dYdX Statistics 2026: Volume, Fees, Token and Governance Data

DefiLlama data show $1.588 trillion in cumulative dYdX perpetual futures volume, with $1.211 trillion on Ethereum and $377.505 billion on the dYdX Chain. As of Oct 21, 2026, dYdX has $99.21 million in total value locked, and 30-day perp volume stands at $1.393 billion. Those lifetime dYdX statistics hide a protocol that is shrinking on almost every live measure.

Average daily volume fell from approximately $121.2 million in June 2026 to approximately $40.2 million over the trailing 30 days, per the dYdX forum. On July 1, 2026, dYdX Labs announced Arcus, a new decentralized exchange built in partnership with Robinhood on the Robinhood Chain. The dYdX Foundation says dYdX Chain is not affected by it in any way. The sections below track volume, fees, TVL, the DYDX token, buybacks, Surge payouts and governance votes.

Key Takeaways

• Quarterly gross protocol revenue fell from $27.47 million in Q1 2024 to $826,830 in Q3 2026, on DefiLlama’s income statement.
• Unique traders totalled 6,268 in Q1 2026 and 4,210 in Q2, per the dYdX Foundation.
• Governance cut the dYdX Chain validator cap from 50 to 21 in three votes between October 2025 and September 2026.
• Proposal #313 redirected 75% of net protocol revenue to DYDX buybacks.
• Surge payouts priced DYDX at a 7-day TWAP of $0.10 for Season 11 and $0.17 for Season 14, far below the token’s peak.
• The 2025 annual report listed 386 markets available, while the dYdX homepage now shows 99 markets.

Editor’s Choice

• Cumulative perp volume: $1.588 trillion, per DefiLlama.
• Total value locked: $99.21 million as of Oct 21, 2026.
• Cumulative protocol fees since v4: $66.3 million in the H1 2026 report.
• DYDX token holders: 98,500, up 44% year over year in H1 2026.
• Cumulative DYDX buybacks: 22.3 million DYDX in the H1 2026 report.
• DYDX price: $0.12, against an all-time high of $4.52 on Mar 7, 2024.

dYdX Statistics at a Glance

• DefiLlama lists $1.588 trillion in cumulative perp volume and $1.393 billion over the past 30 days.
• Perp volume reached $237.76 million over 7 days and $71.78 million over 24 hours.
• Open interest stands at $50.75 million on DefiLlama.
• Fees over 30 days totalled $285,380, with $47,620 over 7 days.
• The dYdX Foundation reports $66.3 million in cumulative protocol fees since v4.
• DYDX trades at $0.12, with a circulating market capitalization of $103.95 million.

Source: DefiLlama (October 2026), dYdX Foundation Ecosystem Report H1 2026

What is dYdX crypto?

DYDX is, and remains, the governance and staking token of dYdX Chain. Staking rewards continue to be paid in USDC, drawn from dYdX Chain protocol fees. dYdX Chain is governed by its token holders and secured by its validators, while the Treasury SubDAO and Operations SubDAO operate under their existing mandates. dYdX is a decentralized venue for perpetual futures, one segment of the wider crypto derivatives market.

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About This Data

Compiled from 29 sources: 18 on-chain dYdX Chain records, 3 forum proposals, 4 dYdX Labs pages, 2 dYdX Foundation reports, 1 dYdX Foundation statement and 1 DefiLlama dashboard. Sources span October 2025 to October 2026, and only official dYdX publications, on-chain records and on-chain analytics qualified. Figures are reviewed on a rolling basis and updated when sources publish new editions.

dYdX Trading Volume Statistics

• DefiLlama splits cumulative perp volume into $1.211 trillion on Ethereum and $377.505 billion on the dYdX Chain.
• The H1 2026 report counts $406 billion traded since the launch of the dYdX Chain.
• That brings dYdX to more than $1.58 trillion in cumulative volume, per the dYdX Foundation.
• The 2025 annual report put all-time volume at about $1.55 trillion across all protocol versions.
• Q4 2025 volume reached about $34.3 billion, up 45% quarter over quarter.
• Fee Holidays on BTC-USD and SOL-USD drove a 2-3× increase in overall trading volume versus mid-year 2025 levels.

Source: DefiLlama (October 2026)

Roughly three of every four lifetime dollars traded on dYdX came from the Ethereum era. The headline total says more about 2021 than about 2026. We set that split against our perpetual futures market data to judge how much of the sector dYdX still carries.

