dYdX DYDX

Payout off peakRank#44▼5Score27

Paid to holders this week: 41% of the best week in 90 days ($53k against $129k), while revenue −15% over 30 days. Also: holders revenue is paid out, not a buyback.

Derivatives, dYdX, Ethereum, 192 days of data

Market cap

$75.2M

price $0.0886 · 7d −16.8% · 30d −32.1%

FDV $84.2M (1.1× market cap)

source defillama

Counted per year

$1.5M

holders revenue of the last 30 days, $240k, × 365 ÷ 30, × type factor 0.5 (payouts count 50%)

Distributionbuyback share 100%

Pays out 3.9% of its market cap a year, using 100¢ of every $1 it earns.

Not a buyback: counts for 50% in the multiple (type factor 0.5), so the denominator is $1.5M instead of $2.9M.

Multiple

51.6×

peer median 20.7× (Derivatives, 6 tokens), against 51.6× here

Run-rate

54.6×

last 7 days $53k × 52 × 0.5 (type factor) = $1.4M a year

last week's payout in line with the 30-day pace

What we checked

Valuation
Multiple 51.6× (type factor 0.5: payouts count 50%), 2.5× more expensive than its Derivatives peers (median 20.7×, 6 tokens). The group's largest earner Hyperliquid trades at 20.2×: 2.6× dearer per dollar returned to holders. On total revenue: 25.8×, 2.2× dearer than the revenue peer median.
Distribution
Distribution: Revenue is paid out to stakers or holders (often in another asset); no buy pressure on the token. Holders got $240k of $240k revenue in 30 days → buyback share 100%. DefiLlama: “Staking Rewards: 100% of trading fees distributed to DYDX token stakers via the staking rewards mechanism”
Sustainability
Holders were paid on 30 of 30 days (100%); largest single day 8% of the month's holders revenue; paid to holders this week: 41% of the best week in 90 days (more than half below peak). Revenue −14% over 7 days and −15% over 30 days, price −32% over 30 days.

What this does not tell you

The figures come from DefiLlama's adapter for each child protocol. Only a few tokens have an on-chain check (see How the buyback really works); for the rest, whether the tokens were really bought, burned or parked in a treasury wallet is not checked here. Unlocks count where DefiLlama or our research has a vesting schedule; team discretion and liquidity depth only once researched.

Flags

Payout >50% below peakthis week's holders revenue is 41% of its best week in the last 90 days ($129k)
Data issue: chain mapping missingData issue (chain mapping missing): warning, scores are computed as usual

How the buyback really works

Not researched yet. Everything above comes from DefiLlama and market data only.

Holders revenue / revenue (30d): $240k / $240k; last 30 closed days
To holders: Pays out 3.9% of its market cap a year
FDV / dilution: $84.2M / 1.1×; FDV ÷ market cap
Price 7d / 30d: −16.8% / −32.1%
Revenue growth 7d / 30d: −14% / −15%; versus the period before
Divergence: 0.00; revenue growth minus price growth, 30d
DEX liquidity: —; trades mainly on exchanges
24h volume: $2.8M; all markets, CoinGecko
Unlocks 30d: —; DefiLlama's schedule does not cover the next 30 days while tokens are still locked
Revenue multiple: 25.8×; market cap ÷ revenue per year
Fee multiple: 25.8×; market cap ÷ fees per year
Distance to peak: 41%; this week ÷ best week of 90 days
Data since: May 4; first day with holders revenue

Holders revenue and price

Holders revenue per day7-day averagePrice (right axis)

Multiple over time

today 51.6× (scored) · peer median 20.7×

Market cap at close ÷ (holders revenue of the previous 30 days × 365 ÷ 30), with holders revenue capped at revenue and × the type factor: the same effective multiple as the peer median. Values above 100× are drawn at the top. Bands as on the meter; dashed line = peer median today.

Signal history

No signals for this token yet.

Versus peers

Derivatives · 6 tokens · median multiple 20.7× · Hyperliquid is valued 225.3× higher. Per dollar that counts for holders, dYdX is 2.6× dearer.

Main-ranking peers only. Multiples count holders revenue capped at revenue, × the type factor (buyback 1 · buyback + burn 1 · burn 0.75 · mixed 0.75 · distribution 0.5 · unclear 0.5 · ve-distribution 0.25).

