Omni charges zero explicit trading fees; the user's cost is the bid-ask spread OLP quotes. Variational's revenue is a share of that spread, swept from settlement pools into a protocol treasury wallet, with the remainder retained by OLP.

Users request a quote and OLP, Variational's in-house market maker, is the sole counterparty on Omni; trades are priced, agreed, and booked off-chain, with the chain holding only USDC collateral. Each user is deployed a bilateral settlement pool by a factory contract, and every state-changing function is oracle-gated, so an off-chain operator drives settlement.

Variational is an RFQ perpetuals venue on Arbitrum. Its consumer app, Omni, lets users trade perpetual futures against the protocol's own market maker, OLP.

twitter

website

github

Derivative exchanges

Variational

# variational Treasury Methodology

## 1. Overview

Treasury measures the total value of assets held in the Variational protocol treasury. These reserves are maintained to support the ongoing development, operations, and ecosystem growth of the Variational platform. Asset balances are monitored across designated treasury smart contracts and wallet addresses, with values converted to USD using end-of-day price feeds. Visibility into the protocol's financial runway and capital reserves is provided by this metric.

## 2. Data sources

- **Blockchain events**: ERC-20 asset transfers and native asset transfers associated with the Variational treasury address (`0x5e91b40467fb8902c46a7b6cb90482363188d645`), covering Arbitrum
- **External data**: End-of-day price feeds and asset metadata

## 3. Step-by-step calculation

### Component A: Net flow extraction

- **Purpose**: Capture daily net changes in asset balances for the treasury address
- **Logic**: Daily net flows of ERC-20 and native assets are extracted for the designated treasury address (`0x5e91b40467fb8902c46a7b6cb90482363188d645`). Net flows are calculated by summing incoming and outgoing transfers of both ERC-20 and native assets. High-precision values are handled by splitting flows into quotient and remainder buckets before they are combined and normalized by asset decimal precision.
- **Key fields**: `timestamp`, `account_address`, `token_address`, `value`

### Component B: Cumulative balance calculation and forward-filling

- **Purpose**: Determine the daily running balance of each asset held in the treasury
- **Logic**: Daily net flows are cumulatively summed over time to calculate the running balance of each asset. For days where no transfer events occur, the last known balance is propagated forward to ensure continuous daily coverage.
- **Key fields**: `timestamp`, `token_address`, `balance`

### Component C: USD valuation and aggregation

- **Purpose**: Convert asset balances to USD and aggregate the total treasury value
- **Logic**: Daily running balances are multiplied by end-of-day asset prices. Only positive balances are included in the final calculation. The USD values of all assets are aggregated daily to produce the total treasury metric.
- **Key fields**: `timestamp`, `amount`, `treasury`

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Total value of a project's onchain treasury, including its native token.

VariationalVAR

Treasury

Treasury

Competitive landscape