dYdX: Review, Fees and Beginner's Guide
What dYdX is, how this decentralized perpetuals exchange works, exact fees in bps from the official docs, DYDX staking discounts, risks and first steps.
In short: dYdX is a decentralized exchange for perpetual contracts. According to its official documentation fees start at 5.0 bps taker and 1.0 bps maker (0.05% and 0.01%) for 30-day volume under $1 million and fall with volume. Staking the DYDX token gives a discount. It is leveraged trading, so a risky product.
What dYdX is
dYdX is a decentralized exchange that trades perpetual contracts with leverage. The current version (v4) runs on its own blockchain built on the Cosmos SDK. Older guides describe version 3 on StarkWare and are out of date.
Fees from the official documentation
Fees depend on 30-day volume across all subaccounts and markets and are uniform across markets. Checked 29 October 2026; one bps is one hundredth of a percent:
| Tier | 30-day volume | Taker (bps) | Maker (bps) |
|---|---|---|---|
| 1 | under $1m | 5.0 | 1.0 |
| 2 | from $1m | 4.5 | 1.0 |
| 3 | from $5m | 4.0 | 0.5 |
| 4 | from $25m | 3.5 | 0 |
| 5 | from $50m | 3.0 | 0 |
| 6 | from $100m | 2.5 | −0.7 |
| 7 | from $200m | 2.5 | −1.1 |
A negative maker fee is a rebate. The documentation says the fee schedule is subject to governance changes.
DYDX staking discount
The discount depends on your fee tier and the amount of bonded DYDX. For example on tier 1, staking 3,000 DYDX gives 25% off and 20,000 DYDX gives 50% off. The discount applies only to positive fees, not to rebates. Tokens in the unbonding period do not count.
How to start
- Prepare a compatible wallet and keep the seed phrase backed up offline.
- Open the official dYdX site by typing the address yourself. Beware of fake copies.
- Connect the wallet and deposit collateral. The interface shows the steps and supported assets; send a small test amount first.
- Choose a market, direction and size. Start with low leverage.
Risks
- Liquidation. As leverage rises, room for price movement shrinks. See Liquidation War.
- Technical risk. Software bugs or transfers between networks can cause losses.
- Availability and legality. Check that the service is available and legal where you live.
dYdX and Hyperliquid
The two work on a similar principle. On fees: dYdX is 5.0 bps taker and 1.0 bps maker at the base tier; Hyperliquid is 4.5 bps taker and 1.5 bps maker on perps. Liquidity in the specific market and the interface matter as well.
Frequently asked questions
How much does dYdX cost?
At the base tier 5.0 bps (0.05%) taker and 1.0 bps (0.01%) maker, falling with volume. The figures are from the official documentation.
How is dYdX different from Kraken or Bybit?
It is decentralized: you trade from a wallet, not an exchange account, and you do not have the protections of a regulated exchange. See What is a DEX.
Is dYdX good for beginners?
Probably not. Perpetual contracts with leverage are a risky product.
Not investment advice. Leveraged trading is highly risky and you can lose your entire deposit.
