Composed in 1829, it was published posthumously in 1881. This work is believed to have been composed based on the theme of Niccolò Paganini's Variations on "Carnival of Venice", Op. 10, after Chopin heard Paganini himself perform it at a concert in Warsaw in May 1829. This theme has been treated by various composers in various countries. Chopin himself had already used this theme in a set of variations for four hands prior to this work.

In this Allegretto variation in A major and 6/8 time, the right hand plays the theme and four variations over an ostinato-like accompaniment in the left hand. This is followed by a coda, which concludes the piece. The final two chords that conclude this piece bear a resemblance to the Nocturne Op. 9 No. 2. However, the most notable aspect is likely that the roles of the left and right hands in this work faithfully reflect Paganini's original composition for violin (in which the right hand plays the melody with bowing, and the left hand plays the ostinato-like accompaniment with pizzicato). This technique of assigning roles to the left and right hands was also adopted in Chopin's later work, Berceuse.