Variational vs Ethereal: Full Comparison 2026
Detailed comparison of Variational and Ethereal perpetual DEXs including trading fees, 24h volume, open interest, supported chains, and airdrop opportunities. Find out which perp exchange is better for your trading needs.
Quick Verdict
Variational comes out ahead in this comparison with 3 advantages vs 0 for Ethereal. It has higher trading volume, more open interest, and lower trading fees. Trading $100K monthly on Variational saves ~$30 in fees.
Higher Volume
Variational
Lower Fees
Variational
More OI
Variational
Active Airdrop
Neither
Side-by-Side Comparison
Real-time metrics from DefiLlama. Green indicates the better value.
| Metric | Variational | Ethereal |
|---|---|---|
| 24h Volume | $1.96B | $80M |
| Open Interest | $962M | $45M |
| Maker Fee | 0% | 0% |
| Taker Fee | 0% | 0.03% |
| Blockchain | Arbitrum | Ethena |
| Airdrop Status | PointsLive | PointsLive |
| Order Type | RFQ | CLOB |
Variational Pros & Cons
Ethereal Pros & Cons
Trading Cost Comparison
Estimated taker fees for different trade sizes (excluding slippage and funding)
| Trade Size | Variational | Ethereal | Savings |
|---|---|---|---|
| $1,000 | $0.00 | $0.30 | $0.30 on Variational |
| $10,000 | $0.00 | $3.00 | $3.00 on Variational |
| $50,000 | $0.00 | $15.00 | $15.00 on Variational |
| $100,000 | $0.00 | $30.00 | $30.00 on Variational |
Variational vs Ethereal: Detailed Analysis
Volume & Liquidity
Variational leads in 24-hour trading volume with $1.96B, compared to $80M for Ethereal. Higher volume typically means better liquidity, tighter bid-ask spreads, and less slippage on trades. For active traders executing multiple trades daily, this difference can significantly impact overall costs.
Fee Structure
Variational charges 0% maker / 0% taker fees, while Ethereal charges 0% maker / 0.03% taker fees. For a trader with $100,000 monthly volume, using Variational would save approximately $30 per month in trading fees alone. Note: Variational uses an RFQ (Request for Quote) model where execution costs may be embedded in the spread rather than explicit fees.
Open Interest
Variational has $962M in open interest, versus $45M for Ethereal. Open interest represents the total value of outstanding derivative contracts that haven't been settled. Higher OI generally indicates more active trading and can provide insights into market sentiment.
Airdrop Opportunities
Neither platform currently has an active airdrop. Variational: PointsLive. Ethereal: PointsLive. Check our airdrops page for the latest updates.
Variational vs Ethereal FAQ
Conclusion: Which Should You Choose?
Based on the data, Variational appears to be the stronger choice overall with advantages in trading volume, open interest, lower fees. However, the best choice depends on your specific needs:
- • For lowest fees: Choose Variational
- • For best liquidity: Choose Variational
- • For airdrop farming: Neither has an active airdrop
- • For large orders: Choose Variational for deeper liquidity
Related Perp Comparisons
Learn more about Variational or Ethereal
Compare all perp fees · View perp airdrops · Track open interest