Startup profile · funding coverage
dYdX
Decentralized perpetuals exchange — leading on-chain derivatives venue with dYdX chain.
Stage
growth
Status
private
Coverage
full
Why dYdX is interesting
a16z and Polychain co-led from seed; Bain joined the Series A syndicate — a canonical DeFi derivatives cap table.
Key facts
- Series C (Jun 2021): $65M led by Paradigm; a16z and Polychain participated (dYdX blog)
- Seed (2017) + Series A (2018): co-led by a16z crypto and Polychain (Medium)
Investors in our directory
Funds linked from dYdX's profile — open a fund page for stage focus and related deal articles.
Industries
Crypto & Web3 Fintech
Industry hub pages are rolling out from our fund-derived baseline taxonomy.
Related funding articles
Venture Capital Tracker pieces that cover dYdX's financing or category context.
FAQs about dYdX
Funding context and why this company shows up in venture coverage.
dYdX is a decentralized exchange for perpetual futures — letting traders take leveraged crypto positions with on-chain settlement on the dYdX Chain.
Andreessen Horowitz (/fund/andreessen-horowitz) and Polychain co-led seed and Series A rounds. Bain Capital Ventures (/fund/bain-capital-ventures) joined Series A. Paradigm led the $65M Series C in June 2021.
dYdX raised $65M in a Series C in June 2021 led by Paradigm. The protocol operates with a DYDX governance token; the company structure is distinct from traditional equity.
dYdX proved decentralized perps could compete with centralized exchanges on volume — and migrated to its own appchain to escape Ethereum L1 throughput limits.
dYdX is not a publicly traded equity. The DYDX token trades on crypto markets; the protocol is governed by token holders.
Last updated: 2026-07-24