dYdX at a glance.
dYdX is a sovereign blockchain built with the Cosmos SDK and CometBFT, dedicated to one job: running an order-book exchange for perpetual futures fully on-chain. Earlier versions of dYdX ran on Ethereum and a StarkEx Layer 2, but version 4 moved to its own standalone chain so the order book, matching, and settlement all live in the protocol. Here is how it works and what it is used for, not the price.
$98.2M
Value locked in DeFi protocols on dYdX. Updated Jun 8, 2026. Source: DefiLlama.
DYDX
Used for fees and securing the network. See the live DYDX price.
How dYdX works.
Validators take turns proposing blocks in a weighted round-robin, with influence weighted by how much DYDX is staked to each node. A block is finalized once two-thirds or more of validators, by stake weight, approve it. Token holders who do not run a validator can delegate their DYDX to one and share in the rewards. Fees collected by the protocol, largely denominated in USDC, are distributed to validators and their delegators.
Validators take turns proposing blocks in a weighted round-robin, with influence weighted by how much DYDX is staked to each node. A block is finalized once two-thirds or more of validators, by stake weight, approve it. Token holders who do not run a validator can delegate their DYDX to one and share in the rewards. Fees collected by the protocol, largely denominated in USDC, are distributed to validators and their delegators.
Application-specific chain
Rather than deploying as a smart contract on a shared network, dYdX runs its own chain tuned for a single use: a high-throughput perpetuals exchange.
Off-chain order book
Each validator keeps an in-memory order book and matches trades off-chain, then commits the resulting trades on-chain. This keeps the live order book fast while settlement stays decentralized.
Gas-less trading
Placing and canceling orders does not cost a gas fee. Traders instead pay maker and taker fees in USDC, and those fees flow to validators and stakers.
Staking and governance
DYDX is staked to validators to help secure the chain and is used to vote on governance proposals that set protocol parameters and upgrades.
What dYdX is used for.
The chain is purpose-built for derivatives trading, so most activity centers on the dYdX perpetuals exchange and the tooling around it.
Perpetual futures trading
Traders open leveraged long and short positions on a wide range of markets through an on-chain order book.
Staking for rewards
Holders stake or delegate DYDX to validators and earn a share of protocol fees, distributed largely in USDC.
Protocol governance
Stakers vote on proposals covering listed markets, fee parameters, and software upgrades for the chain.
dYdX V4 · Derivatives$98.2M
Stride · Liquid Staking$73,295Hold, swap and spend DYDX.
dYdX is integrated in Zypto App. Hold DYDX in self-custody, swap it to any supported asset, and use it across Zypto’s features.
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