Recent Developments

• October 11, 2026: Proposal 398, the dYdX Chain Software Upgrade v9.8, closed with status passed.
• October 2, 2026: Governance passed a proposal to wind down the ARKM-USD, SHIB-USD, WOO-USD, XPL-USD and ZRO-USD markets.
• September 17, 2026: Proposal 396 passed, reducing the maximum number of validators from 31 to 21.
• September 4, 2026: A wind-down proposal covering 2Z-USD, AXL-USD, BLAST-USD, CRO-USD and other markets passed.
• August 4, 2026: The dYdX Foundation released its Ecosystem Report H1 2026.
• August 6, 2026: Proposal 392 passed, lifting governance quorum on dYdX Chain from 33.4% to 50%.

dYdX Daily Trading Volume Decline in 2026

• Average daily trading volume stood at approximately $121.2 million in June 2026, per a governance forum proposal.
• The trailing 30-day average marked a decrease of roughly 67% from that level.
• The 7-day figure sits roughly 74% below June, per the forum proposal dated September 11, 2026.
• DefiLlama shows $71.78 million in perp volume over 24 hours on the dYdX chain.

dYdX founder Antonio Juliano wrote that competitors captured market share by prioritizing speed, simplicity, and liquidity. We track a rival perp DEX in our Hyperliquid perp DEX statistics.

dYdX Protocol Revenue by Quarter

• Gross protocol revenue peaked at $27.47 million in Q1 2024 on DefiLlama’s quarterly income statement.
• It fell to $8.49 million in Q4 2024 and $3.31 million in Q4 2025.
• Q1 2026 brought $993,090, followed by $615,070 in Q2 2026 and $826,830 in Q3 2026.
• Trading fees of $826,830 made up all of DefiLlama’s gross protocol revenue in Q3 2026.

By the numbers: DefiLlama’s income statement shows dYdX gross protocol revenue of $27.47 million in Q1 2024 and $826,830 in Q3 2026. Q3 2026 revenue equals 3.0% of the Q1 2024 peak. The protocol now earns in a quarter roughly what it once earned in a few days.

dYdX Monthly Fee Statistics 2026

• Monthly fees hit $356,213 in February 2026, the high point of the year so far.
• June 2026 fees dropped to $102,724.
• Fees recovered to $279,952 in July and $280,112 in August 2026.
• For comparison, December 2024 fees reached $3.47 million.
• DefiLlama puts the annualized fee rate at $4.83 million, based on the trailing year.

Governance rejected the proposed BTC-USD fee holiday for July 2026, a program that had earlier been applied to BTC-USD and SOL-USD markets.

dYdX TVL Statistics

• dYdX TVL reached an all-time high of $1,123 million on October 29, 2021.
• TVL stood at $1,007 million at the end of 2021.
• Year-end TVL was $431.56 million at the end of 2024 and $199.01 million at the end of 2025.
• Month-end TVL fell from $189.51 million in January 2026 to $111.43 million in September 2026.
• TVL has decreased 9.1% over the past 30 days, and the dYdX chain holds 69% of it.
• dYdX ranks #6 by TVL among derivatives protocols tracked by DefiLlama, with 4.8% of the category total.

We read these figures next to our wider decentralized finance market statistics, since TVL moves with collateral prices as much as with usage.

DYDX Token Supply, Price and Staking Statistics

• DYDX supply stands at 846.09 million circulating, 958.34 million total and 1 billion maximum.
• The dYdX Chain bank module reports a total supply of 1 billion DYDX.
• On-chain staking data show 303.77 million DYDX bonded to validators.
• Bonded tokens equal 30.38% of the on-chain DYDX supply.
• DYDX hit an all-time high of $4.52 on Mar 7, 2024 and trades 97.3% below that level.
• The token is down 5.6% over 7 days and 12.2% over 30 days.

Source: DefiLlama (October 2026)

We set that bonded share against other proof-of-stake networks in our cryptocurrency staking statistics, because staking ratios shape how much supply can reach the market.

What is the current valuation of dYdX?

DYDX has a circulating market capitalization of $103.95 million, ranking it #400, and a fully diluted valuation of $117.74 million. DefiLlama’s funding records add up to $87 million raised across four rounds.

dYdX Buyback Program Statistics

• The Treasury SubDAO launched the DYDX Buyback Program on April 23, 2025.
• A three-month trial allocated 80% of fees to buybacks, 15% to staking and 5% to the treasury.
• Proposal #313 set revenue sharing at 75% to the Buyback Program, 5% to the Treasury SubDAO and 5% to MegaVault.
• Total DYDX bought and staked as of Jan 1, 2026 reached 8.46 million, with a market value of $1.72 million.
• The H1 2026 report puts cumulative buybacks at 22.3 million DYDX.

