Hyperliquid vs GMX
Hyperliquid is cheaper: a $1,000 buy-and-sell costs $0.86 in platform fees vs $1.14 on GMX. Pick Hyperliquid if you are perps traders outside the US who want onchain order-book trading from their own wallet, with fees that drop by volume and HYPE staking. Pick GMX if you are traders who want oracle-priced perps on Arbitrum or Avalanche, including gold, oil and US index markets, without an order book.
Checked 2026-10-16 · both venues' fee pagesHyperliquid is a layer-1 blockchain whose HyperCore layer runs fully onchain perpetual futures and spot order books, with a HyperEVM smart-contract layer alongside. It targets active perps traders who want order-book trading from a self-custodied wallet.
Hyperliquid saves $0.28 per $1,000 round trip.
Side by side
| Hyperliquid | GMX | |
|---|---|---|
| Type | Perp DEX | Perp DEX |
| Status | live | live |
| Chains | Hyperliquid | Arbitrum, Avalanche, Megaeth |
| Platforms | web | web |
| Custody | non-custodial | non-custodial |
| KYC | none | none |
| Platform fee, round trip | 0.09% | 0.12% |
| $1,000 round trip | $0.90 | $1.20 |
| Sign-up perk | 4% discount on fees for the first $25M of volume | 5% (Tier 1) or 10% (Tier 2/3) off open/close fees |
| Perps taker / maker | 0.045% / 0.015% | 0.06% / — |
| United States | Not available | Unverified |
| United Kingdom | Unverified | Unverified |
| European Union | Unverified | Unverified |
| Launched | 2023-02 | 2021-09 |
| Reported incidents | 4 | 1 |
Features
| Feature | Hyperliquid | GMX |
|---|---|---|
| perps | ✓ | ✓ |
| spot | ✓ | — |
| order book | ✓ | — |
| limit orders | ✓ | — |
| vaults | ✓ | — |
| staking discounts | ✓ | — |
| builder codes | ✓ | — |
| HIP-3 builder-deployed perps | ✓ | — |
| outcome markets | ✓ | — |
| HyperEVM | ✓ | — |
| API | ✓ | — |
| spot swaps | — | ✓ |
| tradfi markets | — | ✓ |
| oracle pricing | — | ✓ |
| multichain account | — | ✓ |
| express trading | — | ✓ |
| one-click trading | — | ✓ |
| twap | — | ✓ |
"—" means the feature was not in the sources we checked, not proof it's missing.
Hyperliquid: watch out for
- The Terms bar US and Ontario residents and prohibit VPN use to get around that.
- The HLP vault has absorbed manipulation losses, including a reported $4.9M on POPCAT in November 2025.
- Validators delisted the JELLY market and settled it at a fixed price in March 2025, an intervention critics questioned.
GMX: watch out for
- Holding costs include hourly borrow fees, priced from 45-55%/yr below 75% utilization on typical markets.
- GMX V1's GLP pool lost about $42 million to an exploit in July 2025 before funds were returned.
- Thin markets can carry negative price impact caps of up to 10%.
FAQ
Is Hyperliquid better than GMX?
Hyperliquid is cheaper: a $1,000 buy-and-sell costs $0.86 in platform fees vs $1.14 on GMX. Pick Hyperliquid if you are perps traders outside the US who want onchain order-book trading from their own wallet, with fees that drop by volume and HYPE staking. Pick GMX if you are traders who want oracle-priced perps on Arbitrum or Avalanche, including gold, oil and US index markets, without an order book.
Which is cheaper, Hyperliquid or GMX?
Hyperliquid. On a $1,000 round trip: Hyperliquid $0.86 vs GMX $1.14, platform fees only.
Can I use Hyperliquid or GMX in the US?
Hyperliquid: not available. GMX: unverified. Based on each venue's own terms.
Sources
Last checked . Fees and terms change often; the venue's own page wins if it disagrees with ours.
- Hyperliquid Docs: Fees — checked 2026-10-16
- Hyperliquid Docs: Referrals — checked 2026-10-16
- Hyperliquid Docs: Builder codes — checked 2026-10-16
- Hyperliquid Terms of Use (last updated June 15, 2026) — checked 2026-10-16
- Hyperliquid Docs: About Hyperliquid — checked 2026-10-16
- Hyperliquid Docs: Core contributors — checked 2026-10-16
- GMX Docs - Fees — checked 2026-10-16
- GMX Docs - Referrals — checked 2026-10-16
- GMX Docs - Intro — checked 2026-10-16
- GMX Docs - Trading overview — checked 2026-10-16
- GMX Docs - Trading on V1 (archived) — checked 2026-10-16
- GMX.io Terms and Conditions — checked 2026-10-16