| FEATURE | LIGHTER | GMX |
|---|---|---|
| Type | DEX | DEX |
| Taker Fee | 0% | 0.06% |
| Maker Fee | 0% | 0.04% |
| Max Leverage | 50x | 100x |
| Perp Pairs | 211 | 103 |
| Spot Trading | Yes | Yes |
| KYC Required | No | No |
| Rating | 4.2 | 4.4 |
Lighter vs GMX: key differences
Opening and closing a $10,000 position with market orders costs $0 on Lighter and $12.00 on GMX at base-tier taker fees, a difference of $12.00 per round trip.
For limit orders, Lighter charges makers nothing, while GMX charges makers 0.04%.
GMX allows up to 100x leverage against 50x on Lighter. The headline figure usually applies to a few markets only, so check the limit on the pair you trade.
Lighter lists 211 perpetual markets, GMX lists 103.
Lighter is the more liquid venue, with $511M in 24-hour volume against $83M on GMX (about 6.2 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, ETH, XAUT on Lighter and in USDC, USDT, WETH, ETH +4 more on GMX.
Figures as of 2026-10-04, from each exchange's documentation, CoinGecko and DeFiLlama.
Costs, liquidity and safety in detail
| Lighter | GMX | |
|---|---|---|
| Taker round trip on $10,000 | $0 | $12.00 |
| Maker round trip on $10,000 | $0 | $8.00 |
| Best-tier taker fee | 0.0196% | 0.054% |
| BTC max leverage | 50x | 100x |
| Margin modes | cross, isolated | isolated |
| 24h volume | $511M | $83M |
| TVL | $768M | $246M |
| Custody | non-custodial | non-custodial |
| Collateral | USDC, ETH, XAUT | USDC, USDT, WETH, ETH +4 more |
| Deposit networks | Ethereum, Arbitrum One, Base +3 more | Arbitrum, Avalanche, MegaETH +4 more |
| Minimum order | $10 | $2 |
| Order types | 9 | 6 |
| Options | No | No |
| Mobile app | Yes | No |
| Testnet or demo | No | No |
| Vaults or copy trading | No | No |
| Insurance fund | Yes | No |
| Audited | Yes | Yes |
| Restricted jurisdictions | 11 | 9 |
| Founded | 2022 | 2021 |
Choose Lighter 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: 211 perpetual pairs against 103.
- You trade size and need liquidity: $511M in 24-hour volume against $83M.
- You trade from a phone: Lighter has a mobile app.
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.
Lighter
PROS
- + Zero maker and taker fees for standard accounts on perpetual and spot markets; premium accounts pay 0.004% maker and 0.028% taker, falling to 0.0028% and 0.0196% with 500,000 LIT staked (30% discount)
- + Every order match, liquidation, and settlement is proven with ZK circuits on Lighter's own Ethereum rollup, and nine audit reports for the contracts and circuits are published in the docs
- + 211 active perpetual markets and 10 spot pairs (October 2026), with up to 50x leverage on BTC, ETH, EURUSD, GBPUSD, USDJPY, SPY, and US500
CONS
- − Restricted in the US, Canada, the UK, China, North Korea, Russia, Ukraine, Cuba, Iran, Venezuela, and Syria under the Terms of Service dated December 29, 2025, a list that includes the UK and Canada
- − Standard accounts trade free but with 300ms taker and cancel latency; the 140ms taker latency requires a premium account that pays 0.028% taker
- − Margin collateral beyond USDC is limited to ETH and XAUT at a 70% loan-to-value ratio, with per-user caps of 2,000 ETH and 500 XAUT
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
Frequently Asked Questions
Is Lighter or GMX better?
GMX has a higher rating (4.4 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.
Which has higher leverage, Lighter or GMX?
Lighter offers up to 50x, and GMX offers up to 100x. Maximum leverage applies to selected markets and falls as position size grows on both exchanges.
Do Lighter and GMX require KYC?
Lighter does not require KYC. GMX does not require KYC. Both restrict some jurisdictions (Lighter lists 11; GMX lists 9), so check the terms of service for your country before depositing.
Is Lighter or GMX safer?
Lighter has been audited and runs an insurance fund, and custody is non-custodial. GMX 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, Lighter or GMX?
Lighter recorded $511M in 24-hour volume and GMX recorded $83M, as of 2026-10-04. Lighter lists 211 perpetual markets and GMX lists 103.