Worth noting: Buybacks are staked after purchase to support network security, under a program the Treasury SubDAO started on April 23, 2025. With monthly fees at a fraction of their 2024 level, the program’s dollar budget now depends on volume returning rather than on another allocation vote.

dYdX Trader and Holder Statistics

• Unique traders totalled 6,268 in Q1 2026 and 4,210 in Q2 2026.
• Unique traders fell 32.8% from Q1 to Q2 2026.
• DYDX holders grew 165% year over year in 2025, per the dYdX Foundation.
• DYDX token holders increased to 98,500 in H1 2026, up 44% year over year.

Source: dYdX Foundation Ecosystem Annual Report 2025, Ecosystem Report H1 2026

Holders keep rising while traders fall, which tells us DYDX is now held far more than it is used to trade on its own chain.

dYdX Surge Program Statistics

• Governance renewed Surge from January 1, 2026 for six months with $6 million in DYDX from the Community Treasury.
• Season 11 received $200,000, including $100,000 for liquidation rebates at a 7-day TWAP of $0.10.
• Season 14 sent $50,000, or 294,117.24 DYDX, at a 7-day TWAP of $0.17.
• Season 15 sent $50,000, or 357,142.71 DYDX, at a 7-day TWAP of $0.14.
• Trading Leagues distributed up to $1 million in rewards in 2025.

Seasons 13, 14 and 15 each paid $50,000 to the top 100 eligible addresses with the largest realized liquidation losses.

dYdX Chain Validator and Governance Statistics

• Proposals 297, 360 and 396 took the maximum number of validators from 50 to 21 between October 2025 and September 2026.
• Proposal 360 superseded proposal #359 to make the March 2026 cut.
• The active set had only 29 filled slots on 11 September 2026.
• The 10 validators ranked #22 to #31 held only 5.4% of total active-set stake.
• dYdX operates with a Designated Proposer Set of 8 validators responsible for block production.

Why it matters: Raising quorum from 33.4% to 50% means any proposal requires participation from a majority of staked DYDX before it can pass. Fewer validators and a higher quorum point the same way: governance is sizing dYdX Chain for a smaller, quieter network.

dYdX Market Listings and Wind-Downs

• The dYdX 2025 annual report lists 386 markets available.
• The dYdX homepage now shows 99 markets alongside $21 million in open interest.
• The same page cites $1.6 million in MegaVault TVL.
• Proposal 394 wound down markets including 2Z-USD, AXL-USD, EUR-USD, TSLAX-USD and ZK-USD.
• Proposal 397 wound down ARKM-USD, SHIB-USD, WOO-USD, XPL-USD and ZRO-USD.

Source: dYdX Chain governance proposals 394 and 397

The homepage market count and open interest come from dYdX’s own front end. DefiLlama measures open interest separately, so the two figures are shown apart rather than reconciled.

dYdX Funding and Security Incident Statistics

• dYdX has raised $87 million across four rounds, according to DefiLlama’s funding records.
• A Series C round in June 2021 supplied 74.7% of the total raised.
• A $9 million dYdX V3 incident on Nov 18, 2023 was classified as market manipulation.
• A $31,000 DNS hijack hit dYdX V3 on Jul 23, 2024.

Source: DefiLlama raises and hacks data (October 2026)

Both incidents hit the older Ethereum version and were small next to the losses in our crypto hacks tracker.

Arcus Launch and What It Means for dYdX

• Arcus is a decentralized exchange built jointly by dYdX Labs and Robinhood Crypto.
• Robinhood Chain comes from Robinhood, a retail trading platform with over 25 million users.
• Eddie Zhang leads Arcus as CEO and Founder.
• The dYdX Foundation says no DYDX token swap or migration has been announced.

Source: dYdX, A New Arc (July 2026); dYdX Foundation statement (July 2026)

Who is the founder of dYdX?

Antonio Juliano is dYdX’s founder and the largest DYDX token holder, by his own account. He is joining the Arcus board, where he will drive strategy and long-term vision. We track the dYdX team’s headcount separately, and Arcus, incubated at dYdX Labs, shows where that team now spends its time.

Is dYdX available in the US?

The dYdX Foundation’s H1 2026 report, published August 4, 2026, states that dYdX is not available in the US or to US persons. In its December 2025 Solana spot launch announcement, dYdX said Solana spot trading made dYdX available to US traders for the first time, while dYdX perpetuals trading is not available in the United States and Canada. The two statements conflict, and neither source reconciles them.

Conclusion

dYdX still carries $1.588 trillion in lifetime perp volume, yet average daily volume dropped from approximately $121.2 million in June 2026 to approximately $40.2 million. Governance has answered with fewer validators, fewer markets and a larger buyback share, which trims costs without changing the volume problem.

The dYdX Foundation says dYdX Chain continues to operate as it did before Arcus. The next Foundation report and the monthly fee line are the two figures that will show whether the chain stabilizes after Arcus or keeps shrinking.