Market
How to Start Trading on dYdX Chain: A Beginners Guide

Trading platforms offer a variety of options for users, but few specialize in decentralized perpetual futures. dYdX stands out in this niche, providing users with an innovative platform for perpetual trading, characterized with high transaction speed, low fees and numerous possibilities for DYDX token holders. It is also perfectly suitable for newbie traders, simplifying the DeFi experience and making the transition from centralized exchanges seamless.
The recent developments in dYdX’s offerings make it an ideal choice for those looking to explore decentralized finance (DeFi) with ease. This guide is designed to help beginners navigate dYdX and its features, providing the essential steps needed to start trading.
What is dYdX?
dYdX is a decentralized perpetual exchange. Launched in 2018, it has established itself as a leader in decentralized perpetual trading through its combination of cutting-edge technology and affordability. The platform’s growth is supported by prominent venture capital firms and investors, including Andreessen Horowitz, Paradigm, and Polychain, among others.
In 2023, dYdX announced its migration from the Ethereum blockchain to the Cosmos ecosystem with the dYdX Chain. This transition marked a significant milestone for the platform, allowing for increased scalability, full decentralization, distribution of 100% of protocol fees to Stakers and higher throughput. The migration also enabled dYdX to implement a fully decentralized order book system and matching engine providing more control and precision for traders.
dYdX Chain is fully decentralized, so users can easily onboard using a variety of wallets or socials thanks to the Privy integration and aren’t required to complete Know Your Customer (KYC) checks. All you need is a funded crypto wallet or social account and you can start trading in a matter of minutes.
dYdX has established itself as a leading platform for perpetual trading of crypto assets. The platform’s average daily transaction volume consistently exceeds $1 billion, reaffirming its position as a significant player in the trading landscape. It has outpaced many decentralized trading platforms and competes with prominent centralized exchanges, demonstrating dYdX’s growing influence in the market.
How to Trade on dYdX?
Step 1: Getting Started
Before you begin trading on dYdX Chain, you need a compatible cryptocurrency wallet, e-mail or socials (X or Discord). Here’s how to set up a wallet:
- Choose a Wallet: Popular options include MetaMask, Trust Wallet, and Ledger. Make sure your chosen wallet is compatible with dYdX on the dydx.trade interface. A hardware wallet like Ledger offers added security by keeping your private keys offline.
You can also set up a new wallet using Privy and log in using your existing email or social accounts. It doesn’t require memorizing a seedphrase — just choose a preferred log in method and click Authorize.

- Install and Configure: Download and install the wallet app or browser extension, and set up your account by following the prompts. Make sure to securely store your recovery seed phrase. Never share this phrase with anyone, as it gives full access to your wallet.
- Fund Your Wallet: Transfer some cryptocurrency, such as USDC, into your wallet. This is necessary for trading on dYdX Chain. Depending on your chosen wallet, you may need to purchase cryptocurrency from an exchange or transfer it from another wallet.
Step 2: Connect to dYdX
With your wallet ready and funded, it’s time to connect to dYdX Chain:
- Visit dydx.trade — the front end user interface for dYdX Chain.
- Connect Your Wallet or socials: Click the “Connect Wallet” button and select your wallet type. Follow the prompts to complete the connection. Ensure your wallet extension or app is open and ready for interaction.
- Authorize: You’ll be asked to authorize transactions through your wallet interface. Make sure to review the details before confirming. This step ensures you understand and approve the connections and transactions taking place.
dYdX Chain is available for iOS: the same dYdX Chain trading experience you know and love — now directly in your pocket!
Download dYdX for iOS here.
Step 3: Explore the Platform
Once connected, you can explore dYdX Chain’s interface:
- Dashboard: The dashboard provides an overview of your account, including balances, open positions, and trade history. This section also offers shortcuts to key functionalities, making it easier to manage your portfolio.

- Markets: Navigate to the Markets section to view available trading pairs, recently listed markets, 24h USDC distribution, biggest movers, current prices and 24h trading volumes. You can also view price trends, helping you make informed decisions.

- Order Book: dYdX Chain’s orderbook and matching engine is fully decentralized and purpose built for the optimal trading experience. It shows active buy and sell orders, giving you insights into market trends. This information can guide your trading strategy, especially when placing limit orders.

