GMX Perpetuals on DEX Explained

GMX perpetuals on DEX platforms offer traders a decentralized way to access high leverage futures without custody risks, using Arbitrum and other chains for low cost execution. This comparison evaluates GMX alongside top alternatives like Hyperliquid, dYdX, and Aster to pinpoint the best option based on fees, liquidity, leverage, and trading style. Select the right platform by matching your needs to deep orderbooks, AMM pools, or hybrid models for perpetuals trading.

Platform	Feature	Cost/Rate	Best For
GMX	AMM liquidity pool	0.04% open / 0.06% close	Swing traders, LPs
Hyperliquid	CLOB orderbook	Maker 0.015% / Taker $0.045	High frequency scalpers
dYdX V4	Hybrid orderbook	Maker 0.010% / Taker 0.050%	Pro traders, deep liquidity
EdgeX	Multichain CLOB	Maker 0.012% / Taker 0.038%	Scalpers across chains
Aster	Hybrid model	Maker 0.01% / Taker 0.035%	High leverage seekers
Lighter DEX	Zero fee CLOB	0% retail	Cost conscious traders
Paradex	Unified margin	0% retail	Privacy focused perps
Drift Protocol	Dynamic AMM	Maker 0.0025% / Taker 0.035%	Solana speed traders
Aevo	Options + perps	Maker 0.05% / Taker 0.08%	Multi product users
Ostium	High leverage	Maker 0.03% / Taker 0.10%	Arbitrum levered trades
GRVT	Sub ms execution	Maker 0.0001% / Taker 0.045%	Speed priority

GMX pioneered AMM based perpetuals trading with a multi asset pool that acts as counterparty, available on Arbitrum, Avalanche, Solana, and Base for cross chain access. Traders open long or short positions up to 100x leverage against the GLP pool, where liquidity providers earn fees minus losses. This setup delivers consistent liquidity without orderbook failures, ideal for DeFi users avoiding centralized risks.

Open/close fees: Fixed at 0.04% to open and 0.06% to close positions, with no taker/maker split. Dynamic funding rates apply every hour based on pool imbalance.

Up to 100x leverage on 16+ assets like BTC and ETH.
Low slippage on large trades thanks to pooled liquidity.
Token holders get 25% fee discounts via GMX vesting.
Counterparty is the pool, shifting risk to LPs during volatility.
Multi chain support reduces gas costs on L2s like Arbitrum.

Start with small positions to test funding rate impacts, and monitor GLP health on the GMX dashboard to avoid periods of thin liquidity.

Hyperliquid High Throughput Perps

Hyperliquid runs on its HyperEVM chain for CLOB trading with CEX like speeds, handling $5B daily volume across 235 assets. It prioritizes low latency execution for scalpers, with deep books ensuring tight spreads even in volatile markets.

Base taker fee of $0.045 scales down with volume tiers.
50x max leverage, focused on majors like BTC and SOL.

Makers rebate at 0.015%, dropping further for high volume pros-cumulative volumes hit $3.35T, proving reliability. Security comes from Zelic audits, with self custody via EVM wallets.

Bridge assets carefully to HyperEVM, as native deposits start at $5 USDC equivalents; use it for rapid entries on news driven pumps.

dYdX V4 Cosmos Chain Trading

dYdX shifted to its Cosmos based chain for zero gas perpetuals, supporting 242 assets with hybrid off chain orderbook and on chain settlement. Daily volume reaches $250M, attracting pros with advanced order types like stop losses.

Fees tier by 30-day volume: makers pay 0.010% at base, takers 0.050%, with rebates up to -0.0025% for top tiers. Max 25x leverage keeps risks controlled across ETH, ARB, and more.

Deep liquidity from $80M open interest.
Informal Systems audits enhance trust.
No gas on Cosmos, pure trading costs.
Pro interface mimics CEX charts.

Qualify for VIP tiers by hitting $100K monthly volume; pair with cross chain bridges for efficient funding.

EdgeX Multichain Speed Demon

EdgeX spans ETH, BSC, and Arbitrum with CLOB for 177 assets, boasting 200K orders per second and $2.7B daily volume. Its $744M open interest fuels tight spreads under 1bp for BTC pairs.

Maker 0.012%, taker 0.038%-volume discounts apply.
100x leverage on majors.
SlowMist and PeckShield audits.
Min deposit 10 USDT.
500+ wallet integrations.

Perfect for scalpers chaining trades across networks; watch spread liquidity exceeding $10M to time entries.

Aster Hybrid Leverage Powerhouse

Aster delivers 200x leverage on 188 assets via hybrid model on BNB, ARB, SOL, and ETH, with $3.9B volume reflecting pro adoption. Peckshield audits back its security for aggressive plays.

Taker fees hit 0.035%, makers 0.01%, with $2.4B open interest minimizing slippage. It shines for stock like perps and altcoin bets.

