Trading Infrastructure · Trading Infrastructure
dYdX all-time high and real returns DYDX
A decentralised perpetuals exchange that moved to its own Cosmos-based chain, one of the most liquid on-chain derivatives venues.
dYdX all-time highs and real returns
In dollars and pounds, before and after inflation, since Sep 2021.
−99.5%dYdX after US inflation since Sep 2021−64.9% a year
Down 99.4% in dollars since Sep 2021. After US inflation, down 99.5%. Against money printing, down 99.5%.
In pounds, down 99.4%, or down 99.5% after UK inflation.
- $ nominal
- −99.4%−63.5% a year
- £ nominal
- −99.4%−63.4% a year
- Real $ (US CPI)
- −99.5%−64.9% a year
- Real £ (UK CPI)
- −99.5%−65.1% a year
- vs US M2
- −99.5%−64.3% a year
- Measured from
- Sep 2021to Oct 2026, 5 years 1 month
- dYdX, Real $ (US CPI)$0.1398
- $ nominal$0.1398
- Oct 2026, latest
Loading the chart. Every figure is also in the table below.
| Period | $ nominal | £ nominal | Real $ (US CPI) | Real £ (UK CPI) | vs US M2 |
|---|---|---|---|---|---|
| Past year from Oct 2025 | −52.7% | −53.0% | –a (see note a) | −54.2% | −54.9% |
| 5 years from Oct 2021 | −99.1% −60.8% a year | −99.0% −60.6% a year | −99.2% −62.3% a year | −99.2% −62.4% a year | −99.2% −61.6% a year |
| Since Sep 2021 first month in our data | −99.4% −63.5% a year | −99.4% −63.4% a year | −99.5% −64.9% a year | −99.5% −65.1% a year | −99.5% −64.3% a year |
- a US CPI was not published for Oct 2025.
On month-end closes, dYdX's highest price was $23.56 in Sep 2021, which is $28.76 in Oct 2026 dollars after US inflation. The latest close of $0.1398 is 99.5% below the real high. The intraday record, $4.520 on 7 March 2024, is higher than any month-end close.
Cycle peaks, falls and recoveries
Month-end highs followed by a fall of 50% or more, and the high that stands today, in Oct 2026 money.
| Peak | $ then | Today's $ (US CPI) | £ then | Today's £ (UK CPI) | vs M2 today | Fall after | Back above, $ | Back above, real $ |
|---|---|---|---|---|---|---|---|---|
| Sep 2021 All-time high | $23.56 | $28.76 | £17.49 | £22.34 | $26.20 | −99.6% low Feb 2026 | Not yet | Not yet |
Return since our first month and since each cycle low
From the month-end close in the first column to Oct 2026.
| From | $ then | $ nominal | Real $ (US CPI) | Real £ (UK CPI) | vs US M2 |
|---|---|---|---|---|---|
| Sep 2021 First month in our data | $23.56 | −99.4% −63.5% a year | −99.5% −64.9% a year | −99.5% −65.1% a year | −99.5% −64.3% a year |
| Feb 2026 Lowest since the high | $0.0942 | +48.4% | +44.8% | +47.2% | +43.7% |
Every month DYDX closed at a new high
1 month-end closes above every earlier one
| Month | Close, $ | Today's $ (US CPI) |
|---|---|---|
| Sep 2021 | $23.56 | $28.76 |
How these figures are worked out
Sources, inflation measures and what is left out
- Month-end closes from Binance, Sep 2021 to Oct 2026. Oct 2026 is still in progress, so its figure is the latest close rather than a month-end. Our history for dYdX starts in Sep 2021, so longer windows are left out.
- Real figures divide by US CPI (BLS, via FRED) or UK CPI (ONS, joined to the ONS long-run RPI before Jan 1988) and are stated in Oct 2026 money. The M2 lens divides by the US M2 money supply (Federal Reserve, via FRED). Pounds convert at each month's GBP/USD rate.
- US CPI is published with a lag: Oct 2026 uses the Aug 2026 figure.
- UK CPI is published with a lag: Oct 2026 uses the Aug 2026 figure.
- US M2 is published with a lag: Oct 2026 uses the Aug 2026 figure.
- A return of 12 months or more also shows its yearly rate. Gaps in a source are left as gaps and never filled in.
dYdX at a glance
Key numbers
- Market cap $115.6m Rank 263
- 24-hour volume $5.7m
- 7 days -5.1%
- 30 days +22.0%
- Circulating supply 846.1m Of a maximum 1.0bn
- Risk level High
- Listed on 2 of 5 Binance, Kraken
Why it sits in this zone
dYdX is in the Mild discount zone with a Bargain Score of 59. Two or more of the looser buy-side conditions are met (Price 97% below ATH, greed high and structural collapse risk), which puts it on the discount side of the scale without the full set of signals behind it. Since its $4.52 peak in March 2024, dYdX has lost 97.0% of its value, a 33-fold gap back to the high that few coins have closed in past cycles.
What drives the score
The largest weighted part of the score is price distress, at 0.91 out of 1, while project resilience contributes least at 0.21. It has come through one full market cycle by the model's definition, and its chance of a new all-time high is rated Medium. Exchange and trading tokens like this one are among the most cyclical on our list, because their fee income tracks how much people trade.
