dYdX
DYDX
Decentralized perpetual futures trading protocol
Performances
RD Popularity Index
RD Growth Index
| 1h | 24h | 7d | 30d | 60d | 90d |
|---|---|---|---|---|---|
| 1.25% | 1.16% | 19.70% | 11.49% | 6.09% | 21.45% |
Comparison
Sub Organizations
Tokenomics
Unlock Progress
Based on CoinGecko data, Current Unlock Rate for DYDX: 84.61%
On-chain Holding
| Holding Token | Price | Amount | Total Value |
|---|---|---|---|
| No Data | |||
Top Holders
| Address | Token | Quantity | 7d | Percentage | Value |
|---|---|---|---|---|---|
| 0x46b2...dfa9 |   DYDX | 494,878,404.18 | -- | 92.32% | $56.85M |
| dYdX: Rewards Treasury (292f) | DYDX | 187,404,241.78 | -- | 34.96% | $21.53M |
| Binance 8 (acec) | DYDX | 35,293,130.46 | -- | 6.58% | $4.05M |
Open Markets
| # | Exchange | Pair | Price | +2% depth | -2% depth | Volume (24h) | volume % |
|---|---|---|---|---|---|---|---|
| 1 | HHTXCEX | DYDX/USDT | $0.1723 | $657 | $5,158 | $1,971,471 | 64.62% |
| 2 | OOKXCEX | DYDX/USDT | $0.1721 | $48,529 | $340,940 | $1,677,072 | 54.97% |
| 3 | OOKXCEX | DYDX/USD | $0.1721 | $6,309 | $9,748 | $188,228 | 6.17% |
| 4 | BBithumbCEX | DYDX/KRW | $0.173 | $38,385 | $3,626 | $6,137 | 0.20% |
| 5 | OOKXCEX | DYDX/EUR | $0.1726 | $8,821 | $15,239 | $827 | 0.03% |
Follow Updates
Follow Lists
People
About dYdX
dYdX is a decentralized perpetual futures exchange built on its own Cosmos SDK-based appchain, dYdX Chain. Unlike AMM-based DEXs, it uses a central limit order book (CLOB) model, offering leverage trading, margin, and funding rate mechanisms. In late 2025, it added spot trading for Solana.
Its core competitiveness lies in the order book model, which provides a centralized-exchange-like experience while remaining decentralized, with deep liquidity, advanced order types, and high-performance APIs. It also offers USDC staking yields and a buyback mechanism funded by 75% of protocol fees. However, it faces intense competition from Hyperliquid, with its market share collapsing from 73% in early 2023 to under 3% by 2026, and fee revenue shrinking significantly.
Market pain points addressed: traditional AMM DEXs suffer from slippage and impermanent loss; dYdX's order book model solves these with more precise price discovery and lower slippage. Decentralization also eliminates custodial risks of centralized exchanges.
Recent six months (2026-03 to 2026-09): launched dYdX Unlimited for permissionless markets and MegaVault auto-liquidity; acquired Pocket Protector for social trading; expanded Solana spot trading with zero fees in the US; integrated Apple/Google Pay for fiat on-ramp; increased buyback ratio to 75% via governance. Published H1 2026 ecosystem report. Negative: market share continued to decline, fees remained depressed, and Hyperliquid's structural dominance persisted.
dYdX, a leading decentralized derivatives exchange, has evolved through several pivotal milestones. Initially operating as a hybrid model with centralized order books, it transitioned to full decentralization with the v4 launch, eliminating central control points. Community governance became a cornerstone: token holders voted to close 12 illiquid markets, approved raising protocol fee buybacks from 25% to 75% of net revenue, and initiated a liquidation rebate pilot program. The exchange executed buybacks of approximately 7.5 million DYDX tokens (~$1.35 million), signaling strong token economics. Strategically, dYdX expanded into the U.S. market by launching Solana spot trading, marking its first U.S. user access, while planning significant fee reductions. A landmark partnership with Robinhood Chain led to the deployment of Arcus, a dYdX-developed DEX, with investment from Robinhood Crypto, bridging decentralized trading with mainstream retail infrastructure. Cumulative trading volume surpassed $1.55 trillion, reflecting sustained growth and institutional relevance.
Positive: 75% of net protocol fees used to buy back DYDX, with 8.61M tokens repurchased in H1 2026 and all staked; cumulative protocol fees reached $66.3M and volume $1.58T; 88.1M DYDX staked generating yield, plus new DeFi deployments like Morpho vault; holders rose to 98.5K (+44% YoY).
Negative: net protocol revenue fell ~80% YoY; Arcus launched independently on Robinhood Chain, stoking fears innovation shifts away from dYdX Chain, DYDX fell 23% in a day; unique traders dropped from 6,268 in Q1 to 4,210 in Q2.
Co-founders and current core executives:
Antonio Juliano - Founder & CEO (LinkedIn: https://www.linkedin.com/in/antoniojuliano/, Twitter: https://x.com/antoniomjuliano)
Charles d'Haussy - CEO (LinkedIn: https://www.linkedin.com/in/charlesdhaussy/, Twitter: https://x.com/charlesdhaussy)
Arthur Cheong - Foundation Board Chairman (LinkedIn: https://www.linkedin.com/in/arthur-cheong-8270a25b/, Twitter: https://x.com/arthur0x)
David Gogel - COO (LinkedIn: https://www.linkedin.com/in/dgogel/, Twitter: https://x.com/dgogel)
Recently, the dYdX team has undergone a personnel change. Eddie Zhang (Twitter: @epic_edge_) joined in July 2025 as President and left in June 2026. He was previously the co-founder and CEO of Pocket Protector, which was acquired by dYdX in 2025. His departure may have an impact on dYdX's management, but the specific reason has not been disclosed.