June 15, 2021
June 4, 2025

dYdX Closes $65M Series C

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dYdX Closes $65M Series CdYdX Closes $65M Series C

We’re excited to announce that dYdX has raised a $65M Series C round led by Paradigm!

We also welcome many new top-tier strategic investors, including:

  • Liquidity Providers: QCP Capital, CMS Holdings, CMT Digital, Finlink Capital, Sixtant, Menai Financial Group, MGNR, Kronos Research
  • Crypto VCs: HashKey, Electric Capital, Delphi Digital
  • Partners: StarkWare

Additionally, we’re grateful for the continued support from past investors a16z, Polychain Capital, Three Arrows Capital, Wintermute, and many others who also participated in this round.

This is an important milestone for the dYdX team. The additional capital allows us to maintain a long-term focus and significantly improve liquidity on the dYdX exchange through the volatility of the cryptocurrency markets.

We are one step closer to delivering on our vision to become one of the largest cryptocurrency exchanges by offering trustless and decentralized financial infrastructure for advanced crypto-financial products. Our decentralized exchange currently combines non-custodial, on-chain settlement with an off-chain, low-latency matching engine using order books. This has allowed us to deliver an institutional-grade, liquid, and low slippage trading experience for the DeFi world. Our products empower traders to better manage risk, more efficiently allocate capital, and express complex opinions on price and volatility.

In February 2021, dYdX and StarkWare launched a Layer 2 protocol for cross-margined perpetuals, based on StarkWare’s StarkEx scalability engine and dYdX’s perpetual smart contracts, allowing for significant improvements to non-custodial trading at scale. Traders can now trade with zero gas costs, and in turn, lower trading fees and reduced minimum trade sizes.

Over the past 5 months, dYdX’s Layer 2 perpetual protocol has:

  • Supported over $2.2 billion in volume from over 11,000 unique traders
  • Received $40 million in Total Value Locked from over 13,000 unique addresses
  • Launched 15 markets with more coming soon

We believe decentralized perpetuals are a big step forward for adoption and are a natural fit for DeFi. Smart contracts exist to solve problems around trustworthiness and lack of transparency. These issues exist with centralized perpetuals where users have no visibility into liquidation mechanisms, safety funds, and socialized losses. Furthermore, perpetuals open up a world of trading possibilities, not currently available in DeFi. Now any asset, not just those based on Ethereum, can be traded on DeFi. Perpetuals trading is an exciting use case on Ethereum and we’re thrilled to be building a core component of the DeFi ecosystem.

According to Fred Ehrsam, Co-Founder and Managing Partner at Paradigm: "dYdX has built a simple, crypto native, and global exchange that users love. We've known Antonio since he left Coinbase years ago. He's built a great team around him to support the company's growth and future potential."

According to Evgeny Gaevoy, Founder and CEO at Wintermute: "dYdX is pioneering layer-2 DEX trading with their new platform based on StarkWare’s StarkEx scalability engine. It offers decentralization and non-custodial trading of perpetual futures without any of the drawbacks that similar solutions built on layer-1 Ethereum face. We expected nothing less from a brilliant team that brought us the first-of-its-kind fully decentralized spot margin trading just a few years ago!"

We’ll use the additional capital to:

  • Decentralize the protocol
  • Rapidly add new assets and features to the perpetuals contracts
  • Launch a mobile application
  • Partner with infrastructure players bridging the gap between centralized and decentralized finance
  • Strategically invest in international growth markets such as Asia
  • Continue to hire world-class engineers, designers, and business operators

Thanks to all for your support and feedback so far! If you’re excited about what we’re building at dYdX and want to join the team, please check out our Careers page. We’d love to hear from you!

About dYdX

dYdX is the developer of a leading decentralized exchange on a mission to build open, secure, and powerful financial products. dYdX runs on audited smart contracts on Ethereum, which eliminates the need to trust a central exchange while trading. We combine the security and transparency of a decentralized exchange, with the speed and usability of a centralized exchange.

Legitimacy and Disclaimer

© 2025 dYdX International Ltd. All rights reserved.

dYdX is a decentralised, disintermediated and permissionless protocol, and is not available in the U.S. or to U.S. persons as well as for Restricted Persons as set out in the dYdX Software Terms of Use, accessible: https://dydx.exchange/v4-terms. dYdX International Ltd (“DI”) does not develop, control or participate in the operation of any component of the dYdX Protocol (including the MegaVault).

The information provided in this website is for general informational purposes only and DI reserves the right to update, modify, or amend any contents herein, at its sole discretion and without prior notice.  Nothing herein should be used or considered as legal, financial, tax, or any other advice, nor as an instruction or invitation to act in any way by anyone.

Engaging in any activity involving crypto-assets (including trading crypto assets and depositing into the MegaVault) is risky due to high volatility. Returns are not guaranteed and may fluctuate over time depending on multiple factors, and you may lose your entire investment, particularly when using leverage. Investment into crypto-assets may not be regulated and may not be suitable for retail investors. You should perform your own research and due diligence before engaging in any activity involving crypto-assets.

In no event will DI be liable for any loss or damage, including without limitation, indirect or consequential loss or damage, arising from or in connection with the use of this website. By continuing to access this website, you agree to the above and accept the possibility of changes in the information provided.

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© 2025 dYdX International Ltd. All rights reserved.

dYdX is a decentralised, disintermediated and permissionless protocol, and is not available in the U.S. or to U.S. persons as well as for Restricted Persons as set out in the dYdX Software Terms of Use, accessible: https://dydx.exchange/v4-terms. dYdX International Ltd (“DI”) does not develop, control or participate in the operation of any component of the dYdX Protocol (including the MegaVault).

The information provided in this website is for general informational purposes only and DI reserves the right to update, modify, or amend any contents herein, at its sole discretion and without prior notice.  Nothing herein should be used or considered as legal, financial, tax, or any other advice, nor as an instruction or invitation to act in any way by anyone.

Engaging in any activity involving crypto-assets (including trading crypto assets and depositing into the MegaVault) is risky due to high volatility. Returns are not guaranteed and may fluctuate over time depending on multiple factors, and you may lose your entire investment, particularly when using leverage. Investment into crypto-assets may not be regulated and may not be suitable for retail investors. You should perform your own research and due diligence before engaging in any activity involving crypto-assets.

In no event will DI be liable for any loss or damage, including without limitation, indirect or consequential loss or damage, arising from or in connection with the use of this website. By continuing to access this website, you agree to the above and accept the possibility of changes in the information provided.

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By clicking ‘Continue’, you will be leaving https://www.dydx.xyz/ and accessing a website made available by a third party using dYdX v4 open-source software that is independent from and unaffiliated with dYdX International Ltd (“DI”). DI does not deploy or run dYdX v4 open-source software for public use, nor does it operate or control any or all parts of the infrastructure. DI is not responsible for any actions taken by independent third parties or for any codes, materials and contents on any third-party websites, including the one you would access by clicking ‘Continue’.

DI’s contents and services are not available to persons who are residents of, are located or incorporated in, or have a registered office in the U.S., Canada or any Restricted Persons as set out in the dYdX v4 open-source software Terms of Use, accessible here.  More details can be found in our Terms of Use. Learn more about dYdX v4 third-party front end options here.

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