dYdX vs Kwenta Comparison
| 0.05% taker / 0.01% maker | Fees | 0.25% - 0.3% |
dYdXWinner
vs
Kwenta
Pros & Cons
Pros
- Fully decentralised order book — matching runs through validators
- Purpose-built Cosmos chain rather than a rollup dependency
- Long operating history and mature market structure
- 200+ markets
- Low network fees
Cons
- Market share has fallen sharply as liquidity moved to newer venues
- Thinner books and higher slippage in secondary markets
- No EU authorisation
- Support runs through community channels
Pros
- Access to synthetic perpetuals from the Synthetix ecosystem
- More than 40 tracked assets
- Existing trading functionality retained during the transition
- Low network fees on Optimism
Cons
- No longer a standalone project — acquired by Synthetix
- The native token is set to cease to exist
- Fees of 0.25% to 0.3% per trade, far above the segment norm
- Not a sensible candidate for a fresh start
- No EU authorisation
Score Comparison
4.2Usability3.8
4.2Features3.5
4.2Fees3.0
4.5Stability3.6
3.6Support3.2
Features
- Decentralised matching at validator level
- Purpose-built Cosmos chain
- Established name in derivatives
- 200+ perpetual markets
- Acquisition by Synthetix
- Token wind-down announced
- Synthetic perpetuals on Optimism
- Trading still possible during the transition
Details
dYdXKwenta
| dYdX Trading Inc. | Company | Synthetix (acquired Kwenta) |
| United States | Headquarters | Decentralised, no registered office |