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dYdX v4
dYdX v4 moved off Ethereum L2 onto its own Cosmos SDK chain. Validators each run an in-memory order book and matching engine; only fills are committed on-chain, which keeps placing and cancelling orders free while preserving self-custody.
$43.00M
Open interest
$32.20M
24h volume
73
Live markets
56s ago
Last refresh
polled live
Mechanics
How it works
Each validator holds the order book in memory and gossips orders peer to peer. When two orders cross, the fill is proposed in the next block and settled on-chain. Fees follow a maker-taker schedule tiered by 30-day volume, and funding is computed hourly.
Risk
What to watch
The off-chain order book means order flow is not censorship-resistant in the way settlement is. Validator collusion and the Ethereum-to-dYdX bridge remain the core risks.
Incentives
Points and tokens
DYDX (post-TGE)token live
dYdX has a live token with ongoing trading rewards paid from protocol fees rather than a points programme.
How to earn Trading rewards and staking DYDX to secure the chain earn a share of protocol revenue.
Markets
What dYdX lists
Deepest first.