Gauntlet | dYdX MegaVault Update: 1-Month Insights
(2025-08-01 through 2025-08-31)
Summary
Gauntlet provides monthly updates notifying the dYdX community about:
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Newly listed markets supported by MegaVault
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Markets no longer supported by MegaVault along with insight into the operator’s decision to stop supporting these markets.
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MegaVault performance from a risk, return, and liquidity providing perspective
The aim is to provide transparency into MegaVault performance and operator decision-making. Please also refer to the Gauntlet dashboard for additional stats and information.
Market Status
Over the course of August, MegaVault has onboarded 3 new markets (listed below) and now supports 173 markets in total. These markets were added through the Instant Market Listings feature.
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PROVE
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USELESS
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WLFI
MegaVault did not close any subvaults in this period.
Performance Analysis
| Metric | Current | MoM Change |
|---|---|---|
| 30d APR | 23.60% | +2.55% |
| 30d Trailing Average % of Total Maker Volume | 2.88% | -1.64% |
| 30d Trading Volume | $229.61 mm | -$86.49 mm |
| TVL | $32.28 | +$13.25 mm |
MegaVault performance has remained strong with a current 30 day APR at 23.60%. This represents a month over month increase of 2.55%
% of total maker volume captured is down 1.64% from last month, and MegaVault trading volume decreased month over month from $316.1mm to $229.61mm. MegaVault volume capture has been in steady decline over the past month. In response, the operator has taken steps to quote tighter across all markets. These changes were made recently and will not have a material impact on the performance numbers above until next month.
Supporting Data
MegaVault % of total maker volume (for markets which MegaVault is quoting)
Biggest Losers:
| Market | Cumulative PnL ($) | Cumulative Return (%) |
|---|---|---|
| XMR | -50660 | -24.3 |
| VINE | -37646 | -29.3 |
| API3 | -21004 | -10.17 |
| PYTH | -19428 | -13.49 |
| PROVE | -16848 | -13.48 |
Biggest Winners:
| Market | Cumulative PnL ($) | Cumulative Return (%) |
|---|---|---|
| GMX | 56462 | 57.73 |
| ETH | 19820 | 4.46 |
| SPX | 16580 | 8.13 |
| PENGU | 13718 | 7.8 |
| TAO | 10670 | 6.39 |