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dYdX vs FTX

dYdX logo

dYdX

Software

Decentralized perpetual trading

From
Free
Rated
-
Full reviewWebsite
F

FTX

Software

Cryptocurrency derivatives exchange

From
Free
Rated
-
Full reviewWebsite

The short version

  • Each has a real cost: dYdX newer platform with smaller liquidity pools compared to centralized exchanges; FTX the exchange collapsed and FTX Trading Ltd filed for Chapter 11 bankruptcy protection on 11 November 2022
  • They diverge on capability: dYdX covers Perpetual Contracts, FTX covers Futures Trading.

Where they differ

Only the attributes on which dYdX and FTX actually diverge.

Attributes where dYdX and FTX differ
AttributedYdXFTX
Pricing modelfreefreemium
PlatformsWebWeb, Ios, Android
Founded20172019

Identical on both: starting price (Free), free tier (Yes), user rating (Not yet rated), category (Unknown).

What each one covers

Drawn from each product's published feature list. An absence here means we hold no record of it - not that the product lacks it.

Only in dYdX

  • Perpetual Contracts
  • Cross Margin
  • Portfolio Margin
  • Governance
  • DYDX Token
  • Cosmos SDK

Only in FTX

  • Futures Trading
  • Options
  • Leveraged Tokens
  • Spot Trading
  • FTT Token
  • Serum DEX
  • Ios support
  • Android support

Both cover

  • Web support

What people use each for

The jobs each tool is most often brought in to do.

dYdX

  • Definot FTX
  • Dexnot FTX
  • Derivatives

FTX

  • Exchangesnot dYdX
  • Derivatives
  • Tradingnot dYdX

Both are used for derivatives, on those jobs the choice comes down to price and fit rather than capability.

Where each one falls short

Documented limitations, not opinions. Every one is a constraint you would hit in normal use.

dYdX

  • Newer platform with smaller liquidity pools compared to centralized exchanges
  • Requires cryptocurrency wallet for trading, adding friction for new users
  • Limited fiat on/off ramps compared to centralized alternatives like Coinbase

FTX

  • The exchange collapsed and FTX Trading Ltd filed for Chapter 11 bankruptcy protection on 11 November 2022
  • Around 130 affiliated companies including Alameda Research entered the same proceedings, with more than 100,000 creditors and assets and liabilities each between $10 billion and $50 billion
  • Founder Sam Bankman-Fried resigned as CEO on the filing and was replaced by John J. Ray III
  • It is not a service anyone can sign up for; the estate exists to repay creditors

Pricing, plan by plan

dYdX

Free
  • FreeFree
    • Perpetual trading
    • Governance
    • Staking

FTX

Free
  • StandardFree
    • Spot trading
    • Futures
    • Options

Which should you pick?

Choose dYdX if

  • You need perpetual contracts.
  • You want to start without paying.
  • You also want cross margin.
dYdX review

Choose FTX if

  • You need futures trading.
  • You want to start without paying.
  • You work on Web, Ios, Android.
  • You also want options.
FTX review

Questions people ask

Is dYdX or FTX better?
Neither clearly leads. dYdX starts at Free and FTX at Free, and user ratings are close enough to be indistinguishable. Choose on capability and platform support.
Which is cheaper, dYdX or FTX?
dYdX starts at Free and FTX at Free.
Does dYdX or FTX run on more platforms?
dYdX runs on Web. FTX runs on Web, Ios, Android.
Can I use dYdX for free?
Both have a free tier, so you can try either at no cost before committing.
What is dYdX best used for?
dYdX is most often used for defi, dex, derivatives. Of those, defi and dex are not what FTX is typically brought in for.
What can dYdX do that FTX cannot?
dYdX covers Perpetual Contracts, Cross Margin, Portfolio Margin, Governance. FTX covers Futures Trading, Options, Leveraged Tokens, Spot Trading. Both handle Web support.

Answered from the vendors’ own pages

dYdX: What type of trading does dYdX specialize in?

dYdX is a decentralized platform for perpetuals and margin trading, allowing professional traders to trade crypto derivatives without expiry dates. Built on ZK-rollup technology, it enables trading 143+ cryptocurrencies with leverage up to 50x on selected contracts.

Source
FTX: What happened to FTX?

FTX filed for bankruptcy on November 11, 2022, after revelations about Alameda Research's massive holdings of FTX's token (FTT) triggered a liquidity crisis. The platform collapsed within days as a competing rescue deal fell through.

Source
dYdX: How does dYdX maintain decentralization?

dYdX governance is fully community-driven, meaning token holders decide on protocol upgrades, fee structures, and risk parameters. The platform distributes 100% of its trading fees to stakers.

Source
FTX: Can I recover funds from FTX bankruptcy?

FTX has been in Chapter 11 bankruptcy proceedings since November 11, 2022. Customer funds have been subject to claims through the bankruptcy process, with asset recovery efforts ongoing.

Source
dYdX: What are dYdX's gas fee advantages?

Built on StarkWare's ZK-rollup technology, dYdX enables trading with near-zero gas fees while users maintain full custody of their assets.

Source
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Related pages

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