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DYDX — dYdX
A trading venue for bets on price movements with borrowed money, with no company behind it.
What it is for
- Set out to
- Trading perpetual futures without a custodian.
- Today in addition
- Its own chain instead of an Ethereum rollup, spot trading, Solana markets.
- Notable
- Order book and matching run entirely on its own chain, whose fees go to validators and stakers.
- Strength
- Protocol fees flow directly to stakers.
- Weakness
- Its own chain sits away from the large liquidity centers.
Contract address
dYdX Chain — its own chain, no contract.
The asset is the currency of its own chain and does not sit as a token on someone else’s. An empty field here would stand for a missing figure — but nothing is missing.
Score
38of 93
Market capitalization
$97Mas stored
against Bitcoin, 90 days
—not against the dollar
CoinMarketCap
#28324numeric identifier
On the exit depth: it is 52,093 dollars and thus above the threshold of 25,000 dollars. The first measurement on September 4, 2026 was off by more than a factor of two; what counts is the re-measurement of September 5, 2026, 13:58 UTC. This asset is not in the sector barometer.
The four cycles
Measured on daily closing prices, never on daily highs or lows. The cycle boundaries are Bitcoin’s own highest and lowest daily closes: January 14, 2015, December 16, 2017, December 15, 2018, November 8, 2021, November 21, 2022, October 6, 2025 and the current low on June 30, 2026. A day counts only if at least ten thousand dollars were traded on it. The price against Bitcoin is given in satoshi — one satoshi is one hundred-millionth of a bitcoin.
| Cycle | Lowest daily close | Highest daily close | Rise low → high | Fall high → low |
|---|
| 2015 to 2017January 14, 2015 to December 16, 2017 | did not yet exist |
| 2018 to 2021December 15, 2018 to November 8, 2021 | did not yet exist |
| 2022 to 2025November 21, 2022 to October 6, 2025 | $0.4369†432.59 satJune 22, 2025 | $2.64†2,608 satDecember 8, 2024 | in dollars +$0.3019 (+69.1%)against Bitcoin +38.4%from $0.4369 on June 22, 2025 to $0.7388 on August 13, 2025 | in dollars -$2.20 (-83.4%)against Bitcoin -83.4%from $2.64 on December 8, 2024 to $0.4369 on June 22, 2025 |
Only partly measured: reliable trading only from September 28, 2024. What lay before that in the window is not recorded; the figures above are the endpoints of the measured part, not those of the whole cycle. |
| Year by year |
| 2024: in dollars +35.7% (from $1.05 to $1.43) · against Bitcoin -4.3% |
| 2025: in dollars -57.0% (from $1.46 to $0.6302) · against Bitcoin -67.4% |
| since 2026, ongoingJune 30, 2026 to September 17, 2026 | $0.1000155.08 satAugust 17, 2026 | $0.1798307.26 satJune 30, 2026 | in dollars +$0.0248 (+24.8%)against Bitcoin +3.5%from $0.1000 on August 17, 2026 to $0.1248 on August 23, 2026 | in dollars -$0.0798 (-44.4%)against Bitcoin -49.5%from $0.1798 on June 30, 2026 to $0.1000 on August 17, 2026 |
| Year by year |
| 2026: in dollars -41.1% (from $0.1798 to $0.1058) · against Bitcoin -54.8% |
If the high of a window comes before the low, the rise is calculated from the low to the next interim high within the same window.
† For twelve assets the highest and the lowest closing price come from a window of 720 days, because the source does not reach further back. This window moves with the retrieval date. Both closes reported can therefore change without the market having moved.
The four questions that are always answered
Net supply and issuance pressure8 of 20
Starting valuation and size leverage12 of 14
Survivability4 of 12
Relative strength against Bitcoin3 of 6
the score is calculated from all twelve criteria. What the twelve questions measure and what has been corrected about the measurement is on the method page.
The remaining criteria are not recorded individually for this asset; the total comes from the assessment of September 5, 2026.
The figures in detail
Price, as stored$0.1144
against Bitcoin, 7 days—
against Bitcoin, 30 days—
listed on CoinMarketCap sinceMay 2024
Age since listing2.33 years
Fees relative to valuationnot determined
Supply still lockednot researched
hard supply capnot researched
Carried by Nexocarried
Trading venues of 15 checked12 of 15
The fifteen largest centralized exchanges by the CoinMarketCap ranking were counted, as of September 5, 2026. Decentralized exchanges do not count. Bybit is not included in any figure, because the venue was not reachable through sixteen address forms. Which five venues are the best for each asset has not been collected yet.
Finding
For this asset the summarized finding has not yet been transferred to this page. The individual reasons for all twelve criteria are in the assessment file Special run B, September 4, 2026.
Investors and partners: not researched — awards no points, because projects with large backers did not perform better.
Nexo: Carried by Nexo — purchase page documented on September 1, 2026.
No investment advice, no price forecast, no buy or sell recommendation. A high score does not mean “will rise”. It means the asset scores better on these questions than the others.