comparison · DEX & atomic swaps
GMX vs Hyperliquid
Both are listed in DEX & atomic swaps. The table below pulls directly from each service’s data sheet; see each entry for sourcing.
| Field | GMX | Hyperliquid |
|---|---|---|
| KYC | no KYC | no KYC |
| Category | DEX & atomic swaps | DEX & atomic swaps |
| Jurisdiction | protocol — decentralized | protocol — decentralized |
| Payment methods | crypto | crypto |
| Fiat on-ramp | no | no |
| Custodial | no | no |
| Open source | yes | no |
| Founded | 2021 | 2023 |
| Last verified | Jan 1, 2026 | Jan 1, 2026 |
GMX — summary
GMX is the most-used permissionless perpetuals protocol on Arbitrum.
- + On-chain leverage trading from any EVM wallet.
- + GLP/GM liquidity model is well-documented.
- − Oracle and pricing model is the dominant historical risk surface.
- − On-chain transparency.
- − Facts need re-verification by operator (last seeded 2026-01).
Hyperliquid — summary
Hyperliquid is a newer on-chain perpetuals venue with strong execution characteristics.
- + High-throughput on-chain order book and execution.
- + Self-custody at the wallet layer.
- + No KYC at the protocol layer.
- − Newer chain; less battle-tested than dYdX.
- − Validator set and operator transparency are evolving; review the docs at the time you use it.
- − Perp liquidation risk independent of custody.
When to choose which
Treat this section as heuristic. Privacy properties depend on how you use the service, not just which one you pick.
- Choose GMX if on-chain leverage trading from any evm wallet..
- Choose Hyperliquid if high-throughput on-chain order book and execution..
- Either way, re-check the entry’s last verified date — the DEX & atomic swaps category churns.
Mentioned in (combined)
Pages on the site that reference GMX, Hyperliquid, or both.
Ranked picks
Compared as of .