21Shares Launches DYDX ETP as Crypto Derivatives Hit $1.4T

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What makes the 21Shares dYdX ETP a game-changer in the DeFi derivatives market?

How does the 21Shares dYdX ETP benefit institutional investors?

Why is the DeFi derivatives market seeing such explosive growth?

21Shares Launches DYDX ETP as Crypto Derivatives Hit $1.4T — Image source: Unblock Media

21Shares introduces the first ETP tied to DYDX, a major step in DeFi integration with traditional finance.
Institutional players like Kraken and Cboe expand regulated offerings, signaling rapid market evolution.

On September 11, 2025, Cointelegraph reported that Switzerland-based 21Shares launched the first exchange-traded product (ETP) linked to the dYdX (DYDX) token. The ETP, listed on Euronext Paris and Euronext Amsterdam under the ticker DYDX, offers institutional investors a streamlined way to access the decentralized finance (DeFi) market. Mandy Chiu, Head of Financial Product Development at 21Shares, called the development a "milestone moment in DeFi adoption." The ETP is backed by the dYdX Treasury subDAO, reinforcing its ties to the decentralized financial ecosystem.

This launch underscores the rising institutional interest in cryptocurrency derivatives. Established players such as Kraken and Cboe Global Markets are also advancing regulated derivatives offerings to cater to this growing demand. In July, Kraken expanded its portfolio by launching a Commodity Futures Trading Commission (CFTC)-regulated derivatives arm for U.S. markets, following its acquisition of NinjaTrader.

Cboe Global Markets, meanwhile, is set to release "continuous futures" contracts for Bitcoin and Ether on November 10, subject to regulatory approval. These contracts, featuring 10-year expiration dates, aim to replicate the perpetual-style futures popularized in offshore markets. Their introduction seeks to provide institutional investors with regulated, transparent instruments mirroring this increasingly demanded structure within U.S. markets.

The rising focus on cryptocurrency derivatives is mirrored in trading volume data. Singapore-based exchange Bitget reported $750 billion in derivatives trading volume for August alone, pushing its total to $11.5 trillion since inception. Globally, open interest in crypto derivatives remains robust, with futures contributing $3.96 billion and perpetual contracts reaching an impressive $984 billion, according to CoinMarketCap data.

As of September 11, 2025, 15:13 UTC, dYdX (DYDX) is trading at $0.643, reflecting a 0.215% change in 24-hour trading volume, per CoinMarketCap statistics.