GMX vs Variational
Detailed side-by-side comparison of features, fees, and trading experience
| FEATURE | GMX | VARIATIONAL |
|---|---|---|
| Type | DEX | DEX |
| Taker Fee | 0.06% | 0% |
| Maker Fee | 0.04% | 0% |
| Max Leverage | 100x | 50x |
| Perp Pairs | 103 | 561 |
| Spot Trading | Yes | No |
| KYC Required | No | No |
| Rating | 4.4 | 3.8 |
GMX vs Variational: key differences
Opening and closing a $10,000 position with market orders costs $0 on Variational and $12.00 on GMX at base-tier taker fees, a difference of $12.00 per round trip.
For limit orders, GMX charges makers 0.04%, while Variational charges makers nothing.
GMX allows up to 100x leverage against 50x on Variational. The headline figure usually applies to a few markets only, so check the limit on the pair you trade.
Variational lists 561 perpetual markets, GMX lists 103.
GMX also has spot trading; Variational is perpetuals only.
Variational is the more liquid venue, with $907M in 24-hour volume against $83M on GMX (about 11 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 Variational.
Figures as of 2026-10-04, from each exchange's documentation, CoinGecko and DeFiLlama.
Costs, liquidity and safety in detail
| GMX | Variational | |
|---|---|---|
| Taker round trip on $10,000 | $12.00 | $0 |
| Maker round trip on $10,000 | $8.00 | $0 |
| Best-tier taker fee | 0.054% | 0% |
| BTC max leverage | 100x | 50x |
| Margin modes | isolated | cross, isolated |
| 24h volume | $83M | $907M |
| TVL | $246M | — |
| Custody | non-custodial | non-custodial |
| Collateral | USDC, USDT, WETH, ETH +4 more | USDC |
| Deposit networks | Arbitrum, Avalanche, MegaETH +4 more | Arbitrum One |
| Minimum order | $2 | — |
| Order types | 6 | 5 |
| Options | No | No |
| Mobile app | No | No |
| Testnet or demo | No | Yes |
| Vaults or copy trading | No | No |
| Insurance fund | No | No |
| Audited | Yes | Yes |
| Restricted jurisdictions | 9 | 16 |
| Founded | 2021 | 2021 |
Choose GMX if
- You want higher leverage: up to 100x against 50x.
- 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 Variational if
- You mostly use market orders: 0% taker fee against 0.06% on GMX.
- You place limit orders: 0% maker fee against 0.04% on GMX.
- You trade smaller or newer markets: 561 perpetual pairs against 103.
- You trade size and need liquidity: $907M in 24-hour volume against $83M.
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
Variational
PROS
- + No maker or taker fees on any market; the only fixed charge is 0.1 USDC per deposit or withdrawal, and deposits, withdrawals, and logins need no ETH for gas
- + 561 perpetual markets on October 4, 2026 (Omni stats API), including equities, gold, oil, FX, indices, and pre-IPO markets such as OpenAI and Anthropic
- + Tight quotes on majors: the BTC bid-ask for a 100,000 dollar order was about 12 dollars wide near a price of 85,290 dollars (roughly 0.014%) on October 4, 2026
CONS
- − The Omni Liquidity Provider is the only counterparty to every trade and is funded by the Variational team; the docs state that if OLP became insolvent, profit owed to traders would be treated as bad debt and could go unpaid
- − Zero fees do not mean zero cost: the median base spread across listed markets was about 13 basis points on October 4, 2026, far wider than the 1.4 basis points quoted on BTC
- − Still a private beta in October 2026: an access code is required, API trading is not enabled, limit orders fill all-or-nothing, and there is no native mobile app
Frequently Asked Questions
Is GMX or Variational better?
GMX has a higher rating (4.4 vs 3.8). Variational offers lower fees (0% vs 0.06%). Choose GMX for higher leverage, and Variational for lower fees.
What are the fees on GMX vs Variational?
GMX charges 0.06% taker / 0.04% maker. Variational charges 0% taker / 0% maker for perpetuals.
Which has higher leverage, GMX or Variational?
GMX offers up to 100x, and Variational offers up to 50x. Maximum leverage applies to selected markets and falls as position size grows on both exchanges.
Do GMX and Variational require KYC?
GMX does not require KYC. Variational does not require KYC. Both restrict some jurisdictions (GMX lists 9; Variational lists 16), so check the terms of service for your country before depositing.
Is GMX or Variational safer?
GMX has been audited and has no insurance fund on record here, and custody is non-custodial. Variational 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, GMX or Variational?
GMX recorded $83M in 24-hour volume and Variational recorded $907M, as of 2026-10-04. GMX lists 103 perpetual markets and Variational lists 561.