Step 4: Start Trading
Now that you’re familiar with the interface, you’re ready to place trades:
- Select a Market: Choose a trading pair from the Markets section. dYdX Chain offers over 63+ pairs, allowing you to diversify your portfolio or focus on specific assets. You can switch between the selected market and all available pairs using the All Markets button in the top left menu.
- Order Type: Decide on an order type, such as a market order (instant execution at current prices) or limit order (executed at a specified price). Limit orders are useful for specifying exact entry or exit points for your trades. For a detailed overview you can view this comparison table.
- Enter Trade Details: Specify the amount and price for your trade. Double-check these details before finalizing to avoid mistakes.
- Set The Leverage: Deciding what leverage to use is a crucial aspect of perpetual trading. Leverage refers to the funds borrowed from the platform to amplify a trade, acting as a multiplier on gains or losses. dYdX Chain offers up to 20x leverage trading. The liquidation price is calculated automatically before you enter the trade, helping effectively manage the risk.
- Understand dYdX Trading Fees: Fees vary based on the type of trade and your trading volume in the last 30 days. Fee is between 0,025% and 0,05% for taker orders. Generally, the fees are lower than that on centralized exchanges. Up to 90% of your trading fees are distributed instantly back into your dYdX Chain address. Additionally there is an incentive program currently live that subject to governance will distributed 5M USD in DYDX to eligible traders.
- Review and Confirm: Double-check all details before executing your trade.
- Manage Your Positions: Monitor open positions from the dashboard and manage them by closing or modifying as needed. Keeping track of your positions helps you adapt to market changes and protect your investments.
Step 5: Get The Most Of dYdX Trading Rewards and Launch Incentives
Trading rewards incentivize users to trade on the protocol. dYdX rewards users for every successful trade based on the amount of fees paid. The system automatically distributes trading rewards directly to the trader’s account per block. Prior to each trade, the UI will also show the expected amount of rewards a trade of that size will receive.

The dYdX Chain also runs a Launch Incentives Program, tailored to expand and transition the current dYdX user base to the new protocol. The governance proposal set aside $20M of DYDX from dYdX Chain Community Treasury to be distributed as rewards for trading and market making activity. You can find an extensive blog post describing the program details here.
Step 6: Stay Informed
Trading on dYdX Chain requires staying updated:
- Community: Join the dYdX community on social media or participate in forums to stay informed about updates and opportunities. Engaging with the community can also provide valuable insights and support.
- Learning Resources: Explore educational materials provided by dYdX Academy and other DeFi resources to enhance your trading skills. Continuous learning can help you refine your strategies and navigate the platform more effectively.
- Security: Always keep security in mind, enabling two-factor authentication (2FA) and avoiding sharing sensitive information. Regularly review your security settings to protect your assets.
Although perpetual trading is inherently risky and not recommended for beginners, dYdX Chain offers an excellent starting point for those interested in trading perpetual futures. The platform boasts high liquidity, support for a wide range of assets, and low fees due to its advanced technology. These features make dYdX Chain a serious competitor to prominent centralized exchanges.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Top Crypto Airdrops to Watch in the First Week of April

As traders and investors anticipate the beginning of April and the onset of the second quarter (Q2) of 2025, crypto airdrops present an opportunity to join promising communities while they are still on the ground floor.
This week, three notable crypto airdrops stand out as worth watching.
Walrus
Walrus (WAL), a decentralized storage protocol on the Sui blockchain, launched its mainnet and token generation event (TGE) on March 27. The event coincided with South Korea’s Upbit exchange listing WAL.
The TGE saw Walrus distribute 4% of its 5 billion token supply via an airdrop. Eligible participants, including early Sui ecosystem users and testnet contributors, received Soulbound NFTs redeemable for WAL tokens. As April commences, 6% of Walrus tokens are reserved for future community rewards.
“At the moment 4% of the 10% tokens allocated for the airdrop have been distributed, so Walrus still has tokens to reward users,” Cryptorank.io noted.
WAL powers storage payments, staking, and governance, with listings on exchanges like Crypto.com and MEXC offering prize pools. The project’s airdrop comes after raising $140 million from Andreessen Horowitz, Standard Crypto, Electric Capital, and Comma3 Ventures, among others.
Meanwhile, Walrus’s market cap exceeds $573 million, reflecting strong adoption potential. Data on CoinGecko shows it was trading for $0.45 as of this writing.

