Chase Variant: The Basic Definition
A chase variant — sometimes called a secret figure, hidden figure, or SP (secret piece) — is a rare variant in a collectible series that appears at a significantly lower frequency than standard figures. Where a typical figure in a 12-piece series might appear in 1 out of every 12 blind boxes, a chase might appear in 1 out of every 72 or 144 boxes. The rarity is intentional and built into the production.
Chase variants are usually distinct from standard variants in some meaningful way — different colorway (a special metallic or translucent finish, for example), different accessories, or sometimes an entirely different design from the standard series. The difference is usually visible enough that you immediately recognize a chase when you pull one.
The term 'chase' comes from the collector behavior it inspires — you're chasing the rare figure through repeated purchases. The name captures both the mechanic (buy more boxes to improve your odds) and the feeling (the pursuit itself is part of the experience). In trading cards, the equivalent term is 'chase card' — the mechanism and psychology are nearly identical.
How Studios Use Chase Variants
Chase variants serve several functions for studios simultaneously. They create excitement around releases by adding a top-tier reward that most buyers won't receive. They drive repeat purchasing — collectors who want the chase buy more individual boxes or buy full cases. And they generate secondary market activity that keeps the series in public conversation long after the initial release.
Most studios communicate chase availability without specifying exact pull rates. The box packaging will show a question mark or silhouette where the chase would be, signaling its existence without revealing the figure. Some studios publish pull rates explicitly; others leave them to community discovery through tracking pulls across large sample sizes.
Studios also use chase variants to reward high-value customers. Some releases make chases available only in full cases, which creates an incentive to buy 12 boxes at once rather than individually. This case-exclusive chase strategy is particularly common in Japan.
Chase Variant Pricing on the Secondary Market
Chase variants consistently trade at significant premiums over retail on secondary markets. A standard figure retailing for $15 might trade at $20–$30. The chase from the same series might trade at $60–$150 or more, depending on the figure's desirability and how coveted the series is overall.
The premium reflects both scarcity and demand. A chase that only appears in 1 in 144 boxes is arithmetically scarce — not many exist. But scarcity alone doesn't create premium pricing; demand has to be there too. Chases from popular series by well-regarded studios command the highest premiums. Chases from less popular series may trade at only modest premiums despite equal scarcity.
Secondary market prices for chases are tracked actively by the collector community. Sites like StockX, Funko Pop Price Guide, and community-maintained spreadsheets document trading history. Before paying secondary market prices for a chase, it's worth checking current trading data — prices fluctuate considerably with secondary market conditions.
Should You Chase the Chase?
The honest calculation is often that buying the chase directly on the secondary market is cheaper than buying enough blind boxes to expect to pull one. If a chase appears once every 144 boxes at $15 each, your expected cost to pull it by buying blind boxes is $2,160. If it trades secondarily for $100, the secondary purchase is dramatically more efficient — assuming the only goal is to own the figure.
But that calculation ignores the value of the journey for collectors who genuinely enjoy the blind box format. The excitement of opening boxes, the satisfaction of completing sets along the way, the community experience of sharing pulls — these have real value for many collectors. If the process is enjoyable, the expected value calculation misses the point.
The clearest guidance is: if you love the process of buying blind boxes and a chase pull would be a wonderful surprise, play the game. If what you really want is the specific figure and you don't enjoy the randomness, go straight to the secondary market. Both are legitimate strategies.