Where the cycle targets come from
The cycle targets of $4.75, $5.20 and $5.88 are anchored to the previous all-time high, because a reduced repeat of dYdX's past range would not reach it, so the low scenario sits just above the old high, a 3,373% move from today's price.
dYdX: questions people ask
What was dYdX's all-time high in today's money?
dYdX's highest recorded price was $4.520 on 7 March 2024, from CoinGecko's record of intraday trades. Restated with US CPI to Oct 2026, that is $4.848 in today's dollars. In pounds it was £3.577 at the time, or £3.862 after UK inflation.
On month-end closes, which is what our tables use, the peak was $23.56 in Sep 2021, worth $28.76 today. The latest price is 99.5% below the real high.
Has dYdX beaten inflation since Sep 2021?
Our monthly history for dYdX starts in September 2021. Since then it is down 99.4% in dollars and down 99.5% after US inflation, so it has not kept up with inflation over that stretch. Measured in pounds after UK CPI the figure is down 99.5%. Against the US M2 money supply it is down 99.5%.
How long did dYdX take to recover from past crashes?
After the Sep 2021 peak of $23.56 it fell 99.6% by Feb 2026, and has not closed above that high since. In real terms it has not recovered.
These use month-end closes, so intraday highs and lows were more extreme.
How far is dYdX below its all-time high?
dYdX is 97.0% below its all-time high of $4.52, which it set on 7 March 2024, and its all-time low is $0.0788, from March 2026. Getting back to the high from today's price of $0.1367 would take a rise of about 3,208%. These figures come from CoinGecko and refresh every five minutes.
What is dYdX's Bargain Score?
The Bargain Score is 59 out of 100 (Watch). It combines the discount from the previous high, market sentiment, momentum and the coin's track record across past cycles. On our zone scale that places dYdX in the Mild discount zone: Price 97% below ATH · greed high · structural collapse risk. This describes current conditions; it is not a recommendation.
What do the dYdX cycle scenarios assume?
Low cycle target $4.746 (Previous ATH + 5% (the model’s cycle multiple lands below the previous high).). Base cycle target $5.198 (Previous ATH + 15%: a return to the previous high (the model’s cycle multiple lands below it).). High cycle target $5.876 (Previous ATH + 30% (the model’s cycle multiple lands below the previous high).). Each is the price the coin would reach if a smaller version of its past cycle repeated, not a loss case. They come from a model of past cycles and can be badly wrong.
How fearful is the crypto market right now?
The Crypto Fear & Greed Index reads 62 (Greed). Low readings mean fear, high readings mean greed. The Bargain Score uses it as one input, because past cycle lows tended to arrive during extreme fear.
What zone is dYdX in today?
The model places dYdX in the Mild discount zone on a Bargain Score of 59, a partial set of buy-side conditions led by Price 97% below ATH, greed high and structural collapse risk. Rather than a recommendation, the label is a reading of where dYdX's price and the wider market sit against the model's rules at this moment, and because the Fear & Greed value and the daily RSI both update at midnight UTC, just after midnight is when it is most likely to change. The 3-dot meter beside it shows where that zone sits on the five-step scale, from one dot for Expensive to five for Deep discount.
How long have dYdX's past recoveries taken?
dYdX has had one earlier fall of 50% or more in our price history: after its $4.37 peak in March 2024 it fell 98% and has not closed above that level since. Those are the only data points we have for this coin, which is too few to say anything reliable about the next recovery, since market conditions, supply and competition are different each cycle and some coins never regain a previous high.
What are the cycle targets for dYdX?
The model starts from dYdX's full range, its all-time high of $4.52 divided by its all-time low of $0.0788, which is roughly 57.3-fold. It shrinks that multiple with a decay factor, on the assumption that each cycle is smaller than the last, and applies it from the low. For dYdX that reduced repeat would not reach the old high, so the targets are anchored just above it instead, at $4.75, $5.20 and $5.88, which puts the low scenario 3,373% above today's price. They describe what a reduced repeat of the past would look like and say nothing about whether that will happen. Cryptoassets are high risk, and you should be prepared to lose all the money you put into them.
Why does dYdX have a Bargain Score of 59 but sit in the Mild discount zone?
Because the score and the zone measure different things. The score blends price distress, sentiment, positioning, resilience and supply into one number, while the zone checks whether specific conditions line up, such as Fear & Greed crossing a threshold or the RSI reaching oversold or overbought levels. With Fear & Greed at 62 (Greed) and dYdX's RSI at 44, not enough of the buy-side conditions are met to move dYdX further up the scale.
Important information
Don't invest unless you're prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong.
Cryptoassets are largely unregulated in the UK, so you are unlikely to have access to the Financial Ombudsman Service or the Financial Services Compensation Scheme if something goes wrong. Educational information only, not financial advice. Read our disclaimer.
Other Trading Infrastructure coins
- Trading Infrastructure Synthetix (SNX) Bargain Score 68.6/100 · $0.2410
- Trading Infrastructure Injective (INJ) Bargain Score 65.6/100 · $8.148
- Trading Infrastructure GMX (GMX) Bargain Score 59/100 · $8.582
- Trading Infrastructure Sei (SEI) Bargain Score 52.3/100 · $0.0649
- Trading Infrastructure Hyperliquid (HYPE) Bargain Score 25.6/100 · $81.79