| FEATURE | DYDX | BULK |
|---|---|---|
| Type | DEX | DEX |
| Taker Fee | 0.05% | 0.035% |
| Maker Fee | 0.01% | 0% |
| Max Leverage | 50x | 40x |
| Perp Pairs | 73 | 8 |
| Spot Trading | Yes | No |
| KYC Required | No | No |
| Rating | 4.0 | 3.0 |
dYdX vs BULK: key differences
Opening and closing a $10,000 position with market orders costs $7.00 on BULK and $10.00 on dYdX at base-tier taker fees, a difference of $3.00 per round trip.
For limit orders, dYdX charges makers 0.01%, while BULK charges makers nothing.
dYdX allows up to 50x leverage against 40x on BULK. The headline figure usually applies to a few markets only, so check the limit on the pair you trade.
dYdX lists 73 perpetual markets, BULK lists 8.
dYdX also has spot trading; BULK is perpetuals only.
BULK is the more liquid venue, with $21M in 24-hour volume against $3M on dYdX (about 7.0 times more). Deeper books mean less slippage on large orders.
Neither exchange requires KYC: both are used by connecting a wallet.
Figures as of 2026-10-04, from each exchange's documentation, CoinGecko and DeFiLlama.
Costs, liquidity and safety in detail
| dYdX | BULK | |
|---|---|---|
| Taker round trip on $10,000 | $10.00 | $7.00 |
| Maker round trip on $10,000 | $2.00 | $0 |
| Best-tier taker fee | 0.025% | 0.022% |
| BTC max leverage | 50x | 40x |
| Margin modes | cross, isolated | cross, isolated |
| 24h volume | $3M | $21M |
| TVL | $108M | $8M |
| Custody | non-custodial | non-custodial |
| Collateral | USDC | USDC |
| Deposit networks | Ethereum, Arbitrum, Optimism +6 more | Solana |
| Minimum order | $1 | $1 |
| Order types | 6 | 9 |
| Options | No | No |
| Mobile app | Yes | No |
| Testnet or demo | Yes | Yes |
| Vaults or copy trading | No | No |
| Insurance fund | Yes | Yes |
| Audited | Yes | Yes |
| Restricted jurisdictions | 16 | 43 |
| Founded | 2017 | 2025 |
Choose dYdX if
- You want higher leverage: up to 50x against 40x.
- You trade smaller or newer markets: 73 perpetual pairs against 8.
- You want spot and perpetuals in one account.
- You trade from a phone: dYdX has a mobile app.
Choose BULK if
- You mostly use market orders: 0.035% taker fee against 0.05% on dYdX.
- You place limit orders: 0% maker fee against 0.01% on dYdX.
- You trade size and need liquidity: $21M in 24-hour volume against $3M.
dYdX
PROS
- + Base tier perpetuals fees of 0.05% taker and 0.01% maker, falling to 0.025% taker and a -0.011% maker rebate at 200 million USD of 30-day volume
- + Staking discount on trading fees: 3,000 staked DYDX cuts base tier fees by 25%, and 20,000 staked DYDX cuts them by 50%
- + Onchain governance by DYDX token holders controls fees, market listings and rewards, with 75% of protocol fees directed to DYDX buybacks
CONS
- − Low liquidity in 2026: 24-hour perpetuals volume was about 3 million USD on October 4, 2026, and the active market count fell from 114 to 73 in three months as governance wound down low-activity markets
- − 50x leverage is available only on BTC and ETH; SOL is capped at 20x and the other 70 markets at 5x or 10x
- − Perpetuals are restricted in the US, UK and Canada, so US traders can only use the Solana spot product
BULK
PROS
- + Base taker fee of 0.035% and maker fee of 0% during the Genesis phase, with taker fees down to 0.022% at 4 billion dollars of 14-day volume and maker rebates of up to 0.015%
- + Portfolio margin is the default: margin is calculated on the correlation-adjusted exposure of the whole account, which the docs say can cut requirements for a hedged BTC and ETH position by 30% to 70% against isolated margin
- + Non-custodial: funds sit in a per-user account of a Solana program, withdrawals need a FROST threshold signature from the validator set, and Zellic audited the program in July 2026
CONS
- − Mainnet is invite-only since September 5, 2026: access codes are the only way in for new users, they are single-use and expire weekly, and no date for public access has been announced
- − Only 8 of 22 listed perpetual markets were open for trading on October 4, 2026, there is no spot trading, and USDC on Solana is the only collateral
- − 24-hour volume was about 21 million dollars and open interest about 9 million dollars on October 4, 2026 per the BULK API, and BTC accounted for 14.3 million dollars of that volume
Frequently Asked Questions
Is dYdX or BULK better?
dYdX has a higher rating (4 vs 3). BULK offers lower fees (0.035% vs 0.05%). Choose dYdX for higher leverage, and BULK for lower fees.
What are the fees on dYdX vs BULK?
dYdX charges 0.05% taker / 0.01% maker. BULK charges 0.035% taker / 0% maker for perpetuals.
Which has higher leverage, dYdX or BULK?
dYdX offers up to 50x, and BULK offers up to 40x. Maximum leverage applies to selected markets and falls as position size grows on both exchanges.
Do dYdX and BULK require KYC?
dYdX does not require KYC. BULK does not require KYC. Both restrict some jurisdictions (dYdX lists 16; BULK lists 43), so check the terms of service for your country before depositing.
Is dYdX or BULK safer?
dYdX has been audited and runs an insurance fund, and custody is non-custodial. BULK has been audited and runs an insurance fund, and custody is non-custodial. Neither audits nor insurance funds remove smart contract risk, so size deposits accordingly.
Which has more trading volume, dYdX or BULK?
dYdX recorded $3M in 24-hour volume and BULK recorded $21M, as of 2026-10-04. dYdX lists 73 perpetual markets and BULK lists 8.