Variational
PrivateLast Round
Series A
May 20, 2026
Total Funding Raised
$72.1M
Momentum
Top 5%
of companies Caplight tracks
Company Overview
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, Crypto Exchanges
Business Model
B2B
Customer Profile
Usage-Based SaaS, Services & Consulting
AI Layer
Non-AI
Keywords
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% |
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 | ||||
| Seed | Dec 1, 2021 |
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 |
| Zoku Ventures | Strategic |
| Hack VC | Seed |
| Coinbase Ventures | Seed, Series A |
| Caladan | Strategic |
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.
Recent news
Latest coverage and updates
- has_valuationSep 27, 2026
Variational has valuation of $167M.
- has_valuationSep 27, 2026
Variational has valuation of $1.5B.
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.
Request accessFrequently 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.