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About dYdX
Analysis of 10 Dec 2025dYdX is a fully decentralized perpetuals exchange built on its own Layer 1 blockchain using Cosmos SDK. Following the v4 migration in late 2023, the platform has achieved complete decentralization with all orderbook and matching engine operations on-chain.
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As of December 2025, dYdX processes approximately $200 million in daily trading volume across 200+ markets, with lifetime volume exceeding $1.5 trillion. The platform maintains $43.4 million in TVL and supports over 2,000 TPS with sub-2 second finality.
DYDX currently trades at $0.23 with a 24-hour volume of $16.9 million, representing a 56% decline since September 2025.
