GMX is one of the most popular 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 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
GMX's top competitors include ApeX, 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. See how GMX compares to similar products:
ApeX
MUX
dYdX
Summary
While there are dozens of other up and coming protocols, and many large ones I didn't mention, the 3 options above are worth exploring. None of this is financial advice. Remember to do your own research and always stay safe.
