| Aspect | Information |
| Company Name | dYdX |
| Registered Country/Area | United States |
| Founded Year | 2018 |
| Regulatory Authority | Unregulated |
| Cryptocurrencies offered/available | 36 |
| Maximum Leverage | 10x |
| Trading Platforms | dYdX Web and dYdX Protocol |
| Deposit & Withdrawal | Ethereum (ETH) and Dai (DAI) supported |
| Educational Resources | Tutorials, blog posts, and documentation available on the website |
| Customer Support | Live chat, FAQs, and Email support |
Overview of dYdX
dYdX, founded in 2017, is a leading decentralized cryptocurrency derivatives exchange aiming to revolutionize the derivatives trading market with blockchain. It offers diverse trading assets like perpetual futures on Bitcoin, Ethereum, Solana, and leveraged tokens. The exchange features a high - throughput trading infrastructure for fast order execution during market volatility, a non - custodial model for full user fund control, a user - friendly interface for all traders, and detailed market data tools. Security is prioritized with regular smart - contract audits by renowned firms, multi - factor authentication, and a security incident response plan. Committed to regulatory compliance, dYdX works closely with authorities to build user trust and ensure a stable trading environment, providing a unique and innovative trading experience in the cryptocurrency derivatives market.
What is dYdX？
dYdX is categorized as a virtual currency exchange and operates as a decentralized exchange. The platform provides users with the ability to trade a variety of cryptocurrencies, including popular options such as Ethereum (ETH) and Dai (DAI). One notable feature of dYdX is its support for leveraged trading, with a maximum leverage of 10x, allowing users to potentially amplify their trading positions.
dYdX offers two trading platforms, namely dYdX Web and dYdX Protocol, providing users with options for trading flexibility. The platform also supports deposits and withdrawals using Ethereum (ETH) and Dai (DAI), offering convenience for users.
Pros and cons
| Pros | Cons |
| More control over funds and transactions | Lower liquidity |
| A higher level data security | Less favorable pricing and slower transaction times |
| Range of cryptocurrencies offered | Less extensive educational resources |
| Leveraged trading available | Unregulated |
Regulatory Authority
dYdX operates under no regulatory authority according to the latest information addressed on WikiBit.
Security
dYdX claims to prioritize the security of its users' funds and transactions. The platform implements several protection measures to enhance security. These measures include secure custodial services and the use of smart contracts on the Ethereum blockchain. By utilizing smart contracts, dYdX claims to eliminate the need for users to trust central authority with their funds, enhancing the security of transactions.
In terms of user feedback, it is important to note that individual experiences may vary. However, dYdX has received positive reviews regarding the security of the platform. Users appreciate the decentralized nature of the exchange, which provides them with control over their funds and reduces the risk of centralized hacks.
Overall, dYdX claims to provide a secure trading environment for its users, combining the benefits of decentralization and smart contract technology. However, it is always advisable for users to stay vigilant and take necessary steps to safeguard their funds.
Cryptocurrencies available
dYdX supports trading for approximately 36 cryptocurrencies, which is a narrower selection compared to mainstream exchanges. However, it includes popular options like Bitcoin (BTC), Ether (ETH), and Dai (DAI), as well as lesser-known ones such as UMA (UMA), Ox(ZRX), and Zcash (ZEC). This variety caters to traders with different strategies and risk appetites to a certain extent.
In addition to cryptocurrency trading, dYdX also offers leveraged trading options. Users can engage in leveraged trading with a maximum leverage of 10x, allowing them to potentially amplify their trading positions and potentially earn higher profits. However, it is important to note that leveraged trading also carries higher risks, as losses can be magnified.
dYdX App
dYdX is the developer of a decentralized exchange. dYdX runs audited smart contracts on Ethereum, which removes the need to trust a centralized exchange when trading. Decentralized exchanges mean that trading parties trade directly without going through a centralized third-party institution, which can increase transparency and security while reducing transaction costs.
