DegenBench
FR
  1. DegenBench
  2. Perp DEXs
  3. Variational

Variational review

Perps by RFQ, crypto and TradFi#P04EVM

A zero-fee venue built on RFQ rather than an order book: the platform earns the spread it quotes, so your real cost is the price you accept, not a line on a fee schedule.

Open Variationalomni.variational.io

omni.variational.io

DegenBenchChecked 27 Sept 20266 sources · official docs + public data#P04

Perpetual futures are leveraged: a small move against you can liquidate your position. Only trade what you can afford to lose.

Trading fees
0% trading feesOmni charges no trading fee: the venue keeps the market-making spread instead. Deposits and withdrawals cost a flat $0.10 in USDC, and a forced liquidation is executed 0.5% away from the bid or ask.
New-user perk
1 point for every 10 points earnedvia a referral link (not offered here yet)
Max leverage
Not documented500 perp markets
Identity check
No KYC
Custody
Non-custodial, EVM wallet, gasless deposits
Settles on
Arbitrum (Variational settlement pools) · USDC
Where it runs
Web
30-day volume
$50,872.0MDefiLlama protocol page, 28/09/2026, reported volume. DefiLlama publishes no normalized figure for Variational, so no wash-trading discount can be read: the $50.9B is taken as published, without confirmation.

Who it’s for

Pick it if

You want one cross-margined account for crypto, equities, commodities and forex with no visible trading fee.

Skip it if

You want an order book, a published leverage cap, or a documented public API.

Strengths

  • $50.9B of perp volume over 30 days with no trading fee at all: revenue comes from the spread.
  • Over 500 crypto and traditional markets advertised, well beyond what order book venues can list.
  • Deposits and withdrawals are gasless and cost $0.10, and one account is cross-margined across asset classes.
  • Referral rewards are paid in USDC and scale with the referral's activity through extra code slots.

Limits

  • No order book: you trade against quotes, so execution quality depends on the spread at that moment.
  • Maximum leverage is not published, and neither is a public API for third-party integrations.
  • DefiLlama publishes no normalized volume for the venue, so the headline figure cannot be cross-checked.

What it offers

  • Order bookNo
  • Cross marginYes
  • Spot tradingNo
  • Vaults / copy vaultsYes
  • Copy tradingNot documented
  • Stocks, gold or forexYes
  • Points programYes
  • APINot documented
  • Mobile appNot documented
  • Telegram botNo

“Not documented” means we found no official page, not that the feature is missing.

How to start safely

  1. Open the official app

    Type omni.variational.io yourself or use a bookmark: phishing copies of perp exchanges are common.

  2. Deposit a small amount first

    Send a test deposit of the collateral the exchange accepts, on the chain it documents, before moving more.

  3. Set leverage and a stop before the order

    Pick isolated margin for a new trade, keep leverage low, and place the stop-loss with the order, not after.

  4. Watch funding and liquidation price

    Funding is paid regularly while a position is open, and the liquidation price moves closer as leverage rises.

How to start trading perps on a DEX

Security record

No incident found in our sources. That is not a guarantee.

Official domains: variational.io

Sources

Checked on 27 Sept 2026. Facts change quickly: re-check prices and fees in the app.

Variational0% trading fees · omni.variational.io

Open