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5.9/10
Perpetual DEXs

dYdX

Mixedranked 3 of 4 in perpetual dexs◆ Sources checked · 27 Sept 2026

One of the first on-chain perpetuals venues, live since 2017 and now on its own Cosmos chain. Its chain halted for 7h43m during the 10 Oct 2025 crash, and on 30 Jun 2026 its developer moved its focus to Arcus on Robinhood Chain, saying v4 will continue to be supported. A long record, with the builders now elsewhere.

Best for: A long public record and a fully open-source, community-governed chain

Company file: dYdX, owners, incidents →

How this score was reached

5.9 is the weighted average of the five pillar findings below, minus one published deduction. Real weaknesses. Suitable only for a narrow, informed use case.

Custody & Security25%
7.4

Non-custodial with on-chain settlement and open-source code. The contracts have not been drained, but a July 2024 DNS hijack of the v3 site cost two users about $31K, and a 2023 YFI squeeze took about $9M from the v3 insurance fund.

Cost & Fee Transparency25%
8.0

Entry-tier fees of 0.05% taker and 0.01% maker, tiered by 30-day volume, with no funding-rate markup. Costs are clear before entry.

Regulation & Legal Standing5%
6.2

Unlicensed. Perps are geo-blocked in the US and Canada; US users have had Solana spot only since December 2025. Three named entities share the brand and the chain is governed by DYDX stakers.

Performance & Reliability35%
7.0

The chain halted from 21:52 UTC on 10 Oct 2025 to 05:35 UTC the next day, during the largest liquidation event on record, and some liquidations then ran on stale oracle prices. dYdX proposed $462K in compensation for 27 addresses; we could not confirm the vote result.

Access & Support10%
7.4

Solid documentation and a clear interface. Since 30 Jun 2026 new development goes to Arcus, and v4 is described as supported rather than developed.

Deductions applied

  • −1.5Withdrawals halted. Withdrawals were suspended in the last 12 months outside a pre-announced maintenance window.

Strengths

  • Live since 2017, one of the longest records in on-chain derivatives
  • Open-source chain governed by DYDX stakers
  • Published fee tiers with no funding-rate markup

Against it

  • Chain halted for 7h43m during the 10 Oct 2025 crash, with liquidations on stale prices afterwards
  • Developer focus moved to Arcus on Robinhood Chain on 30 Jun 2026
  • Thin depth outside major markets

A long record, and a developer that has moved on

dYdX has run on-chain derivatives since 2017 and its contracts have never been drained. Its worst day was 10 Oct 2025: the chain halted from 21:52 UTC to 05:35 UTC the next morning, during the largest liquidation event on record, and some liquidations then ran on stale oracle prices. dYdX proposed $462K in compensation for 27 addresses; we could not confirm the vote result. The halt carries our withdrawal-halt penalty.

On 30 Jun 2026 its founder said the chain’s design had cost it market share and moved the team’s focus to Arcus, a venture with Robinhood on Robinhood Chain. v4 will continue to be supported and funds stay accessible, but a venue its own developer calls last generation deserves a smaller share of your margin.

Frequently asked questions

Is dYdX still working after the Arcus launch?+

Yes. dYdX said on 30 Jun 2026 that v4 will continue to be supported and that funds and positions remain accessible. New development effort goes to Arcus, a separate venue; positions do not move there automatically.

Has dYdX lost user funds?+

The protocol contracts have not been drained. A July 2024 DNS hijack of the v3 website cost two users about $31K, and some traders were liquidated on stale prices after the 10 Oct 2025 chain halt; the proposed $462K compensation depended on a governance vote whose result we could not confirm.

Does dYdX mark up funding rates?+

No. Fee tiers are published, starting at 0.05% taker and 0.01% maker, and there is no funding-rate markup, so the cost of holding a position is the market rate plus the disclosed fee.

Assessed by

Olivia Bennett

By Olivia Bennett

Blockchain Security Researcher · September 27, 2026

◆ Disclosure

CoinRadar Daily is a non-commercial project. We have no commercial relationship with dYdX, earn nothing from any link on this page, and carry no advertising or sponsorship anywhere on the site. Findings rest on public sources; we did not open an account or transact.

Rubric v2.0How we score →

The rest of the perpetual dexs table

  1. 01GMXOracle-priced execution against pooled liquidity, with published fees7.2
  2. 02Gains NetworkHigh leverage on synthetic markets, including non-crypto pairs7.0
  3. 03dYdX — you are hereA long public record and a fully open-source, community-governed chain5.9
  4. 04HyperliquidOn-chain order-book trading that feels like a centralised venue5.8
Full perpetual dexscomparison →

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How we score →

Independent, rubric-scored tables for the services behind this story.

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