dYdX is a leading decentralized derivatives exchange that uses an order book model. Perpetual Protocol is an AI-powered decentralized perpetuals exchange that uses an automated market maker. dYdX suits traders who prefer order-book trading and deeper liquidity, while Perpetual Protocol appeals to those who favor a simpler, automated market-making experience.
| Token Price | — | — |
| 24h Change | — | — |
| Market Cap | — | — |
| TVL | $83.7MDefiLlama | $429.6KDefiLlama |
| MCap Rank | #1791 | #2520 |
| Total Raised | $85.0M | $1.8M |
| Founded | 2017 | 2019 |
| Stage | — | — |
| X / Twitter | 39K | 86K |
| GitHub Stars | 329 | — |
| Chains | cosmosdydxethereum | arbitrumbnb-chainethereum |
| Tags | Derivatives, DeFi, Appchain | DeFi, Derivatives, Perp |
dYdX is a decentralized exchange (DEX) specializing in derivatives and perpetuals trading. Built on its own CosmosSDK-based blockchain, it offers non-custodial trading with community governance and validator security. The platform is a key player in the DeFi derivatives space, backed by the Paradigm portfolio.
Perpetual Protocol is a decentralized exchange (DEX) for perpetual contracts, offering AI-powered, institution-ready derivatives trading. It provides a modular liquidity layer and supports tokenized and synthetic perpetual markets across multiple ecosystems.