Startup profile · funding coverage
dYdX funding, valuation and investors
Decentralized perpetuals exchange on dYdX Chain appchain.
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Funding, valuation & investors
Answer-first snapshotLatest funding
Series C
$65M · June 2021
Latest known valuation
Not publicly disclosed
Total disclosed equity funding
$65M
Excludes debt, grants, acquisitions, secondaries, and IPO proceeds.
Current status
private
growth · San Francisco, California
Overview
dYdX operates a decentralized perpetuals exchange — one of the largest on-chain derivatives venues, now running on its own dYdX Chain appchain. Raised seed and Series A co-led by a16z crypto and Polychain in 2017-2018; $65M Series C in June 2021 led by Paradigm with a16z and Polychain participating. Transitioned from Ethereum L2 to standalone Cosmos-based chain.
Why dYdX is interesting
a16z and Polychain co-led from seed; canonical DeFi derivatives cap table as dYdX migrated to own appchain.
Product & use cases
Decentralized perpetual futures exchange — traders use crypto collateral for leveraged positions on major assets without centralized custody.
- On-chain perpetual futures trading
- DeFi derivatives with self-custody
- Market making and liquidity provision on dYdX Chain
Key facts
- Series C (Jun 2021): $65M led by Paradigm; a16z, Polychain (dYdX blog)
- Migrated to dYdX Chain appchain (Cosmos)
- Among largest decentralized derivatives venues
Funding history (newest first)
Series C
2021-06 $65M- Paradigm (lead)
- Andreessen Horowitz (participant)
- Polychain Capital (participant)
Seed + Series A
2018 Undisclosed- Andreessen Horowitz (lead)
- Polychain Capital (lead)
- Bain Capital Ventures (participant)
Investors in our directory
Funds linked from dYdX's profile — open a fund page for stage focus and related deal articles.
Competitive landscape
Edge: Early mover in DeFi perps with deep liquidity history — appchain migration targets performance and token economics.
On-chain derivatives compete on liquidity, fees, and chain performance. dYdX's appchain bet separates it from Ethereum L2 competitors but migration risked user churn.
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Hyperliquid direct
Rising on-chain perps competitor with high volume.
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GMX direct
Decentralized perps on Arbitrum/Avalanche.
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Binance Futures incumbent
Centralized derivatives at massive scale.
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Drift direct
Solana-based perpetuals exchange.
Notable stories
- dYdX migrated from StarkEx L2 to its own Cosmos appchain — one of the largest DeFi protocol chain migrations (dYdX blog).
Industries
Market / IPO context
Editorial / static context — not a live quote.
Related funding articles
Venture Capital Tracker pieces that cover dYdX's financing or category context.
FAQs about dYdX
Practical answers founders, operators, and investors typically search for.
Last updated:
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