GMX
Derivatives · Perp DEX · GMX
GMX uses multi-asset liquidity pools (GLP V1, GM V2) where LPs are the counterparty to traders; oracle-based pricing means zero price-impact trades up to pool depth. V2 added isolated-market GM pools.
Multi-asset pool-backed perpetuals with zero price impact.
GMX price
$6.01
+4.7% 24h
Latest data · 15 min delay
Competitors
Ranked top→bottom — who competes with GMX and how they differ.
| # | Competitor | Positioning | Similarities | Differentiator |
|---|---|---|---|---|
| 1 | Hyperliquid | Dominant order-book perp DEX on its own L1, leading perpetual DEX volume with a large market share and CEX-like performance. | Decentralized perpetual futures with high leverage and self-custody. | Fully on-chain central limit order book with sub-second finality and its own L1, versus GMX's pool-vs-oracle model on Arbitrum/Avalanche. |
| 2 | dYdX | Established order-book perpetual DEX running on its own Cosmos appchain with pro trading tooling and 200+ markets. | Non-custodial perpetual futures with high leverage. | Central limit order book with off-chain matching / appchain consensus, versus GMX's passive-LP pool model and oracle pricing. |
| 3 | GNS (Gains Network) | Synthetic leveraged trading on Arbitrum/Polygon backed by a single DAI vault, covering crypto plus forex and stocks. | Pool-backed (vault) perpetual trading with oracle pricing and LPs as counterparty, similar in spirit to GLP. | Uses a synthetic single-DAI vault and offers non-crypto assets, versus GMX's basket/GM pools of real spot assets. |
| 4 | Synthetix | Derivatives liquidity layer whose perps (via front-ends) are backed by a shared debt/collateral pool. | Pooled-liquidity, oracle-priced derivatives where stakers/LPs are the systemic counterparty. | Synthetic-asset debt-pool architecture and a liquidity-layer role for other apps, versus GMX's direct trader-facing pool product. |
| 5 | 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. |
| 6 | 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. |