Hyperliquid vs GMX
Same lines, side by side: fees, leverage, markets, KYC, custody and referral perks, from official pages and DefiLlama.
| Line | Hyperliquid | GMX |
|---|---|---|
| 30-day volume | #P01 · $204,136.0MEdge | #P07 · $22,518.0M |
| Trading fees | 0.045% taker · 0.015% makerSeven tiers on 14-day weighted volume: 0.045%/0.015% below $5M, 0.040%/0.012% above $5M, 0.035%/0.008% above $25M, 0.030%/0.004% above $100M, 0.026%/0% from $2B. Maker rebates are paid on each trade. Spot volume counts double toward the tier. | 0.04% 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.Edge |
| New-user perk | 4% off fees on your first $25M of volume | 5% or 10% off opening and closing fees depending on the tier of the code you use |
| Max leverage | up to 40× | up to 100×Edge |
| Perp markets | 234Edge | 132 |
| Identity check | No KYC | No KYC |
| Custody | Non-custodial: positions signed from your wallet | Non-custodial, wallet only |
| Settles on | HyperCore (L1 Hyperliquid) | Arbitrum (GMX V2 contracts) |
| Collateral | USDC | USDC, USDT, WETH |
| Where it runs | Web | Web |
| Chains | EVMArbitrum, HyperEVM | EVMArbitrum, Avalanche, MegaETH, Ethereum, Base, BNB ChainEdge |
| Documented features | 6 of 10Edge | 4 of 10 |
| Order book | Yes | No |
| Cross margin | Yes | Not documented |
| Spot trading | Yes | Yes |
| Vaults / copy vaults | Yes | Yes |
| Copy trading | Not documented | Not documented |
| Stocks, gold or forex | Yes | Yes |
| Points program | No | No |
| API | Yes | Yes |
| Mobile app | Not documented | Not documented |
| Telegram bot | No | Not documented |
Which one should you pick?
Pick Hyperliquid if
You want deep liquidity, low fees and a public fee ladder you can plan around.
The deepest perp book in the set by an order of magnitude ($204B over 30 days) and the cheapest base tier, at 0.045% taker and 0.015% maker. Everything settles on Hyperliquid's own L1, with USDC arriving mainly through Circle's CCTP from Arbitrum.
app.hyperliquid.xyz
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.
app.gmx.io
