| FEATURE | GMX | GRVT |
|---|---|---|
| Type | DEX | HYBRID |
| Taker Fee | 0.06% | 0.045% |
| Maker Fee | 0.04% | -0.0001% |
| Max Leverage | 100x | 50x |
| Perp Pairs | 103 | 184 |
| Spot Trading | Yes | Yes |
| KYC Required | No | No |
| Rating | 4.4 | 4.5 |
GMX vs GRVT: key differences
Opening and closing a $10,000 position with market orders costs $9.00 on GRVT and $12.00 on GMX at base-tier taker fees, a difference of $3.00 per round trip.
For limit orders, GMX charges makers 0.04%, while GRVT pays makers a 0.0001% rebate.
GMX allows up to 100x leverage against 50x on GRVT. The headline figure usually applies to a few markets only, so check the limit on the pair you trade.
GRVT lists 184 perpetual markets, GMX lists 103.
GRVT is the more liquid venue, with $481M in 24-hour volume against $83M on GMX (about 5.8 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 USDT, USDC on GRVT.
Figures as of 2026-10-04, from each exchange's documentation, CoinGecko and DeFiLlama.
Costs, liquidity and safety in detail
| GMX | GRVT | |
|---|---|---|
| Taker round trip on $10,000 | $12.00 | $9.00 |
| Maker round trip on $10,000 | $8.00 | $0.02 rebate |
| Best-tier taker fee | 0.054% | 0.024% |
| BTC max leverage | 100x | 50x |
| Margin modes | isolated | cross, isolated |
| 24h volume | $83M | $481M |
| TVL | $246M | $34M |
| Custody | non-custodial | non-custodial |
| Collateral | USDC, USDT, WETH, ETH +4 more | USDT, USDC |
| Deposit networks | Arbitrum, Avalanche, MegaETH +4 more | Ethereum, Arbitrum, Base +4 more |
| Minimum order | $2 | $5 |
| Order types | 6 | 10 |
| Options | No | No |
| Mobile app | No | Yes |
| Testnet or demo | No | Yes |
| Vaults or copy trading | No | No |
| Insurance fund | No | Yes |
| Audited | Yes | Yes |
| Restricted jurisdictions | 9 | 17 |
| Founded | 2021 | 2022 |
Choose GMX if
- You want higher leverage: up to 100x against 50x.
- You want to post margin in more than one asset.
Choose GRVT if
- You mostly use market orders: 0.045% taker fee against 0.06% on GMX.
- You place limit orders: makers earn a 0.0001% rebate.
- You trade smaller or newer markets: 184 perpetual pairs against 103.
- You trade size and need liquidity: $481M in 24-hour volume against $83M.
- You trade from a phone: GRVT has a mobile app.
- You want a sign-up discount: 20% off fees through a referral link.
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
GRVT
PROS
- + Negative maker fees on perpetuals across all nine tiers, from -0.0001% at Level 1 to -0.003% at Level 9, so makers receive a rebate on every filled limit order
- + Self-custodial with optional KYC: users can sign up with only an email and trade without identity verification while keeping control of their funds
- + 184 perpetual markets, including 98 equity and index markets and 8 commodity markets such as gold (XAU) and crude oil, with up to 50x leverage on BTC and ETH
CONS
- − Only USDT and USDC are accepted as collateral; unified multi-collateral margin is targeted for Q4 2026 in the GRVT litepaper
- − Spot trading is limited to two pairs (GRVT/USDT and USDC/USDT), and options and dated futures are not available
- − Leverage is capped at 10x on 172 of the 184 perpetual markets; 50x applies only to BTC and ETH positions under 600,000 USD notional
Frequently Asked Questions
Is GMX or GRVT better?
GRVT has a higher rating (4.5 vs 4.4). GRVT offers lower fees (0.045% vs 0.06%). Choose GMX for higher leverage, and GRVT for lower fees.
What are the fees on GMX vs GRVT?
GMX charges 0.06% taker / 0.04% maker. GRVT charges 0.045% taker / -0.0001% maker for perpetuals.
Which has higher leverage, GMX or GRVT?
GMX offers up to 100x, and GRVT offers up to 50x. Maximum leverage applies to selected markets and falls as position size grows on both exchanges.
Do GMX and GRVT require KYC?
GMX does not require KYC. GRVT does not require KYC. Both restrict some jurisdictions (GMX lists 9; GRVT lists 17), so check the terms of service for your country before depositing.
Is GMX or GRVT safer?
GMX has been audited and has no insurance fund on record here, and custody is non-custodial. GRVT 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 GRVT?
GMX recorded $83M in 24-hour volume and GRVT recorded $481M, as of 2026-10-04. GMX lists 103 perpetual markets and GRVT lists 184.