Perpetuals · Arbitrum L2
dYdX Alternative: Perpetuals on Arbitrum L2
EVEDEX is a dYdX alternative on Arbitrum L2: $678.6M open interest against dYdX's $44.3M, 200x on BTC, ETH and SOL up to $50,000 notional, and a 0.015% maker fee.
EVEDEX perpetuals at a glance
EVEDEX perpetual terms on September 15, 2026, from EVEDEX trading terms and docs.
dYdX alternatives compared
Four venues against dYdX, each with two documented drawbacks. Centralized venues are ranked on our best crypto futures exchange page and in the best crypto futures trading platform guide.
| Exchange | Execution | Size | Base fees and leverage | Drawbacks |
|---|---|---|---|---|
| EVEDEX | Hybrid: off-chain matching, Arbitrum L2 settlement | $678.6M open interest; 52 pairs | 0.015%/0.045%; 200x on BTC, ETH, SOL up to $50,000 | No spot or options; 52 pairs against dYdX's 119 |
| dYdX | Validator-run order book on dYdX Chain | $44.3M open interest; 119 pairs | 1.0/5.0 bps; 50x on BTC, ETH | Thin open interest |
| Hyperliquid | Fully on-chain order book on own L1 | $14.18B open interest; 404 pairs | 0.015%/0.045%; 40x on BTC | Most alts 3x–10x |
| Lighter | Order book built as a ZK rollup | $1.06B open interest; 209 pairs | 0% on standard accounts; 50x on BTC | 300 ms taker delay; restricts some countries |
| GMX | Oracle-priced fills against GM pools | $31.8M open interest on Arbitrum; 15 markets | 0.04–0.06% plus borrow; up to 100x | Borrow ~45–55% a year; V1 exploit 2025 |
Data as of September 15, 2026: CoinGecko, DefiLlama, EVEDEX trading terms, dYdX and Hyperliquid market data; fees from EVEDEX, dYdX, Hyperliquid and GMX docs. Access: dYdX Help Center, Lighter terms.
Why dYdX traders choose EVEDEX
How EVEDEX compares with dYdX on depth, leverage caps, fees and account setup.
Fifteen times the open interest
EVEDEX had $678.6M open interest on September 15, 2026, against $44.3M on dYdX, according to CoinGecko.
Higher caps on majors
BTC-USD, ETH-USD and SOL-USD allow 200x up to $50,000 notional; dYdX caps BTC and ETH at 50x and SOL at 20x.
Lower taker fee
0.045% taker against 5.0 bps on dYdX below $1M monthly volume, with up to 35% cashback on your own trades.
No separate chain
Positions settle on Arbitrum L2 with USDT margin, so there is no Cosmos chain address to set up.
Connect your wallet
Log in to the EVEDEX exchange with your wallet. There is no traditional KYC; deposits pass AML screening.
Deposit USDT
Fund your account from 6 USDT. The first deposit deploys a personal deposit contract on Arbitrum for about 0.1 USDT.
Open BTC-USD
Choose long or short and set leverage within the pair cap. The minimum order is 5 USDT.
Where dYdX still wins
Two things favor dYdX, and two limits apply to EVEDEX.
dYdX charges 1.0 bps as a maker at the base tier, below the 0.015% maker fee on EVEDEX, and lists 119 perpetual pairs against 52. It also offers maker rebates above $100M of monthly volume. EVEDEX has no spot market or options and is not intended for UK retail clients; both venues restrict some countries. For traders who post limit orders at high volume, dYdX can cost less; for leverage on majors and depth, EVEDEX leads.
Risk disclosure
Leveraged perpetuals can lose your entire margin quickly. Perpetual futures carry a high risk of loss. EVEDEX services are not intended for UK retail clients. This page is not investment advice.
dYdX alternative questions
dYdX is a decentralized perpetual futures exchange running on dYdX Chain, a Cosmos SDK blockchain governed by the DYDX token. Validators maintain its order book, and traders post USDC collateral from their wallets. CoinGecko showed $44.3M open interest across 119 perpetual pairs on September 15, 2026.
dYdX runs its own blockchain, where validators keep an order book and match orders. You connect a wallet, sign a message that creates a dYdX Chain address, deposit USDC and trade perpetuals. Fees start at 1.0 bps maker and 5.0 bps taker for accounts under $1M of 30-day volume.
dYdX v4 is the version of dYdX that runs on dYdX Chain, a standalone Cosmos SDK blockchain, instead of Ethereum. DefiLlama tracked $69.6M TVL on dYdX V4 on September 15, 2026, while the older Ethereum-based dYdX V3 contracts still held $38.8M.
dYdX documentation describes onboarding as signing a message with an existing wallet, with no identity check in that flow. Access is restricted by location: the dydx.trade front end blocks some countries, and flagged wallets can be moved to close-only mode.
dYdX crypto usually refers to DYDX, the governance token of dYdX Chain, or to the exchange itself. Starting March 24, 2025, 25% of net protocol fees fund monthly DYDX buybacks, according to the exchange description on CoinGecko. EVEDEX does not list a DYDX perpetual.
dYdX exchange is the dydx.trade interface to dYdX Chain, where validators run the order book for perpetual futures. Fees start at 1.0 bps maker and 5.0 bps taker below $1M of 30-day volume, and CoinGecko showed $34.2M of 24-hour volume across 119 pairs on September 15, 2026.
DYDX is the governance and staking token of dYdX Chain. Stakers and validators receive rewards paid in USDC and the native token, according to dYdX documentation, and 25% of net protocol fees have funded monthly DYDX buybacks since March 24, 2025. EVEDEX does not list a DYDX perpetual.
DYDX is available on exchanges that list the token and can be moved to dYdX Chain for staking. Check the official token address or network before any transfer. EVEDEX does not offer DYDX spot or perpetual trading; it lists 52 perpetual pairs such as BTC-USD, ETH-USD and SOL-USD.