Staking opportunities with validators like Mysten Labs or Nansen enhance rewards, but high commissions (up to 60%) apply. One of Walrus and Sui’s founders recently announced that users could stake WAL tokens to get airdrops. As this could mean airdrops from Walrus and projects from the Sui ecosystem, engaging with Sui dApps and testnets remains key for future allocations.
Nansen
The project has raised up to $88.2 million from investors such as Andreessen Horowitz, Coinbase Ventures, Accel, and Mechanism Capital, among others. Coupled with the fundraiser, Nansen has a valuation of $750 million.
Nansen, a leading blockchain analytics platform, confirmed an airdrop, drawing excitement due to its prominence and past reward patterns. The project launched a staking program and announced a point system in 2025.
“We’re excited to announce that we have acquired Stakewithus (SWU)! SWU is a non-custodial staking service provider with $80m+ staked by 30k+ users & supports 20+ chains You can now analyze data, monitor your portfolio, and stake assets in one place with Nansen,” read the announcement.
Users can stake assets (STRK and TRX), and points are expected to be credited retrospectively. Nansen also mentions the NSG token, so participants will most likely receive an airdrop for points.
Market participants should monitor Nansen’s social channels and partnerships for updates, as airdrops typically reward active users or data contributors.
With no token launched yet, any potential airdrop might tie into a future native token, likely incentivizing early adopters or premium subscribers. Given Nansen’s influence in the crypto space, tracking wallet activity and on-chain data, its airdrop could attract significant attention.
Participants should engage with its tools and stake in supported ecosystems to position themselves for unannounced opportunities.
OG Labs
This modular AI chain combines Layer-1 blockchain with decentralized AI, focusing on scalable Data Availability for AI applications.
The status of OG Labs airdrop stands confirmed, bringing forth an emerging player in the crypto space. This makes it a speculative target for market participants. It boasts up to $325 million in funds raised from investors such as Delphi Ventures, Hack VC, Animoca Brands, and OKX Ventures, among others.
The airdrop is potentially tied to Web3 innovation or NFT ecosystems (given the “OG” moniker). It follows models like Walrus, rewarding early testers or community members.
“There are new activities on the OG test network – we can request test tokens and make swaps,” Cryptorank.io noted.
The OG Labs airdrop requires no investment. Users can engage through OG Labs’ Newton Testnet, which tests-core functionalities like decentralized storage, consensus, and data availability services. Participants must complete at least 20 transactions, stay active for three days, and interact with features like swaps, storage scans, and NFT minting.
“Interact with the OG Labs Testnet and Become Eligible for the Airdrop,” crypto researcher Guatamgg stated.
Additionally, users can boost eligibility by taking Discord roles such as OGurus or OG Role. These activities involve community contributions and verification steps. This airdrop targets active ecosystem participants, aligning with OG Labs’ emphasis on community-driven development.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Strategic Move for Trump Family in Crypto

Energy infrastructure platform Hut 8 Corp has partnered with US President Donald Trump’s sons, Eric Trump and Donald Trump Jr., to launch American Bitcoin Corp.
The company is dedicated to industrial-scale Bitcoin mining and developing a strategic reserve.
All You Need to Know about American Bitcoin
American Bitcoin’s leadership team includes Mike Ho as executive chair, Matt Prusak as CEO, and Eric Trump as CSO. The Board of Directors comprises Mike Ho, Asher Genoot (also Hut 8 CEO), Justin Mateen, and Michael Broukhim.
According to the announcement, Hut 8 holds an 80% ownership stake in American Bitcoin. This follows the contribution of its ASIC miners to American Data Centers Inc., a company formed by investors including the Trump brothers.
Subsequently, they renamed and relaunched the entity as American Bitcoin. As a new subsidiary focused on industrial-scale Bitcoin mining, this move aims for an efficiency of 50+ EH/s (exahashes per second). Meanwhile, Hut 8 remains the key infrastructure partner, consolidating financials under its brand.
Eric Trump, co-founder and chief strategy officer of American Bitcoin, expressed enthusiasm about the collaboration. He also emphasized the synergy between Hut 8’s operational excellence and shared passion for decentralized finance (DeFi) as a foundation for significant future growth.
“…By combining Hut 8’s proven operational excellence in data centers with our shared passion for Bitcoin and decentralized finance, we are poised to strengthen our foundation and drive significant future growth,” an excerpt in the announcement read, citing Eric Trump.
Donald Trump Jr. highlighted their longstanding commitment to Bitcoin, noting their conviction in Bitcoin personally and through their businesses. He reiterated the opportunity presented by mining Bitcoin under favorable economics and the potential for investors to participate in Bitcoin’s growth through this new platform.
Similarly, Genoot described the launch of American Bitcoin as a pivotal evolution in their platform strategy. By establishing a standalone entity for mining operations, Hut 8 aims to align each business segment with its respective cost of capital. Specifically, they would create two focused yet complementary companies.
Meanwhile, this venture is part of the Trump family’s broader engagement in the crypto industry. World Liberty Financial, the crypto venture linked to the Trump family, recently launched USD1. US treasuries, dollars, and cash equivalents back the stablecoin. The venture aims to facilitate secure cross-border transactions for investors and institutions.
Furthermore, reports indicate that the Trump family is discussing acquiring a stake in Binance.US. This is the American arm of the world’s largest cryptocurrency exchange, Binance. Given the family’s growing involvement in the sector, such an investment could significantly influence the crypto market.
These initiatives reflect the Trump family’s commitment to positioning the US at the forefront of the crypto industry. It also aligns with President Donald Trump’s ambition to establish the US as a global leader in digital assets.
“While people are worrying about the daily price action, President Trump and Eric Trump are building the infrastructure to take crypto to the next level,” crypto investor Gordon noted.

