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All official dYdX communications come from this handle.
Please ignore and report any other account claiming to be dYdX, and always verify before you engage.
3.7/ 5
Our score
Good
Chains
EthereumOther
Swap fee
5–30 bps
Type
Order bookPerpetuals
Perpetual futures
Yes
Audited
Yes
Governance token
DYDX
What is dYdX?
dYdX is a self-custodial trading protocol for perpetual futures and spot markets. Its infrastructure runs on the dYdX Chain, a Cosmos SDK-based network where validators operate the order book. The platform reports more than $1.6 trillion in lifetime trading volume and more than 200 markets as of October 2026.
Who is behind dYdX
Antonio Juliano founded dYdX. The current website identifies dYdX International Ltd and dYdX Trading Inc. as affiliated entities and states that they do not operate the public protocol. The dYdX Operations subDAO maintains the chain documentation. A recurring mechanism allocates 75% of net protocol revenue to DYDX buybacks, and the Treasury SubDAO began that program in April 2025.
How trading works
Trading is non-custodial, so the protocol does not hold customer funds in a central exchange account. Users can trade perpetuals and spot markets through web, mobile, desktop, Telegram and API interfaces. Order-book execution supports advanced order types, limit orders and community-decided market listings. Deposits are supported from Ethereum, Base, Arbitrum, Polygon, Avalanche and Optimism. Solana spot trading was integrated in 2025.
Fees and access
Trading fees are listed at 5–30 basis points. BTC and BONK trading fees are listed at 0%. Deposits of $100 or more are free under the platform's stated offer, while network and gas costs are approximately $3–$20. The website advertises up to 50x buying power, which adds liquidation risk to perpetual trading.
The protocol is unavailable in the United States and to other Restricted Persons. The materials describe it as permissionless, but regional access restrictions apply.
Track record and risks
The dYdX Chain was audited by Informal Systems, with finalized reports held in the v4 chain audit records. The platform reported $21 million in open interest and 200+ markets in October 2026. Its stated TVL was about $70.5 million on October 16, 2026, while MegaVault TVL was reported at $1.6 million on October 18.
The order-book model depends on validators and available liquidity. Perpetuals add liquidation and oracle risks, while thin markets can increase slippage. Smart-contract or chain vulnerabilities remain possible. Community-driven listings can expose traders to risky assets, and incentives such as trading rewards and DYDX buybacks can affect activity and token demand.
Founders
Antonio JulianoFounder
Best for:Active perpetuals tradersOn-chain order-book tradersAPI-based trading teamsTraders outside restricted regions
Pros and cons
Pros
- Self-custodial order-book trading for perpetuals and spot markets
- More than 200 markets listed as of October 2026
- 0% trading fees advertised for BTC and BONK
- API, mobile, desktop and Telegram access
- Informal Systems audit reports cover the dYdX Chain
Cons
- Unavailable in the United States and to other Restricted Persons
- Perpetual trading can liquidate positions at up to 50x buying power
- Network and gas costs are approximately $3–$20
- Community-driven listings create asset and market-quality risks
- Validator-operated infrastructure introduces chain and order-book dependence
Our review
3.7/5
Good
dYdX combines self-custodial order-book perpetuals with reported lifetime volume, but its restricted access, leverage risk and Cosmos-based architecture limit its fit.
dYdX is a self-custodial exchange built around perpetuals and an order-book model rather than an AMM. Its own chain uses Cosmos SDK infrastructure, with validators operating the order book. That design supports advanced order types, API access and community-driven market listings. The platform also supports spot trading, including Solana spot markets.
The platform reports $1.6T in lifetime volume, $21M in open interest and more than 200 markets as of October 2026. Current TVL is about $70.5M. Deposits can come from Ethereum, Base, Arbitrum, Polygon, Avalanche and Optimism, while Solana is supported for spot trading.
Trading fees are listed at 5–30 bps, with 0% fees for BTC and BONK. Deposits of $100 or more are free, while gas costs are approximately $3–$20. Limit orders and other advanced order types are available. The trade-off is complexity: perpetuals bring liquidation and oracle risks, and leverage can magnify losses. residents and other Restricted Persons.
Informal Systems audited the dYdX Chain, and finalized audit reports are kept in the v4 chain audits folder. The protocol is open source and self-custodial, so users do not hand funds to a central exchange, but they still face smart contract, validator and market-liquidity risks. The public record here identifies Antonio Juliano as founder and lists dYdX International Ltd and dYdX Trading Inc. as affiliated entities rather than protocol operators. A DYDX buyback program began in April 2025, with 75% of protocol revenue allocated to buybacks in the reported mechanism.
dYdX fits traders who need perpetuals, limit orders and API access.
