dYdX is a decentralized perpetuals exchange running on its own Cosmos-based chain, with an order book, maker-taker fees and a one-time onboarding signature. This review covers what I could see and verify on 9 November 2026, and where the evidence stops.
Quick verdict: dYdX offers an order-book trading experience with transparent, volume-tiered fees and published audits. The trade-offs are a restricted-jurisdiction policy that excludes the US and Canada, a chain outage in October 2025, supply-chain attacks on its developer libraries, and the usual liquidation risk of leveraged trading.
| Item | Detail |
|---|---|
| Best for | Perpetual futures traders who want an order book and self-custody |
| Fees | Maker 0.010% and taker 0.050% at tier 1, falling with 30-day volume |
| Custody | Non-custodial, you sign in with a wallet or social login |
| Audits | Informal Systems for the chain, Peckshield for major contracts |
| Editorial score | 3.9 / 5 |
What I tested, and what I did not
I opened dydx.trade on desktop (1440px), tablet (1024px) and phone (430px), read the fee help article, viewed the fees and markets pages, then connected a throwaway MetaMask wallet that holds no funds. I signed the free onboarding message, which the prompt states is not a transaction, and I deposited nothing. I did not trade, so execution quality, funding payments and liquidations come from documentation and community reports. The site loaded without a geo-block from my location, which says nothing about whether you are allowed to use it.
What dYdX actually is
dYdX v4 runs on a dedicated chain, with the trade page showing a chart, order book and order form. At capture ETH-USD was about $2,114, and the top right held a Sign in button. The footer says the site is operated by dYdX Ops subDAO.
The markets page showed a 24-hour volume of $25.8M, open interest of $41.4M and $2,067 in fees over 24 hours, with ETH, BTC, SOL, XRP and Hyperliquid-related markets.
Using dYdX on desktop, tablet and phone
Best for: desktop trading, with phone for checking positions.
Connecting a wallet
The Sign in modal offers Google, Apple, email, MetaMask, Phantom (Solana) and WalletConnect.
Sign in modal. Social and email options create an embedded wallet, which I did not test.
MetaMask first asked to connect to dydx.trade.
MetaMask connect request. Then dYdX asked me to sign a message, labeled free and not a transaction, to onboard.
Sign message prompt. It states it will not send a transaction. MetaMask showed a signature request titled “dYdX Chain Onboarding” on the Ethereum network.
Signature request. It derives your dYdX account from your wallet, and I approved it with the empty wallet. Afterward the portfolio showed a dYdX address starting dydx17xh and a $0.00 balance.
Portfolio with $0.00. I did not open the deposit flow beyond viewing it.
Fees and costs
The fee help article updated on 23 April 2026 describes maker-taker fees that governance can change. The Fees page showed tier 1 at 0.010% maker and 0.050% taker, then:
| 30-day volume | Maker | Taker |
|---|---|---|
| $1M | 0.010% | 0.045% |
| $5M | 0.005% | 0.040% |
| $25M | 0.000% | 0.035% |
| $50M | 0.000% | 0.030% |
| $100M | -0.007% | 0.025% |
| $200M | -0.011% | 0.025% |
Fee tiers as captured. Negative maker fees at high volume mean rebates.
Help article on trading fees, dated 23 April 2026. Funding payments and liquidation costs are separate and I did not test them.
Incidents and risks
On 10 October 2025 the chain went down from about 5:35 PM ET until just past midnight. dYdX’s incident review says funds stayed secure.
In February 2026, Ars Technica reported that compromised npm versions of @dydxprotocol/v4-client-js (3.4.1, 1.22.1, 1.15.2 and 1.0.31) and a PyPI package, dydx-v4-client 1.1.5post1, stole wallet credentials from developers and backends, and the PyPI one also carried a remote access tool. Socket did the research, and dYdX did not respond to Ars. Earlier incidents included a September 2022 npm issue and a 2024 DNS hijack of the v3 site. These hit developer libraries, not necessarily people using the dydx.trade site, but bot builders should note them.
An r/defi thread calling dYdX a scam has a poster claiming about $6k missing. Replies suggest funding and fees were probably not accounted for, and some call it a skill issue. It is unverified and I use it for sentiment only.
Terms list restricted jurisdictions including the US and Canada.
Security and audits
The chain was audited by Informal Systems, and Peckshield audited the major new smart contracts. I did not read the reports.
Who should use dYdX
Good fit:
- Experienced perp traders who want an order book and self-custody
- High-volume traders who benefit from fee tiers
- Users outside restricted jurisdictions
Think twice:
- Residents of the US or Canada
- Beginners using leverage
- Developers who install dYdX client packages without pinning and checking versions
FAQ
Is dYdX safe?
It is non-custodial and audited, but it has had an outage and supply-chain incidents, and leverage can liquidate you quickly.
Is the onboarding signature a transaction?
The prompt says it is free and not a transaction. I signed it with an empty wallet.
What are the fees?
Tier 1 is 0.010% maker and 0.050% taker, with lower fees at higher 30-day volume.
Can I use it from the US?
The terms list the US and Canada as restricted.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.