Side-by-side comparison of two perpetual futures exchanges — updated in real time.
Hyperliquid and GMX v2 embody the two dominant perp DEX architectures: orderbook versus oracle-based pools. Hyperliquid runs a CLOB on its own L1, while GMX v2 uses isolated GM pools with Chainlink oracles on Arbitrum.
Hyperliquid's orderbook model enables organic price discovery with 190 markets, 0.015% maker / 0.045% taker fees, and up to 50x leverage. GMX v2 takes the oracle-pool approach with 113 markets, charging higher fees at 0.04% maker and 0.06% taker, but offering up to 100x leverage. GMX v2's isolated GM pools mean each market has independent risk parameters, reducing systemic risk for LPs. This model also means zero slippage on oracle price for positions within pool capacity. GMX v2 stands out with multi-collateral support — USDC, USDT, ETH, and BTC can all be used as margin — while Hyperliquid only accepts USDC. GMX v2 benefits from Arbitrum's deep DeFi ecosystem and composability, whereas Hyperliquid's single-chain architecture limits integration opportunities. GMX's battle-tested reputation since 2023 (with the original GMX running since 2021) provides confidence, though Hyperliquid has rapidly established itself as the volume leader among perp DEXes.
Choose Hyperliquid for lower fees, a wider market selection, and a pure orderbook trading experience. Choose GMX v2 if you prefer multi-asset collateral, want to LP with isolated risk pools, or value the Arbitrum ecosystem's composability.
