Hyperliquid vs GMX
Hyperliquid is an on-chain order book with maker/taker fees; GMX fills trades against liquidity pools at oracle prices, charging 0.04%–0.06% to open or close plus borrowing fees. GMX suits swing trades without slippage on majors, while Hyperliquid is usually cheaper for active trading.
Side-by-side comparison
| Hyperliquid | GMX | |
|---|---|---|
| Type / chain | Perp DEX on its own layer-1 chain (HyperCore, with HyperEVM alongside) | Perp and swap DEX deployed on Arbitrum, Avalanche and MegaETH; other chains via GMX Account |
| Custody | Self-custody. Funds sit in your wallet's account on the Hyperliquid L1; USDC usually arrives through the validator-secured Arbitrum bridge | Self-custody via smart contracts |
| Identity checks (KYC) | None. Connect an EVM wallet or log in with email | None |
| Availability / restrictions | Interface blocks the US (including US citizens abroad), Ontario, Cuba, Iran, North Korea, Syria, Crimea/Donetsk/Luhansk and other sanctioned regions (Terms of Use, 15 Jun 2026) | Permissionless contracts. GMX's docs don't publish a country list; check the interface terms and your local law |
| Fees (base tier, maker / taker) | Perps: 0.015% maker / 0.045% taker at the base tier (14-day volume under $5M). Lower with volume, HYPE staking (5%–40% off) and a referral code (4% off on your first $25M) | 0.04% to open or close if the trade improves the long/short balance, 0.06% otherwise (no maker/taker split). Plus hourly borrowing and funding fees, price impact on closing, and a network (keeper) fee |
| Max leverage | 3x to 40x depending on the asset (40x on the largest markets) | Up to 100x on some markets (GMX); each pool's cap falls as its open interest rises |
| Markets | 100+ crypto perps, spot pairs, and builder-deployed HIP-3 perps (including stocks and commodities) | Crypto perps plus gold and silver; swaps between pool assets |
| Execution model | Fully on-chain central limit order book | Oracle-priced liquidity pools (GM pools and GLV vaults); no order book |
| Token | HYPE (staking, fee discounts, gas on HyperEVM) | GMX (staking, fee share; DAO buybacks) |
| Recent volume / open interest | $208.6B 30-day perp volume and $7.5B open interest (DefiLlama, 20 Oct 2026). Total OI including HIP-3 reached $14.3B in early September 2026 (The Block, 8 Sep 2026) | $26.5B 30-day perp volume and $257M open interest (DefiLlama, 20 Oct 2026) |
Figures checked 20 October 2026. Fees, leverage caps and country rules change often, so confirm on each venue's own fee page and terms before you trade.
GMX: strengths and weaknesses
Strengths
- Trades fill at oracle prices against a pool, so opening a position has no price impact (closing does, capped at 0.5%)
- Liquidity providers can earn trading fees through GM pools and GLV vaults
- Runs on established chains (Arbitrum, Avalanche) and since early 2026 on MegaETH
- One-click trading and smart-wallet support added in 2026
Weaknesses
- Borrowing fees accrue every hour, which makes long holds expensive
- No limit-order book, so no maker rebates and less control over execution
- Max leverage and position size are limited by pool size and open interest
- The July 2025 exploit of its legacy V1 pool shows smart-contract risk is real
Notable events in 2025–2026
- 9 July 2025: An attacker drained about $40M+ from the GMX V1 GLP pool on Arbitrum; V2 and the GMX token were not affected. The attacker returned most of the funds in exchange for a $5M bounty (The Block, 11 Jul 2025). GMX has since phased out V1.
- January 2026: GMX announced a MegaETH deployment with BTC, ETH and SOL perps and up to 100x leverage (GMX blog, 26 Jan 2026).
- 2026: Gold and silver perps went live, and the DAO reported buying back over 384,000 GMX since March 2026.
Which should you choose?
Choose Hyperliquid if you trade often, want limit orders and maker rebates, or need a large market menu. A round trip at Hyperliquid's base taker rate costs 0.09% of notional, versus 0.08%–0.12% on GMX before borrowing fees, and Hyperliquid's resting orders can cost just 0.015%. Choose GMX if you want to provide liquidity as a pool LP, prefer oracle-price fills on short-term trades in BTC or ETH, or want to stay on Arbitrum or Avalanche without bridging to a new chain.
For holding positions for days, compare GMX's borrowing fee with Hyperliquid's hourly funding; either can dominate the cost.
Ready to trade? Check that Hyperliquid is allowed where you live, then sign up with code POLYGOLD for 4% off trading fees.
Open HyperliquidPerpetual futures with leverage can wipe out your margin quickly. Every venue in this comparison carries its own risks: smart-contract and bridge bugs on DEXs, counterparty and account-freeze risk on centralized exchanges, and liquidation risk everywhere. Only trade where it is legal for you, and read our risk-management guide first.
Frequently asked questions
Why is GMX's fee not split into maker and taker?
GMX has no order book. Every trade fills against a liquidity pool at the oracle price, so it charges a flat 0.04% or 0.06% to open and close depending on whether your trade balances or unbalances long and short open interest.
Does GMX have funding rates like Hyperliquid?
Yes, plus borrowing fees. Funding moves between longs and shorts based on the open-interest imbalance, and the larger side also pays a borrowing fee that depends on pool utilization.
Was GMX hacked?
Its legacy V1 GLP pool was exploited for about $40M+ on 9 July 2025. V2 was not affected, and most funds were returned under a $5M bounty deal, according to The Block.