Many traders know that they can access perpetual futures trading on DEXs, but not everyone understands that trading on decentralized exchanges can be cheaper and faster, depending on the exchange you are using.

dYdX stands out as one of the best decentralized exchanges when we consider liquidity, fee discounts, trading fee rebates, and advanced trading models. As ranked by CoinMarketCap, dYdX is among the top 10 decentralized exchanges for derivatives trading, with over $125 million in trading volume in 24 hours.

Unlike other decentralized exchanges, trading fee discounts are not reserved for high-volume traders or token holders. For instance, anyone can trade BTC-USD at 0% fee. Additionally, dYdX features API trading, which allows traders to automate trading, fetch trading data, and manage orders using a bot.

In this article, we provide a detailed guide on how to qualify for up to 100% fee discount, how to trade on dYdX, and also compare dYdX to leading exchanges like Hyperliquid and Bybit. 

Want to access perpetual futures trading, RWA, or trade with a grid bot at lower fees? Join dYdX now to get started. 

 

Dydx step-by-step video tutorial 

 

What is Dydx?  

dYdX is a decentralized exchange launched in 2019 for perpetual futures and spot trading. The exchange works like a regular centralized exchange because it combines an off-chain order book with an on-chain settlement system. However, it eliminates centralized risks such as fund mismanagement and KYC hassle.

Currently, the exchange has over 194 trading pairs. This makes it easy for traders to explore both popular and low-cap altcoins without incurring high slippage. However, when compared with centralized exchanges like Binance, which have over 1000 trading pairs, the gap is clear.

dYdX is not essentially another DEX because it has been established long enough to show a good security model and proper ecosystem maintenance. One of its features that we find quite impressive is the user-oriented governance structure. 

dYdX uses a DAO structure (decentralized autonomous organization) to manage its ecosystem activities. To participate, you need to stake its native token. With that, you can vote for or against any proposals. Recently, the community delisted 12 altcoins by voting and also extended the dYdX Surge. 

 

Why choose Dydx? 
 

Trading on an exchange should not be a guessing game. Like many traders, you should also examine some of the features that set exchanges apart before adding your money to any platform. Here is why most traders are choosing dYdX over other exchanges.

• Free BTC & SOL Trading: You can open a BTC and SOL limit or market order for free on dYdX. No trading fee.
• No KYC Restriction: Trading on dYdX is permissionless and does not require identity verification for withdrawal. You can get started by connecting any decentralized wallets. 
• Diverse Trading Models: You can access derivatives, spot, RWA, and Grid trading
• dYdX MegaVault: Traders with low experience can earn passive income by adding funds to the community-managed vault.
• Coinbase Support: With the Coinbase deposit integration, you can easily navigate between Coinbase, a US-approved centralized exchange, and dYdX. You can deposit assets directly from Coinbase for Perp trading. See the dYdX deposit guide for a detailed explanation on how it works.
• Multi-Chain Support: dYdX supports 6 blockchains for deposit and withdrawal. These are: Ethereum, Solana, Arbitrum, Optimism, Base, and Avalanche.

We have compared dYdX to some other exchanges in the past. Check out our Apex Omni vs dYdX to see how the exchange compares to the Bybit-backed DEX.

 

Dydx features 

 

 

Step-by-step guide on using Dydx 

 

Creating an account  (Connect wallet, e.g., MetaMask)

• Visit the official dYdX website and click 'Sign in.'
• On the pop-up page, click 'Wallet Connect' to select your preferred decentralized wallet, e.g., MetaMask.
• On the next pop-up page, scan the code displayed with your phone or click on “More Wallets” to connect directly on your PC
• Now, click on 'MetaMask.'
• This will automatically open your MetaMask wallet
• Accept the connection request and go back to dYdX

You should see the wallet address in the right corner of the dashboard

Note: You can create a dYdX account using your email, but it’s generally recommended to use a third-party decentralized wallet like MetaMask for better control and security of your funds. Connecting a wallet allows you to trade without creating a separate account.

 

Depositing funds 

• Click on 'Deposit'
• Select the Asset type and blockchain. Note that dYdX supports only USDC and ETH on 6 blockchains.
• Enter the amount you want to deposit
• Click on 'Deposit Funds'

Note that you must have sufficient assets for the deposit. Also, keep enough native tokens of the blockchain in your wallet to cover gas fees. E.g., keep $ETH when sending coins from the Ethereum blockchain.

If you created an account as shown in step 2, do this:  

• Copy the wallet address to send the crypto asset directly to the exchange from any wallet or exchange.
• When using this option, note that dYdX only supports 6 networks. These are Ethereum, Base, Optimism, Arbitrum, Avalanche, and Solana. Also, you can only deposit USDC on both Avalanche and Solana. For Ethereum, Base, Arbitrum, and Optimism, you can send either ETH or USDC.

Once the transaction is confirmed, the funds will be deposited into your account, where you can use them to trade directly. This process takes between 1 and 2 minutes. 

