dYdX
dYdX
dYdX offers over 220 perpetual markets with competitive fees (0.02%/0.05%) on a decentralised Cosmos PoS chain. Its main drawbacks are liquidation risk on derivatives and a less user-friendly experience than centralised exchanges, compounded by the complexity of the Cosmos chain.
Data & conditions
| Liquidity model | CLOB |
|---|---|
| Maker / Taker fee | 0.01% / 0.05% |
| Markets | Spot + Perp |
| Supported chains | dYdX Chain (Cosmos SDK) |
| TVL (as of Jun 13) | $327M |
| 24h volume | $4.5B |
| Native token | DYDX |
| Fund custody | Non-custodial (funds in your wallet) |
| Supported wallets | MetaMask, Keplr, Phantom, Coinbase Wallet, WalletConnect, Privy, Ledger, Trust Wallet |
| Audits | Informal Systems (audit completo dYdX Chain v4, zero issue critiche), Peckshield (token bridge e contratti di governance) |
| Governance | DAO + DYDX token (Cosmos SDK governance) |
| KYC | Full |
| Supported countries | US, EEA, APAC, LATAM, MENA, AFRICA · 200+ countries |
| Regulator | None |
| Segment | B2C |
| MiCA / License status | None (decentralized protocol) DEX Cosmos |
Strengths
- 220+ markets perp; fee 0,02%/0,05% competitive; Cosmos PoS decentralized.
- Self-custody: funds stay in your wallet — the platform cannot touch them.
- Permissionless and decentralized: no approval needed to operate.
- Public security audits.
Weaknesses
- Liquidation risk; less user-friendly vs CEX.
- Full KYC required: verified identity, zero pseudonymity.
- Subject to regulation (DEX Cosmos): reporting to authorities and freezes on order.
Verdict
For the mainstream user the score reflects the absence of any protection: no regulator, no guarantees, self-held keys and derivatives liquidation risk fully on the trader. The experience is also less immediate than a centralised exchange, owing to the Cosmos chain's complexity. The grade stays high for robustness, but this is not a tool built for those seeking protection.
Here dYdX is worth a lot: over 220 perpetual markets on its own decentralised Cosmos PoS chain, a CLOB order book and on-chain settlement, with competitive fees (0.02% maker, 0.05% taker) and no KYC at the protocol level. Genuine decentralisation, fund control and censorship resistance make it a benchmark for sovereign derivatives trading; the Cosmos learning curve is the only real friction.
Promp's editorial rating based on real fees and net annual cost. Promp reviews third-party products independently.
"Sovereignty" rating: score computed on privacy/anonymity (30%), fund control (20%), censorship resistance (20%), trustless/auditability (20%) and costs (10%). Same data, different weights.
FAQ
Is dYdX truly decentralized?
dYdX is a non-custodial decentralized exchange: funds stay in your wallet. Liquidity model: CLOB. Governance token: DYDX.
Which blockchains does dYdX support?
dYdX is available on dYdX Chain (Cosmos SDK).
What is dYdX's TVL?
dYdX's Total Value Locked is about $327M (snapshot 2026-06-13). The figure is dynamic: check the live value on DefiLlama.
What are dYdX's fees?
dYdX's trading fees range 0.01% – 0.05%. On top of these there are on-chain gas fees, which vary with network congestion.
Does dYdX support perpetuals and leverage?
dYdX offers perpetual contracts, with up to 100x leverage. It supports spot token swaps.
Sources
- Official service page Liquidity model · TVL · Blockchain · Fees Data verified on Jun 13, 2026
- docs.dydx.xyz OAM Italy registry · Deposit guarantee · Proof-of-Reserves · Security audit Data verified on Jun 14, 2026
- dydx.xyz Legal name · Company type · Stock ticker · Stock listing · +4 Data verified on Jun 14, 2026
- help.dydx.trade Supported wallets Data verified on Jun 14, 2026
Show 4 more sources
- trustpilot.com Trustpilot reviews Data verified on Jun 14, 2026
- coinhouse.com Founders Data verified on Jun 13, 2026
- crawlux.com 24h volume · Past incidents · Third-party audit · Bug bounty Data verified on Jun 13, 2026
- dydx-airdrop.github.io Governance Data verified on Jun 13, 2026