Disclosure: Delphi Ventures is an investor in dYdX, MCDEX, and Vega. Delphi Labs also works with Perpetual Protocol. This statement is intended to disclose any conflict of interest and should not be misconstrued as a recommendation to purchase any token. This content is for informational purposes only and you should not make decisions based solely on it. This is not investment advice.

Key Takeaways

  • Perpetual Protocol has had consistently higher daily trading volumes compared to dYdX. Both protocols hit their peak daily volume on May 19th — with dYdX settling over $150 million in trades while Perpetual Protocol facilitated over $500 million.
  • In contrast, dYdX has seen consistently higher weekly active users, peaking at over 3,000 users in May, while averaging well over 1,000 unique users per week between March and July. In contrast, Perpetual Protocol peaked at just over 500 weekly active users, while averaging 265 unique users per week since launching on xDAI in Dec. 2020.
  • It’s worth noting, Perpetual Protocol runs an in-house arbitrage bot which contributes a meaningful amount of volume (currently about ~20% of daily volume). The bot has also paid $4.5 million in fees, which amounts to approximately 22% of the protocol’s total fees earned since launching on xDAI.
  • dYdX funding rates for BTC-USD and ETH-USD trading pairs remain fairly normal over time, flip flopping between positive an

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