Peer-to-peer trading startup Variational raises $50 million for real-world perps in funding round led by Dragonfly

The company is initially offering perpetual futures on real-world assets including oil, silver, copper and gold.\nWhat to know : Variational, an onchain derivatives trading protocol, said it raised $50 million in a round led by Dragonfly with participation from Bain Capital Crypto and Coinbase Ventures. The company plans to use the funding to expand its derivatives trading services, including its range of perpetual futures tied to real-world assets such as gold, silver, copper and WTI crude oil. Variational, which says it has processed more than $200 billion in trading volume since 2025, aims to aggregate liquidity from traditional and onchain markets to offer over 100 onchain perpetual contracts with so-called TradFi-grade depth.