Peer-to-peer trading startup Variational raises $50 million for real-world perps in funding round led by Dragonfly
Variational, a peer-to-peer derivatives protocol, secured $50 million to expand its real-world asset perpetual futures trading.Summary
Variational, a peer-to-peer onchain derivatives protocol, has raised $50 million in a funding round led by Dragonfly, with participation from Bain Capital Crypto and Coinbase Ventures. The startup plans to use the capital to scale its derivatives services and integrate liquidity from traditional markets directly into its platform.
The funding coincides with Variational's introduction of perpetual futures linked to real-world assets like gold, silver, copper, and crude oil. CEO Lucas V. Schuermann expressed confidence that RWA perpetuals will become a dominant asset class in decentralized finance, eventually surpassing the trading volumes of major cryptocurrencies like Bitcoin and Ether.
Since launching in 2025, Variational has facilitated over $200 billion in trading volume. The company's unique model focuses on aggregating liquidity from both traditional and onchain sources, aiming to provide institutional-grade depth for over 100 onchain perpetual contracts.
(Source：CoinDesk)