How To Start Trading On dYdX

Estimated time to onboard, from purchasing funds to completing the deposit and being ready to trade on dYdX: 6 minutes.

This step-by-step guide outlines how to start trading on dYdX. Let’s dive in.

Preparing for Success

Before starting, prospective users need a cryptocurrency wallet as well as USDC, ETH or POLY on a supported network (Ethereum, Base, Polygon and Optimism) to deposit into dYdX. Users also need a small amount of ETH on the same network to pay for the deposit transaction fee.

To better illustrate the preparation process, here’s an example using MetaMask and ETH on Base:

Installing MetaMask: MetaMask can be installed via the mobile App Stores or Chrome Web Store.
Buying ETH on Base: A small amount of ETH is needed to cover the deposit transaction fee. ETH may also be used to add margin on dYdX, which is needed for trading. ETH on Base can be purchased via MetaMask using the "buy" feature and selecting Base as the network and ETH as the token.‍
Receiving Funds: Funds typically arrive in MetaMask within minutes, which means the onboarding process to dYdX can begin.

Example: Buying ETH on Base using MetaMask

Onboarding Options for dYdX

dYdX runs on its own blockchain, so prospective users need to deposit funds into a wallet address on dYdX to begin trading. Users retain full custody of their funds at all times. The process is simple, and there are two options:

1. Deposit via Wallet

Traders can deposit funds from any wallet they've connected to dYdX. Traders can choose Instant Deposit, which typically arrives within 60 seconds and comes with higher fees, or use the standard deposit method, which takes around 20 minutes with lower fees. Once the funds arrive in the dYdX wallet, trading can begin. Please note that deposit times and fees may vary depending on the source chain and asset.

2. Onboard via Coinbase

Coinbase allows users to deposit and withdraw funds directly to their dYdX wallet address. More information is shared step 4.

Step-by-Step Tutorial

Step 1: Click Button

Navigating to dydx.trade and clicking the “Connect Wallet” button in the top-right corner of the interface initiates the connection process.

Step 2: Choose Wallet

Dozens of wallets are support. Popular options include MetaMask, Coinbase Wallet, OKX Wallet, Keplr, Binance Wallet, Trust Wallet, and Fireblocks.

Step 3: Connect Wallet

A "Connect Wallet" panel will appear, triggered by the wallet provider. If this is the first time onboarding to dYdX, the user will be prompted with two signature requests:

Verify Ownership: Confirms that the user owns the connected wallet.
Enable Trading: Confirms wallet compatibility.

Clicking "Send Request" in the dYdX interface initiates the signature process. Signing is free and doesn’t involve sending a transaction. Confirming the signature requests in the chosen wallet to generate a dYdX wallet address completes the connection step.

Step 4: Deposit Funds

Deposit via Wallet

Click the "Deposit" button at the top right of the dYdX interface. A window will appear where traders can:

Choose the preferred token
Enter the deposit amount
Select a deposit speed
Click "Deposit Funds" and confirm the transaction

Deposit via Coinbase

Click "Deposit with Coinbase" at the bottom of the deposit panel
A modal will show the dYdX (Noble) address
Copy/paste it into Coinbase or scan the QR code
Double-check the address before submitting the transfer

Step 5: Track Deposit Progress & Complete Onboarding

Once the deposit is initiated, both the deposit window and a notification in the top-right corner will display the progress, including the estimated time to completion.

Once the funds arrive in the dYdX Wallet, all 200+ markets on dYdX can be traded immediately.

Supported Chains and Tokens

To ensure a smooth deposit experience, traders can use one of the following supported chains and tokens:

Ethereum: ETH, USDC
Base: ETH, USDC
Optimism: ETH, USDC
Polygon: POLY, USDC
Arbitrum: USDC

FAQ

How long does it take for a deposit to reflect in a dYdX account?
Instant deposits typically arrive in about 60 seconds. Standard deposits take around 20 minutes. Timings may vary depending on network congestion and the source chain.

What is the minimum deposit amount?
Deposits under 11 USDC are not supported on most chains. Some chains allow deposits starting at 1 USDC when Instant Deposit is selected.

I’m experiencing problems. What should I do?
dYdX offers live chat support. Visit help.dydx.trade to submit a ticket or start a chat.

Legitimacy and Disclaimer

Crypto-assets can be highly volatile and trading crypto-assets involves risk of loss, particularly when using leverage. Investment into crypto-assets may not be regulated and may not be adequate for retail investors. Do your own research and due diligence before engaging in any activity involving crypto-assets.

dYdX is a decentralised, disintermediated and permissionless protocol, and is not available in the U.S. or to U.S. persons as well as in other restricted jurisdictions. The dYdX Foundation does not operate or participate in the operation of any component of the dYdX Chain’s infrastructure.

The dYdX Foundation’s purpose is to support the current implementation and any future implementations of the dYdX protocol and to foster community-driven growth in the dYdX ecosystem.

The dYdX Chain software is open-source software to be used or implemented by any party in accordance with the applicable license. At no time should the dYdX Chain and/or its software or related components be deemed to be a product or service provided or made available in any way by the dYdX Foundation. Interactions with the dYdX Chain software or any implementation thereof are permissionless and disintermediated, subject to the terms of the applicable licenses and code. Users who interact with the dYdX Chain software (or any implementations thereof) will not be interacting with the dYdX Foundation in any way whatsoever. The dYdX Foundation does not make any representations, warranties or covenants in connection with the dYdX Chain software (or any implementations and/or components thereof), including (without limitation) with regard to their technical properties or performance, as well as their actual or potential usefulness or suitability for any particular purpose, and users agree to rely on the dYdX Chain software (or any implementations and/or components thereof) “AS IS, WHERE IS”.

Nothing in this post should be used or considered as legal, financial, tax, or any other advice, nor as an instruction or invitation to act by anyone. Users should conduct their own research and due diligence before making any decisions. The dYdX Foundation may alter or update any information in this post in the future at its sole discretion and assumes no obligation to publicly disclose any such change. This post is solely based on the information available to the dYdX Foundation at the time it was published and should only be read and taken into consideration at the time it was published and on the basis of the circumstances that surrounded it. The dYdX Foundation makes no guarantees of future performance and is under no obligation to undertake any of the activities contemplated herein.