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
$0.1361
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Permissionless perpetual markets on a dedicated Cosmos appchain with off-chain orderbook and on-chain settlement; Megavault LP product.
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).
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.
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.
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.
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.
~$87 million across seed, Series A, Series B and Series C
Decrypt — dYdX raises $65M from a16z, Paradigm and more10,000 USDC deposited into MegaVault, locked for ~30 days, to list a new market
The Defiant — dYdX Launches Permissionless Listings With Unlimited UpgradeUp to $5,000,000 for the dYdX Chain software depending on severity
dYdX blog — Dive Into The dYdX Chain AuditHow dYdX maps onto established TradFi structures, and where it diverges.
Regulated futures exchange (e.g. CME) with a central limit order book
dYdX
Both offer leveraged derivatives (perpetual/futures contracts) traded through a central limit order book with a matching engine, funding/settlement mechanics, and margining.
TradFi analogue
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
dYdX
MegaVault lets participants pool capital to provide market-making liquidity and earn a share of trading revenue/PnL, similar to institutional liquidity provision.
TradFi analogue
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.
Antonio Juliano
Founder Founder of dYdX; started the protocol in 2017. Founded dYdX Trading Inc., the company that developed the protocol software.
dYdX Foundation
Non-profit ecosystem foundation Independent foundation supporting the growth, governance and decentralization of the dYdX Chain ecosystem, distinct from dYdX Trading Inc. which developed the software.
Series B
2021-01-01$10M
Series C
2021-06-15$65M
Key milestones: launches, upgrades, exploits and governance events.
v3 on StarkEx
ExecutedPerpetuals exchange live on StarkWare's StarkEx Ethereum Layer 2 with a centrally-operated orderbook.
Sourcev4 — dYdX Chain mainnet
ExecutedMigration to a sovereign Cosmos SDK / CometBFT appchain with validator-run off-chain orderbook and on-chain settlement.
SourcedYdX Unlimited (v7.0.0)
ExecutedPermissionless market listings and MegaVault liquidity pool go live.
SourcedYdX is a decentralized exchange for perpetual futures ('perps'). It pioneered on-chain perps and now runs on its own dedicated Cosmos-based Layer 1 (dYdX Chain, or v4), where validators operate an off-chain orderbook and settle trades on-chain.
v3 ran as an Ethereum Layer 2 using StarkWare's StarkEx, with a centrally-operated orderbook and matching engine. v4 (dYdX Chain) is a standalone, fully decentralized Cosmos SDK appchain where validators run the orderbook off-chain and settle trades on-chain, and where the core team no longer collects trading fees.
MegaVault is a pooled USDC liquidity product. Users deposit USDC and earn yield generated by an automated market-making strategy deployed across dYdX markets. It also underpins permissionless market listings by automatically supplying liquidity to newly listed pairs.
Following a community governance vote, the Ethereum ERC-20 ethDYDX migrates one-way to native DYDX on dYdX Chain via the wethDYDX bridge contract. Sending ethDYDX locks it and returns wethDYDX on Ethereum plus mints native DYDX on dYdX Chain at a 1:1 ratio. There is no reverse bridge.
No. The dYdX perpetuals trading software's terms of use prohibit persons located in, resident in, or operating from the United States, Canada, and other restricted/sanctioned jurisdictions, and the front end geoblocks these regions.
