# dYdX

> dYdX is a decentralized trading protocol best known for perpetual futures, where traders take leveraged long and short positions on crypto without handing custody to a centralized exchange. Founded by ex-Coinbase engineer Antonio Juliano in 2017, it evolved from an Ethereum DeFi app into its own sovereign Cosmos appchain (dYdX v4) that runs a high-performance, validator-operated order book settled in USDC. The protocol is governed by the DYDX token and, with the 2025 launch of spot trading, opened access to U.S. traders for the first time.

- **Founded:** 2017
- **Headquarters:** New York, New York, United States
- **Founders:** Antonio Juliano (Founder & CEO)
- **Team size:** Roughly 30-50 (dYdX Trading / Labs cut ~35% of its core team in late 2024 to operate as a lean startup; Apollo lists ~80 across associated entities).
- **Products:** dYdX Chain (v4), Perpetual Futures, Spot Trading, DYDX Token & Governance, dYdX Unlimited
- **Notable:** Grew from an Ethereum DeFi app into one of the largest decentralized perpetuals exchanges., Successfully launched dYdX v4 as its own sovereign Cosmos appchain in 2023., Migrated the DYDX token to a full Layer-1 asset via community governance vote (Sept 2023).

## Products & services

- **dYdX Chain (v4)** — A sovereign Cosmos SDK / CometBFT appchain purpose-built for trading, running a validator-operated, in-memory order book that settles perpetual futures in USDC.
- **Perpetual Futures** — Non-custodial perpetual contracts with leverage across a wide range of crypto markets, the core product that built dYdX's reputation.
- **Spot Trading** — Launched December 2025, starting with Solana-based markets and opening access to U.S. traders for the first time.
- **DYDX Token & Governance** — The Layer-1 staking and governance token securing the dYdX Chain; stakers earn protocol fees, and governance controls protocol parameters and treasury.
- **dYdX Unlimited** — An upgrade enabling permissionless market listings and instant access to new derivatives markets.

## Achievements

- Grew from an Ethereum DeFi app into one of the largest decentralized perpetuals exchanges.
- Successfully launched dYdX v4 as its own sovereign Cosmos appchain in 2023.
- Migrated the DYDX token to a full Layer-1 asset via community governance vote (Sept 2023).
- Raised $87M total from top crypto investors including a16z, Paradigm, and Polychain.
- Sustained roughly $200M in daily trading volume on v4.
- Opened spot trading to U.S. traders for the first time in December 2025.

## Latest updates

- **2024-05** — Antonio Juliano steps down as CEO of dYdX Trading after seven years.
- **2024-10** — Juliano returns as CEO and announces a 35% cut to the core team to run leaner.
- **2025-03** — Governance enacts using 25% of net protocol fees to buy DYDX on the open market monthly.
- **2025-12** — dYdX launches its first spot markets on Solana, opening access to U.S. traders with fees waived for December.

## Links

- Website: https://dydx.exchange
- LinkedIn: https://www.linkedin.com/company/dydx
- Twitter/X: https://x.com/dYdX
- GitHub: https://github.com/dydxprotocol

---

Profile page: https://yespress.io/dydx
Published by YesPress — https://yespress.io
Last updated: 2026-06-15