dYdx
9.3
- Non-custodial & no KYC required
- Lightning-fast trades on Layer 2
- No sign-up, just connect your wallet and go
dYdX is a decentralized exchange (DEX) that started in 2017. It was founded by Antonio Juliano, a software engineer who worked before at Coinbase and Uber. The idea behind dYdX was to create a trustless way to trade crypto with more advanced features like margin and perpetuals. It has grown fast since launch and now is one of the most used DEXs in the crypto market.
The main thing that makes dYdX special is that it focus on perpetual contracts instead of just simple spot trading. It also has a strong reputation for being one of the first platforms to offer leverage and derivatives trading in a decentralized way. This is important for traders who want to keep control of their funds and not give them to centralized companies.
dYdX runs partly on Ethereum Layer 2 solution StarkEx, which makes transactions cheaper and faster. This also helps scale the platform without paying high gas fees on Ethereum mainnet. In 2023, dYdX made a big move and launched its own blockchain built with Cosmos SDK, to become even more independent and performant.
dYdX supports many major cryptocurrencies, especially the ones with high demand in derivatives markets. Here are some examples:
The number of markets can change over time. Most of them are available as perpetual contracts, and many have leverage up to 20x.
dYdX is available in most countries around the world. But due to regulatory reasons, users from the United States are not allowed to use the main version of the platform. This is because of strict laws around derivatives trading in the U.S.
Other restricted areas may include countries sanctioned by the U.S. government or the EU. It’s always a good idea to check the terms of service before using the platform.
Creating an account on dYdX is very different from centralized exchanges. There is no email, no password, no KYC.
Here’s how to do it:
No personal data is needed to use dYdX. This is a big plus for users who care about privacy and decentralization.
Most users on dYdX are experienced crypto traders. The platform is especially popular among:
Beginners might find the platform a bit advanced at first, but the UI is clean and fast, and there are good guides and tutorials.
Depositing and withdrawing on dYdX depends on which version of the platform you are using.
There is no fiat deposit support. Everything is crypto-based.
Security is one of the strong sides of dYdX. Here’s why:
Still, users are always responsible for their own wallet and private keys. If you lose your wallet, dYdX cannot help recover it.
In 2023, dYdX released its official mobile app for iOS and Android. The app is simple to use and offers full trading functionality.
Key features:
The app is updated regularly and is one of the few DEXs that have a full native mobile experience. It makes it easier to trade on the go, especially for users who don’t want to always use desktop.
Yes, dYdX is considered one of the most secure DEXs. It’s non-custodial, so you keep control of your funds. But make sure your wallet is secure.
No, dYdX blocks U.S. users due to regulations. You should not try to bypass this, as it can be risky and against their terms.
Not really. dYdX focuses on perpetual futures trading, not simple spot trades like other DEXs.
You can trade with up to 20x leverage on many markets, but be careful. Leverage trading is risky and can lead to fast losses.
No, dYdX doesn’t require KYC for most users. You only need a wallet to start trading.
The platform takes a small fee on trades, and also earns from funding rates between long and short positions.
The DYDX token is used for governance, staking, and discounts on trading fees.
Yes, dYdX offers trading rewards and sometimes liquidity incentives. These programs change over time.
I'm Marten, a crypto nerd and tech writer who’s been deep into blockchain since 2015. I started with Bitcoin trading and later got into Ethereum and smart contracts. Over the years, I’ve tested all kinds of platforms, from DeFi tools and P2P betting sites to Web3 apps. On kryptium.co, I write simple and honest articles to help people understand what’s happening in crypto. I focus on real stuff: how things work, what tools are worth using, and what to watch out for. My background in software development helps me break down complex topics so others can actually use the info. I believe in open, decentralized systems and think crypto should be easier to understand, even for beginners. That’s what I try to do with every post I publish.