DEX comparison · updated Oct 15, 2026
GMXvsApeX Protocol
Pool-based perps with real LP yield against a no-KYC, low-friction order-book venue across several L2s.
At a glance
Higher 24h volume
GMX
$2.79B
Lower taker fee
ApeX Protocol
0.05%
Deeper liquidity (TVL)
GMX
$238.9M
Longer track record
GMX
since 2021
dexwatch score
GMX
86/100
Full comparison
Every figure is a dated snapshot from public sources (Oct 15, 2026); fields without a verifiable source show n/a. “Best” marks the stronger value in a row — higher volume or liquidity, lower fees, longer track record. Max leverage is shown as information, not a positive.
| Exchange | $GMX ★★★★★★★★★★86/100Excellent | $APEX ★★★★★★★★★★80/100Solid |
|---|---|---|
| Type | Perp DEX | Perp DEX |
| Chains | ArbitrumAvalanche | ArbitrumBNB ChainBase |
| 24h volume | $2.79BBest | $399.2M |
| 7d volume | $6.03BBest | $2.63B |
| Total value lockedLiquidity depth | $238.9MBest | $32.0M |
| Open interest | $160.7MBest | $77.5M |
| Token price | $8.17 | $0.0000 |
| 24h change | 4.19% | — |
| Market cap | $85.5M | n/a |
| Maker feeNegative = rebate | 0.06% | 0.02%Best |
| Taker feeLower is cheaper | 0.06% | 0.05%Best |
| Max leverageHigher = riskier | 50× | 50× |
| Trading pairs | 225Best | 135 |
| LaunchedLonger track record | 2021Best | 2022 |
| Security scoredexwatch estimate | 82/100Best | 76/100 |
| Audits | ABDKGuardian | BlockSec |
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The honest take
GMX
✓Earn real yield by providing liquidity to the pools
✓No order book — simple market orders for retail
✓Strong, loyal community
✕Limited number of tradable markets
✕Fees higher than the order-book venues
ApeX Protocol
✓No sign-up friction to start trading
✓Available on several L2s
✓Healthy weekly volume for its size
✕Very small active-user base
✕Thin TVL relative to its volume
GMX vs ApeX Protocol FAQ
Which has higher trading volume, GMX or ApeX Protocol?
GMX — about $2.79B in the last 24 hours versus $399.2M on ApeX Protocol. Figures are a dated snapshot (Oct 15, 2026) and move constantly.
Is GMX or ApeX Protocol cheaper to trade?
ApeX Protocol lists the lower headline taker fee (0.05% versus 0.06%). Your real cost also depends on network gas, maker rebates, spreads and price impact on the size you trade.
Which has deeper liquidity, GMX or ApeX Protocol?
GMX holds more total value locked ($238.9M versus $32.0M), a rough proxy for how much size a market can absorb.
Which offers higher leverage, GMX or ApeX Protocol?
GMX allows up to 50×, versus 50× on ApeX Protocol. Higher leverage multiplies losses as fast as gains — it is information, not an advantage.
What's the main difference between GMX and ApeX Protocol?
GMX is a perp dex on Arbitrum, Avalanche, while ApeX Protocol is a perp dex on Arbitrum, BNB Chain, Base. Match the venue to the chain and assets you actually use.
What are perpetuals & perp DEXes?Leverage risk & liquidationFunding rates: the hidden cost of holding a perpperpetualleveragefunding rate
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