dYdX
AuditedVerifiedBlue ChipdYdX 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.
Active Risk Alerts
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Score history
This rating is re-checked every month. A point is recorded for every check, so a flat line means we looked and nothing moved. Hover anywhere on the chart to see what moved that month, and by how much.
The Problem
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.
The Solution
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.
Why it Matters
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.
Protocol Metrics
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View allFrequently asked questions about dYdX
What is dYdX?+
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.
How does dYdX work?+
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.
Is dYdX safe?+
DeFi Sentinel rates dYdX AA with a safety score of 86/100, 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. DeFi Sentinel's analysis flagged 7 medium, 1 low risk alerts across Smart Contract & Technical Risk, Economic Design & Market Risk, Governance & Centralization, Sustainability & Competitive Position and Reputation & Social Trust. As with all DeFi protocols, residual risk remains and users should review the full risk breakdown before depositing.
What is the safety score of dYdX?+
dYdX has a DeFi Sentinel safety score of 86/100 (rating AA), last updated September 16, 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%).
Which chains does dYdX support?+
dYdX is deployed on dYdX Chain, Ethereum.
Has dYdX been audited?+
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.