Hey, Altie here. If you’ve spent enough time trading perps, you already know dYdX set the standard for decentralized derivatives. But the market doesn’t stand still, and neither do traders. Execution models evolve, chains get faster, liquidity shifts, and new platforms start solving problems dYdX never aimed to.
This article breaks down the strongest dYdX alternatives in 2025, focusing on how they actually perform, who they’re built for, and where each one fits in a serious trader’s toolkit.
If decentralized perpetual trading had a reference point, dYdX would still be sitting at the center of the chart.
dYdX built its reputation by proving that professional-grade derivatives trading could exist without centralized custody.
Its off-chain orderbook paired with on-chain settlement delivered tight spreads, deep liquidity, and an experience that felt familiar to traders coming from centralized exchanges. Over time, it became the default venue for high-volume decentralized perpetuals, especially for majors like BTC and ETH.
The platform’s strengths are clear. An orderbook-first design allows for precise execution and advanced order types.
Liquidity is consistently deep relative to other on-chain venues, making it suitable for large position sizes. Its infrastructure is optimized for active traders who care about execution quality, not just permissionless access.
But the market has moved. And traders have moved with it.
As perpetual DEXs matured, traders began exploring alternatives to dYdX for several reasons. Chain preferences are a major factor, with users gravitating toward faster or cheaper execution environments.
Custody models also differ, with some platforms offering more transparent on-chain matching or alternative settlement guarantees. Fees, latency, and funding mechanics vary widely across protocols.
Market coverage has expanded beyond majors into long-tail assets and niche instruments. User experience has diversified, ranging from CEX-like interfaces to fully on-chain designs prioritizing composability and decentralization.
The result is a fragmented but competitive landscape.
This article examines several decentralized perpetual trading platforms that now serve as strong alternatives to dYdX.
Each protocol takes a different approach to execution, liquidity provisioning, and ecosystem design, reflecting how far the perp DEX sector has evolved heading into 2025.
What Makes a Strong dYdX Alternative?
Not every perp DEX qualifies as a true alternative to dYdX. To evaluate platforms objectively, a clear set of criteria matters.
A strong dYdX alternative should support non-custodial trading with transparent settlement. Traders must retain control over their funds, with clear visibility into how positions are opened, maintained, and closed.
Execution quality is non-negotiable. Whether through an orderbook, hybrid system, or high-performance AMM, the platform must support low-slippage execution suitable for active trading, not just occasional speculation.
Fees and funding rates need to be competitive and predictable. Excessive trading fees or unstable funding can erase edge quickly, especially for frequent traders.
Liquidity depth and open interest are key indicators of real adoption. Strong alternatives demonstrate sustained volume, healthy open interest, and the ability to absorb large trades without destabilizing prices.
A reliable oracle and liquidation engine is essential. Pricing accuracy, timely liquidations, and resistance to manipulation directly affect trader safety during volatile market conditions.
Market coverage matters as well. Some traders prioritize deep liquidity on majors, while others look for access to newer assets or specialized markets not available on dYdX.
Operational reliability rounds it out. Consistent uptime, stable performance during volatility, and minimal degradation during peak trading periods separate production-grade platforms from experiments.
Finally, ecosystem growth and real user adoption matter more than headline announcements. Platforms that show sustained increases in volume, fees, and active traders demonstrate product-market fit rather than short-term incentives.
With these benchmarks in place, we can look at how today’s leading perpetual DEXs stack up against dYdX, not just in theory, but in live market conditions.
Platform Deep Dives
Below are in-depth reviews of leading decentralized perpetual trading platforms that have emerged as credible dYdX alternatives. Each is evaluated using the same framework to keep comparisons clean and grounded in live usage data.
Lighter
Lighter is a decentralized perpetual and spot trading platform focused on high-performance execution with strong security guarantees. It operates with an orderbook-based design that emphasizes verifiable matching and transparent liquidations, aiming to replicate the experience of professional centralized exchanges while remaining non-custodial.
According to DefiLlama data, Lighter maintains approximately $1.4 billion in total value locked. Its perpetual markets show sustained activity, with around $233 billion in 30-day perp volume and open interest near $1.65 billion. Annualized fees and revenue both sit around $138 million, indicating meaningful real usage rather than incentive-driven volume.
The platform’s growth in perp volume throughout 2024 and into 2025 highlights increasing adoption by active traders seeking deeper liquidity and predictable execution.
USP (Unique Selling Proposition) Lighter’s core advantage is its verifiable orderbook and liquidation system that delivers centralized exchange-level performance with on-chain transparency.
