First-line and new-line: decentralized derivatives exchanges have no moat

First line : TOP2

As we all know, there are two TOP1 on the decentralized derivatives track. dYdX and Perpetual are hard to distinguish in terms of user volume and transaction volume.


dYdX was established in 2017. It is the world’s first decentralized derivatives exchange. Its investment background is very luxurious, with deep and long-term participation from institutions such as a16z and Coinbase.

However, dYdX is an order book model (there seems to be no other choice in 2017), and only launched the first perpetual contract agreement in 2020. Last month announced the launch of the governance token DYDX and decided to airdrop, and then the transaction volume surged.


Daily trading volume remained at two to three billion US dollars. There are 23 trading pairs (all on the USD standard), of which ETF and BTC account for more than half of the total trading volume.

dYdX has 44,000 Twitter followers.


Strictly speaking, dYdX is not a purely decentralized derivative, but more like a centralized exchange on the chain.

As a transitional product of CEX and DEX, dYdX’s product advantages are not obvious. If it is for more convenient operation, users can choose a centralized exchange.

The current dominance was stimulated by the airdrop last month, and it is now in low tide.

2.Perpetual Protocol

Before dYdX announced the airdrop, Perpetual was the decentralized derivatives exchange with the highest trading volume.

Perpetual started operating in December 2020, and then the daily trading volume has stabilized at US$3.4 billion in May, and has recently fallen back to less than US$100 million.

Perpetual created the vAMM (Virtual Automated Market Maker) model, that is, a virtual liquidity pool is generated to mark the price, but the user’s funds are placed in the vault, and finally settled with the funds of the vault, so as to ensure Not only avoid impermanent losses, but also always have liquidity available for liquidation.

Perpetual wants to launch V2 to increase leverage for Uniswap V3 transactions, which has not yet been launched.


The daily trading volume is maintained at around 100 million U.S. dollars. There are 19 trading pairs (all USDC standard), and the distribution of trading volume is relatively balanced.

Perpetual’s Twitter followers are 26,000.


Perpetual’s V1 is in the side chain xDai, in Perpetual to bring closer to the center of the exchange experience, but also put a lot in Ethernet Square mainstream pendant isolate the main network and BSC and other out.

Still looking forward to the performance of V2.


Although the transaction volume of TOP2 looks good, the transaction volume due to real demand is not so high.

dYdX’s trading volume is stimulated by airdrop tokens, and Perpetual’s trading volume is indispensable with the contribution of arbitrage robots.

Their common feature is that they are highly user-friendly in terms of operating experience. Then dYdX has investors’ halo blessing, and Perpetual has more advantages in product operation.

Another point is that none of them has launched an option product yet.

New front line: TOP3

As we all know, there are two TOP1 in the decentralized derivatives track, and TOP3 has 10+…

Because in addition to dYdX and Perpetual, which have a moat in trading volume, the differences between other decentralized derivatives exchanges are easily smoothed out (even if the moat of dYdX and Perpetual is not very high).

Of course, it does not mean that they have no differences in products.

Due to the complexity of derivatives, there are not many exchanges on the decentralized derivatives track, and there are even fewer products on the line.

Listed below are the exchanges that have been discussed more.


MCDEX has launched the V3 version and designed a relatively complex AMM mode.

In addition to liquidity providers and traders, there are also roles such as operators (creating and managing perpetual contracts) and liquidators. Anyone can trade and create perpetual contracts without permission.

Anyone can use the price feedback of the underlying asset to create their own perpetual contract market and choose any ERC20 token as collateral on MCDEX V3.

MCDEX has 13,000 Twitter followers.


Leverj is a decentralized exchange based on Plasma with fast transaction speed and zero gas. Leverj is also an order book model, the biggest advantage is to provide 100 times leverage.


The daily trading volume is maintained at around US$100,000. 6 trading pairs. Leverj’s Twitter followers are 6.6K.


The project hasn’t been active recently…has it been yellow?


The goal of SynFutures is to allow investors to list any trading pair with any expiration date, so it is considered to be the “Uniswap in the field of futures contracts”.

However, currently SynFutures only has the early access version on Ethereum and Polygon , and you can experience this kind of “listing any asset within 30 seconds” through application.

Strictly speaking, the product has not officially launched yet.


This is a relatively well-known product. The popularity of DerivaDEX is maintained by DAO governance and liquidity mining.

But the product is not online…no analysis.


All the aforementioned exchanges are about futures, and Hegic is an options exchange. In terms of product complexity, options are more complex than futures.

Hegic has been online since February 2020, and the types of options provided are ETH and WBTC call/put options.

Hegic’s advantage is that the operation is extremely simple, and the strike price can be selected arbitrarily, which is very friendly to new users.

Hegic has 20,000 Twitter followers.


Opyn is a decentralized option protocol launched in 2019, and V2 was launched at the end of 2020, which is a protocol for creating tokenized option products.

Each independent option (strike price, expiration date, collateral and underlying) is minted as ERC20, and then can be traded on any DEX.

Although this kind of casting position into FT is not necessary, because if you want to release capital efficiency, you can increase the leverage.

And Opyn also launched a series of developer tool kits including tools, templates and utilities to facilitate developers to build option products.

Opyn is no longer a simple option agreement, but an ecosystem, like Uniswap.


Deri is currently the only decentralized derivatives exchange that has listed perpetual options, and it is also a DEX that has both futures and futures.

Deri’s liquidity pool supports multiple transaction targets, which means that LP can use one of a variety of tokens to mine liquidity or open contracts. For traders, conversion friction will be smaller.

It is worth mentioning that Deri’s hedging, speculation, arbitrage and other operations are all on the chain, and there are not many DEXs of this kind at present. Of course, the on-chain + off-chain solution will be more user-friendly in terms of product experience.

Deri took the lead to launch the first decentralized perpetual option in the crypto world, which requires solving a series of financial engineering problems.

Deri’s current advantage in the options circuit is that no one can compare.

In the past, Deri’s trading volume was inconspicuous among many decentralized derivatives exchanges. Recently, there has been more and more attention overseas, and the user group of options may be more institutions, so the advantages in products have begun to show their strength.


Posted by:CoinYuppie,Reprinted with attribution to:
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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