GMX vs Hyperliquid
Detailed side-by-side comparison of features, fees, and trading experience
| FEATURE | GMX | HYPERLIQUID |
|---|---|---|
| Type | DEX | DEX |
| Taker Fee | 0.06% | 0.045% |
| Maker Fee | 0.04% | 0.015% |
| Max Leverage | 100x | 50x |
| Perp Pairs | 103 | 330 |
| Spot Trading | Yes | Yes |
| KYC Required | No | No |
| Rating | 4.4 | 4.8 |
GMX vs Hyperliquid: key differences
Opening and closing a $10,000 position with market orders costs $9.00 on Hyperliquid 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 Hyperliquid charges makers 0.015%.
GMX allows up to 100x leverage against 50x on Hyperliquid. The headline figure usually applies to a few markets only, so check the limit on the pair you trade.
Hyperliquid lists 330 perpetual markets, GMX lists 103.
Hyperliquid is the more liquid venue, with $2.3B in 24-hour volume against $83M on GMX (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, USDT, WETH, ETH +4 more on GMX and in USDC, HYPE, BTC on Hyperliquid.
Figures as of 2026-10-04, from each exchange's documentation, CoinGecko and DeFiLlama.
Costs, liquidity and safety in detail
| GMX | Hyperliquid | |
|---|---|---|
| Taker round trip on $10,000 | $12.00 | $9.00 |
| Maker round trip on $10,000 | $8.00 | $3.00 |
| Best-tier taker fee | 0.054% | 0.024% |
| BTC max leverage | 100x | 40x |
| Margin modes | isolated | cross, isolated |
| 24h volume | $83M | $2.3B |
| TVL | $246M | $7.3B |
| Custody | non-custodial | non-custodial |
| Collateral | USDC, USDT, WETH, ETH +4 more | USDC, HYPE, BTC |
| Deposit networks | Arbitrum, Avalanche, MegaETH +4 more | Arbitrum, Ethereum, Base +10 more |
| Minimum order | $2 | $10 |
| Order types | 6 | 16 |
| Options | No | No |
| Mobile app | No | Yes |
| Testnet or demo | No | Yes |
| Vaults or copy trading | No | Yes |
| Insurance fund | No | Yes |
| Audited | Yes | Yes |
| Restricted jurisdictions | 9 | 6 |
| Founded | 2021 | 2022 |
Choose GMX if
- You want higher leverage: up to 100x against 50x.
- You want a sign-up discount: 5% off fees through a referral link.
Choose Hyperliquid if
- You mostly use market orders: 0.045% taker fee against 0.06% on GMX.
- You place limit orders: 0.015% maker fee against 0.04% on GMX.
- You trade smaller or newer markets: 330 perpetual pairs against 103.
- You trade size and need liquidity: $2.3B in 24-hour volume against $83M.
- You trade from a phone: Hyperliquid has a mobile app.
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
Hyperliquid
PROS
- + Perpetuals taker fee of 0.045% and maker fee of 0.015% at the base tier, falling to 0.024% taker and 0% maker above 7 billion USD in 14-day volume, with a further discount of up to 40% for HYPE stakers
- + Up to 40x leverage on BTC perpetuals, 25x on ETH and 20x on SOL, and up to 50x on HIP-3 FX pairs (EUR, JPY, GBP) and S&P 500 perpetuals
- + No KYC: trading starts after connecting a wallet or email login, funds stay in the user's own account, and every order and liquidation is recorded onchain
CONS
- − USDC is the default perpetuals collateral; HYPE and BTC count as collateral only under portfolio margin, which requires more than 10,000 USD in account value or 5 million USD in volume
- − Restricted in the United States, Ontario (Canada), Russia, Cuba, Iran, North Korea and Syria; the frontend blocks IP addresses from restricted locations
- − The official mobile app is Android only and was released in April 2026 as a limited MVP; there is no iOS app, so iPhone users rely on the web app
Frequently Asked Questions
Is GMX or Hyperliquid better?
Hyperliquid has a higher rating (4.8 vs 4.4). Hyperliquid offers lower fees (0.045% vs 0.06%). Choose GMX for higher leverage, and Hyperliquid for lower fees.
What are the fees on GMX vs Hyperliquid?
GMX charges 0.06% taker / 0.04% maker. Hyperliquid charges 0.045% taker / 0.015% maker for perpetuals.
Which has higher leverage, GMX or Hyperliquid?
GMX offers up to 100x, and Hyperliquid offers up to 50x (40x on BTC). Maximum leverage applies to selected markets and falls as position size grows on both exchanges.
Do GMX and Hyperliquid require KYC?
GMX does not require KYC. Hyperliquid does not require KYC. Both restrict some jurisdictions (GMX lists 9; Hyperliquid lists 6), so check the terms of service for your country before depositing.
Is GMX or Hyperliquid safer?
GMX has been audited and has no insurance fund on record here, and custody is non-custodial. Hyperliquid 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 Hyperliquid?
GMX recorded $83M in 24-hour volume and Hyperliquid recorded $2.3B, as of 2026-10-04. GMX lists 103 perpetual markets and Hyperliquid lists 330.