Key Features
- Orderbook-based perpetual and spot markets
- Verifiable matching and liquidation mechanisms
- Deep liquidity on major perpetual pairs
- Competitive trading fees aligned with professional use
- Transparent fee and revenue generation
- Designed for high-throughput, low-latency execution
Why It’s a Good Alternative to dYdX
Lighter closely mirrors dYdX’s strengths in execution quality and professional trader focus. Traders accustomed to orderbook precision and tight spreads will find the experience familiar.
Compared to dYdX, Lighter places additional emphasis on verifiable execution and liquidation transparency, appealing to traders who prioritize on-chain auditability. It is best suited for high-volume traders who value execution quality over long-tail asset exposure.
edgeX
edgeX is a high-performance, orderbook-based perpetual DEX designed to deliver centralized exchange-like trading on-chain. The platform focuses on low-latency execution and scalability while remaining fully non-custodial.
DefiLlama data shows edgeX with approximately $369 million in TVL and roughly $123 billion in 30-day perpetual volume. Open interest stands near $761 million, while annualized fees exceed $570 million, reflecting heavy trader activity. Revenue metrics indicate strong fee capture relative to its size, suggesting efficient monetization of volume.
Volume acceleration in late 2024 and 2025 points to growing adoption among active traders migrating from centralized venues.
USP (Unique Selling Proposition) edgeX’s standout strength is its centralized exchange-style execution speed combined with non-custodial settlement.
Key Features
- High-performance orderbook execution
- Optimized for low-latency trading
- Deep liquidity in core perpetual markets
- Clear fee structure with strong revenue generation
- Professional-grade risk management tools
- Interface designed for active traders
Why It’s a Good Alternative to dYdX
edgeX targets the same trader profile as dYdX but emphasizes execution speed and throughput.
Traders who prioritize fast fills and minimal latency, especially during volatile conditions, may prefer edgeX’s execution environment. While dYdX maintains broader brand recognition, edgeX offers a compelling alternative for traders seeking similar mechanics with a focus on performance optimization.
Hyperliquid
Hyperliquid is one of the largest decentralized perpetual exchanges by volume and open interest. It operates on its own high-performance chain optimized specifically for derivatives trading, enabling fast execution and low fees without relying on external layer 2 infrastructure.
DefiLlama data places Hyperliquid’s TVL at approximately $4.1 billion, with 30-day perpetual volume exceeding $180 billion and open interest around $7 billion. Annualized fees approach $900 million, with most revenue distributed to liquidity providers and token holders. These figures position Hyperliquid as one of the most actively used perp DEXs in the market.
The platform’s consistent volume growth through market cycles signals strong product-market fit.
USP (Unique Selling Proposition) Hyperliquid’s key advantage is its vertically integrated, purpose-built chain delivering exceptional execution speed and liquidity depth.
Key Features
- Dedicated high-performance trading chain
- Deep liquidity and large open interest
- Low trading fees and efficient funding rates
- Advanced order types and risk controls
- Revenue-sharing mechanics for ecosystem participants
- High uptime during market volatility
Why It’s a Good Alternative to dYdX
Hyperliquid competes directly with dYdX on scale and execution quality. It often surpasses dYdX in liquidity depth and open interest, particularly during high-volatility periods.
Traders who value deep liquidity and fast execution without reliance on external rollups may find Hyperliquid superior. The primary trade-off is its ecosystem specificity, as it operates on a proprietary chain rather than a broader modular stack.
ApeX Protocol
ApeX Protocol is a decentralized perpetual trading platform operating across multiple EVM-compatible chains. Its design focuses on offering perpetual markets with a balance between accessibility and performance, rather than competing solely on maximum depth.
The protocol maintains a relatively modest total value locked compared to larger perp venues, but this is offset by sustained derivatives activity. ApeX consistently processes significant perpetual trading volume and maintains active open interest, indicating recurring trader engagement rather than purely incentive-driven usage. Fee and revenue generation further support the view that the platform captures real trading demand.
ApeX positions itself as a flexible derivatives venue for traders who operate across chains and want exposure to perpetual markets without committing to a single ecosystem.
USP (Unique Selling Proposition) ApeX’s primary advantage is its multichain perpetual trading access, allowing traders to deploy capital across ecosystems without being locked into one execution layer.
c) Key Features
- Multichain deployment across major EVM networks
- Perpetual markets with consistent trading volume
- Transparent fee and revenue structure
- Open interest visibility for position sizing awareness
- Interface designed for both retail and semi-active traders
Why It’s a Good Alternative to dYdX ApeX serves as a diversification alternative rather than a direct replacement for dYdX. Traders who primarily use dYdX for majors but want exposure to perp trading on multiple chains may find ApeX useful as a secondary venue. The trade-off is liquidity depth, which is lower than dYdX during periods of heavy volatility, making ApeX more suitable for moderate position sizes.