 

Placing a trade

 

• On the dashboard, click on 'Trade.'
• Select the trading pair you want to trade, e.g., BTC-USD
• Select order type. Eg, limit or market 
• Set your margin type. Eg, cross or isolated
• Set your leverage (Max leverage is 50x)
• Input the amount you want to trade with (This is your margin)
• Click the Take Profit/ Stop Loss box
• Then, set Take Profit and Stop Loss prices
• Select position type, could be Buy/Long or Sell/Short
• The trade will appear in 'Open positions.' 

Quick Tip for Beginners: Use buy/long when you expect the asset price to increase (pump) or use sell/short when you expect the asset price to fall (dump).

 

Withdrawing funds 

Withdrawing your assets on dYdX takes between 30 seconds and 5 minutes, depending on network conditions. Note that you must connect your decentralized wallet, i.e, MetaMask, to the exchange to facilitate withdrawal.

• Connect your wallet to the dYdX interface and click on the "Portfolio" section
• Now, click on ‘Withdrawal.’ 
• In the pop-up box, select the destination chain 
• Enter withdrawal amount
• Review transaction details to be sure you are withdrawing assets to the right blockchain.
• Confirm and click on ‘Withdraw.’

 

Dydx fees explained 

Perpetual futures: 0.01% maker fee / 0.05% taker fee.

Though you can access both Futures and spot trading on dYdX, the exchange focuses more on perpetual futures trading; therefore, it only has a clear fee structure around that. For instance, $SOL spot trading was launched in December 2025 at zero trading fees. This may change over time; it is best to confirm fees when trading.

 

How to Reduce Trading Fees on dYdX

dYdX also offers good fee discounts and rebates, effectively allowing users to pay lower trading fees. 

• dYdX Surge: This gives you 50% trading fee rebates. Rewards are distributed at the end of the month.
• Trading Tiers: You can get up to 100% fee discount when you meet the required futures trading threshold. For instance, Tier 4 users pay 0% maker fees and 0.035% taker fees for achieving at least 25 million futures trading volume within 30 days. 

• Staking Tiers: Users can earn up to 25% fee discount. The higher you stake, the lower the discount percentage. 

Affiliate link: dYdX also offers a significant trading fee discount when you use the platform with an affiliate link. 

Overall, dYdX combines lower trading fees with higher rebates and fee discounts. Occasionally, you also get to enjoy zero trading fees on selected assets. The ultimate trick is to always place limit orders instead of market orders. This happens when you open an order to buy or sell an asset at a predicted price instead of the current market price. You can do this by following the price movement to adjust the asset's price. 

 

What is dYdX Surge?

 

Surge is a community-approved incentive program for all dYdX traders to enjoy. As noted earlier, dYdX relies on DAO for governance and decision-making, which means the community gets to vote for or against any proposed decision. In 2026, the community voted to extend Surge.

With the program, dYdX rewards every trader with a 50% rebate on their trading fees monthly. This means that if you pay a $100 trading fee in a month, you automatically qualify to receive $50 by the end of the month. The rebate is paid in $dYdX.

Additionally, users can also enjoy additional rewards and even trade selected assets for free. Currently, dYdX applies 0% trading to BTC and SOL.

 

Dydx promotion referral link 

 

Another way to earn a fee discount, even if you are not a high-volume trader, is by joining dYdX through a promotional link. Traders can generate referral links directly on the exchange or partner with the exchange to generate an affiliate link. The key difference is that affiliate links usually come with higher discounts. 

 

For instance, you can join dYdX without our affiliate link to qualify for a 5% fee discount on all your perpetual trades.

 

Dydx compared to other DEXs
 

If you want to experience trading on a different DEX, check our Hyperliquid tutorial for a detailed guide on how to use one of the leading decentralized exchanges in 2026.

 

Conclusion: Is Dydx worth using?
 

dYdX is a solid alternative to centralized exchanges if you are looking to enjoy easy derivatives trading on a professional level. High-volume traders can enjoy its generous discounts and rebates to reduce trading fees and increase profit margin. Low-volume traders can also access rebates and even trade selected assets for free.

These offers are unique to dYdX, making it one of the best decentralized exchanges in the space. 

It is important to note that trading on dYdX is not limited to crypto assets. Users can access traditional finance assets like stocks, gold, and oil under the RWA category. However, the exchange currently offers 6 assets under this category, which is a considerable restriction.

Ready to start trading on dYdX today? Connect your wallet and enjoy 0% fees on BTC and SOL!

 

Dydx FAQ 

 

Is dYdX safe?

 

dYdX relies on its own security model, which significantly eliminates third-party risks. It is also a decentralized exchange, which means users do not get exposed to centralized risks like loss of funds through mismanagement. However, it is not completely risk-free because it still exposes users to smart contract risks and requires a good knowledge of wallet security to keep their assets safe.

 

Can I trade Crypto for Free on dYdX?

 

You can trade selected crypto assets like BTC and SOL for free on dYdX. The exchange occasionally increases the number of assets under this category, so it is recommended to confirm.

 

Is dYdX the Cheapest DEX?

 

dYdX is not necessarily the cheapest exchange, but it offers a lower trading fee structure compared to other exchanges. Additionally, it comes with up to 100% fee discount on maker orders.