Perpetual DEXes are evolving quickly, and at the frontier are ApeX Omni and dYdX—two platforms shaping very different futures for onchain trading. One is a battle-tested heavyweight known for good liquidity and a pro trader base; the other, a fast-moving multichain disruptor built for speed, versatility, and next-gen DeFi tools.
This guide breaks down the major differences and similarities between ApeX Omni and dYdX across security, liquidity, product scope, technology, and trading experience, so you can decide which DEX better fits your trading strategy.
Trading Volume & Market Share
dYdX has long been a recognized leader in DeFi perps, with over $1.5 trillion in cumulative volume and around $133.9M daily trading volume at the time of writing. However, the platform has seen declining volume and market share—now holding ~5-7% of the perp DEX sector.
ApeX Omni, by contrast, is a newer entrant but rapidly gaining traction, clocking in at $1.36B in daily volume and over $250B in cumulative volume—with a major spike during its 2025 XP campaign and airdrop season. While its market share (~3-5%) currently trails dYdX, ApeX is growing fast, fueled by multichain access and product diversification.
Liquidity Sources & Open Interest
dYdX boasts a mature liquidity model with MegaVault automated provision, combined with $DYDX staking incentives. As of now, its open interest is ~$83.9M, placing it in the mid-tier range among derivative platforms. However, much of its liquidity is incentive-driven, which may not always be sustainable in the long run.
ApeX Omni reports ~$49.9M in open interest and aggregates liquidity from centralized market makers (CEX-like), alongside open APIs for anyone to contribute to its central limit order book (CLOB). Traders experience tight spreads and deep liquidity on major pairs like ETH for example, with orders of up to $2M executing without slippage.
Fees & Trading Costs
Both platforms offer low trading fees, but ApeX edges out slightly in effective cost. dYdX charges 0.02-0.05% (maker/taker) and operates gas-free on its Cosmos-based v4 chain. Traders can also earn rewards by staking $DYDX.
ApeX Omni matches the same 0.02-0.05% fee bracket, but VIP tiers are easier to unlock and available to retail users. All third-party interface fees are included within the base rate—meaning no hidden fees. Combined with low latency and high execution quality, ApeX delivers one of the most competitive cost structures in DeFi trading.
Technology, Security & Privacy
dYdX runs on a custom Cosmos Layer 1 chain, offering non-custodial trading with advanced order types and strong uptime. While audited and proven resilient, Cosmos-based systems do come with some interoperability and composability trade-offs, and chain-specific risks must be accounted for.
ApeX Omni takes a different route, built on zkLink X, a zk-Rollup that combines Ethereum-grade security with ultra-low latency. Security is enforced via zero-knowledge proofs rather than trust, and its infrastructure is intent-centric and multichain-compatible (Ethereum, BNB, Solana, etc.). It's also fully non-custodial, with no KYC requirements, and transparent withdrawal proofs.
Product Scope: Perps, Spot, and Beyond
dYdX focuses exclusively on perpetual markets, offering up to 50x leverage across 213 markets. It also provides API access, mobile trading, and governance via the $DYDX token. However, it lacks native support for spot markets or alternative features like prediction markets or passive earn products.
ApeX Omni takes a broader approach. In addition to perps, it supports real spot trading with assets from Ethereum, Solana, Base, and BNB Chain. ApeX also offers a suite of additional products:
Prediction Markets
AI-Powered Trading Tools
Grid Bots
This gives users a more versatile trading experience, beyond just directional perp speculation.
User Base & Experience
dYdX caters primarily to professional traders, with a robust backend and polished UI. The Cosmos-based chain allows for performance tuning, but also makes it more isolated from the wider Ethereum ecosystem.
ApeX Omni, while relatively newer, is geared toward a broader base—ranging from retail to degens and even institutions. Its user experience includes high-speed execution, accessible analytics, and integrations with tools like Tealstreet, Copin, Eagle AI (coming soon). The XP Campaign, which resulted in allocating 25M $APEX among product users, further boosted community participation and engagement.
Final Thoughts
If you're looking for a battle-tested, perps-only platform with a long track record and good liquidity, dYdX is a solid choice.
However, if you're after more versatile functionality, multichain asset access, lower friction trading, and modern DeFi-native tools—ApeX Omni offers a rapidly evolving and community-focused alternative with strong upside.
As always, the best DEX depends on your strategy, goals, and risk tolerance. Try both, compare experiences, and decide which one aligns best with your trading style.
FAQs
Is ApeX Omni or dYdX safer to use? Both platforms are non-custodial and audited, but ApeX Omni enforces fund security via zero-knowledge proofs on Ethereum. dYdX uses a Cosmos L1 chain with traditional audits.
Does dYdX support spot trading? No, dYdX is a perps-only platform. ApeX Omni supports both perps and spot across multiple chains.
Which platform offers lower trading fees? They both have competitive fees (0.02-0.05%), but ApeX's fees include all third-party interfaces and have easier VIP tiers.
Can I earn passive income on either platform? Yes. dYdX has staking via $DYDX. ApeX Omni offers Vaults, and Staking.
Which platform is better for retail users? ApeX Omni is more retail-friendly with intuitive UI, social tools, and broad product offerings. dYdX is more suited to seasoned pro traders focused on perps.
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