How to open an account？
dYdX is a non-custodial exchange. This means that your funds are either in your own wallet, or in a “smart contract”, which is a program that runs on the Ethereum Blockchain.
Your dYdX account is owned by your Ethereum wallet. For Perpetuals, since they are on Layer 2 you will first need to sign up for a Layer 2 Perpetual account using your wallet via our website. Signing up is a one-time process.
You may refer to the link for a video tutorial: https://youtu.be/TXTJfshPsj0
Fees
dYdX uses a maker-taker fee model for determining its trade fees. There are two types of orders on dYdX — Maker and Taker orders.
- Maker orders are orders that do not immediately fill and rest on the order book — these orders add depth and liquidity to the order book.
- Taker orders, on the other hand, immediately cross existing Maker orders. They remove liquidity from the order book.
Volume Weighted Maker-Taker Fee Schedule (30D Volume)
| Level | From (30D Volume in USD) | To (30D Volume in USD) | Maker | Taker |
| 1 | $0 | $1,000,000 | 0.02% | 0.05% |
| 2 | $1,000,000 | $5,000,000 | 0.02% | 0.04% |
| 3 | $5,000,000 | $10,000,000 | 0.01% | 0.04% |
| 4 | $10,000,000 | $50,000,000 | 0.01% | 0.03% |
| 5 | $50,000,000 | $200,000,000 | 0% | 0.03% |
| VIP | $200M+ | - | -0.0085%* | 0.02% |
* subject to completing onboarding requirements with dYdX Trading
Trading Fee Discounts
Holders of DYDX or stkDYDX receive a trading fee discount based on the size of their current holdings:
| DYDX + stkDYDX Current Balance | Discount |
| ≥ 100 | 3.00% |
| ≥ 1,000 | 5.00% |
| ≥ 5,000 | 10.00% |
| ≥ 10,000 | 15.00% |
| ≥ 50,000 | 20.00% |
| ≥ 100,000 | 25.00% |
| ≥ 200,000 | 30.00% |
| ≥ 500,000 | 35.00% |
| ≥ 1,000,000 | 40.00% |
| ≥ 2,500,000 | 45.00% |
| ≥ 5,000,000 | 50.00% |
Any address that holds 1+ Hedgies will automatically receive the benefit of increasing one fee tier.
Taker fees after all discounts and benefits cannot be lower than 0.02% (2bps). dYdX Trading Inc. reserves the right to modify the trading fee discounts at any time.
Deposit & Withdrawal
Deposits
Users can deposit funds to their account by sending a Layer 1 Ethereum transaction through their wallet through the website. Users can deposit either USDC, or an array of other assets, which are then converted to USDC via 0x API's on-chain liquidity. After the deposit transaction is mined, 14 Ethereum network confirmations (usually about 3 minutes) are required for your funds to be available to trade.
Withdrawals
There are two types of withdrawals: Fast Withdrawals and Slow Withdrawals:
Fast Withdrawals
Fast withdrawals utilize a withdrawal liquidity provider to send funds immediately and do not require users to wait for a Layer 2 block to be mined. Users do not need to send any Transactions to perform a fast withdrawal. Behind the scenes, the withdrawal liquidity provider will immediately send a transaction to Ethereum which, once mined, will send the user their funds. Users must pay a gas fee to the liquidity provider for fast withdrawals equal to the gas fee that the provider must pay.
Slow Withdrawals
Slow withdrawals do not use a liquidity provider to speed the withdrawal process, and so must wait for a Layer 2 block to be mined before they are processed. Layer 2 blocks are mined roughly once every 10 hours, though this could be more or less frequent (up to 20 hours) based on network conditions. Slow withdrawals occur in two steps: first, the user requests a slow withdrawal, then once the next Layer 2 block is mined, the user must send a Layer 1 Ethereum transaction to claim their funds.