| FEATURE | GMX | BULK |
|---|---|---|
| Type | DEX | DEX |
| Taker Fee | 0.06% | 0.035% |
| Maker Fee | 0.04% | 0% |
| Max Leverage | 100x | 40x |
| Perp Pairs | 103 | 8 |
| Spot Trading | Yes | No |
| KYC Required | No | No |
| Rating | 4.4 | 3.0 |
GMX vs BULK: key differences
Opening and closing a $10,000 position with market orders costs $7.00 on BULK and $12.00 on GMX at base-tier taker fees, a difference of $5.00 per round trip.
For limit orders, GMX charges makers 0.04%, while BULK charges makers nothing.
GMX allows up to 100x leverage against 40x on BULK. The headline figure usually applies to a few markets only, so check the limit on the pair you trade.
GMX lists 103 perpetual markets, BULK lists 8.
GMX also has spot trading; BULK is perpetuals only.
GMX is the more liquid venue, with $83M in 24-hour volume against $21M on BULK (about 4.0 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, USDT, WETH, ETH +4 more on GMX and in USDC on BULK.
Figures as of 2026-10-04, from each exchange's documentation, CoinGecko and DeFiLlama.
Costs, liquidity and safety in detail
| GMX | BULK | |
|---|---|---|
| Taker round trip on $10,000 | $12.00 | $7.00 |
| Maker round trip on $10,000 | $8.00 | $0 |
| Best-tier taker fee | 0.054% | 0.022% |
| BTC max leverage | 100x | 40x |
| Margin modes | isolated | cross, isolated |
| 24h volume | $83M | $21M |
| TVL | $246M | $8M |
| Custody | non-custodial | non-custodial |
| Collateral | USDC, USDT, WETH, ETH +4 more | USDC |
| Deposit networks | Arbitrum, Avalanche, MegaETH +4 more | Solana |
| Minimum order | $2 | $1 |
| Order types | 6 | 9 |
| Options | No | No |
| Mobile app | No | No |
| Testnet or demo | No | Yes |
| Vaults or copy trading | No | No |
| Insurance fund | No | Yes |
| Audited | Yes | Yes |
| Restricted jurisdictions | 9 | 43 |
| Founded | 2021 | 2025 |
Choose GMX if
- You want higher leverage: up to 100x against 40x.
- You trade smaller or newer markets: 103 perpetual pairs against 8.
- You trade size and need liquidity: $83M in 24-hour volume against $21M.
- You want spot and perpetuals in one account.
- You want to post margin in more than one asset.
- You want a sign-up discount: 5% off fees through a referral link.
Choose BULK if
- You mostly use market orders: 0.035% taker fee against 0.06% on GMX.
- You place limit orders: 0% maker fee against 0.04% on GMX.
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
BULK
PROS
- + Base taker fee of 0.035% and maker fee of 0% during the Genesis phase, with taker fees down to 0.022% at 4 billion dollars of 14-day volume and maker rebates of up to 0.015%
- + Portfolio margin is the default: margin is calculated on the correlation-adjusted exposure of the whole account, which the docs say can cut requirements for a hedged BTC and ETH position by 30% to 70% against isolated margin
- + Non-custodial: funds sit in a per-user account of a Solana program, withdrawals need a FROST threshold signature from the validator set, and Zellic audited the program in July 2026
CONS
- − Mainnet is invite-only since September 5, 2026: access codes are the only way in for new users, they are single-use and expire weekly, and no date for public access has been announced
- − Only 8 of 22 listed perpetual markets were open for trading on October 4, 2026, there is no spot trading, and USDC on Solana is the only collateral
- − 24-hour volume was about 21 million dollars and open interest about 9 million dollars on October 4, 2026 per the BULK API, and BTC accounted for 14.3 million dollars of that volume
Frequently Asked Questions
Is GMX or BULK better?
GMX has a higher rating (4.4 vs 3). BULK offers lower fees (0.035% vs 0.06%). Choose GMX for higher leverage, and BULK for lower fees.
What are the fees on GMX vs BULK?
GMX charges 0.06% taker / 0.04% maker. BULK charges 0.035% taker / 0% maker for perpetuals.
Which has higher leverage, GMX or BULK?
GMX offers up to 100x, and BULK offers up to 40x. Maximum leverage applies to selected markets and falls as position size grows on both exchanges.
Do GMX and BULK require KYC?
GMX does not require KYC. BULK does not require KYC. Both restrict some jurisdictions (GMX lists 9; BULK lists 43), so check the terms of service for your country before depositing.
Is GMX or BULK safer?
GMX has been audited and has no insurance fund on record here, and custody is non-custodial. BULK has been audited and runs an insurance fund, and custody is non-custodial. Neither audits nor insurance funds remove smart contract risk, so size deposits accordingly.
Which has more trading volume, GMX or BULK?
GMX recorded $83M in 24-hour volume and BULK recorded $21M, as of 2026-10-04. GMX lists 103 perpetual markets and BULK lists 8.