dYdX vs gains.trade

This benchmark counts recorded incidents only. Absence from the registry does not prove a protocol is exploit-free: it means no incident matching the criteria (direct theft or loss of user funds via a security vulnerability) has been documented in the tracked sources as of the registry timestamp shown on each row. The registry is human-curated and updated when a new incident is confirmed. The registry date and source links are embedded in the harness.

Market count reflects the Mobula perp pairs catalog at query time. Only mainnet markets are counted (testnets excluded). Asset class tags (forex, stocks, indices, commodities) are assigned by Mobula's editorial taxonomy and updated when new pairs are listed. Venues not in the Mobula catalog (Hyperliquid, GMX, dYdX, Ostium, Vertex, Paradex, Aster) are monitored separately: their catalogs are crypto-only or verified crypto-only by native API.

TVL from DefiLlama /protocol/{slug} currentChainTvls, excluding staking and pool2 categories. Market count from each venue's native API (same source as the perp-active-markets bench). The ratio reflects architectural choices, not absolute liquidity: a high ratio means the venue can list many markets cheaply, not that each market has deep liquidity. Compare with perp-open-interest for the liquidity angle.