dYdX Review
On-chain order book · dYdX Chain (Cosmos)
24h volume
$1.2B
Open interest
$420M
TVL
$380M
Taker fee
0.05%
Markets
~140
Token
DYDX
What is dYdX?
dYdX pioneered on-chain perps and now runs its v4 order book on the dYdX Chain, a dedicated Cosmos app-chain. It is mature, decentralized and battle-tested.
Who it's for
Traders who value maturity, decentralization and governance.
✅ Pros
- Long track record and strong reliability
- Fully on-chain order book
- Wide market list (~140)
- Highly decentralized (Cosmos validators)
⚠️ Cons
- Requires bridging into the dYdX Chain
- Volume trails Hyperliquid
- Cosmos onboarding can be unfamiliar
Compare dYdX
See how dYdX stacks up head-to-head.
dYdX vs VertexdYdX vs DriftPerpmate vs dYdXdYdX vs GMXdYdX vs JupiterdYdX vs GainsHyperliquid vs dYdXdYdX FAQ
Is dYdX safe to use?
dYdX is a non-custodial perp DEX, so you trade from your own wallet and keep your keys. As with any leveraged trading there is liquidation and smart-contract risk, so verify official links and only trade what you can afford to lose.
What are dYdX fees?
dYdX charges around 0.05% taker fees. Always check the live fee schedule before trading.
What chain is dYdX on?
dYdX runs on dYdX Chain (Cosmos) using a on-chain order book model.