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§ Private Profile · San Francisco, CA, USA
Decentralized exchange (DEX) offering crypto spot, margin, lending, borrowing, and derivatives trading on blockchain for DeFi traders.
Founded in August 2017 by Antonio Juliano, dYdX is a decentralized cryptocurrency exchange without a traditional corporate headquarters that facilitates spot trading, margin trading, lending, borrowing, and advanced derivatives contracts. The platform operates within the decentralized finance sector, initially building its core infrastructure on the Ethereum blockchain before migrating to layer two scaling solutions like Starkware to improve efficiency. The exchange generates revenue primarily through trading fees on its decentralized derivatives markets and has successfully processed over $1 trillion in total cumulative trading volume. Recent platform metrics indicate a total value locked of $306.6 million, alongside a native DYDX token currently trading at $0.91 as it supports advanced DeFi features. Leadership transitioned when Ivo Crnkovic-Rubsamen assumed the chief executive role in May 2024, though Juliano later returned as CEO after briefly serving as chairman and president.
dYdX has raised $87.0M across 4 funding rounds.
Key people at dYdX.
dYdX was founded in 2017 by Antonio Juliano (Founder).
dYdX has raised $87.0M in total across 4 funding rounds.
Key people at dYdX.
dYdX is a decentralized exchange (DEX) specializing in perpetual futures contracts and derivatives trading for cryptocurrencies. It builds a non-custodial trading platform that enables users—primarily experienced traders and market makers—to trade assets like BTC, ETH, SOL, and AVAX with up to 20x leverage using USDC collateral, without intermediaries or expiration dates on contracts.[1][2][3] The platform solves key pain points in DeFi trading, such as high fees, slow execution, and custody risks, by offering an order book model, advanced tools like stop-loss and limit orders, low fees, and deep liquidity.[3][5][7] Growth momentum includes a TVL of $295 million, daily trading volume around $534 million, and a shift to its own Cosmos-based dYdX Chain (v4) for full decentralization and 10,000 TPS throughput, attracting pro traders seeking precision and speed.[3][4]
dYdX was founded by Antonio Juliano, a former Coinbase and Uber engineer, who launched dYdX Trading Inc. to create a pro-level DeFi trading platform.[2] The idea emerged from the limitations of early Ethereum-based DEXs, starting with v1 on Ethereum mainnet for spot and margin trades with up to 5x leverage via smart contracts.[1] Pivotal moments include v3's adoption of StarkEx (Ethereum Layer 2 with ZK-rollups) for faster, cheaper trades, and v4's 2023 launch of the dYdX Chain—a Cosmos app-chain—fully decentralizing the order book, matching engine, and governance while boosting performance to rival centralized exchanges like Binance.[1][2][4] Early traction came from its hybrid model blending decentralization with liquidity, evolving into a community-governed ecosystem with staking and subDAOs.[3][4]
dYdX rides the DeFi 2.0 and app-chain wave, capitalizing on the shift from Ethereum congestion to modular blockchains like Cosmos for scalable, high-performance trading.[4] Timing aligns with surging demand for perpetuals—now a multi-billion market dominated by CEXs like Binance—offering a decentralized alternative amid regulatory scrutiny on custodians.[2][4] Market forces favoring it include ZK-tech maturity for privacy/speed, rising institutional DeFi adoption, and crypto's bull cycles boosting derivatives volume.[3][5] It influences the ecosystem by pioneering pro-grade DEX features, inspiring hybrid models, empowering communities via governance, and pulling liquidity from CEXs toward self-custodial trading.[1][7]
dYdX is positioned as DeFi's leading pro perpetuals platform, with its app-chain delivering CEX-like execution in a trustless environment—primed for explosive growth as DeFi TVL rebounds. Next steps likely include expanding pairs, API enhancements for institutions, and deeper Cosmos interoperability to capture more volume from rivals.[4][7] Trends like AI-driven trading, real-world asset perps, and regulatory clarity for DEXs will shape its path, potentially evolving it into a full DeFi infrastructure hub. As decentralized trading matures, dYdX's blend of freedom, liquidity, and tools cements its role at the forefront, redefining what pro traders expect from crypto exchanges.[2][3]
dYdX was founded in 2017 by Antonio Juliano (Founder).
dYdX has raised $87.0M in total across 4 funding rounds.
dYdX's investors include Paradigm, Kevin Hartz, Altair Capital Management, Amino Capital, Andreessen Horowitz, Angel investor, AngelList, Anti fund, Brainchild, David Namdar, Craft Ventures, Founders Fund.
dYdX has raised $87.0M across 4 funding rounds. Most recently, it raised $65.0M Series C in June 2021.
| Date | Company | Round | Lead Investor(s) | Co-Investor(s) |
|---|---|---|---|---|
| Mar 4, 2026 | TESS AI | $5.0M Seed | DYdX, HI Ventures | Honeystone Ventures |
