dYdX v4 is a perpetuals exchange that runs on its own Cosmos application chain, dYdX Chain, live since 2023. It is backed by the DYDX token, which can be staked for a discount on trading fees.
The market list spans crypto, commodities, forex and equities, traded through a permissionless, order-book protocol. Fee tiers and the funding formula itself are set directly by the chain's own on-chain parameters, and using a VPN or identity-masking tool to access the protocol is prohibited.
Funding is built from short one-minute samples that block proposers vote on, and the average of those samples over each hour becomes the rate charged at the top of the hour. When the rate is positive, long positions pay short positions, and the payment is capped relative to the gap between a position's initial and maintenance margin.
KiloExBNB Chain
HelixInjective
GRVTGRVT L2
dYdXdYdX Chain · up to 50%
edgeXedgeX L2
SynthetixEthereum
AsterBNB Chain
Canborsa referral program · 15–30% of fees by 90-day volume · 30% for the first 30 days · partners up to 50% · referral points 10% / 3% / 1%Referral page ›Four steps, from the referral link to the first payout.
Direct share, level-2 share, payout asset and cadence on other perp DEXes.
Perpetual markets for stocks, gold, indices and pre-IPO names — settled on-chain, no wallet-to-exchange transfers.
