dYdX
Perpetual futures exchange running on its own dYdX Chain with an order book and DYDX staking.
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dYdX key facts
| Category | Derivatives exchange |
|---|---|
| Chains | dYdX Chain |
| Platforms | Web, API |
| Custody | Non-custodial |
| Fees | Under $1M 30-day volume: 5.0 bps taker, 1.0 bps maker |
| US availability | Not available: US and Canada persons prohibited |
| Security audits | Informal Systems |
| Chains | dYdX Chain (Cosmos SDK) |
What is dYdX?
dYdX is a perpetual futures exchange that runs on its own dYdX Chain, with an order book run by validators. The lowest-volume tier pays 5.0 bps taker and 1.0 bps maker. Its terms bar persons in the United States and Canada from the software. The protocol was audited by Informal Systems.
How dYdX works
dYdX Chain is a standalone blockchain built with the Cosmos SDK and CometBFT.
Every full node keeps an in-memory order book. A short-term limit order lives off-chain in node memory until it matches; the validator proposing the next block matches orders by price-time priority from its local book and includes the fills. After each committed block, nodes resync their books, so an order can match differently than one node's view suggested.
Accounts margin in USDC. Each market has an initial margin fraction, which rises linearly once open interest passes a set cap and can reach 100%, and a fixed maintenance margin fraction. If account value falls below total maintenance margin, the liquidation engine closes positions against the book at a calculated fillable price. The default maximum liquidation penalty is 1.5%, and an insurance fund absorbs liquidation profits and losses.
Validators and stakers earn staking rewards in USDC and DYDX, equal to trading fees plus gas fees minus the community tax and validator commission. Traders earn rebates instead of token emissions: governance set the C factor to 0, so traders now receive 50% trading rebates directly after each trade. Rewards are paid automatically every block that contains their trades.
How to start with dYdX
- dYdX is not an option if you are in the US: its terms bar persons located in, or companies operated from, the United States or Canada, and the docs tell front ends to block those countries.
- Where it is permitted, deposits over $20 default to Skip Go Fast, which settles in 10 to 30 seconds from Ethereum, Arbitrum, Optimism, Base, Polygon or Avalanche.
- Skip Go regular also covers Solana, Osmosis and Noble, and Coinbase users can deposit through Noble in 1 to 3 minutes.
dYdX fees and limits
- Below $1M the taker fee is 5.0 bps and the maker fee 1.0 bps.
- Skip Go Fast deposits cost 10 bps of the transfer plus source-chain gas, about $2.50 on Ethereum and $0.01 to $0.10 on L2s, and are free above $100 from Ethereum or $20 from L2s.
- Skip Go regular deposits cost about $0.02 and withdrawals about $0.10 to $7 plus gas.
- Deposits from Coinbase through Noble cost the Coinbase withdrawal fee plus a $0.10 to $0.20 IBC fee.
Trading fees are tiered by 30-day volume across your subaccounts. Staked DYDX earns an extra discount at thresholds set by governance, but only bonded tokens count, not tokens in the unbonding period, and staking discounts do not apply to maker rebates.
Risks to know before using dYdX
- Order handling differs from a centralized exchange.
- Because each node keeps its own book, a cancel seen by one block proposer may not reach the next proposer in time, and the docs warn that an order can still match after you expected it to be cancelled.
- In the default software, a liquidation can take up to the entire remaining account value as penalty, though the engine tries to leave positive balances after the 1.5% maximum.
- The security page names a single auditor, Informal Systems, with reports in the v4-chain audits folder, and invites community bug reports now that the core repositories are public.
- Fee schedules, liquidation settings and validator slashing parameters are all set by governance and can change by vote.
- Validators that miss too many blocks in the signing window are jailed and removed from the active set.
dYdX usage
From DefiLlama (TVL) (fees users paid), updated Nov 10, 2026.
dYdX alternatives
Other projects people compare with dYdX.
Pool-to-peer perpetuals and spot exchange on Solana with up to 500x leverage.
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Layer 1 blockchain running a fully onchain order book for perpetual futures and spot trading.
Decentralized perpetual futures and spot exchange with verifiable order matching and zero fees on Standard accounts.
Onchain crypto index protocol behind TCAP and the Cryptex Digital Market Cap Index, governed by CTX holders.
dYdX pros and cons
- Taker fee 5.0 bps and maker 1.0 bps at the entry tier
- Traders earn trading rebates as rewards
- Core dYdX Chain repositories are public
- Not available to persons in the United States or Canada
- Only one audit firm named on its security page
- Fee discounts need high volume or staked DYDX
dYdX FAQ
What is dYdX?
dYdX is a perpetual futures exchange that runs on its own dYdX Chain, with an order book run by validators. The lowest-volume tier pays 5.0 bps taker and 1.0 bps maker. Its terms bar persons in the United States and Canada from the software. The protocol was audited by Informal Systems.
How much value is locked in dYdX?
$76.5M according to DefiLlama on Nov 10, 2026. It is deployed on 2 chains: dYdX, Ethereum.
How much does dYdX cost?
Under $1M 30-day volume: 5.0 bps taker, 1.0 bps maker, according to dYdX’s own page (checked Sep 26, 2026).
How much do users pay dYdX in fees?
$237,441 over the last 30 days, according to DefiLlama on Nov 10, 2026.
Is dYdX available in the US?
Not available: US and Canada persons prohibited, according to dYdX’s own page (checked Sep 26, 2026).
Does dYdX hold my funds?
No. dYdX is non-custodial: you keep your funds in your own wallet and sign each transaction.
Sources
How this page works
Sources: dYdX: official site, dYdX: Docs, Rewards and Fees, dYdX: Docs, Compliance. Data as of Sep 26, 2026.
Not affiliated with any project listed. Educational content, not financial advice.