Crypto Analysts Warn Against Shorting DYDX Ahead of $200M Token Unlock

Activity in decentralized exchanges like dYdX and GMX, offering perpetual futures, has picked up pace since the collapse of centralized derivatives giant FTX. Trading volume on dYdX increased to $2.9 billion on Jan. 14, according to data from Nomics, after reaching lows of $212 million after FTX’s unfolding. Perpetuals are futures contracts, but unlike the latter, they don’t have an expiry date. That allows traders, both bulls and bears, to hold their long/short positions as long as they like.