This is a strong step forward for dYdX. Moving from 9 to 7 tiers and removing the exchange/maker share requirements meaningfully lowers entry barriers for new market makers, while also creating a clear and linear progression of costs. This added simplicity should encourage broader participation, deepen liquidity, and strengthen dYdX’s positioning in an increasingly competitive environment.
Importantly, at higher volumes ($100M–$200M), the proposed taker fees and maker rebates would make dYdX the most attractive venue versus Binance, Bybit, OKX, and Hyperliquid. This should help attract larger institutional players—well aligned with the recent ETP launch—while still making it easier for smaller makers to onboard.
That said, a few considerations to keep in mind:
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The protocol will see a short-term revenue reduction of roughly ~$80k per month, though this should be offset as trading volumes scale.
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Larger rebates could result in liquidity concentrating among a handful of big players, so it will be important to monitor distribution closely.
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Competitors may adjust their own fee schedules in response, making it essential for dYdX to stay flexible and adaptive.
Overall, this proposal strikes a valuable balance between accessibility and competitiveness, and positions dYdX for stronger long-term growth.