Variational vs Nado
A side-by-side comparison of two perpetual DEXs using the same sources and capture time. Larger is not automatically better: check fees, markets, collateral and access rules for your own use.
- Variational holds 25.7× the open interest of Nado ($1.08B vs $41.87M).
- Variational’s average open interest moved +27.1% over 30 days.
- Nado’s average open interest moved +12.1% over 30 days.
 Variational |  Nado | |
|---|---|---|
| Open interest | $1.08B | $41.87M |
| OI rank (of 50) | 3 | 19 |
| OI change · 30d | +27.1% | +12.1% |
| Volume · 24h | $3.70B | $418.12M |
| User fees · 30d | — | $1.67M |
| Fees change · 30d | — | +20.3% |
| Trend | Growing | Stable |
| Chains | Arbitrum | Ink |
| Model | RFQ with a liquidity provider vault | Order book |
| RWA markets | Yes | Yes |
| Token | VAR | None verified |
| Base trading fees | Taker 0% · maker 0% ↗ | Taker 0.035% · maker 0.01% ↗ |
| Max leverage | 50× ↗ | 50× ↗ |
| Collateral | USDC (Arbitrum) ↗ | USDT0 (settlement), plus USDC, wETH, kBTC, XAUT0 and tokenized stocks (xStocks) under unified margin ↗ |
| KYC | Not required ↗ | Not verified |
| Referral program | Yes; no fixed benefit for the referred trader is confirmed ↗ | Yes; any discount for the referred trader is set by the referrer ↗ |
Open interest over time
- Variational $1.07B
- Nado $41.87M
DefiLlama daily open interest. Missing days are left as gaps. The scale starts at zero.
Open interest and fees: DefiLlama, captured 08 Oct 2026 · 14:43 UTC. 24h volume: CoinGecko derivatives exchange data (rolling 24 hours, converted from BTC), captured 08 Oct 2026 · 14:43 UTC. Token prices and 30-day price change: CoinGecko, at the time shown on each venue page; a parent-project or chain token is labelled and is not evidence of a claim on exchange revenue. Changes compare the last 30 days with the previous 30 days (OI as a daily average, fees as a total) and need at least 95% daily coverage. A trend label needs the 30-day move to pass a threshold (OI ±25%, fees ±30%) on a minimum base (OI ≥ $5M, fees ≥ $100K per 30 days); with 90 days of history both horizons must agree. Venue-reported volume is not audited; ⚑ marks volume above 25× open interest. “—” means unavailable, never zero. Full method ↗