Variational raises $50 million to expand derivatives trading services

Variational announced the completion of a $50 million funding round, led by Dragonfly, with Bain Capital Crypto and an exchange participating. The funds will be used to expand its derivatives trading services, including perpetual contracts linked to physical assets such as gold, silver, copper, and WTI crude oil. Since 2025, Variational claims to have processed over $200 billion in trading volume, aiming to integrate liquidity from traditional and on-chain markets and offer more than 100 on-chain perpetual contracts.