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.
Antonio Juliano is the founder and CEO of dYdX, one of the largest decentralized exchanges for crypto perpetuals and derivatives. A Princeton computer science graduate who learned crypto at Coinbase, he launched dYdX in 2017 and built it into a leading DeFi protocol. After stepping back from daily operations in 2024, he returned as CEO six months later, declaring he was going into 'Founder Mode' to revitalize the company.