21Shares dYdX ETP launched as a physically backed product that holds the DYDX token. It lists on Euronext Paris and Euronext Amsterdam under the ticker DYDX. The issuer positions the wrapper as a regulated route to DeFi derivatives exposure for professional desks.
The dYdX Treasury subDAO supports the ETP through the DeFi treasury manager kpk. That arrangement links on chain stewardship with a listed instrument in traditional markets. It places the DYDX token inside a structure that brokers and custodians already use.
“This launch represents a milestone moment in DeFi adoption, allowing institutions to access dYdX through the ETP wrapper, utilizing the same infrastructure already in use for traditional financial assets,” said Mandy Chiu, head of financial product development at 21Shares. The ETP sits alongside other single asset products from the firm.
dYdX roadmap, DYDX staking, and auto compounding mechanics
The dYdX protocol reports more than 1.4 trillion dollars in cumulative trading volume. It lists over 230 perpetual futures markets that settle funding rather than expire. Those figures illustrate the size of DeFi derivatives that the 21Shares dYdX ETP seeks to bridge.
21Shares said DYDX staking will follow shortly after launch. Staking means locking the DYDX token to help secure the network in exchange for rewards. The issuer noted an auto compounding feature that would direct rewards into DYDX token buybacks.
The release also described near term features at the exchange level. Telegram trading is scheduled later this month to simplify order entry. A Solana spot market is on the way, plus perpetual futures tied to real world assets such as equities and indexes. A fee discount for DYDX stakers and broader deposits in stablecoins and fiat were included.
DeFi derivatives meet regulated venues: Kraken, Cboe, and CME
In the United States, Kraken derivatives launched in July under CFTC oversight. That rollout followed a 1.5 billion dollar purchase of futures broker NinjaTrader. The platform routes clients to CME Bitcoin futures and other listed crypto contracts.
On Tuesday, Cboe outlined continuous futures for Bitcoin and Ether with a planned start on November 10, pending review. The contract design uses a single long dated listing with a ten year expiration. The products would trade on the Cboe Futures Exchange.
Cboe said the structure mirrors perpetual style features common on offshore venues while remaining centrally cleared. The design targets institutions that want listed crypto derivatives without direct custody. It extends tenor beyond the short contracts that dominate many books.
Bitget derivatives volume and market open interest snapshots
Bitget derivatives reported 750 billion dollars in August trading. The exchange said its cumulative volume reached 11.5 trillion dollars since launch. It ranked among the top three for Bitcoin and Ether open interest during the month.
According to the update, BTC futures open interest on Bitget moved above 10 billion dollars. ETH open interest trended above 6 billion dollars in the same period. These numbers show concentrated positioning on the largest assets.
A CoinMarketCap view placed open interest around 3.96 billion dollars in futures and 984 billion dollars in perpetuals at the time referenced. A separate chart tracked futures versus perpetuals volume growth through the past year. Those snapshots give context for the 21Shares dYdX ETP and the broader DeFi derivatives market.
From 2017 futures to today’s DeFi derivatives access
The first regulated crypto derivatives arrived in December 2017. Cboe and CME introduced cash settled Bitcoin futures that month. Those listings brought crypto into a central clearing framework used by large institutions.
Cboe exited the Bitcoin futures market in 2019 after low early volumes. CME contracts later became the main US crypto derivatives venue by open interest. That history explains why new listings such as Cboe continuous futures now focus on longer tenor.
21Shares also launched a Hyperliquid token ETP that aims at the same audience. The 21Shares dYdX ETP follows that path by wrapping a DeFi derivatives ecosystem in a listed format. Together, these products align on chain activity with exchange based access.