# dYdX Chain: Volume, Open Interest, Staking and Buybacks

> dYdX Chain volume and open interest by market, hourly funding, fees, USDC staking rewards, MegaVault equity and DYDX buybacks, read from the chain itself.

Markdown copy of https://voltfincrypto.com/apps/dydx-chain-volume-staking-buybacks

**Question:** How much trades on dYdX Chain, what do DYDX stakers earn and how much DYDX do its buybacks buy?

- Kind: Dashboard in Voltfin Vantage
- Topic: [DeFi](https://voltfincrypto.com/topics/defi)
- Chains: Cosmos
- Status: Planned. The data is not published yet, so this page states no figure; each figure will open its receipt when it is.

dYdX runs its perpetuals exchange as its own chain, built with the Cosmos SDK. Validators hold the order book in memory and match orders off-chain, while trades, positions, funding and liquidations settle in the chain's state each block. Trading fees are paid in USDC, and governance splits the protocol's share between stakers and validators, MegaVault, the treasury and a program that buys DYDX on the market.

This dashboard reads that state at each day's end: volume and open interest by market, the funding settled each hour, fees and where they went, the USDC paid to stakers, MegaVault's equity and the DYDX bought back and staked. MegaVault deposits USDC into market-making sub-vaults, including on newly listed markets, so it is shown with its own return. Each figure names the dYdX Chain block height it was read at.

## Blueprint

### Trading

Volume, open interest and funding on every dYdX market.

- **Volume, latest day** (USD): Notional traded across every dYdX market on the latest complete UTC day.
- **Open interest** (USD): Open interest across every market at the latest read, one side, at oracle prices.
- **Fees, latest day** (USDC): Trading fees paid on the latest complete day, net of maker rebates.
- **Markets with open interest** (count): Perpetual markets with open positions at the latest read, whether listed by governance or permissionlessly.
- **Volume by market** (USD): Daily volume over the period, stacked by the largest markets with the rest grouped.
- **Every market**: Each market's volume, open interest, current hourly funding, oracle price and how it was listed.

### Staking and buybacks

Where fees go: stakers, MegaVault and DYDX buybacks.

- **Staking rewards, 30 days** (USDC): USDC paid to validators and delegators over the last thirty days.
- **DYDX bought back, 30 days** (DYDX): DYDX bought by the buyback account over the last thirty days, read from its transactions.
- **Where fees went** (USDC): Net protocol fees over the period split between buybacks, stakers, MegaVault and the treasury.
- **MegaVault equity and return** (USDC): MegaVault's equity at each day's end and its value per share, so its return is separate from deposits.

Filters: Period (Last 7, 30 or 90 days).

## How it will be measured

- Volume, open interest, fills and funding per perpetual market are read from dYdX Chain's state and its open-source indexer, recorded with the block height of each read.
- Funding is the hourly rate the chain settled per market, positive when longs pay shorts, from the premium samples taken over the hour.
- Staking rewards are the USDC distributed to delegators and validators from the chain's distribution module, read per block and summed by day.
- MegaVault equity is the value of its sub-vault positions and USDC at each day's end; buybacks are the purchases and stakes of the buyback account, read from its transactions.

## Data it needs

- `perps_markets_daily` (to build): Volume, open interest, funding rates and fees per market on on-chain perpetual exchanges, per day.
- `staking_networks_daily` (to build): Staked supply, staking ratio, validators and nominal rewards per proof-of-stake network per day.
- `protocol_revenue_daily` (to build): Fees users paid to each protocol and the part kept by the protocol or its token holders, per protocol and day, including buybacks.
- `liquidations` (to build): Every liquidation on major lending markets and perp venues: collateral seized, debt repaid, liquidator, and the price at the time.
- Source: dYdX Chain perpetual market state: open interest, oracle price and funding per market
- Source: Fills and funding payments from the dYdX Chain indexer, recorded with block heights
- Source: Distribution module USDC rewards to validators and delegators
- Source: MegaVault and sub-vault equity and positions
- Source: Buyback account purchases and staking transactions
- Source: Governance proposals that set the fee split

## Questions

### Is dYdX on Ethereum?

dYdX's earlier versions ran on Ethereum and StarkEx. Since v4 the exchange runs on dYdX Chain, its own Cosmos SDK chain, where DYDX is the staking token; a bridge moved DYDX over from Ethereum. This dashboard reads dYdX Chain.

### How do dYdX staking rewards work?

Validators and the DYDX holders who delegate to them receive a share of trading fees, paid in USDC rather than in newly issued DYDX. The rewards tile adds up the USDC the distribution module paid over the period.

### What is MegaVault?

A protocol vault that takes USDC deposits and allocates them to market-making sub-vaults across dYdX markets, including markets listed without permission. Depositors share its profit and loss, which the dashboard measures through its value per share.

### How does the DYDX buyback work?

Governance directs a share of net protocol fees to a buyback account, which buys DYDX on the market and stakes it. The dashboard counts each purchase and the DYDX the account holds.

### How often is funding paid on dYdX?

Every hour. The rate comes from the gap between each market's price and its oracle price, sampled through the hour, plus a small interest component, and it is settled in the chain's state.

### Are dYdX markets permissionless?

Since the dYdX Unlimited upgrade, anyone can list a market that meets its oracle requirements, with MegaVault providing the first liquidity. The markets table shows how each market was listed.

## Glossary

- **MegaVault**: A dYdX protocol vault that puts USDC into market-making sub-vaults across markets and shares their profit and loss with depositors.
- **Indexer**: The open-source service that reads dYdX Chain's state and serves it to interfaces, used here beside direct chain reads.
- **Delegator**: A DYDX holder who stakes through a validator and shares in the USDC rewards it earns.
- **Premium**: The gap between a market's traded price and its oracle price, sampled through the hour to set funding.

## Related apps

- [Perp DEX Volume and Market Share by Venue](https://voltfincrypto.com/apps/perp-dex-volume-market-share)
- [GMX v2: GM Pool Returns, Open Interest and Fees](https://voltfincrypto.com/apps/gmx-v2-gm-pools-open-interest)
- [Perp DEX Funding Rates: BTC, ETH and Major Markets](https://voltfincrypto.com/apps/perp-dex-funding-rates)
- [Staking Yield and Staking Ratio by Chain](https://voltfincrypto.com/apps/staking-yield-by-chain)
- [Crypto Token Buybacks Ranked by Amount Spent](https://voltfincrypto.com/apps/crypto-token-buybacks-ranking)
- [Hyperliquid Open Interest and Funding Rates](https://voltfincrypto.com/apps/hyperliquid-open-interest-funding)

Build it in Voltfin Studio: https://app.voltfincrypto.com/signup?next=%2F