dYdX

Item: dYdX
Rating: 4.5
Author: Teagle

Conditional orders

Dedicated app

Trading without KYC

International Exchange

+6More

Teagle Score

Teagle user score

(0)

Founded2017

Head office-

Exchange typeDecentralized

Minimum purchase-

Trading fees0٫05٪

Number of cryptocurrencies78 active markets

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About dYdX Exchange

Unlike traditional brokers, dYdX is a decentralized, specialized trading platform for buying and selling crypto perpetual contracts. By connecting their wallet, and without handing their assets directly to a centralized intermediary, users can go long or short on price movements of cryptocurrencies such as Bitcoin and Ethereum. Its dedicated dYdX Chain infrastructure, order book, solid liquidity and access via web, mobile and API have made this platform a practical option for professional derivatives traders.

Although the platform explicitly mentions restrictions on providing services to Iranians, dYdX is suitable for users familiar with DeFi and derivatives trading, and it cannot be considered a simple replacement for ordinary exchanges.

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dYdX Exchange Credibility, Ranking and Global Standing

dYdX is one of the longest-running decentralized derivatives trading protocols, so its credibility should be assessed based on its track record, trading volume, on-chain transparency and decentralized governance. According to the official 2025 report, the combined trading volume across the protocol's various versions has surpassed $1.55 trillion, $64.7 million in fees has been generated, and 386 trading markets have been available.

No fixed, definitive «global rank» can be given for dYdX, because analytics websites rank decentralized exchanges by metrics such as periodic trading volume, total value locked, revenue or open interest, and these figures are constantly changing. DefiLlama data still shows multi-billion-dollar monthly perpetual trading volume and tens of millions of dollars in total value locked for this protocol; as a result, dYdX ranks among the well-known, established platforms in the decentralized derivatives market.

Has the dYdX exchange ever been hacked or involved in a scam?

No credible evidence has been published of organized fraud by dYdX or deliberate theft of user funds by its team; however, the ecosystem has experienced several significant security incidents. In 2021, a critical vulnerability was identified in the Deposit Proxy contract, and around two million dollars in at-risk assets were moved to a secure escrow account with the help of a white-hat hacker. In 2022, malicious versions of several NPM software packages were published, but according to the official report, the websites, smart contracts and user funds were not affected.

In November 2023, manipulation of the YFI and SUSHI markets on dYdX v3 drained more than $9 million from the protocol's insurance fund; dYdX stated that no user funds were lost and described the incident as a market and oracle manipulation attack. In July 2024, the dYdX v3 front-end domain was hijacked and a fake page was displayed to obtain token transfer approvals; however, the smart contracts, existing assets and v4 were not affected.

Based on the above, dYdX cannot be described as having «no history of security incidents», but the documented incidents do not prove the project is a scam either, and they have mainly involved technical vulnerabilities, front-end phishing and market manipulation.

dYdX Exchange Costs: Deposits, Withdrawals and Fees

The cost of using dYdX isn't limited to the trade execution fee; the transfer route, the destination network and the funding rate can also affect the final cost. For deposits, transfers from EVM networks and Solana go through the Skip infrastructure, and direct USDC deposits from the Noble network or the Coinbase exchange are also available. dYdX lists deposits of $100 and above as free; however, smaller deposits may incur gas, bridge or routing fees. The exact amount is shown in the deposit window before you confirm the transaction, and there is no fixed rate for all networks.

Withdrawals don't have a fixed, uniform fee either. The final cost is calculated based on the selected asset, the destination network and current network conditions, and is deducted from the amount received before confirmation. The platform has not set a specific minimum withdrawal.

dYdX Exchange Trading Fees

The dYdX exchange uses a maker–taker model for perpetual trading. A maker order is placed on the order book and adds liquidity to the market; a taker order, on the other hand, is matched immediately against an existing order and carries a higher fee. A user's tier is calculated based on total trading volume over the past 30 days across all markets and subaccounts, and the fee rate is the same across all markets.

Note that placing and canceling orders costs nothing as long as no trade is executed, and trade execution is not subject to a separate gas fee. However, perpetual traders also need to factor in the funding rate; this amount is exchanged every hour between long and short position holders and, depending on market conditions, may be paid or received. According to the dYdX documentation, in the event of liquidation a fee equal to one percent of the position value is allocated to the insurance fund.

