dYdX

Derivatives · Perp DEX · DYDX

NetworkDerivativesPerp DEX1 coinsVerified

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

$0.1298

-0.3% 24h

Latest data · 15 min delay

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Research

Components, facts, FAQ, timeline, and tokenomics in one place

Main components (5)

dYdX Chain (v4)

A standalone, sovereign proof-of-stake Layer 1 blockchain built with the Cosmos SDK and CometBFT consensus. It is a purpose-built appchain that powers a decentralized perpetual futures exchange, launched on mainnet on October 26, 2023 after dYdX migrated off its former StarkEx-based Ethereum L2 (v3).

Off-chain orderbook & matching engine

Validators run an in-memory (off-chain) orderbook and matching engine that is not committed to consensus, allowing dYdX to match orders at CEX-like speed. Trades are then settled on-chain and verified by all validators through consensus, combining off-chain performance with on-chain settlement.

MegaVault

A 'master' USDC liquidity pool introduced with the dYdX Unlimited upgrade. Depositors provide USDC and earn yield from an automated market-making strategy run across market-specific sub-vaults; MegaVault is the liquidity backbone that enables permissionless / instant market listings on dYdX Chain.

Instant / Permissionless Market Listings

A feature enabled by the dYdX Unlimited upgrade that lets anyone list a new perpetual market by depositing USDC into MegaVault (locked for a period), with MegaVault automatically sourcing liquidity for the new pair — removing the need for a governance vote per market.

DYDX token

The native staking, gas and governance token of dYdX Chain. It secures the PoS network (validators/delegators stake DYDX) and governs protocol parameters. It replaced the former Ethereum ERC-20 ethDYDX via a one-way migration bridge.

Differentiator

Permissionless perpetual markets on a dedicated Cosmos appchain with off-chain orderbook and on-chain settlement; Megavault LP product.

Organizational structure

Units & roles

Antonio Juliano
Founder of dYdX; started the protocol in 2017. Founded dYdX Trading Inc., the company that developed the protocol software.
Founder
dYdX Foundation
Independent foundation supporting the growth, governance and decentralization of the dYdX Chain ecosystem, distinct from dYdX Trading Inc. which developed the software.
Non-profit ecosystem foundation

Investment rounds

Date	Round	Amount	Investors	Link
2017-12-01	Seed	$2M	Andreessen Horowitz (a16z)Polychain Capital	Source
2018-10-01	Series A	$10M	Andreessen Horowitz (a16z)Polychain Capital	Source
2021-01-01	Series B	$10M	Three Arrows CapitalDeFiance CapitalWintermuteHashedGSRSpartan Group	Source
2021-06-15	Series C	$65M	Paradigma16zPolychain CapitalThree Arrows CapitalWintermuteHashKeyElectric CapitalDelphi DigitalStarkWare	Source

Similarity to traditional finance products

How dYdX maps onto established TradFi structures, and where it diverges.

TradFi product	Similarity to dYdX	Key differences
Regulated futures exchange (e.g. CME) with a central limit order book	Both offer leveraged derivatives (perpetual/futures contracts) traded through a central limit order book with a matching engine, funding/settlement mechanics, and margining.	dYdX is non-custodial and permissionless: users self-custody funds, settlement is on a public blockchain via consensus rather than a clearinghouse, perpetuals never expire and use a funding rate, and there is no KYC gatekeeper (access is geoblocked by jurisdiction instead).
Prime brokerage / market-making desk providing liquidity for a fee	MegaVault lets participants pool capital to provide market-making liquidity and earn a share of trading revenue/PnL, similar to institutional liquidity provision.	MegaVault is a permissionless on-chain vault open to any depositor, with pro-rata yield/loss and an automated strategy, rather than a discretionary, relationship-based institutional desk.