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dYdX vs Vertex

How dYdX and Vertex differ on chain, volume, fees and model.

dYdXVertex
TypePerp appchain (Cosmos)Hybrid CLOB + AMM
ChaindYdX Chain (Cosmos)Arbitrum, Mantle
How it worksdYdX v4 runs its own Cosmos SDK appchain with an off-chain order book and on-chain settlement; validators process order matching. 75+ markets, taker 0.05%.Vertex combines an on-chain order book with an off-chain sequencer for fast matching and an AMM backstop for guaranteed execution, settling on Arbitrum/Mantle. ~30 markets, very low fees (taker 0.02%, maker 0%).
Scale*~$0.3–0.5B/day~$100–200M/day
Max leverageup to 20xup to 20x
Best forMaturity + validator decentralizationLow-fee hybrid execution

dYdX

  • Mature, battle-tested venue
  • Validator-decentralized appchain
  • Deep liquidity on top pairs
  • Lower volume than Hyperliquid
  • Higher fees than Hyperliquid

Vertex

  • Hybrid CLOB + AMM (guaranteed fills)
  • Very low fees (0.02% taker / 0% maker)
  • Spot + perps + money market
  • Lower volume than top venues
  • Hybrid adds complexity

Bottom line

Pick dYdX for maturity + validator decentralization; pick Vertex for low-fee hybrid execution.

* Volume/TVL = dated snapshot (DefiLlama + venue reports, 2026).