Variational vs TxFlow
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 38.6× the open interest of TxFlow ($1.08B vs $27.89M).
- Variational’s average open interest moved +27.1% over 30 days.
- TxFlow’s average open interest moved +82.5% over 30 days.
 Variational |  TxFlow | |
|---|---|---|
| Open interest | $1.08B | $27.89M |
| OI rank (of 50) | 3 | 23 |
| OI change · 30d | +27.1% | +82.5% |
| Volume · 24h | $3.70B | — |
| User fees · 30d | — | $870.22K |
| Fees change · 30d | — | +19.5% |
| Trend | Growing | Growing |
| Chains | Arbitrum | TxFlow |
| Model | RFQ with a liquidity provider vault | Order book on its own L1 |
| RWA markets | Yes | Yes |
| Token | VAR | None verified |
| Base trading fees | Taker 0% · maker 0% ↗ | Taker 0.045% · maker 0.015% ↗ |
| Max leverage | 50× ↗ | 75× ↗ |
| Collateral | USDC (Arbitrum) ↗ | USDC only ↗ |
| KYC | Not required ↗ | Not verified |
| Referral program | Yes; no fixed benefit for the referred trader is confirmed ↗ | Yes. Benefit for the referred trader: “Once you bind a referral code, you receive 5% off fees on both spot and perpetual trades for your first $25M in combined trading volume.” ↗ |
Open interest over time
- Variational $1.07B
- TxFlow $27.89M
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 ↗