Deep books for high leverage longs.
Multi chain deposits speed up.
Fee tiers reward volume.

Use cautiously at 200x-set tight stops, as liquidation risks amplify on thinner pairs.

Lighter DEX Zero Cost Retail

Lighter offers 0% fees for retail on ETH, ARB, BASE, and AVAX CLOB, supporting 119 assets up to 50x leverage. $5.2B daily volume and Nethermind audits make it a budget scalper's pick.

Pros pay standard rates, but retail skips costs entirely on $1.5B open interest markets.

Verifiable matching tech.
Secure liquidations.
Fast zk rollup fills.
Min trades from pocket change.

Ideal for testing strategies fee free; scale up once proficient.

Paradex Privacy Perps

Paradex on Starknet L2 provides 0% retail fees across 607 assets, unifying spot, perps, and options with 50x leverage. $899M volume and encrypted accounts appeal to privacy traders.

Multi chain deposits from 18+ nets.
Cairo and Zelic security.
$590M open interest.
No KYC barriers.

Fund via SOL or BSC bridges for quick starts; leverage privacy for large positions.

Drift Protocol Solana Hybrid

Drift blends decentralized limit orders with dynamic AMM on Solana for 70 assets, $73.5M volume, and 50x leverage. Trail of Bits audits ensure robustness amid fast SOL txns.

Maker fees as low as 0.0025%, takers 0.035%-$254M open interest supports smooth execution.

Low Solana gas under $0.01.
AMM fallback for liquidity.
Pro strategies built in.

Exploit Solana speed for meme coin perps; monitor AMM depth during pumps.

Aevo Multi Deriv Ecosystem

Aevo on its chain fuses perps, options, and vaults with hybrid orderbook, 161 assets at 20x leverage. $4.9M volume suits diversified traders with Veridise audits.

Fees: maker 0.05%, taker 0.08%, unified margin across products.

Pre launch markets.
Yield on collateral.
Low $9.5M OI slippage.
Optimistic rollup speed.

Combine perps with options for hedges; start with vaults for passive gains.

Ostium Arbitrum Leveraged Bets

Ostium on Arbitrum offers 200x leverage for 44 assets via hybrid model, $40.6M volume. Zellic audits protect $171M open interest trades.

Taker 0.10%, maker 0.03%-focuses on precise altcoin perps.

High leverage on niche pairs.
ARB low gas.
Fast settlements.

Reserve for experienced users; pair with ARB native wallets.

GRVT Sub Millisecond Executes

GRVT on ETH, ARB, BSC hits sub ms speeds for 77 assets at 50x, $763M volume. SpearbitDAO audits back tiered fees.

Makers 0.0001%, takers 0.045%-$244M OI for HFT.

Curated strategies and liquidity programs add value; global access in 100+ countries.

Hyperchain efficiency.
Privacy tools.

Target pro strategies for edge; min deposits low for testing.

Understanding Perpetual DEX Models

Perpetuals on DEX like GMX use funding rates to anchor prices to spot, paid hourly between longs and shorts. AMM models pool liquidity for instant fills, while CLOB matches orders for precision-Hybrids blend both for balance.

GMX GLP pool: LPs bear PnL, earn 70% fees.
Hyperliquid CLOB: Bid/ask depth under 1bp.
Arbitrum chains cut gas to pennies vs ETH mainnet.
Oracles like Chainlink prevent manipulation.
Leverage auto liquidates at maintenance margin, typically 50% of initial.

Perpetuals Trading Risks and Security

DEX perps carry smart contract bugs, oracle failures, and liquidation cascades-2025 audits from PeckShield and Zellic mitigate most. Counterparty shifts to pools or LPs, but volatility spikes funding to 0.1% hourly.

ZK proofs on Paradex boost privacy.
Multi chain bridges expose reorg risks.
TVL over $1B on leaders like GMX signals health.

Enable 2FA wallets; diversify across platforms.

Actionable Tips for DEX Perpetuals Trading

Connect a self custody wallet like MetaMask to Arbitrum for GMX-bridge USDC via official tools to avoid scams.
Check 24h open interest before entering; aim for $100M+ on your pair to dodge slippage.
Calculate funding costs: longs pay shorts if premium positive-hold under 8 hours on GMX to minimize.
Set leverage conservatively at 5-10x initially; use stop loss 2-5% from entry on dYdX.
Monitor oracles and pool health-exit if GLP imbalance exceeds 10% on GMX.
Farm LP yields on Hyperliquid during low vol, but hedge with shorts.
Qualify for fee tiers by batching trades; $100K volume unlocks maker rebates.
Test zero fee retail on Lighter for small sizes before scaling to Paradex privacy.
Combine perps with options on Aevo for delta neutral strategies.
Withdraw profits weekly-never leave max position sizes overnight.

Sarah Chen

Crypto Analyst & Writer