Decentralized Perps & Spot
Trade with custody over your keys, not the exchange
dYdX removes intermediaries by offering derivatives and spot markets directly through smart contracts. Traders benefit from transparent settlement, verifiable liquidity, and composability with other DeFi protocols.
Non‑custodial
User funds remain in their wallets until settlement — no central custody.
On‑chain margin
Transparent margin math and liquidations executed by smart contracts.
Perpetual contracts
No expiry, continuous funding payments keep prices tethered to spot markets.
Composable
Integrates with wallets, oracles, and DeFi tooling for advanced strategies.
"dYdX blends the speed of centralized order books with the safety and transparency of on‑chain settlement."
Explore Markets
How it works — simplified
Traders deposit collateral (crypto) and open positions on on‑chain perpetual contracts. Orders may be matched using off‑chain order books or automated market makers, but settlement and margin calculations are always visible on the blockchain, ensuring verifiability and auditability.
Benefits
Transparency, wallet‑level custody, and composability with other DeFi protocols.
Considerations
Smart contract risk, oracle reliability, and on‑chain gas costs during peak congestion.
Getting started
- Connect a supported wallet (e.g., MetaMask, WalletConnect).
- Deposit collateral into the dYdX margin contract.
- Choose market and set leverage. Monitor margin and funding rates.
- Close positions or add collateral to avoid liquidations.
Tip: Use limit orders and 'reduce‑only' flags to manage risk when using leverage.