| FEATURE | DYDX | GMX |
|---|---|---|
| Type | DEX | DEX |
| Taker Fee | 0.05% | 0.06% |
| Maker Fee | 0.01% | 0.04% |
| Max Leverage | 50x | 100x |
| Perp Pairs | 73 | 103 |
| Spot Trading | Yes | Yes |
| KYC Required | No | No |
| Rating | 4.0 | 4.4 |
dYdX vs GMX: key differences
Opening and closing a $10,000 position with market orders costs $10.00 on dYdX and $12.00 on GMX at base-tier taker fees, a difference of $2.00 per round trip.
For limit orders, dYdX charges makers 0.01%, while GMX charges makers 0.04%.
GMX allows up to 100x leverage against 50x on dYdX. The headline figure usually applies to a few markets only, so check the limit on the pair you trade.
GMX lists 103 perpetual markets, dYdX lists 73.
GMX is the more liquid venue, with $83M in 24-hour volume against $3M on dYdX (about 28 times more). Deeper books mean less slippage on large orders.
Neither exchange requires KYC: both are used by connecting a wallet.
Margin is posted in USDC on dYdX and in USDC, USDT, WETH, ETH +4 more on GMX.
Figures as of 2026-10-04, from each exchange's documentation, CoinGecko and DeFiLlama.
Costs, liquidity and safety in detail
| dYdX | GMX | |
|---|---|---|
| Taker round trip on $10,000 | $10.00 | $12.00 |
| Maker round trip on $10,000 | $2.00 | $8.00 |
| Best-tier taker fee | 0.025% | 0.054% |
| BTC max leverage | 50x | 100x |
| Margin modes | cross, isolated | isolated |
| 24h volume | $3M | $83M |
| TVL | $108M | $246M |
| Custody | non-custodial | non-custodial |
| Collateral | USDC | USDC, USDT, WETH, ETH +4 more |
| Deposit networks | Ethereum, Arbitrum, Optimism +6 more | Arbitrum, Avalanche, MegaETH +4 more |
| Minimum order | $1 | $2 |
| Order types | 6 | 6 |
| Options | No | No |
| Mobile app | Yes | No |
| Testnet or demo | Yes | No |
| Vaults or copy trading | No | No |
| Insurance fund | Yes | No |
| Audited | Yes | Yes |
| Restricted jurisdictions | 16 | 9 |
| Founded | 2017 | 2021 |
Choose dYdX if
- You mostly use market orders: 0.05% taker fee against 0.06% on GMX.
- You place limit orders: 0.01% maker fee against 0.04% on GMX.
- You trade from a phone: dYdX has a mobile app.
Choose GMX if
- You want higher leverage: up to 100x against 50x.
- You trade smaller or newer markets: 103 perpetual pairs against 73.
- You trade size and need liquidity: $83M in 24-hour volume against $3M.
- You want to post margin in more than one asset.
- You want a sign-up discount: 5% off fees through a referral link.
dYdX
PROS
- + Base tier perpetuals fees of 0.05% taker and 0.01% maker, falling to 0.025% taker and a -0.011% maker rebate at 200 million USD of 30-day volume
- + Staking discount on trading fees: 3,000 staked DYDX cuts base tier fees by 25%, and 20,000 staked DYDX cuts them by 50%
- + Onchain governance by DYDX token holders controls fees, market listings and rewards, with 75% of protocol fees directed to DYDX buybacks
CONS
- − Low liquidity in 2026: 24-hour perpetuals volume was about 3 million USD on October 4, 2026, and the active market count fell from 114 to 73 in three months as governance wound down low-activity markets
- − 50x leverage is available only on BTC and ETH; SOL is capped at 20x and the other 70 markets at 5x or 10x
- − Perpetuals are restricted in the US, UK and Canada, so US traders can only use the Solana spot product
GMX
PROS
- + Perpetual position fees of 0.04% for trades that improve the long/short balance and 0.06% otherwise; gold, silver, QQQ, and SPY markets charge 0.01% or 0.02% during market hours
- + Up to 100x leverage on BTC, ETH, gold, silver, and oil markets, and up to 50x on the QQQ and SPY index markets during trading hours
- + 103 perpetual markets on Arbitrum covering crypto assets, commodities (gold, silver, WTI, Brent, natural gas), and US indices (QQQ, SPY)
CONS
- − The Terms and Conditions bar U.S. Persons and residents of countries under US, UK, or EU sanctions, and prohibit using a VPN to get around the restriction
- − No native mobile app; mobile trading requires a wallet browser or WalletConnect
- − Staking rewards have been suspended since 4 March 2026: bought-back GMX stays in the Treasury until the GMX price reaches 90 USD
Frequently Asked Questions
Is dYdX or GMX better?
GMX has a higher rating (4.4 vs 4). 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 / 0.01% maker. GMX charges 0.06% taker / 0.04% maker for perpetuals.
Which has higher leverage, dYdX or GMX?
dYdX offers up to 50x, and GMX offers up to 100x. Maximum leverage applies to selected markets and falls as position size grows on both exchanges.
Do dYdX and GMX require KYC?
dYdX does not require KYC. GMX does not require KYC. Both restrict some jurisdictions (dYdX lists 16; GMX lists 9), so check the terms of service for your country before depositing.
Is dYdX or GMX safer?
dYdX has been audited and runs an insurance fund, and custody is non-custodial. GMX has been audited and has no insurance fund on record here, and custody is non-custodial. Neither audits nor insurance funds remove smart contract risk, so size deposits accordingly.
Which has more trading volume, dYdX or GMX?
dYdX recorded $3M in 24-hour volume and GMX recorded $83M, as of 2026-10-04. dYdX lists 73 perpetual markets and GMX lists 103.