Variational
PrivateLast Round
Series A
May 20, 2026
Total Funding Raised
$61.8M
Momentum
Top 5%
of companies Caplight tracks
Company Overview
Variational operates in Crypto & Web3 and is based in Cayman Islands. Its latest recorded funding round was a Series A round in May 2026.
Variational is a fintech company that provides a peer-to-peer trading protocol for perpetuals and generalized derivatives on the Arbitrum network.
Sector
Crypto & Web3
Verticals
DeFi, Blockchain Infrastructure, Smart Contracts
Business Model
B2B
Customer Profile
Usage-Based SaaS
AI Layer
Non-AI
Historical Pricing
Historical view of private secondary pricing and transaction trends.
Variational Comparables
Compare Variational with similar companies based on industry and business-model similarity.
| Company | Similarity | Market Cap |
|---|---|---|
| Paradex | 81% | |
| Drift Protocol | 80% | |
| GRVT | 80% |
For institutional investors. Book with your work email.
Variational Funding Rounds
Historical fundraising activity
| Round | Date | Amount Raised | Valuation | Investors | Sources |
|---|---|---|---|---|---|
| Series A | May 20, 2026 | ||||
| Strategic | Jun 4, 2025 | ||||
| Seed | Oct 23, 2024 |
For institutional investors. Book with your work email.
Variational Investors
Notable investors and investment history
| Investor | Rounds |
|---|---|
| Bain Capital Crypto | Series A, Seed |
| Peak XV Partners | Series A, Seed |
| Dragonfly Capital | Seed, Series A |
| Brevan Howard Asset Management | Seed, Series A |
| Zoku Ventures | Strategic |
| Hack VC | Seed, Series A |
| Coinbase Ventures | Seed, Series A |
For institutional investors. Book with your work email.
Market signals
Structured signals derived from secondary market and firmographic data.
- Sep 17, 2026
Grew 21% QoQ from 19 to 23 employees.
- Aug 20, 2026
Grew 18% QoQ, from 17 to 20 employees.
For institutional investors. Book with your work email.
Recent news
Latest coverage and updates
- launchesNov 5, 2026
Variational plans to publicly launch its trading API in Nov '26 after opening it to selected whitelist Alpha users.
- has_valuationSep 27, 2026
Devens estimates Variational's fair valuation at $167M using a 6.3-times median multiple, implying a points price of $4.8 to $5.4.
- has_valuationSep 27, 2026
On Sep 27th '26, Blockworks analyst Shaunda Devens says Variational's current FDV valuation of about $1.5B appears too optimistic.
For institutional investors. Book with your work email.
Variational Filings
Explore SEC and related filing metadata, where available.
| Type | Date | Amount Offered | Amount Sold | Filing | Pages | Download |
|---|
Filing documents are not displayed on this public page. Request access to learn about available coverage.
Book a demoFor institutional investors. Book with your work email.
Frequently Asked Questions
Common questions about Variational's valuation, stock price, and market status.
Is Variational a public or private company?
Variational is a private company.
What is the current stock price of Variational?
Variational is a private company, so its shares have no public market price. Caplight tracks Variational's secondary market activity and provides MarketPrice™ estimates of its share price to Caplight users.
How much is Variational worth (valuation)?
Valuation information for Variational is not publicly available.
Can I buy Variational stock?
Variational shares may be available on secondary markets subject to transfer restrictions. Caplight facilitates secondary market transactions for accredited investors.
When was Variational's last funding round?
Variational's most recent funding round was Series A on May 20, 2026.
Who are the main investors in Variational?
Key investors in Variational include Bain Capital Crypto, Peak XV Partners, Dragonfly Capital.
Will Variational IPO soon?
No public IPO plans have been announced for Variational.
How can I track Variational secondary market activity?
Caplight tracks bids, offers, and trades in Variational's shares on secondary markets.