| FEATURE | LIGHTER | GMX |
|---|---|---|
| Type | DEX | DEX |
| Taker Fee | 0% | 0.06% |
| Maker Fee | 0% | 0.04% |
| Max Leverage | 50x | 100x |
| Perp Pairs | 100 | 87 |
| Spot Trading | Yes | Yes |
| KYC Required | No | No |
| Rating | 4.2 | 4.5 |
Lighter
PROS
- + Zero trading fees for standard accounts — all retail makers and takers trade free; premium accounts pay only 0.004% maker / 0.028% taker with up to 30% discount via LIT staking (maker fees as low as 0.0028%, taker as low as 0.0196% at max tier)
- + ZK-proof verified trading: every order match, liquidation, and settlement is cryptographically proven via custom ZK circuits — no other perp DEX offers this level of on-chain verifiability
- + Massive trading volume: $232B in 30-day volume before TGE and ~$3.75-4.58B daily volume as of January 2026, making it one of the deepest liquidity pools for perp trading
CONS
- − Restricted in US, Canada, UK, China, Russia, Ukraine, North Korea, Cuba, Iran, Venezuela, and Syria — a broader exclusion list than most perp DEXs including the UK
- − TVL of ~$1-2B is significantly lower than Hyperliquid's $4B+ as of early 2026 — lower liquidity depth may mean worse fills for large orders
- − Only USDC and ETH accepted as collateral — no multi-collateral support like GMX; limited flexibility for users with other assets
GMX
PROS
- + 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
CONS
- − 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
Frequently Asked Questions
Is Lighter or GMX better?
GMX has a higher rating (4.5 vs 4.2). Lighter offers lower fees (0% vs 0.06%). Choose Lighter for lower fees, and GMX for higher leverage.
What are the fees on Lighter vs GMX?
Lighter charges 0% taker / 0% maker. GMX charges 0.06% taker / 0.04% maker for perpetuals.