Gauntlet | dYdX MegaVault Update: 1-Month Insights
(2025-07-01 through 2025-07-31)
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 July, MegaVault has onboarded 8 new markets (listed below) and now supports 171 markets in total. These markets were added through the Instant Market Listings feature.
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ACX
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CRO
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ERA
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ES
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HUMA
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OMNI
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PUMP
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ZORA
MegaVault did not close any subvaults in this period.
Performance Analysis
| Metric | Current | MoM Change |
|---|---|---|
| 30d APR | 21.49% | + 5.19% |
| 30d EWMA % of total maker volume | 1.78% | -0.38% |
| 30d Trading Volume | $316.1 mm | +$182.02 mm |
| TVL | $18.38 mm | +$3.7 mm |
MegaVault performance has remained strong with a current 30 day APR at 21.49%. This represents a month over month increase of 5.19% which is largely due the June 18th to June 22nd drawdown leaving the 30d window. Please refer to last month’s post for details on this drawdown.
% of total maker volume captured is approximately flat, -0.38% from last month, however MegaVault trading volume roughly doubled month over month from $134.08mm to $316.1mm. Volume and % of total maker volume captured peaked between July 10th and 13th. This coincides with a strong and sudden rally in the majors (Bitcoin up approximately 8% during this period).
Supporting Data
MegaVault % of total maker volume (for markets which MegaVault is quoting)
Biggest losers over the past 30 days:
| Market | Cumulative PnL ($) | Cumulative Return (%) |
|---|---|---|
| VINE | -76356 | -59.94 |
| XLM | -25719 | -19.92 |
| DRIFT | -19563 | -16.25 |
| OMNI | -17132 | -61.07 |
| XRP | -16156 | -5.63 |
Biggest winners over the past 30 days:
| Market | Cumulative PnL ($) | Cumulative Return (%) |
|---|---|---|
| USUAL | 18123 | 24.08 |
| MAGIC | 17880 | 27.41 |
| BTC | 14792 | 5.08 |
| XTZ | 13152 | 15.15 |
| BLAST | 13025 | 17.72 |
