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dYdX Chain is open-source blockchain software designed to power a decentralized exchange for perpetual contracts. Traders can take leveraged positions without a contract expiry, but they still face funding payments, liquidation, key-security risks and changing protocol rules. “dYdX” has also referred to an older, separate product generation, so it is important to distinguish the current chain from v3.
What is dYdX Chain?
dYdX Chain—also called the “dYdX v4 software” in the official documentation—is application-specific, open-source blockchain software based on the Cosmos SDK and CometBFT proof-of-stake consensus. The dYdX Chain Documentation describes it as software that can power a decentralized perpetuals exchange; it is not the same thing as a single company-operated trading platform. The documentation also cautions that dYdX Trading Inc. does not control every aspect of public deployments.
That distinction matters: the software, public chain deployments, dYdX Foundation and dYdX Trading Inc. are not interchangeable names for one operator. Open-source code and decentralized infrastructure do not remove the risks of using trading software, blockchain networks or digital assets.
How do dYdX perpetual contracts work?
A perpetual contract tracks an underlying asset’s price but has no expiry date. Unlike a futures contract with a set settlement date, a perpetual position can remain open as long as the trader meets the venue’s requirements and manages its costs and risk.
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Trading a perpetual does not mean owning the underlying asset. It creates exposure to price movements through a contract. Leverage can increase that exposure relative to the collateral committed, which magnifies both gains and losses.
How do funding payments work?
Funding is a payment between traders intended to keep a perpetual contract’s market price near its index price. When the contract trades above the index (at a premium), funding can make longs pay shorts; when it trades below the index (at a discount), the direction can reverse. Whether funding is a cost or a credit depends on market conditions and the direction of a trader’s position.
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The amount is proportional to positions, and funding rates and related parameters can change through governance. There is no single rate to assume for every market or moment. The dYdX Community documentation on perpetual governance-adjustable parameters describes the mechanism; check the current market and applicable rules before opening a position.
What does the DYDX token do?
DYDX is documented as the dYdX Chain’s layer-one token, with roles in staking, chain security and governance. Those are protocol functions; they do not establish that holding or staking DYDX will produce a guaranteed return, or predict its price. The dYdX Community DYDX Token documentation describes its stated roles.
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How does liquidation work on dYdX Chain?
A leveraged position can be liquidated when it no longer meets the protocol’s requirements. The dYdX Help Center says the protocol generates liquidation orders and calculates a fillable price to use as the order’s limit price against available order-book liquidity. That is a description of the order process, not a promise that a position will close at a particular price or that losses will be limited. In volatile markets, leverage can magnify losses.
See the dYdX Help Center explanation of liquidations on dYdX Chain for its mechanics. Traders should understand the applicable margin and liquidation rules before taking a position.
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How is dYdX Chain different from dYdX v3?
These names refer to different generations, not two interchangeable descriptions of the same architecture. Older v3 documentation describes a separate Ethereum layer-two system with a centralized order book and non-custodial settlement. It should not be used as a guide to how dYdX Chain works.
| Product generation | What the documentation describes | Historical status reported |
|---|---|---|
| dYdX Chain (also called dYdX v4 software) | Open-source, application-specific software based on Cosmos SDK and CometBFT proof-of-stake; public deployments are not wholly controlled by dYdX Trading Inc. | The governance documentation says the chain and dydx.trade were unaffected by the bridge-support vote described below. |
| dYdX v3 | A separate legacy Ethereum layer-two architecture; older v3 documentation describes a centralized order book and non-custodial settlement. | The dYdX Foundation’s governance documentation reports that dYdX Trading Inc. wound down v3 on October 28, 2024. |
The same governance documentation reports a community vote on June 13, 2025, to cease support for the dYdX Chain bridge, while stating that dYdX Chain, dydx.trade and its API were unaffected. That historical report is not a current bridge-status or migration guide; verify the latest official information before relying on a bridge or planning a transfer.
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What security and access risks should users consider?
Using a decentralized protocol does not eliminate responsibility for protecting access credentials. The dYdX Foundation’s Terms of Use tell users to maintain the security and confidentiality of private keys, passwords, API keys and related credentials, and acknowledge risks inherent in cryptographic systems, blockchain networks and digital assets.
Before choosing a wallet, verify that it currently supports the dYdX Chain and the actions you intend to take. The documentation cited here does not establish support for any particular hardware wallet model. Access, eligible markets, fees, funding and governance parameters can vary or change; check current official terms and product information for your jurisdiction before trading. Decentralization does not by itself settle questions of software risk, custody, governance or regulatory eligibility.
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