Variational vs Arcus
Detailed side-by-side comparison of features, fees, and trading experience
| FEATURE | VARIATIONAL | ARCUS |
|---|---|---|
| Type | DEX | DEX |
| Taker Fee | 0% | 0.0225% |
| Maker Fee | 0% | 0% |
| Max Leverage | 50x | 50x |
| Perp Pairs | 561 | 60 |
| Spot Trading | No | Yes |
| KYC Required | No | No |
| Rating | 3.8 | 3.6 |
Variational vs Arcus: 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 USDC on Variational and in USDG on Arcus.
Figures as of 2026-10-04, from each exchange's documentation, CoinGecko and DeFiLlama.
Costs, liquidity and safety in detail
| Variational | Arcus | |
|---|---|---|
| Taker round trip on $10,000 | $0 | $4.50 |
| Maker round trip on $10,000 | $0 | $0 |
| Best-tier taker fee | 0% | 0.0095% |
| BTC max leverage | 50x | 40x |
| Margin modes | cross, isolated | cross, isolated |
| 24h volume | $907M | $238M |
| TVL | — | $38M |
| Custody | non-custodial | non-custodial |
| Collateral | USDC | USDG |
| Deposit networks | Arbitrum One | Robinhood Chain, Ethereum, Arbitrum +3 more |
| Minimum order | — | $5 |
| Order types | 5 | 8 |
| 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 | 16 | 6 |
| Founded | 2021 | 2026 |
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.
Choose Arcus if
- You want spot and perpetuals in one account.
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
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
Frequently Asked Questions
Is Variational or Arcus better?
Variational has a higher rating (3.8 vs 3.6). Variational offers lower fees (0% vs 0.0225%). Choose Variational for lower fees, and Arcus for its features.
What are the fees on Variational vs Arcus?
Variational charges 0% taker / 0% maker. Arcus charges 0.0225% taker / 0% maker for perpetuals.
Which has higher leverage, Variational or Arcus?
Variational offers up to 50x, and Arcus offers up to 50x (40x on BTC). Maximum leverage applies to selected markets and falls as position size grows on both exchanges.
Do Variational and Arcus require KYC?
Variational does not require KYC. Arcus does not require KYC. Both restrict some jurisdictions (Variational lists 16; Arcus lists 6), so check the terms of service for your country before depositing.
Is Variational or Arcus safer?
Variational has been audited and has no insurance fund on record here, and custody is non-custodial. Arcus 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, Variational or Arcus?
Variational recorded $907M in 24-hour volume and Arcus recorded $238M, as of 2026-10-04. Variational lists 561 perpetual markets and Arcus lists 60.