dYdX

dYdX is a decentralised exchange for leveraged perpetual futures that runs on its own blockchain; DYDX is its staking and governance token.

dYdX is a trading platform for perpetual futures: leveraged contracts with no expiry and no delivery of the underlying asset. Since 26 October 2023 it has run on its own proof-of-stake blockchain, the dYdX Chain, built with the Cosmos SDK. More than 50 validators run the order books and more than 200 markets are listed.

DYDX is the token of that chain. Holders stake it with validators to secure the network and vote. All protocol fees, mostly trading fees in USDC, go to validators and stakers, and 75% of net protocol fees are used to repurchase DYDX. The max supply is 1 billion DYDX and about 846 million circulate.

On 1 July 2026 the company behind dYdX announced Arcus, a new exchange on Robinhood Chain, and said its team is fully focused on it. The dYdX Foundation says the dYdX Chain keeps running under community governance and that no token swap has been announced. Activity is small: about $270,400 in fees over 30 days at the start of October 2026.