dYdX
Derivatives · Perp DEX · DYDX
dYdX is the original decentralized perps pioneer. V4 runs on its own Cosmos appchain with decentralized, validator-driven order matching and strong BTC/ETH perp liquidity targeted at professional traders.
The original decentralized perps pioneer.
DYDX price
$0.1310
-3.5% 24h
Latest data · 15 min delay
Competitors
Ranked top→bottom — who competes with dYdX and how they differ.
| # | Competitor | Positioning | Similarities | Differentiator |
|---|---|---|---|---|
| 1 | Hyperliquid | Perps DEX on its own high-performance L1 appchain with a fully on-chain orderbook; the leading challenger that overtook much of dYdX's perp DEX market share. | Both are order-book-based decentralized perpetual exchanges running on purpose-built app-specific chains rather than general-purpose smart-contract platforms. | Hyperliquid runs its orderbook fully on-chain via HyperBFT and has its own EVM layer, whereas dYdX keeps the orderbook off-chain in validator memory and settles on-chain; the two use different token/incentive models. |
| 2 | GMX | Leading pooled-liquidity (oracle-priced, peer-to-pool) perps DEX on Arbitrum and Avalanche. | Both are major decentralized perpetual futures venues offering leverage on crypto assets with a shared liquidity pool component (GMX's GLP/GM vs. dYdX's MegaVault). | GMX uses an oracle-priced peer-to-pool AMM model on general-purpose L2s, while dYdX uses a central-limit-order-book matching engine on its own dedicated Cosmos L1. |
| 3 | Aevo | Derivatives DEX (perps and options) using an off-chain orderbook with on-chain settlement on a dedicated rollup. | Both use an off-chain orderbook / matching engine with on-chain settlement for derivatives trading. | Aevo settles on an Ethereum-based rollup and emphasizes options alongside perps, while dYdX is a Cosmos-native perps-focused L1. |
| 4 | Gains Network | Synthetic leveraged trading (gTrade). | Both in Derivatives (Perp DEX). | Synthetic markets (no spot leg) collateralized by gToken vaults; up-to-150x leverage on majors plus forex and equities. |
| 5 | Drift Protocol | Leading Solana-native perps DEX. | Both in Derivatives (Perp DEX). | DLOB + vAMM hybrid with JIT auctions; Drift Vaults offer passive strategies, with spot routed via Jupiter. |
| 6 | Synthetix | Synthetic-asset liquidity layer powering perps and synths. | Both in Derivatives (Perp DEX). | A shared, staker-backed liquidity layer (rather than per-market order books) that other front-ends (Kwenta, Polynomial) build perps on top of. |