Arcus vs Variational
Detailed side-by-side comparison of features, fees, and trading experience
| FEATURE | ARCUS | VARIATIONAL |
|---|---|---|
| Type | DEX | DEX |
| Taker Fee | 0.0225% | 0% |
| Maker Fee | 0% | 0% |
| Max Leverage | 50x | 50x |
| Perp Pairs | 60 | 561 |
| Spot Trading | Yes | No |
| KYC Required | No | No |
| Rating | 3.6 | 3.8 |
Arcus vs Variational: key differences
Opening and closing a $10,000 position with market orders costs $0 on Variational and $4.50 on Arcus at base-tier taker fees, a difference of $4.50 per round trip.
Variational lists 561 perpetual markets, Arcus lists 60.
Arcus also has spot trading; Variational is perpetuals only.
Variational is the more liquid venue, with $907M in 24-hour volume against $238M on Arcus (about 3.8 times more). Deeper books mean less slippage on large orders.
Neither exchange requires KYC: both are used by connecting a wallet.
Margin is posted in USDG on Arcus and in USDC on Variational.
Figures as of 2026-10-04, from each exchange's documentation, CoinGecko and DeFiLlama.
Costs, liquidity and safety in detail
| Arcus | Variational | |
|---|---|---|
| Taker round trip on $10,000 | $4.50 | $0 |
| Maker round trip on $10,000 | $0 | $0 |
| Best-tier taker fee | 0.0095% | 0% |
| BTC max leverage | 40x | 50x |
| Margin modes | cross, isolated | cross, isolated |
| 24h volume | $238M | $907M |
| TVL | $38M | — |
| Custody | non-custodial | non-custodial |
| Collateral | USDG | USDC |
| Deposit networks | Robinhood Chain, Ethereum, Arbitrum +3 more | Arbitrum One |
| Minimum order | $5 | — |
| Order types | 8 | 5 |
| Options | No | No |
| Mobile app | No | No |
| Testnet or demo | Yes | Yes |
| Vaults or copy trading | No | No |
| Insurance fund | No | No |
| Audited | Yes | Yes |
| Restricted jurisdictions | 6 | 16 |
| Founded | 2026 | 2021 |
Choose Arcus if
- You want spot and perpetuals in one account.
Choose Variational if
- You mostly use market orders: 0% taker fee against 0.0225% on Arcus.
- You trade smaller or newer markets: 561 perpetual pairs against 60.
- You trade size and need liquidity: $907M in 24-hour volume against $238M.
Arcus
PROS
- + 0% maker and 0.0225% taker fee on perpetuals at the base tier, falling to 0.0095% taker with a 0.003% maker rebate at 3 billion dollars of 30-day volume
- + 30 single-stock perpetuals plus SPY, QQQ, gold, silver, copper, and oil markets trade 24/7 next to 24 crypto perpetuals, all from one USDG balance
- + Spot trading of tokenized stocks costs 0% in fees, and Stock Tokens stay in the user's own wallet
CONS
- − Perpetuals are in beta: new users need a waitlist cohort or a single-use invite code, and the iOS and Android apps were still in pre-order on October 4, 2026
- − Not available in the United States, Canada, or the United Kingdom under the Terms of Use dated May 28, 2026
- − USDG is the only collateral asset, and 54 of the 60 online markets are capped at 20x leverage or less, with most single stocks at 5x or 10x
Variational
PROS
- + No maker or taker fees on any market; the only fixed charge is 0.1 USDC per deposit or withdrawal, and deposits, withdrawals, and logins need no ETH for gas
- + 561 perpetual markets on October 4, 2026 (Omni stats API), including equities, gold, oil, FX, indices, and pre-IPO markets such as OpenAI and Anthropic
- + Tight quotes on majors: the BTC bid-ask for a 100,000 dollar order was about 12 dollars wide near a price of 85,290 dollars (roughly 0.014%) on October 4, 2026
CONS
- − The Omni Liquidity Provider is the only counterparty to every trade and is funded by the Variational team; the docs state that if OLP became insolvent, profit owed to traders would be treated as bad debt and could go unpaid
- − Zero fees do not mean zero cost: the median base spread across listed markets was about 13 basis points on October 4, 2026, far wider than the 1.4 basis points quoted on BTC
- − Still a private beta in October 2026: an access code is required, API trading is not enabled, limit orders fill all-or-nothing, and there is no native mobile app
Frequently Asked Questions
Is Arcus or Variational better?
Variational has a higher rating (3.8 vs 3.6). Variational offers lower fees (0% vs 0.0225%). Choose Arcus for its features, and Variational for lower fees.
What are the fees on Arcus vs Variational?
Arcus charges 0.0225% taker / 0% maker. Variational charges 0% taker / 0% maker for perpetuals.
Which has higher leverage, Arcus or Variational?
Arcus offers up to 50x (40x on BTC), and Variational offers up to 50x. Maximum leverage applies to selected markets and falls as position size grows on both exchanges.
Do Arcus and Variational require KYC?
Arcus does not require KYC. Variational does not require KYC. Both restrict some jurisdictions (Arcus lists 6; Variational lists 16), so check the terms of service for your country before depositing.
Is Arcus or Variational safer?
Arcus has been audited and has no insurance fund on record here, and custody is non-custodial. Variational has been audited and has no insurance fund on record here, and custody is non-custodial. Neither audits nor insurance funds remove smart contract risk, so size deposits accordingly.
Which has more trading volume, Arcus or Variational?
Arcus recorded $238M in 24-hour volume and Variational recorded $907M, as of 2026-10-04. Arcus lists 60 perpetual markets and Variational lists 561.