Specs
| Type | Order book, Perpetuals · unverified |
|---|---|
| Chains | Ethereum, Other |
| Swap fee | 5–30 bps · unverified |
| Limit orders | Yes · unverified |
| Audited | Yes · unverified |
| Open source | Yes · unverified |
| Governance token | DYDX · unverified |
| Perpetual futures | Yes · unverified |
| Max leverage (x) | 50 · unverified |
| Mobile app | Yes · unverified |
| Points or rewards program | Yes · unverified |
Not disclosed by the provider: KYC required, Cross-chain swaps, Routes across other DEXs, MEV protection.
Data from the provider's website and public sources. Fees and availability change; confirm on the official site before you sign up.
Key features
Perpetual futures
The platform offers perpetual contracts with up to 50x buying power and on-chain order-book execution.
Spot markets
Spot trading includes Solana markets, alongside deposits from Ethereum, Base, Arbitrum, Polygon, Avalanche and Optimism.
Advanced order types
The trading interface supports limit orders and other advanced order types for order-book execution.
Large market list
The platform reports more than 200 markets as of October 2026, with community-driven market listings.
Self-custody trading
Users connect wallets and retain custody rather than depositing funds with a centralised exchange operator.
API access
A high-performance API supports programmatic access alongside web, mobile, desktop and Telegram interfaces.
Fee discounts
Trading fees are listed at 5–30 basis points, with 0% fees advertised for BTC and BONK trading.
Cross-chain deposits
Deposits are supported from six named networks: Ethereum, Base, Arbitrum, Polygon, Avalanche and Optimism.
Inside dYdX
Trading access
The trading platform offers spot markets and perpetual contracts with advanced order types, self-custody and access through mobile, desktop and Telegram interfaces.
Trading for teams
This product area provides trading infrastructure for teams, including API access and scalable tools for operating trading activity.
Instant market listings
Community-driven listings allow new markets to be added to the dYdX trading environment, which reports more than 200 markets.
Affiliates and rewards programs
The affiliate program pays commissions starting at 30% and scaling up to 50%. Trading leagues and other campaigns distribute rewards tied to eligible activity.
dYdX Chain
The dYdX Chain is the protocol's Cosmos SDK-based trading infrastructure, where validators operate the order book and community-driven markets can run.
MegaVault
MegaVault is a dYdX product with reported TVL of $1.6M as of October 18, 2026.
dYdX screenshots
What users say about dYdX
The reports focus on a fake site impersonating dYdX rather than on the product itself.
Scam warning: A fake dydydx.com site has reportedly solicited deposits and blocked withdrawals while posing as dYdX.
Scam warning: Users should beware of similarly named domains impersonating dYdX.
Based on 2 Reddit posts and comments from the last 12 months, checked Oct 18, 2026. These are posts by users on other sites, not reviews submitted on CryptoReview.
User reviews
No user reviews yet. Have you used dYdX? Share your experience below.
Funding and investors
1Round
4Investors
-
Funding round Amount undisclosed
FAQ
Who founded dYdX?
Antonio Juliano founded dYdX. The official site identifies dYdX International Ltd and dYdX Trading Inc. as affiliated entities rather than operators of the public protocol.
What are dYdX's trading fees?
dYdX lists trading fees of 5–30 bps. BTC and BONK trading fees are listed at 0%, and deposits of $100 or more are free.
Is dYdX available in the United States?
dYdX is not available in the United States or to other Restricted Persons. The platform is described as decentralized, permissionless and self-custodial, but geographic restrictions still apply to its available front ends.
Is dYdX safe?
dYdX is self-custodial and open source, and Informal Systems audited the dYdX Chain. Trading still carries smart contract, oracle, validator, liquidation and market-liquidity risks.
Which chains does dYdX support?
dYdX supports deposits from Ethereum, Base, Arbitrum, Polygon, Avalanche and Optimism. Solana spot trading is also live, while the order book runs on the dYdX Cosmos SDK chain.
Does dYdX have a token?
Yes, DYDX is the dYdX token. A buyback program began in April 2025, and the reported mechanism allocates 75% of protocol revenue to DYDX buybacks.
Latest from dYdX on X
The dYdX community built the leading DEX in DeFi.
Now we're building something new alongside it.
🧵 Here's everything you need to know about @Arcus_xyz https://t.co/BCDGHB2CRV
Now we're building something new alongside it.
🧵 Here's everything you need to know about @Arcus_xyz https://t.co/BCDGHB2CRV
Recent public posts from @dYdX, shown as published. Not reviewed or endorsed by CryptoReview.
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