dYdX
Decentralized perpetuals — order book, not AMM
4.3DEXesMin $0
dYdX is a decentralised exchange focused on perpetual futures trading. Unlike most DEXes which use AMMs, dYdX runs an on-chain order book on its own dYdX Chain (Cosmos SDK). Offers up to 20× leverage on 50+ markets with low fees.
Pros
- Order book execution (not AMM slippage)
- 50+ perp markets with up to 20× leverage
- No KYC, self-custodial via wallet signing
- Trading fees competitive with centralised exchanges
Cons
- Steeper learning curve than AMM DEXes
- No spot trading — perpetuals only
- Bridging to dYdX Chain adds friction
Fees
Maker fee: 0.02%, Taker: 0.05% standard. Volume-based discounts down to 0% maker / 0.025% taker.
Regulation
dYdX Trading Inc. ceased serving US persons in 2022. The dYdX Chain is fully decentralised, open-source software with no central operator.
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