dYdX
About dYdX
dYdX is the leading decentralised perpetual exchange by volume, having migrated from Ethereum (StarkEx L2) to its own sovereign Cosmos SDK chain in late 2023. The dYdX Chain features a fully decentralised order book, sub-second block times, and validator-operated matching. dYdX V4 represents a major step toward fully decentralised derivatives trading.
Supported Networks
Key Features
- Central limit order book (CLOB)
- 100+ perpetual markets
- Up to 20x leverage
- Sovereign chain (Cosmos SDK)
- Sub-second finality
- Protocol revenue to stakers
- MegaVault liquidity
- Governance via DYDX
Risks
- Chain liveness risk
- Validator centralisation
- Smart contract/consensus risk
- Bridging risk (to/from dYdX Chain)
- Lower liquidity than top CEXs
- Market manipulation on low-volume pairs
Community & Socials
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