dYdX is a leading decentralized perpetual futures exchange, now running on its own sovereign Cosmos SDK chain (dYdX Chain / V4) with an on-chain orderbook, ~60 validators, and 100% of trading fees distributed to DYDX stakers.
A central limit order book that lives entirely on the dYdX Chain. Place orders against the depth ladder, then watch ~60 validators match and commit each block.
Live signals detected by Sentinel monitors across all five risk classes.
See each alert's affected component, root-cause analysis, and recommended action. Pro members get the full risk breakdown for every protocol.
Centralized perpetual futures exchanges (Binance, OKX, Bybit) custody user funds, are subject to regulatory enforcement, and can freeze withdrawals. Most decentralized perp DEXes still rely on centralized matching engines or shared L2 sequencers.
dYdX V4 runs the entire orderbook, matching engine, and settlement on a sovereign Cosmos SDK blockchain operated by ~60 independent validators, with traders retaining custody of collateral on-chain.
The only major perp DEX with a fully on-chain orderbook on its own sovereign appchain. 100% of trading fees go to DYDX stakers as USDC — no protocol take, no team revenue siphon.
dYdX is a DEX protocol operating on dYdX Chain, Ethereum. dYdX is a leading decentralized perpetual futures exchange, now running on its own sovereign Cosmos SDK chain (dYdX Chain / V4) with an on-chain orderbook, ~60 validators, and 100% of trading fees distributed to DYDX stakers.
DeFi Sentinel rates dYdX AA with a safety score of 81/100, indicating very low risk. The score reflects five risk dimensions: smart contract & technical risk, economic design & market risk, governance & centralization, sustainability & competitive position, and reputation & social trust. dYdX has 4 audits on record. As with all DeFi protocols, residual risk remains and users should review the full risk breakdown before depositing.
dYdX has a DeFi Sentinel safety score of 81/100 (rating AA), last updated May 21, 2026. The score is computed across smart contract & technical risk (30%), economic design & market risk (25%), governance & centralization (20%), sustainability & competitive position (15%), and reputation & social trust (10%).
dYdX is deployed on dYdX Chain, Ethereum.
Yes. dYdX has 4 audit reports on record from firms including Informal Systems, Informal Systems, Informal Systems. Audit reports and dates are linked under the Resources tab on this page.
