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.

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Variational

# variational Treasury Net Methodology

## 1. Overview

Treasury Net is calculated as the total USD value of assets held in the Variational protocol treasury. This metric is utilized to evaluate the financial reserves, capital backing, and long-term sustainability of the protocol. Asset balances are monitored across designated treasury addresses and converted to USD using end-of-day price feeds.

## 2. Data sources

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

## 3. Step-by-step calculation

### Component A: Token and native flow extraction

- **Purpose**: Extraction of daily net changes in asset balances for the treasury address.
- **Logic**: Daily token and native asset net flows are extracted for the designated treasury address (`0x5e91b40467fb8902c46a7b6cb90482363188d645`) on Arbitrum. Net flows are calculated by aggregating incoming and outgoing transfers. Amounts are normalized by decimal precision using asset metadata.
- **Key fields**: `timestamp`, `chain_id`, `account_address`, `token_address`, `value`

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

- **Purpose**: Calculation of the running balance of each asset held in the treasury.
- **Logic**: Daily net balance changes are aggregated chronologically to compute the cumulative balance for each asset. To ensure continuity on days without transfer activity, balances are filled forward from the last recorded change to the current day.
- **Key fields**: `timestamp`, `chain_id`, `account_address`, `token_address`, `balance`

### Component C: USD conversion and final aggregation

- **Purpose**: Conversion of asset balances to USD and aggregation of the total treasury value.
- **Logic**: Cumulative daily asset balances are multiplied by end-of-day asset prices. Only balances greater than zero are included. The resulting USD values are aggregated across all assets to produce the daily Treasury Net metric. Missing days are filled with zeros where applicable.
- **Key fields**: `timestamp`, `chain_id`, `treasury_net`

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

Total value of a project's treasury excluding its native token.

VariationalVAR

Treasury (net)

Treasury (net)

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