# dYdX

> Source: https://fuckyc.org/services/dydx/
> Website: https://dydx.trade/
> Categories: DEX & atomic swaps
> KYC: tiered — V4 (dYdX Chain) runs as a Cosmos appchain; the protocol itself has no KYC, but the official front-end has geofenced the U.S. and uses third-party screening on connected addresses.
> Status: active
> Jurisdiction: protocol — decentralized; Cayman / Switzerland operator entities historically
> Fiat on-ramp: no
> Payment methods: crypto
> Founded: 2017
> Open source: yes
> Custodial: no
> Last verified: 2026-01-01

## Verdict

dYdX is the main on-chain perpetuals venue running on a dedicated Cosmos appchain. The protocol is permissionless; the front-end geofences. Useful for trading perps without a CEX, with the usual perps-platform risk on top of the protocol risk.

## Strengths

- On-chain perpetuals on a dedicated appchain; orderbook model rather than AMM.
- Self-custody throughout — withdrawals are user-initiated.

## Caveats

- Official front-end blocks U.S. IPs and certain addresses; community front-ends exist but require trust.
- Perpetuals carry liquidation risk independent of custody.
- Earlier (StarkEx-based) versions had different operator and KYC profiles; do not mix the historical record.
- Facts need re-verification by operator (last seeded 2026-01).

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## What dYdX is

A perpetual-futures decentralized exchange running on the dYdX Chain (a Cosmos SDK appchain). Order matching is on-chain; settlement is self-custody.

## Threat-model fit

Trading venue. Privacy depends on wallet hygiene, not on the protocol.

## Sources

- [dYdX docs](https://docs.dydx.trade/) — accessed 2026-01-01
- [KYCnot.me — dYdX entry](https://kycnot.me/service/dydx) — accessed 2026-01-01