4 GMX DEX Alternatives (Better Perpetual Exchanges)

While GMX is one of the biggest perpetual DEXs, there are 100+ competitors according to DeFi Llama. Here are GMX alternatives with lower fees, more markets, and possibly more potential than GMX.

Updated: Jan 22, 2024

GMX DEX alternatives for perpetuals

GMX is one of the most popular decentralized derivatives exchanges, where you can go long or short on tokens and also earn a share of the platform generated fees. However, competition is rising and there are at least 100+ perpetual exchanges, many with more trading pairs, lower fees, and lots of potential.

Whether you're looking for a DEX with lower fees, higher leverage, or more growth potential, here are different GMX alternatives to consider.

GMX Overview

GMX Website

GMX is a decentralized exchange for perpetual trading on the Arbitrum and Avalanche network. Users can go long or short on cryptocurrencies with up to 50x leverage. You can also take a share in earning rewards from platform generated fees.

Currently, it has a TVL of $586 million according to DefiLlama, making it one of the most popular derivatives exchanges. However, there are over 100 competitors like dYdX ($361M TVL), MUX Protocol ($60M TVL), and Gains Network ($53M TVL). 

Best GMX Alternatives

From our Perp DEX comparison tool, some of GMX's top competitors include ApeX, Hyperliquid, dYdX, and MUX Protocol, along with many others. This is by no means an exhaustive list however, these DEXs are competitive with GMX and might continue to grow in the future.

#1
ApeX Exchange

ApeX

  • Overview

  • Why We Picked It

20+

Coins

0.02%/0.05%

Trading Fee

50x

Leverage

ApeX has lower fees than GMX, more tokens to trade, and more features overall. ApeX Protocol is a DEX created by Bybit, a popular centralized crypto exchange with over 15 million users.

Currently, ApeX offers 20+ tokensperpetual contracts with up to 50x leverage, and low 0.02%/0.05% trading fees. In addition, the UX is fantastic and you earn free rewards every time you trade.


#2
Hyperliquid

Hyperliquid

  • Overview

  • Why We Picked It

100+

Coins

-0.002%/0.05%

Trading Fee

50x

Leverage

Hyperliquid is the new kid on the block that is quickly gaining marketshare. It offers 100+ USDC perpetual contracts, more than any other perp DEX I've found, and has a close trading experience to a CEX. It has lower fees than GMX, good volume, and one-click trading with no wallet approvals required. While it's still new and has some risks, it has the potential to become the #1 perp DEX on the market.


#3
Mux Protocol

MUX

  • Overview

  • Why We Picked It

70+

Coins

0.06%

Trading Fee

150x

Leverage

Since March 2023, MUX has been quickly growing to over $60M TVL, overtaking Gains Network, ApolloX and ApeX Protocol. Parts of its rise is because MUX supports 70 crypto markets and 17 forex markets like EUR/USD and more. It also has 0% price impact and aggregates liquidity from multiple sources, including GMX and Gains Network. And just like GMX, users can lock up the native token in order to earn protocol income.


#4
ApeX Exchange

dYdX

  • Overview

  • Why We Picked It

30+

Coins

0.02%/0.05%

Trading Fee

20x

Leverage

dYdX was established in 2017 and has built a good reputation as a perpetuals trading platform. Users will enjoy 20x leverage, 30+ perpetual markets, and deep liquidity. Trades are executed instantly and once you deposit funds, there are no gas fees on each transaction. dYdX is GMX's biggest competitor as it has thousands of traders and hundreds of millions in 24H trading volume. 


Summary

While there are dozens of up and coming protocols, and many large ones I didn't mention, the options above are worth exploring. None of this is financial advice. Remember to do your own research and always stay safe. 

Author

At RankFi.com, our goal is to be your trusted source for crypto reviews, guides and research. We seek out researchers with extensive crypto knowledge and firsthand experience using dozens of CeFi and DeFi platforms.

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