Grvt
Grvt is a decentralized perpetual trading platform focused on privacy-preserving execution through zero-knowledge technology. Its architecture emphasizes private, trustless trading while maintaining non-custodial settlement.
The protocol’s total value locked remains relatively small compared to dominant perp venues, but its derivatives activity has grown steadily. Perpetual trading volume has accelerated over recent months, and open interest figures indicate increasing participation from traders seeking privacy-oriented execution. Grvt has also attracted meaningful venture backing, suggesting longer-term development commitments.
Grvt positions itself as a differentiated perp DEX rather than a direct volume competitor to the largest platforms.
USP (Unique Selling Proposition) Grvt’s defining feature is private, zero-knowledge–powered perpetual trading that minimizes on-chain information leakage.
Key Features
- Privacy-preserving execution using zero-knowledge technology
- Non-custodial perpetual trading
- Growing perpetual volume and open interest
- Focus on secure and trustless infrastructure
- Clean interface tailored for privacy-conscious traders
Why It’s a Good Alternative to dYdX
Grvt appeals to traders who value privacy more than maximum liquidity. While dYdX offers deep markets and transparent orderbooks, Grvt provides a contrasting model where execution details are shielded.
This makes it a strong alternative for traders who want decentralized perps without broadcasting their strategy on-chain, accepting thinner liquidity as the trade-off.
Comparison Table
| Platform | Chain / Stack | Liquidity Feel | Execution Model | Fee Structure | Supported Markets | Ideal Trader Type |
| Lighter | High-performance L2 | Deep on majors | Orderbook | Competitive, volume-based | Major perp pairs | High-volume, execution-focused traders |
| edgeX | High-performance chain | Moderate to deep | Orderbook | Competitive | Core perpetual markets | Latency-sensitive active traders |
| Hyperliquid | Proprietary chain | Very deep | Orderbook-like | Low fees | Majors and selected alts | Professional, high-size perp traders |
| ApeX Protocol | Multichain EVM | Moderate | Hybrid perp model | Transparent | Majors across chains | Cross-chain and mid-size traders |
| Grvt | ZK-based infrastructure | Emerging | Privacy-first model | Not volume-optimized | Select perpetual markets | Privacy-focused traders |
Risks and Trade-Offs
Decentralized perpetual trading carries inherent risks that traders must account for regardless of platform choice. Smart contract vulnerabilities remain a core concern, particularly in complex liquidation and funding logic. Chain reliability is another factor, as execution quality can degrade during congestion or outages.
Liquidity fragmentation across chains can impact slippage and funding stability, especially outside major trading pairs. Liquidation engines and leverage limits differ by protocol, which can affect risk exposure during sharp market moves. Finally, regulatory uncertainty surrounding decentralized derivatives continues to evolve and may influence platform accessibility in certain jurisdictions.
How to Choose the Right Alternative Based on Your Trading Style
Traders who prioritize deep liquidity and orderbook execution similar to centralized exchanges may prefer platforms like Hyperliquid or Lighter. Those seeking fast execution with low latency may lean toward edgeX.
Traders looking for flexibility across ecosystems may find ApeX useful, while those who value execution privacy over raw depth may gravitate toward Grvt.
The optimal choice depends on position size, execution sensitivity, and personal risk tolerance.
Conclusion
dYdX remains a benchmark for decentralized perpetual trading, particularly for professional traders who value orderbook precision and deep liquidity. However, the perp DEX landscape has expanded beyond a single dominant model.
Platforms like Lighter and Hyperliquid push execution and liquidity to new levels, while edgeX emphasizes speed. ApeX and Grvt demonstrate how specialization, whether through multichain access or privacy-preserving design, can serve distinct trader needs.
Exploring multiple platforms allows traders to match execution environments with specific strategies. As always, starting with small position sizes and prioritizing risk management remains essential in decentralized derivatives trading.
At the end of the day, dYdX is still a reference point, not a monopoly. Perp DEXs have matured into a multi-model ecosystem where different platforms win on speed, depth, privacy, or flexibility. The smart move is not blind loyalty, but informed experimentation. Test platforms carefully, size responsibly, and choose execution environments that match how you trade. Markets change fast. Your tools should keep up.
