GMX vs Bybit
Same lines, side by side: fees, leverage, markets, KYC, custody and referral perks, from official pages and DefiLlama.
See the 17 differences
| Line | GMX | Bybit |
|---|---|---|
| 30-day volume | Edge#07 · $22,518.0M | #14 · Not tracked |
| Trading fees | Edge0.04% to 0.06% per open or closeThere is no maker/taker split: the position fee is 0.04% when your trade reduces the imbalance between long and short open interest and 0.06% when it increases it, charged on open, close, increase and decrease. TradFi markets have their own rates (GOLD, SILVER and oil trade at 0.01%/0.02% during on-hours). Price impact, hourly borrow fees and swaps are billed on top. | 0.055% taker · 0.02% makerNon-VIP rate on perpetual and futures contracts: 0.055% taker and 0.02% maker. VIP tiers lower both, based on 30-day derivatives volume or assets held on the account. Funding is charged on top while a position stays open. |
| New-user perk | 5% or 10% off opening and closing fees depending on the tier of the code you use | Up to 25 USDT: 10 USDT for a 100 USDT deposit within 7 days, then 15 USDT for 500 USDT traded within 30 days |
| Max leverage | up to 100× | Edgeup to 150× |
| Perp markets | 132 | Edge846 |
| Identity check (KYC) | EdgeNo KYC | KYC required |
| Custody | Non-custodial, wallet only | Custodial: your balances sit on the exchange |
| Settles on | Arbitrum (GMX V2 contracts) | Bybit (centralised matching) |
| Collateral | USDC, USDT, WETH | USDT, USDC |
| Where it runs | Web | Web, iOS, Android |
| Chains | EdgeEVMArbitrum, Avalanche, MegaETH, Ethereum, Base, BNB Chain | — |
| Documented features | 4 of 10 | Edge7 of 10 |
| Order book | No | Yes |
| Cross margin | Not documented | Yes |
| Spot trading | Yes | Yes |
| Vaults / copy vaults | Yes | Not documented |
| Copy trading | Not documented | Yes |
| Stocks, gold or forex | Yes | Yes |
| Points program | No | Not documented |
| API | Yes | Yes |
| Mobile app | Not documented | Yes |
| Telegram bot | Not documented | Not documented |
Which one should you pick?
Pick GMX if
You want oracle pricing with no spread hunting, on Arbitrum, and you trade the lighter side of the market.
GMX prices trades against pooled liquidity and Chainlink oracles rather than a book, so its cost structure looks like a swap: an open/close fee that varies with the balance of open interest, plus borrow and price impact. It is the cheapest venue in the series for a trader who systematically takes the lighter side.
Read the GMX reviewSign up through this link: 5% or 10% off opening and closing fees depending on the tier of the code you use.
Affiliate link
Pick Bybit if
You want the widest choice of altcoin perps, copy trading and a mobile app, and accept KYC and custody.
The biggest menu of the series: 846 USDT and USDC perpetuals, up to 150x on BTC, 0.055% taker, copy trading and mobile apps. It is a centralised exchange: identity verified, balances held by Bybit. The referral pays new users up to 25 USDT, but EEA residents, France included, are being moved to Bybit EU.
Read the Bybit reviewSign up through this link: Up to 25 USDT: 10 USDT for a 100 USDT deposit within 7 days, then 15 USDT for 500 USDT traded within 30 days.
Affiliate link
