dYdX

Liquidation and auto-deleveraging 17/20

How positions are picked for auto-deleveraging

Published, without the formulahelp.dydx.trade (opens in a new tab) · 3 November 2026

Partial liquidation

Yesdocs.dydx.xyz (opens in a new tab) · 3 November 2026

Auto-deleveraging in the last 24 months

None foundThe Oct 2025 incident review says ADL did not trigger because the insurance fund covered the shortfall, and no other ADL event was found.dydx.xyz (opens in a new tab) · 3 November 2026

Risky markets isolated or capped

Yesdydx.xyz (opens in a new tab) · October 2025

Insurance fund and who absorbs losses 15/15

Backstop balance readable on-chain

YesThe insurance fund is the on-chain module account dydx1c7ptc87hkd54e3r7zjy92q29xkq7t79w64slrq, and its balance can be queried.dydx-rest.publicnode.com (opens in a new tab) · 3 November 2026

Backstop against total open interest

21.0%Main insurance fund was 8.11M USDC against 39.47M USD total open interest (one side, indexer perpetualMarkets × oracle price), excluding the separate isolated-market funds.dydx-rest.publicnode.com (opens in a new tab) · 3 November 2026

Order of loss absorption published

Yeshelp.dydx.trade (opens in a new tab) · 3 November 2026

Price oracle 15/15

Independent sources in the liquidation price

Three or moreBTC/USD and ETH/USD use 8 exchange providers with min_provider_count 3, though 11 of 58 enabled market-map tickers allow a minimum of 1.dydx-rest.publicnode.com (opens in a new tab) · 3 November 2026

Price update interval

Every secondValidators post prices every block via vote extensions, and the measured block time was about 0.65 s (1000 blocks in 650 s).dydx-rest.publicnode.com (opens in a new tab) · 3 November 2026

Who signs prices

Many partiesOracle prices are set by the current validator set: each validator submits its prices through vote extensions and the block proposer aggregates them.docs.dydx.xyz (opens in a new tab) · 3 November 2026

Oracle failure with user losses, last 24 months

None foundPrices went briefly stale after the Oct 2025 restart while validators restarted the oracle sidecar, but no user loss was attributed to it.dydx.xyz (opens in a new tab) · 11 October 2025

Custody and withdrawal 4/15

Users hold their own funds

Yesdocs.dydx.xyz (opens in a new tab) · 3 November 2026

Contract-level exit if the operator stops

Nodydx.xyz (opens in a new tab) · 10 October 2025

Withdrawals can be frozen without a delayed vote

YesFunds were frozen for about 8 hours during the Oct 2025 halt and released when validators holding 67% of voting power ran a patched binary, with no governance vote.dydx.xyz (opens in a new tab) · October 2025

Delay before upgrades apply

None: upgrades can apply at onceGovernance upgrades take at least 1.5 days (expedited voting_period 129600 s), but the Oct 2025 patch went live as soon as 67% of validators upgraded, without a vote.dydx.xyz (opens in a new tab) · 3 November 2026

Incidents in the last 24 months 11/15

• 10 October 2025Outage over 4 hours−4

  Chain halted about 8 hours during a liquidation cascade after an order-of-operations bug tripped a collateral-pool failsafe; up to $462K compensation proposed from the insurance fund.

  dydx.xyz (opens in a new tab)

Liquidity 1/10

A $100,000 market order in BTC or ETH, buying and selling, moved the price by 5.93 basis points on average (2 readings, 3 November 2026). The median across the venues we measure was 1.00.

Who provides the liquidity

Not disclosedThe docs do not publish who provides liquidity or how much of it each provider or vault supplies.docs.dydx.xyz (opens in a new tab) · 3 November 2026

Transparency and operations 6/10

Public audits of core code, last 24 months

NoneThe audits folder holds 6 Informal Systems reports, and its last addition was the vaults report on 2024-07-08; no later audit was found.github.com (opens in a new tab) · 3 November 2026

Core code public

Yesgithub.com (opens in a new tab) · 3 November 2026

Public status page

Yesstatus.dydx.trade (opens in a new tab) · 3 November 2026

Operating company named in the terms

YesThe help center names dYdX Operations Services Ltd (Cayman) as the front-end operator, but the client-rendered dydx.trade/terms page could not be read to confirm it.help.dydx.trade (opens in a new tab) · 3 November 2026