GMX vs dYdX

Detailed side-by-side comparison of features, fees, and trading experience

GMX

+ 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

− 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

+ Competitive perpetuals taker fee of 0.05% at base tier with maker rebates rewarding liquidity providers, plus zero-fee periods on BTC and SOL markets and a Surge program offering 50% fee rebates
+ 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

− Maximum leverage capped at 20x — significantly lower than competitors like Hyperliquid (50x) or GMX (100x) on major pairs
− Perpetuals remain restricted in the US, UK, and Canada — US traders can only access the new Solana spot product, not derivatives
− USDC-only collateral with no multi-collateral support — traders cannot use BTC, ETH, or other assets as perpetual margin

Is GMX or dYdX better?

GMX has a higher rating (4.5 vs 4.3). dYdX offers lower fees (0.05% vs 0.06%). Choose GMX for higher leverage, and dYdX for lower fees.

What are the fees on GMX vs dYdX?

GMX charges 0.06% taker / 0.04% maker. dYdX charges 0.05% taker / 0.01% maker for perpetuals.