This token against its main-ranking peers: multiple, revenue multiple, buyback share, holders revenue, market cap and revenue growth
Token	Distribution	Multiple	Revenue multiple	Buyback share	To holders 30d	Market cap	Rev. growth 30d
Lighter	Buyback	14.6×	11.8×	81%	$4.4M	$775.1M	+14%
edgeX	Buyback	16.0×	7.0×	44%	$622k	$120.8M	−43%
Hyperliquidleader	Buyback + burn	20.2×	20.2×	100%	$68.8M	$16.94B	−3%
ApeX Protocol	Mixed	21.2×	15.9×	100%	$145k	$28.2M	−21%
GMX	Distribution	37.0×	13.5×	73%	$354k	$79.6M	+15%
dYdXthis token	Distribution	51.6×	25.8×	100%	$240k	$75.2M	−15%

Score build-up27 of 100

Total score = 35% valuation + 25% momentum + 20% divergence + 20% quality − penalties, clamped to 0–100. Every number here can be recomputed from the figures on this page.

27of 100#44▼5top 86%

Valuation 5.9Momentum 6.0Divergence 0.0Quality 15.0= 26.8

Valuation35%

17Valuation 16.7: HR half 18.9 (multiple 51.60×; 100 at ≤3×, 0 at ≥100×, log scale), revenue half 14.6 (revenue peer value 0.46×; 0 at ≤0.33×, 50 at 1×, 100 at ≥3×, log scale).Average of two halves. HR half: linear in log(multiple), 100 at ≤ 3×, 0 at ≥ 100×, 0 without effective HR. Revenue half: linear in log(revenue peer value), 0 at ≤ 0.33×, 50 at 1×, 100 at ≥ 3×; neutral 50 when the peer group falls back to the universe.

Momentum25%capped

24Momentum 23.9: m = 0.5·g7 −0.149 + 0.3·(ln(day jump 0.42) clamped ±1.5 = −0.860) + 0.2·g30 −0.162 = −0.365; 0 at ≤−0.7, 50 at 0, 100 at ≥1.1.m = 0.5·g7 + 0.3·ln(day jump, clamped ±1.5) + 0.2·g30; 0 at m ≤ −0.7, 50 at 0, 100 at ≥ 1.1. Neutral 50 when g7 or g30 is missing; a missing day jump counts as 0.

Divergence20%capped

0Divergence 0.0: d = g30 − p30 = 0.000; 0 at ≤0, 100 at ≥1.5.d = max(0, g30 − p30) when g30 > 0; 0 at d ≤ 0, 100 at d ≥ 1.5, linear.

Quality20%

75Quality 75.0: mean of days HR>0 100% → 100.0 (0 at ≤30%, 100 at ≥90%), largest day 8% of HR30 → 100.0 (0 at ≥60%, 100 at ≤15%), distance to peak 0.41 → 24.9 (0 at ≤0.25, 100 at ≥0.9).Average of: share of days with HR > 0 (0 at ≤ 30%, 100 at ≥ 90%), 1 − largest day ÷ HR30 (0 at ≥ 60%, 100 at ≤ 15%) and distance to peak (0 at ≤ 0.25, 100 at ≥ 0.9).

HR7 is below 50% of its 90-day peak: momentum and divergence are capped at 50. This is not a penalty; the distance already counts in quality.

Penaltiesnone

No penalty applies — 10 rules checked, 3 wait for research data

Where the numbers come from

Revenue source: 2 active children; DefiLlama adapter per child
Price and market cap: defillama / defillama; latest fetch
Scored on: November 11, 2026; as-of date of the last compute run
On-chain verified: not yet; not checked yet

Protocols behind this token2 at DefiLlama

Per protocol: DefiLlama's methodology text, the distribution type we read from it and the sentence that decided it. The token takes the type of the protocol that returns the most to holders.

dYdX V4
Derivatives · dYdX
type distribution · source label
“Staking Rewards: 100% of trading fees distributed to DYDX token stakers via the staking rewards mechanism”
All trading fees are distributed to DYDX token stakers as staking rewards
Staking Rewards
100% of trading fees distributed to DYDX token stakers via the staking rewards mechanism
adapter on GitHub ↗
dYdX V3
Derivatives · Ethereum
type unclear · source text
“Fees going to governance token holders”
Fees going to governance token holders
adapter on GitHub ↗