Orderbook DEX vs oracle-based perps
GMX uses oracles for zero slippage on small trades. Hyperliquid uses an orderbook for better price discovery. Different models for different needs.
| Metric | Hyperliquid | GMX |
|---|---|---|
| Trading Pairs | 150+ | 30+ |
| Model | Orderbook | Oracle/Pool |
| Slippage | Market-based | Zero (small) |
| Max Leverage | 50x | 100x |
| Chain | Own L1 | Arbitrum |
| Yield | Staking | GLP/GM |
| Open Interest | $4B+ | $500M+ |
Hyperliquid charges 0.015% maker and 0.045% taker fees. With referral code AWD, you get 4% off for your first $25M in volume, reducing fees to 0.0144% maker and 0.0432% taker. Compare this to GMX's fees shown in the comparison table above to see which is better for your trading style.
GMX is also a DEX and doesn't require KYC. Both platforms let you trade by simply connecting your wallet.
Both Hyperliquid and GMX are non-custodial DEXs where you maintain control of your funds. Security depends on smart contract audits and your own wallet security practices.
Hyperliquid consistently handles over $5 billion in daily volume with tight spreads on major pairs. GMX has lower volume but may offer different trading pairs. For perpetual futures specifically, Hyperliquid's orderbook depth is competitive with major CEXs.
Yes, it's pretty simple. Bridge your funds to Arbitrum if needed, then deposit to Hyperliquid. Use referral code AWD to get 4% off fees. The interface feels familiar if you've used any exchange before.
GMX uses oracles for zero slippage on small trades. Hyperliquid uses an orderbook for better price discovery. Different models for different needs.
See all Hyperliquid fee tiers and staking discountsUse referral code AWD when you sign up for Hyperliquid. The 4% discount applies to all trades for your first $25M in volume.
Try Hyperliquid Over GMX