dYdX
DYDX#181dYdX is a decentralised exchange for leveraged perpetual futures that runs on its own blockchain; DYDX is its staking and governance token.
- Market cap
- $126.95M
- Volume 24h
- $10.19M
- All-time high
- —
- Circulating supply
- 846.09M of 1B
Fails our Shariah screening. Needs caution: interest (riba), nature of the asset, excessive uncertainty (gharar), and benefit and harm (maslahah). Fails: gambling (maysir), business model, and usage.
- 1 pass
- 4 caution
- 3 fail
Verdict history
- Not halalCurrent
First publication
Fundamentals, market picture and news will appear here.
Halal analysis
Can a Muslim hold dYdX?8 Shariah criteria
1 pass · 4 caution · 3 failStakers are paid in USDC from fees on leveraged trading, and funding on isolated markets has an interest component.
Riba is interest or any guaranteed increase on a loan. Holding DYDX pays nothing, and the staking reward is variable and tied to validation, so this is not a loan return. But the reward is a share of fees from leveraged perpetual trading, and dYdX documents an interest rate component of 0.125 bps per hour in the funding rate of isolated markets. CryptoUmmah scores riba 56.2/100 and Sharlife rates dYdX not permissible. The criterion is at caution.
DYDX secures and governs a chain whose only purpose is leveraged derivatives trading.
This criterion asks whether the asset has real value as property (mal). DYDX has a real function: it secures the dYdX Chain and gives votes. But the chain exists only to run a perpetual futures exchange, and the token’s value is a claim on its fees. Sharlife, the first authoritative source that rates dYdX, lists it as not permissible. Because the value rests on an impermissible activity, the criterion is at caution.
The core product is leveraged perpetual futures with no delivery.
Maysir is gambling: gaining or losing by chance rather than through productive exchange. dYdX’s own documentation says its perpetual contracts have no expiry and no settlement or delivery; traders bet on price with leverage and can be liquidated. The site promotes loss rebates of up to $1M to attract such trading. CryptoUmmah scores the speculation to utility ratio 30/100. The criterion fails.
All protocol income is fees from leveraged derivatives trading, and it flows to stakers and token repurchases.
This criterion asks how the ecosystem earns and whether that income is impermissible. The dYdX Chain earns trading fees on perpetual futures; all of them go to validators and stakers, and 75% of net fees fund DYDX repurchases. Futures, perpetuals and margin trading fail under AAOIFI Shari’ah Standard 20 as deferred exchange without delivery, usually with leverage. CryptoUmmah scores core protocol business 25/100. The criterion fails.
Code and governance are open, but the founding company moved its focus to a new exchange in July 2026.
Gharar is excessive uncertainty or hidden information. The chain is open-source, the allocation is published and governance is on-chain. But on 1 July 2026 dYdX Labs announced Arcus, a separate exchange, and said its team is fully focused on it; the founder wrote that the dYdX Chain lost market share. The Foundation says nothing changes for DYDX, yet the long-term role of the token is now uncertain. This concrete uncertainty puts the criterion at caution.
DYDX is used to stake, govern and earn fees on a derivatives exchange.
This criterion looks at what the asset is actually used for. DYDX is staked to validators who run the order books of a perpetual futures exchange, earns a share of its trading fees and votes on its markets and fees. With its uses centred on an impermissible activity, the criterion fails.
DYDX itself can be bought spot with full payment and held in self-custody.
This criterion asks whether the asset can be owned in a permissible way. DYDX trades spot on major exchanges and can be held in a self-custody wallet on the dYdX Chain. The criterion is at the maximum; the problems lie in what the token represents, not in how it can be held.
The platform exposes users to leveraged losses, and its own warnings say so.
Maslahah weighs benefit against harm. dYdX gives self-custody and open code, which are real benefits. But its product is leveraged trading, and the Foundation itself warns of loss, particularly when using leverage, and that MegaVault depositors may lose their entire investment. With benefit to a narrow group of traders and documented risk of harm, the criterion is at caution.
How you can use it
Tap a card for the ruling and sourcesDYDX can be bought spot with full payment and delivery, but the token is rated HARAM because its value and staking rewards come from leveraged derivatives trading, so holding it is not acceptable.
No exchange-traded fund or product holding DYDX was found in the sources collected. A product that held DYDX would be judged like spot; its structure would need checking.
DYDX is not used as a means of payment. Tier-1 bodies such as Indonesia’s MUI rule that using cryptocurrency as currency is not permissible.
Staking DYDX with validators pays USDC drawn from trading fees on leveraged perpetual futures, so the return comes from an impermissible activity.
Margin trading is never acceptable: it is a deferred exchange with borrowed money and leverage (AAOIFI SS 20).
Futures, perpetuals and options always fail under AAOIFI SS 20: deferred exchange without delivery, usually with leverage.
Lending DYDX through exchange or DeFi lending programmes pays depositors interest from borrowers. This is riba.
The dYdX MegaVault earns from market making on perpetual futures, and other DYDX yield products rely on lending; both fail.
Scholars quotes
Penggunaan cryptocurrency sebagai mata uang hukumnya haram, karena mengandung gharar (ketidakjelasan), dharar (bahaya) dan bertentangan dengan Undang-Undang nomor 7 tahun 2011 tentang Mata Uang dan Peraturan Bank Indonesia nomor 17 tahun 2015 tentang Kewajiban Penggunaan Rupiah di Wilayah Negara Kesatuan Republik Indonesia.Bitcoin is a digital currency that does not meet the legal and Sharia criteria that make it a currency subject to the rulings of dealing with official legal currencies recognized internationally.بناءً على ذلك: فلا يجوز شرعًا تداول عملة "البتكوين" والتعامل من خلالها بالبيعِ والشراءِ والإجارةِ وغيرها، بل يُمنع من الاشتراكِ فيها؛ لعدمِ اعتبارِها كوسيطٍ مقبولٍ للتبادلِ من الجهاتِ المخُتصَّةِ، ولِمَا تشتمل عليه من الضررِ الناشئ عن الغررِ والجهالةِ والغشِّ في مَصْرِفها ومِعْيارها وقِيمتها، فضلًا عما تؤدي إليه ممارستُها من مخاطرَ عاليةٍ على الأفراد والدول.According to research and opinion of experts so far, cryptocurrency is not considered ‘ maal ’ (wealth) in Sharia.Sebagaimana mata wang yang lain, mata wang digital hendaklah tidak digunakan sebagai bayaran kepada barangan, perkhidmatan dan aktiviti tidak patuh Syariah seperti pembelian dadah, pelacuran, perjudian dan pendanaan aktiviti keganasan serta penggubahan wang haram.The SAC has also resolved that investment and trading of Digital Assets that fulfil the above requirements and which are traded on Digital Asset Exchange (DAX) registered with SC are permissible.Third: In light of the above and given the significant risks associated with this type of currencies and the instability of their transactions, the Council of the Academy recommends pursuing research and studies on issues affecting its ruling.Muhammadiyah memandang transaksi dan investasi kripto pada dasarnya mubah (boleh) tetapi dengan syarat tertentu.The opinion on this is the same as doing the same with any halal assets such as shares – 1) is permissible, 2) is more debatable and there are differing opinions on short-term trading.Our current position is 'tawaquf'; we can't say it is halal or haram, but we say it is better not to engage in itAs I mentioned at the beginning of this article it is not necessary to substantiate the permissibility of something as long as there are no prohibited factors involved in it or surrounding it.AI-assisted analysis checked against sources. Not a fatwa or investment advice.
Where it trades
Section in preparation
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