BeInCrypto data shows BTC was trading for $82,199 as of this writing. It is down by over 1.13% in the last 24 hours, unmoved by news of American Bitcoin. However, this could change once US markets open.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Don’t Fall for These Common Crypto Scams

ZachXBT, a well-known blockchain investigator, recently shared two key “minimum checks” on Telegram to avoid crypto scams.
He emphasized that users must accept full financial responsibility if they take risks in these situations and added that recovering lost funds would be extremely difficult.
Evaluating a Project’s Credibility is Crucial
ZachXBT highlighted two critical scenarios: depositing funds into forked DeFi protocols on newly launched EVM chains and getting scammed by projects with few smart followers on Kaito.
“If you make either of these decisions, it is your own personal choice to risk funds, and I will NOT help you,” ZachXBT stressed.
Many newly launched DeFi protocols on EVM chains are replicas of existing ones. Their teams often do not create original code but instead, fork from established protocols. This process requires minimal technical skills yet introduces significant security risks.
A recent incident highlighted the risks in the DeFi space. The DeFi protocol SIR.trading was reportedly hacked, leading to an estimated loss of $350,000. Despite the project’s documentation promoting it as a “new DeFi protocol for safer leveraged trading,” it acknowledged the risks related to smart contract vulnerabilities.
This case illustrates how new DeFi protocols often become targets for hackers. Additionally, in late March, the DeFi lending protocol Abracadabra suffered a loss of approximately $13 million due to an exploit involving collateralized tokens.
The second situation ZachXBT warned about involves getting “rugged” (falling victim to a rug pull) by projects with few smart followers on Kaito. Kaito is an AI-powered analysis tool that measures real community interest. He advised that checking followers’ numbers and quality is a basic step to avoid falling for projects that use fake engagement or empty marketing hype.
Investor Xero agreed with ZachXBT, stating that Kaito can be a credibility assessment tool.
“Kaito has become an amazing security and reputation tool that I value over others. It can help you identify an impersonator or a new rug project fast. If a 40k+ follower project isn’t connecting with real smart followers, it’s not legit,” Investor Xero commented.
Other Emerging Crypto Scams
In addition to ZachXBT’s warnings, several new scam tactics have recently been flagged.
Investor Jerome warned about a scheme that exploits browsers’ automatic download function to trick users into downloading malicious software.
Another method involves scammers creating and sending small transactions. They would be often as little as 0.001 tokens—using fake wallet addresses that closely resemble legitimate ones. Their goal is to deceive users into copying and pasting the fraudulent address when making future transactions.
Additionally, Microsoft has identified StilachiRAT, a new remote access trojan specifically designed to target cryptocurrency wallets and login credentials.
According to a Chainalysis report, from 2021 to 2024, decentralized finance (DeFi) platforms have been the primary targets of crypto hacks.

The report explains that DeFi platforms may be more vulnerable because developers prioritize rapid growth and launch over security measures. This lack of security focus makes them prime targets for hackers.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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