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  1. DegenBench
  2. Perp DEXs
  3. dYdX
DegenBenchPerp DEXsdYdX#12Checked 27 Sept 202610 sources · official docs + public data

dYdX review

Perp DEX on its own Cosmos chain#12EVM · Noble

The most generous affiliate programme of the series, and the clearest case of a venue that lost the volume war: 78 active markets and $1.04B of 30-day volume, against $204B for Hyperliquid. The order book, the fee ladder and the payout mechanics are fully documented.

Open dYdXdydx.trade

Sign up through this link: Referred users start at fee tier 3 instead of tier 1, worth up to $550 of fee savings.

Affiliate link

DegenBenchChecked 27 Sept 202610 sources · official docs + public data#12

Perpetual futures are leveraged: a small move against you can liquidate your position. Only trade what you can afford to lose.

Trading fees
0.050% taker · 0.010% makerSeven tiers on 30-day trailing volume across all markets: 5.0/1.0 bps below $1M, 4.5/1.0 above $1M, 4.0/0.5 above $5M, 3.5/0 above $25M, 3.0/0 above $50M, 2.5/-0.7 above $100M and 2.5/-1.1 above $200M, so the largest makers are paid. Staking DYDX adds a further discount on net positive fees; maker rebates are excluded from that discount.
New-user perk
Referred users start at fee tier 3 instead of tier 1, worth up to $550 of fee savingswith our link
30-day volume
$1,037.0MDefiLlama protocol page, 28/09/2026, reported volume. DefiLlama publishes no normalized figure for dYdX, so the $1.04B cannot be compared to an organic-activity estimate. The trend is the point here: dYdX trades roughly 1/200th of Hyperliquid's 30-day volume.
Max leverage
up to 50×78 perp markets
Identity check (KYC)
No KYC
Custody
Non-custodial, wallet signature
Settles on
dYdX Chain (Cosmos app-chain) · USDC
Where it runs
  • Web

Checked 27 Sept 202610 sources

Who it’s for

Pick it if

You publish content about perps: the 30% to 50% taker-fee share with instant USDC payouts is the best economics here.

Skip it if

You need deep liquidity for large clips, or you are publishing from the US, Canada or a restricted jurisdiction.

Strengths

  • Affiliate commissions of up to 50% of taker fees, paid in USDC every second, with no application form to fill in.
  • Referred users get tier-3 pricing immediately, worth up to $550 of savings, which makes the link easier to sell.
  • 78 active markets out of 296 listed, and a full fee ladder that turns maker fees negative for the largest makers.
  • The protocol runs on its own Cosmos chain, with an open-source indexer and builder-code support for order routers.

Limits

  • 30-day volume of about $1.04B is roughly 200 times smaller than Hyperliquid's, which limits how much a referral can earn.
  • The front end itself reports that perps are unavailable in your region from some countries, and the affiliate programme excludes the US and Canada.
  • Affiliate percentages are set by governance and can change, and payouts stop as soon as the referred user stops trading.

What it offers

  • Order bookYes
  • Cross marginYes
  • Spot tradingYes
  • Vaults / copy vaultsYes
  • Copy tradingNot documented
  • Stocks, gold or forexNo
  • Points programNo
  • APIYes
  • Mobile appYes
  • Telegram botYes

“Not documented” means we found no official page, not that the feature is missing.

How to start safely

  1. Open the official app

    Type dydx.trade yourself or use a bookmark: phishing copies of perp exchanges are common.

  2. Deposit a small amount first

    Send a test deposit of the collateral the exchange accepts, on the chain it documents, before moving more.

  3. Set leverage and a stop before the order

    Pick isolated margin for a new trade, keep leverage low, and place the stop-loss with the order, not after.

  4. Watch funding and liquidation price

    Funding is paid regularly while a position is open, and the liquidation price moves closer as leverage rises.

How to start trading perps on a DEX

Security record

2023-11 — About $9M was lost on dYdX v3 when a position in the YFI market was manipulated through a thin book, long before the v4 chain migration. Source

2024-07 — The dYdX v3 front end was hijacked through a DNS attack; the loss was limited to about $31,000 and no protocol funds were touched. Source

Official domains: dydx.trade
Official Telegram bot: @pocketprotectorbot

Card history

Every change to the figures on this card, dated the day it went live. Rewording is left out.

  1. Added to DegenBench

A figure is wrong or out of date? Send it with the official source: once checked, the fix shows up here, dated.Report an error

Sources

Checked on 27 Sept 2026. Facts change quickly: re-check prices and fees in the app.

dYdX0.050% taker · 0.010% maker · Affiliate link

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