Buy dYdX in Canada

dYdX made simple

Everything you need to know about dYdX and how to start investing in it.

Current Price

This one’s easy: the price the coin or token is trading at right now.

$2.08 CAD

-$0.1104 (-5.04%) past 24 hours

Market Cap
The value of the entire supply of a specific cryptocurrency or token. It’s calculated by taking the price of a coin/token and multiplying it by the total number of that coin/token in circulation.
Circulating Supply
The amount of coins that have already been created and are available in the market.
24h low - high range
Low-high range over the past 24 hours.
$2.03 - $2.28

Dydx 101

dYdX is a decentralized derivatives platform. It lets you leverage trades by up to 20 times in order to trade perpetual futures contracts — a type of derivatives contract used in the crypto market that, unlike regular futures contracts, never expire.

The key part here is ‘decentralized’. Unlike other big crypto markets for derivatives, like the Chicago Mercantile Exchange, Binance or Deribit, dYdX is entirely automated. There’s no centralized party calling the shots or maintaining the protocol. You don’t even need to provide any identification to use the service. All you have to give is your email address and promise that you aren’t a U.S. citizen. (This made dYdX very popular when China banned crypto.)

dYdX holds collateral for margin trades in USDC, a U.S. dollar stablecoin (a cryptocurrency whose value is permanently pegged to another asset, in this case the U.S. dollar). You’ll have to pay for every second you keep your position open. If your trades go wrong and the value of the futures contract falls below a certain value, the dYdX protocol automatically liquidates your position.

Alongside perpetual futures contacts, the protocol offers crypto lending, borrowing and spot trading (trading crypto at its market value). The protocol automatically matches you with lenders and borrowers and dynamically updates interest rates according to the demand for a token. As of March 2022, dYdX supports only a handful of tokens, but they include all of the largest markets for futures trading, such as Bitcoin, Ethereum, Avalanche and Solana.

Now in the third iteration of its protocol, dYdX runs on a Layer 2 blockchain system atop the Ethereum blockchain. Layer 2 protocols, called L2s, are usually cheaper and faster than the main blockchain, often Ethereum. dYdX runs on a system called zero-knowledge rollups (also known as ZK rollups), which ‘rolls up’ lots of transactions into a single one before relaying transaction data back to the Ethereum blockchain.

A token called dYdX greases the wheels of the engine. Hold lots of the tokens and you can reduce the fees charged by the exchange (you can also hold a “Hedgies NFT” to increase your discount). The dYdX tokens can also be used for governance purposes — essentially, using the dYdX token as a voting chip to exert influence over how the protocol operates. Lastly, you can stake dYdX within safety pools to earn more tokens.

Why Wealthsimple Crypto?

Wealthsimple Crypto lets you buy and sell cryptocurrencies all in one easy-to-use app. And as Canada’s first regulated crypto platform, you can trust that your coins are in good hands. How simple is it?

  • Sign up in minutes right from your phone or laptop
  • Start trading crypto with as little as $1
  • No account minimums
  • No clunky dashboards — just one super simple app
  • Best of all: you don’t need to be an expert in crypto or blockchain to get started
Get started with Crypto

What can you do with dYdx?

As mentioned, you can hold the dYdX token to reduce the fees charged by the derivatives exchange. Hold enough dYdX tokens and you could cut your fees in half.

You can also earn staking rewards in dYdX tokens through one of two pools. The first is a ‘liquidity pool’, into which you can stake USDC tokens to earn yields of dYdX tokens. You can also deposit your dYdX tokens in a safety module that helps the protocol out in case of insolvency — the kind of disaster dramatized by the Wall Street film “Margin Call.”

Lastly, you can use dYdX as a voting chip within the protocol’s governance module. This allows you to vote on how the protocol develops and how it disburses funds from the community treasury.

Is dYdX a smart investment?

Crypto carries risks — but generally speaking, our advice (regardless of whether you’re investing in dYdX or stocks) is: never invest what you can’t afford to lose. The smartest way to grow your money long term is with a diversified, low-cost portfolio that tracks the market.

How we keep your dYdX safe

As Canada’s first regulated crypto trading platform, we’re required to meet certain requirements — like using only qualified custodians (like Coinbase Custody) for cold storage.

FYI: Wealthsimple Crypto is not an exchange itself. Instead, we work with multiple exchanges to give you the best dYdX prices.

And to make sure your coins are extra protected, we’ve partnered with Coincover for an extra layer of security.

If you’re holding crypto outside of Wealthsimple, that’s no problem. You can safely transfer your dYdX to your Wealthsimple account in just a few taps.

Ready to get started?

Download the Wealthsimple Trade app, create your account, and start trading dYdX with just $1. It’s that simple.

By clicking “Create account”, you agree to Wealthsimple’s Terms of Use and Privacy Policy.


dYdX is a token that powers a decentralized derivatives exchange. The exchange allows you to trade on margin – with up to 20x more buying power than your initial investment and without having to provide any personal information. The exchange is built on top of Ethereum and supports a handful of cryptocurrencies, including Bitcoin and Ethereum.

The dYdX token has a maximum supply of one billion. As of March 2022, just 65 million tokens, of 6.5% of the token’s maximum supply, are in circulation. The rest will be issued by August 2026, five years after the token’s launch. Half of all tokens will go to the community, 27.73% to past investors, 15.27% to the employees and founders of the organizations responsible for building the exchange, and a further 7% to future employees and consultants.

Yep! When you open a Wealthsimple Crypto account, you can get started with anywhere from $1 to $1,500 instantly.

Generally speaking, the CRA treats cryptocurrencies as a commodity. Here’s what they say:

Any income from transactions involving cryptocurrency is generally treated as business income or as a capital gain, depending on the circumstances. Similarly, if earnings qualify as business income or as a capital gain then any losses are treated as business losses or capital losses.

Always keep solid records of any dYdX transactions. If you use Wealthsimple Crypto to buy or sell cryptocurrencies, we’ll generate some of those tax documents for you.

dYdX’s current market cap is 2,071,454,771.

The current price for dYdX in Canadian dollars is $2.08.

Buying dYdX with Wealthsimple is, well, simple. The first thing you need to do is open and fund a Crypto account in the Wealthsimple Trade app. You can connect your bank account and add up to $1,500 instantly.

From there, follow these steps: 1. Tap the magnifying glass icon in the top right corner of your screen 2. Type in dYdX 3. Tap Buy 4. Enter the dollar value of cryptocurrency you'd like to buy and tap Continue 5. Review the order details and tap Confirm order

You can choose between two different order types when buying dYdX. A market order lets you buy or sell crypto immediately at the best available price at the time. A limit order lets you buy or sell crypto at a specific price or better.

You can withdraw funds from the cash balance in your Crypto account and move those funds to your bank account. Withdrawals typically take around 2 - 3 business days.

A crypto wallet — often called a “hot wallet” — is a location for holding crypto “on-chain” (i.e. linked to the blockchain versus off-chain cold storage.) Many users use wallet applications to help them manage their blockchain addresses, since each chain uses its own addresses.

You can more earn dYdX by staking tokens in the protocol’s safety module, hold the token to receive discounts on the fees charged by the exchange, or use it as a voting chip in the project’s governance module. Lots of tokens are also held in the community treasury, and you can vote within the governance module to distribute those funds to promising projects seeking to advance dYdX. Lastly, you can always just hold the token for speculative purposes – in the hopes that it’ll increase in price over time.