21Shares Launches dYdX ETP, Expanding DeFi Access for Institutions

Highlights:

• 21Shares launches dYdX ETP on Euronext, offering regulated institutional access to decentralized derivatives.
• dYdX leads DeFi derivatives with $1.4 trillion settled and sustainable USDC-based rewards.
• Institutions gain exposure to DeFi without on-chain hurdles through a physically backed investment product.

Swiss asset manager 21Shares has launched dYdX ETP, opening up new opportunities for institutional investors to gain access to decentralized derivatives. The fund tracks DYDX, the native token of the dYdX Chain, which is also physically backed for added security. It starts trading on Euronext Paris and Amsterdam under the ticker DYDX and provides European investors with regulated exposure.

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This launch is a major step in the DeFi sector. It allows investors to approach decentralized derivatives markets using familiar and regulated structures. By packaging complicated protocols into ETPs, the firm reduces barriers for institutional adoption.

As one of the leading platforms in decentralized perpetuals, @dYdX continues to see strong adoption and growth.

We have launched the 21Shares dYdX ETP giving investors a transparent way to access this ecosystem through traditional markets.

Learn more: https://t.co/AI609lNFkl pic.twitter.com/0GlGl79PsP

— 21Shares (@21Shares) September 11, 2025

21Shares Launches dYdX ETP in Europe

The 21Shares dYdX ETP bridges the gap between traditional finance and on-chain markets. Backed by the dYdX Treasury subDAO and its operator, kpk, the product provides institutional-grade compliance and infrastructure. Furthermore, this design provides a familiar format for investors who are interested in getting exposure to dYdX without having to directly manage tokens on-chain.

Mandy Chiu, Head of Financial Product Development at 21Shares, said:

“The 21Shares dYdX ETP is a natural addition to our product lineup. It will give institutional-grade access to investors to one of the first decentralized exchanges to offer perpetual futures contracts.”

The move also adds to the Swiss asset manager’s lineup of DeFi-focused products that already include offerings tied to Aave and Uniswap. With 48 total products in Europe, the company has more than $11 billion in assets under management, remaining the region’s largest crypto ETP issuer.

Marcelo Ruiz de Olano, CEO and co-founder at KPK, also commented by saying,

“Promising DeFi tokens are sometimes flying under the radar for investors who are not yet familiar with DeFi. With the 21Shares dYdX ETP, dYdX is accessible through ticker and trade, which makes the market as simple to get to as any listed security.”

dYdX’s Growth in Derivatives Trading

The timing of the launch coincides with accelerated growth in dYdX’s ecosystem. The protocol has settled over $1.4 trillion in trading volume and now supports over 230 perpetual markets globally. In July 2025 alone, it recorded $7.7 billion of trading volume with 15,000 active traders.

Unlike rivals with inflationary token models, dYdX pays recurring returns in USDC to provide sustainable yield and healthy tokenomics. By providing the rewards without inflationary pressure, it boosts the long-term growth and attracts institutional participation.

Charles d’Haussy, CEO of the dYdX Foundation, stated:

“The dYdX ETP helps institutions tap into the disruptive technology of DYDX, which redefines the $28 trillion crypto derivatives markets.”

At the same time, interest in crypto derivatives around the world is accelerating. Kraken recently introduced a CFTC-regulated derivatives platform in the US after acquiring NinjaTrader. Moreover, Cboe is preparing to roll out continuous futures for Bitcoin and Ether, designed with long expirations.

NEWS: Cboe Plans to Launch Continuous Futures for Bitcoin and Ether, Beginning November 10

See the press release: https://t.co/EptnQm9PGW pic.twitter.com/BHH8xy3Ejm

— Cboe (@CBOE) September 9, 2025

Meanwhile, the Singapore-based Bitget reported $750 billion in derivatives volume for August. This contributed to $11.5 trillion in cumulative trading since its launch. Together, these moves point to the growing institutional and retail appetite for derivatives.

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