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Back to DeFi Protocols
dYdX
Derivatives (Perps)$DYDXTVL: $300M+

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

dYdX Chain (Cosmos SDK)Ethereum (legacy)

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

WebsiteTwitter / XDiscordTelegramGitHub

More Derivatives (Perps) Protocols

GMX

GMX

Derivatives (Perps) · TVL: $500M+

GMX is a decentralised perpetual exchange that allows users to trade BTC, ETH, and other assets with up to 100x leverage directly on-chain. GMX V2 introduced isolated pools, customisable fee structures, and improved risk management. Liquidity providers earn fees from all trading activity via the GLP/GM pool model.

Hyperliquid

Hyperliquid

Derivatives (Perps) · TVL: $1B+

Hyperliquid is a high-performance perpetual DEX operating on its own L1 blockchain. It offers CEX-like speed and UX with a fully on-chain order book. Known for extremely low latency, no gas fees for trading, and a wide selection of perpetual markets. Hyperliquid's HLP vault acts as the counterparty market-making entity.

Synthetix

Synthetix

Derivatives (Perps) · TVL: $500M+

Synthetix is a derivatives liquidity protocol that powers other front-end perp exchanges (like Kwenta). SNX stakers provide collateral backing for synthetic assets and perpetual futures. Synthetix V3 introduced a modular architecture with multi-collateral support. The protocol earns fees from all trading activity on platforms using its liquidity.

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