Gains Network
Derivatives · Perp DEX · GNS
Gains Network (gTrade) offers synthetic leveraged trading backed by gToken LP vaults; it supports very high leverage (up to 150x) across crypto, forex, and equities/indices, accessible to retail with low minimums.
Synthetic leveraged trading (gTrade).
Protocol TVL
—
+1.4% 24h
Latest data · 15 min delay
Competitors
Ranked top→bottom — who competes with Gains Network and how they differ.
| # | Competitor | Positioning | Similarities | Differentiator |
|---|---|---|---|---|
| 1 | GMX | Leading on-chain perp DEX using shared LP pools (GLP/GM) as counterparty on Arbitrum and Avalanche. | Both are pool-backed (no order book), oracle-priced leveraged trading venues where an LP pool is the counterparty and provides deep, market-impact-free liquidity. | GMX trades a narrower set of crypto assets against a basket-collateralized pool, whereas gTrade offers synthetic exposure to forex, equities, indices, and commodities in addition to crypto, backed by single-asset ERC-4626 gToken vaults. |
| 2 | Hyperliquid | High-performance on-chain order-book perp exchange on its own L1. | Both are decentralized leveraged/perp trading venues competing for perp DEX volume and traders. | Hyperliquid is a central-limit order-book model on a purpose-built L1 with direct counterparties; gTrade is synthetic with a vault counterparty and Chainlink oracle pricing on general-purpose chains. |
| 3 | dYdX | Order-book derivatives DEX (now on its own Cosmos appchain). | Both are major decentralized leveraged-derivatives platforms. | dYdX uses a matched order book with market makers; gTrade uses a synthetic vault-counterparty model and covers non-crypto asset classes like forex and stocks. |
| 4 | Synthetix | Synthetic-asset and perps protocol where a staked-collateral pool backs synthetic exposure. | Both are synthetic, pool-backed models where a collateral pool is the counterparty to leveraged/synthetic positions across asset classes. | Synthetix backs synths with SNX/stablecoin staker debt pools and powers front-ends like Kwenta; gTrade runs its own gTrade front-end with single-asset gToken vaults and a bespoke Chainlink oracle network. |
| 5 | Gains-adjacent equity/forex CFD DEXs | Other synthetic leveraged venues offering forex/equity exposure on-chain. | Compete for the multi-asset (forex/stocks/commodities) synthetic leverage niche that distinguishes gTrade. | gTrade's combination of a fair-launched token, ERC-4626 vaults, and custom Chainlink DON pricing is relatively distinctive in this niche. |
| 6 | Aevo | High-performance options + perps on a custom EVM rollup. | Both in Derivatives (Perp DEX). | Off-chain order-book matching with on-chain settlement on a dedicated rollup, combining CEX-like UX with self-custody. |
| 7 | Drift Protocol | Leading Solana-native perps DEX. | Both in Derivatives (Perp DEX). | DLOB + vAMM hybrid with JIT auctions; Drift Vaults offer passive strategies, with spot routed via Jupiter. |