| FEATURE | DYDX | GMX |
|---|---|---|
| Type | DEX | DEX |
| Taker Fee | 0.05% | 0.06% |
| Maker Fee | -0.011% | 0.04% |
| Max Leverage | 20x | 100x |
| Perp Pairs | 232 | 87 |
| Spot Trading | No | Yes |
| KYC Required | No | No |
| Rating | 4.3 | 4.5 |
dYdX
PROS
- + Competitive perpetuals taker fee of 0.05% at base tier with maker rebates rewarding liquidity providers, and Surge program offering 50% fee rebates for active traders
- + Fully decentralized governance — all protocol parameters including fees, market listings, and rewards are controlled by DYDX token holders through onchain voting
- + No KYC required — non-custodial trading via wallet connection with full onchain transparency on the dYdX Cosmos appchain
CONS
- − Maximum leverage capped at 20x — significantly lower than competitors like Hyperliquid (40x) or GMX (50x+) on major pairs
- − Restricted in the US, UK, and Canada — three of the largest crypto markets — plus multiple sanctioned jurisdictions
- − USDC-only collateral with no multi-collateral support — traders cannot use BTC, ETH, or other assets as margin
GMX
PROS
- + Low dynamic perpetual trading fees starting at 0.04% for balance-improving trades, reduced from 0.05% in January 2025
- + Up to 100x leverage on BTC, ETH, and other major perpetual pairs with isolated margin
- + Multichain deployment across 8 networks including Arbitrum, Avalanche, Ethereum, Base, and Solana
CONS
- − US users are geo-restricted at the frontend level, along with several sanctioned countries
- − No native mobile app — requires third-party wallet dApp browsers for mobile trading
- − Dynamic fee model (0.04%-0.06%) can be less predictable than fixed-fee exchanges
Frequently Asked Questions
Is dYdX or GMX better?
GMX has a higher rating (4.5 vs 4.3). dYdX offers lower fees (0.05% vs 0.06%). Choose dYdX for lower fees, and GMX for higher leverage.
What are the fees on dYdX vs GMX?
dYdX charges 0.05% taker / -0.011% maker. GMX charges 0.06% taker / 0.04% maker for perpetuals.