About dYdX
dYdX is the leading decentralized derivatives exchange, offering perpetual futures contracts with up to 20x leverage. Founded by Antonio Juliano, dYdX V4 migrated to its own Cosmos-based appchain in late 2023, enabling a fully decentralized order book with zero gas fees on trades. Unlike AMM-based DEXs, dYdX uses a traditional central limit order book (CLOB) for professional-grade trading. Makers earn negative fees (rebates of 0.02%) while takers pay 0.05%. The platform consistently ranks among the highest-volume derivatives exchanges, competing directly with centralized perpetual platforms.
Supported Blockchains
Features
Pros & Cons
Pros
- True order book matching
- No gas fees on trades
- Maker rebates (negative fees)
- Professional-grade platform
Cons
- Derivatives only (no spot trading)
- Requires bridging to dYdX Chain
- Limited perpetual markets
How dYdX Works
dYdX V4 runs on its own Cosmos-based blockchain (dYdX Chain), enabling a fully decentralized order book without relying on Ethereum's gas fees. The order book and matching engine run off-chain on validator nodes, while settlement happens on-chain. This architecture provides CEX-like speed (block time ~1 second) with DeFi self-custody. Traders deposit USDC as collateral to open perpetual positions with up to 20x leverage. Makers earn rebates (-0.02% fee), incentivizing limit orders that add liquidity.
Getting Started with dYdX
Visit dydx.exchange and create an account by connecting your wallet
Bridge USDC to dYdX Chain using the built-in bridge from Ethereum or other chains
Your USDC becomes your trading collateral - no gas fees needed for trades
Select a perpetual market (BTC-USD, ETH-USD, etc.) and your leverage (up to 20x)
Place limit orders (earn 0.02% rebate) or market orders (pay 0.05% fee)
Manage positions with stop-loss and take-profit orders