DEX comparison
HyperliquidvsGMX
Two very different takes on on-chain perps: Hyperliquid's CEX-grade order book and deep liquidity against GMX's simple, pool-based markets that pay real yield to liquidity providers.
At a glance
Higher 24h volume
Hyperliquid
$7.20B
Lower taker fee
Hyperliquid
0.035%
Deeper liquidity (TVL)
Hyperliquid
$4.40B
Longer track record
GMX
since 2021
dexwatch score
Hyperliquid
92/100
Full comparison
Every figure is an approximate snapshot from public trackers. “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 | $HYPE ★★★★★★★★★★92/100Excellent | $GMX ★★★★★★★★★★84/100Solid |
|---|---|---|
| Type | Perp DEX | Perp DEX |
| Chains | Hyperliquid L1 | ArbitrumAvalanche |
| 24h volume | $7.20BBest | $420.0M |
| 7d volume | $40.70BBest | $2.90B |
| Total value lockedLiquidity depth | $4.40BBest | $480.0M |
| Token price | $43.80 | $18.90 |
| 24h change | 3.20% | 2.90% |
| Market cap | $14.60B | $195.0M |
| Maker feeNegative = rebate | −0.02%Best | 0.06% |
| Taker feeLower is cheaper | 0.035%Best | 0.06% |
| Max leverageHigher = riskier | 50× | 50× |
| Trading pairs | 210Best | 38 |
| LaunchedLonger track record | 2024 | 2021Best |
| Security scoredexwatch estimate | 88/100Best | 82/100 |
| Audits | ZellicInternal | ABDKGuardian |
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Hyperliquid vs GMX FAQ
Which has higher trading volume, Hyperliquid or GMX?
Hyperliquid — about $7.20B in the last 24 hours versus $420.0M on GMX. Figures are an approximate snapshot and move constantly.
Is Hyperliquid or GMX cheaper to trade?
Hyperliquid has the lower headline taker fee at 0.035%, versus 0.06% on GMX. Network gas and price impact still apply on top.
Which has deeper liquidity, Hyperliquid or GMX?
Hyperliquid holds more total value locked ($4.40B versus $480.0M), a rough proxy for how much size a market can absorb.
What's the main difference between Hyperliquid and GMX?
Hyperliquid is a perp dex on Hyperliquid L1, while GMX is a perp dex on Arbitrum, Avalanche. Match the venue to the chain and assets you actually use.
What are perpetuals & perp DEXes?Leverage risk & liquidationDEX trading fees: maker/taker & pool feeperpetualleveragefunding rate
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