21Shares Launches DYDX ETP, Unlocking Institutional Access to On-Chain Derivatives
Zurich, Switzerland, September 11th, 2025, Chainwire
21Shares today announced the launch of the 21Shares DYDX Exchange-Traded Product (ETP), a regulated, physically backed investment product providing institutional investors with secure and compliant exposure to DYDX (DYDX), the native token powering the dYdX Chain. The launch is supported by the dYdX Treasury subDAO through its operator – kpk.
With over $1.4 trillion in cumulative trading volume settled on dYdX, dYdX is the most operationally mature decentralized derivatives protocol, serving 230+ perpetual markets globally. The 21Shares DYDX ETP bridges traditional and decentralized finance, offering institutional allocators a regulated, trusted pathway into the rapidly growing on-chain derivatives market.
21Shares led the product design, regulatory approvals, and exchange listing to ensure seamless integration into institutional trading environments. Leveraging its track record as one of Europe’s leading ETP issuers, 21Shares delivers professional investors access to DYDX with best-in-class compliance, security, and operational reliability. This momentum aligns with accelerating inflows into U.S. spot bitcoin ETFs such as the Grayscale Bitcoin ETF (GBTC), underscoring growing institutional adoption.
Mandy Chiu, Head of Financial Product Development at 21Shares said: “The 21Shares dYdX ETP is a natural addition to our product lineup, providing investors with institutional-grade access to one of the first decentralized exchanges to offer perpetual futures contracts. 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.”
Marcelo Ruiz de Olano, CEO and co-founder at kpk, added: “Promising DeFi tokens often fly under the radar for investors not yet familiar with DeFi. With the 21Shares dYdX ETP, dYdX is accessible via ticker and trade, making the market as simple to reach as any listed security. By contributing to the Treasury SubDAO, we help dYdX align real protocol revenues with tokenholder value. The launch of the 21Shares dYdX ETP gives institutional investors a clear entry point into one of the most dynamic DeFi protocols, without the hurdles often experienced with on-chain operations.”
Charles d’Haussy, CEO of the dYdX Foundation commented: “The dYdX ETP empowers institutions to harness DYDX’s pioneering technology which redefines the $28 trillion crypto derivatives markets.”
Global derivatives markets exceed $100 trillion in notional value, yet DeFi derivatives remain under 1% of this scale. The 21Shares DYDX ETP launches at a pivotal moment, aligned with dYdX’s high-velocity roadmap, providing institutions with a timely and regulated on-ramp as the protocol expands into:
- Telegram Trading (September 2025): seamless cross-platform execution with a growth incentive program.
- Spot Trading (coming soon): global access, launching first with Solana integration.
- Perpetuals for Real-World Assets (RWAs): equities, indexes, and pre-IPO shares on-chain.
- Stake-for-Reduced-Fees: customizable fee tiers rewarding long-term DYDX stakers.
- Expanded deposit options: including USDT, Solana, and fiat on-ramps.
About the 21Shares DYDX ETP
The 21Shares dYdX ETP is 100% physically-backed. It tracks the performance of DYDX, offering investors exposure to one of the first decentralized exchanges to offer perpetual future contracts.
About kpk
kpk (formerly karpatkey) is the leading provider of non-custodial DeFi treasury management solutions. The organisation has built a track record managing treasuries for top DeFi protocols with a commitment to transparency, sustainability, and onchain governance.
About dYdX Foundation
The dYdX Foundation is an independent not-for-profit foundation headquartered in Zug, Switzerland. The Foundation’s purpose is to support the current implementation and any future implementations of the dYdX protocol, and to foster community-driven growth in the dYdX ecosystem. The Foundation covers the protocol’s progress monthly during its Analyst Calls, with the next call scheduled for Monday, September 15, 2025 at 10:00 AM UTC.