How to Purchase DYDX

‍Overview

Below, we provide a step-by-step guide to help users learn how they can purchase DYDX tokens on both centralized exchanges (CEXs) and decentralized exchanges (DEXs). This guide includes information on the steps a user should take to set up an account, select a trading pair, and complete the purchase.

Summary

• Step 0 - Choose a CEX or DEX
• Step 1 - Set up an account (CEX) or connect a wallet (DEX)
• Step 2 - Deposit or Bridge Funds
• Step 3 - Buy DYDX tokens using the appropriate trading pair

Step 0 - Choose a CEX or DEX

DYDX can be purchased on various platforms. Below are some of the most popular centralized and decentralized exchanges where you can purchase DYDX tokens (and the main trading pairs available on each of them):

Centralized Exchanges (CEXs) 

• Binance: DYDX/USDT, DYDX/BTC
• OKX: DYDX/USDT
• Bitget: DYDX/USDC
• KuCoin: DYDX/USDT
• MEXC: DYDX/USDT

Decentralized Exchanges (DEXs) 

• Osmosis: DYDX/OSMO, DYDX/stDYDX
• Persistence DEX: DYDX/USDC
• Kujira Fin: DYDX/MNTA

You can see the full list of venues available to purchase on both CEXs and DEXs on CoinMarketCap and CoinGecko.

If you prefer custodial service on your crypto assets, you can use a CEX. If you prefer self-custody of your crypto assets and on-chain trading, you can use a DEX. Users who have a preference for self-custody over their crypto assets may also opt to use a CEX to buy DYDX tokens for various reasons (such as, for instance, better liquidity) and withdraw their DYDX tokens to a self-custodial wallet after completing the purchase on the CEX; you can find more information on this option below. 

Step 1 - Set Up an Account (CEX) or Connect a Wallet (DEX)

For CEX Users:

1. Visit the website of the exchange (e.g., Binance, Bitget).
2. Sign up for an account using an email and secure password.
3. Complete Know Your Customer (KYC) verification, if required.
4. Enable Two-Factor Authentication (2FA) for greater security.

For DEX Users:

1. Install and set up a compatible crypto wallet (e.g., Keplr or Leap).
2. Connect your wallet to the selected DEX (e.g., Osmosis) or interface (e.g., Skip Go Fast). 
3. Ensure you have the correct network settings configured. Follow the beginner’s guide for the specific wallet that you’re using (e.g., Keplr). 

Step 2 - Deposit or Bridge Funds

For CEX Users:

1. Navigate to the Deposit section in your portfolio on the exchange platform. 
2. Choose the fiat or crypto-asset that you want to deposit (e.g., USD, USDT, BTC).
3. Follow the exchange’s instructions to transfer the funds that you want to use to purchase DYDX tokens.

For DEX Users:

1. Depositing from another network: You can use Skip Go Fast to seamlessly deposit from any supported network like Ethereum, Arbitrum, Base and others to one of the Cosmos-based networks like Osmosis. 
2. Buying Assets Directly in Keplr & Using Fiat Onramps: If you do not have crypto, you can buy crypto base assets like USDC or OSMO on Osmosis Network directly within the Keplr Wallet using the ‘BUY’ option and fund your wallet through onramps like Kado, Moonpay, or Transak with your credit card or Apple Pay. Once you have USDC, OSMO or other supported base token in your Keplr Wallet, you can swap it for DYDX tokens on Osmosis or trade it on another Cosmos-based DEX.

Tip: You can use Skip Go Fast directly to bridge and swap supported assets into DYDX tokens on dYdX Chain without needing to manually swap using a DEX. 

Step 3 - Buy DYDX Using the Appropriate Trading Pair

For CEX Users:

1. Go to the Spot Trading section.
2. Select the applicable DYDX trading pair (e.g., DYDX/USDT).  Make sure to select the trading pair that corresponds to the funds you are using to purchase DYDX. 
3. Choose the order type:
   
   • Market Order (i.e., instant purchase at the best prevailing price).
   • Limit Order (i.e., set a preferred price and wait for the order to be filled).
4. Enter the amount of DYDX tokens you wish to buy and confirm the trade.

For DEX Users:

1. Navigate to the Swap or Trade section on a Cosmos-based DEX (e.g.,Osmosis).
2. Search for DYDX and choose the correct trading pair (e.g., DYDX/USDC).  Make sure to select the trading pair that corresponds to the funds you are using to purchase DYDX. 
3. Input the amount of DYDX tokens you wish to swap or trade.
4. Approve the transaction and confirm the swap or trade.
5. Alternatively, you can swap directly within Keplr Wallet extension if you already hold a Cosmos-based asset (e.g., OSMO, ATOM, USDC (Noble)) - there would be no need to leave the app.

Withdrawing DYDX to a Self-Custodial Wallet

If you purchased DYDX tokens on a centralized exchange and would like to self-custody your DYDX tokens for staking or governance participation purposes (or for any other reason), you can follow these steps:

1. Go to the Withdraw section on the exchange.
2. Select DYDX as the asset and dYdX Chain for the network.
3. Enter your dYdX Chain wallet address created on a self-custodial wallet of choice (e.g., Ledger, Keplr).
4. Confirm the withdrawal and wait for the transaction to be processed.
5. Once received, your DYDX tokens will be in your self-custodial wallet.

Once you’ve successfully purchased DYDX tokens, you can:

• Stake them on the dYdX Chain to contribute to the security of the network and be entitled to receive staking rewards (denominated predominantly in USDC). 
• Use them to participate in dYdX governance by marking or voting on proposals.  Note that you must stake your DYDX tokens to a dYdX Chain validator in order to active their associated governance rights and be able to participate in dYdX Chain governance. 

For more details on how to stake your DYDX tokens, you can visit our guide at dYdX Foundation – How to Stake.

DISCLAIMERS

Nothing in this post should be used or considered as legal, financial, tax, or any other advice, nor as an instruction or invitation to act by anyone. Users should conduct their own research and due diligence before making any decisions, including before purchasing DYDX tokens. The dYdX Foundation may alter or update any information in this post in the future at its sole discretion and assumes no obligation to publicly disclose any such change. This post is solely based on the information available to the dYdX Foundation at the time it was published and should only be read and taken into consideration at the time it was published and on the basis of the circumstances that surrounded it. The dYdX Foundation makes no guarantees of future performance and is under no obligation to undertake any of the activities contemplated herein.

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