As part of a grant from the dYdX Grants Program, Coin Metrics is onboarding dYdX market data and diving deeper into its ecosystem. We previously released a demo walking through how to access a suite of dYdX data.
In this edition of Coin Metrics’ State of the Network, we continue our coverage with an overview of dYdX v4: its role as an orderbook-based perpetual futures exchange, its transition to a Cosmos app-chain, and key exchange metrics like trading volume, open interest, and market activity.
Key Takeaways:
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dYdX v4 migrated from the Ethereum ecosystem to a standalone Cosmos app-chain, decentralizing its exchange infrastructure while improving performance and sovereignty.
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Trading volume on dYdX v4 has recently averaged around $200M daily, with open interest steadily climbing to $175M, showing healthy traction in a highly competitive landscape.
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Perpetual futures trading volume on dYdX still lags behind major centralized exchanges but has significant room to grow as demand for on-chain derivatives platforms accelerates.
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Recent market data shows BTC and ETH continuing to dominate activity, with open interest, funding rates and liquidations offering a granular lens into shifting trader positioning and sentiment.
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