Variety of Cryptocurrencies on dYdX Exchange

The decentralized exchange dYdX offers users a good variety of trading markets. At the time of review, 78 active markets are offered on this platform, 76 of which are dedicated to cryptocurrencies and two to silver and WTI crude oil. This list covers everything from major cryptocurrencies such as Bitcoin, Ethereum and Solana to memecoins, DeFi projects, AI, Layer 1 and Layer 2. However, these assets are traded as perpetual contracts, so trading them does not mean buying and withdrawing the tokens themselves.

Newest coins on the dYdX exchange

Interestingly, dYdX's newest markets were not chosen from the crypto world. The addition of silver (XAG) and West Texas crude oil (WTI) shows that this exchange intends to extend its trading range beyond Bitcoin and altcoins and bring traditional assets into the decentralized trading space as well. Both markets are placed in the «Recently Listed» section and can be traded as perpetual contracts with a maximum leverage of 5x.

In these markets, there is no buying of silver bars or barrels of oil; the trader only uses the price fluctuations of the underlying asset to open a buy or sell position. This way, alongside crypto markets, users can also gain access to the fluctuations of global commodities.

dYdX Exchange Services and Features

Perpetual trading: You can trade perpetual contracts on cryptocurrencies, commodities and some real-world assets with no expiry date.

Leveraged trading: Perpetual markets offer different leverage levels of up to 50x, depending on the asset.
Cross and isolated margin: In cross mode, the account balance is shared across positions; isolated margin keeps each position's risk and collateral separate from other trades.
Advanced orders: Market, Limit, Stop Market, Stop Limit, Take Profit, Post-Only, Reduce-Only, IOC and Fill-or-Kill orders are supported in the perpetuals section.
Take profit and stop loss: Traders can set Take Profit and Stop Loss orders on their positions to manage risk automatically.
Instant market listing: Users can launch eligible markets in about a minute by providing 10,000 USDC to MegaVault.
MegaVault: By depositing USDC, users gain access to a set of market liquidity provision strategies; returns are not guaranteed and losses are possible.
DYDX staking: You can delegate DYDX tokens to validators, help secure the network and earn rewards in USDC. The unbonding period for staked tokens is 30 days.
Decentralized governance: DYDX holders can vote on protocol parameters, fees, markets and other network decisions.
API and trading keys: dYdX offers an API for bots and professional traders. A trading key can place orders but cannot withdraw or transfer assets.
Mobile app: iOS and Android versions are available, and the iOS app offers simple and pro interfaces for beginners and experienced traders.
Trading via Telegram: The Pocket Pro bot gives access to perpetual trading and Solana spot trading, performance tracking and a leaderboard in Telegram.
Referral and affiliate program: Eligible users can earn a share of the taker fees of new traders they refer.
Multi-chain deposits and fiat purchases: Transferring assets from various networks and buying through MoonPay with a bank card, bank transfer, Apple Pay and Google Pay are supported..

dYdX Exchange Mobile App

The official dYdX app, named «dYdX: Trade 200+ DeFi Markets», has been released for Android and iOS and offers the core features of perpetual contract trading in a mobile interface. Through this app, users can connect their wallet, view charts and order book depth, place advanced orders, and monitor the status of their trades, assets and the risk of open positions in real time. Trading in this app is non-custodial; therefore, unlike centralized exchanges, users' assets are not held in an internal platform account, and control of the wallet remains with the user.

In addition to displaying market data and managing orders, the dYdX mobile version supports leveraged trading of up to 50x; however, the usable leverage may vary by market. The app's official Google Play page shows more than 50 thousand installs, and the iOS version is also available for free on iPhone. The app is published by dYdX's official operating entities, and its updates mainly focus on bug fixes, performance improvements and bringing the app experience closer to the web version.

Review of the User Experience of the Dedicated dYdX App

Feedback on the App Store shows that users' experience with the dYdX app is positive overall, but not entirely consistent. At the time of review, the App Store displays a rating of 4.8 out of 5 based on 252 ratings. A clean user interface, quick access to perpetual markets, competitive fees and the ability to trade without giving up control of assets are among the main strengths mentioned. On the other hand, some users have criticized the weaker charts and certain order management features compared to the web version. A number of older reviews also reported glitches in displaying positions, order books and open orders, or the need to restart the app during network congestion; issues that can be highly significant in volatile trading.

Expert Review: Is dYdX Exchange a Good Choice for Iranian Traders?

dYdX Exchange Headquarters Details

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