Hyperliquid vs GMX: Perpetual DEX Comparison 2026
Hyperliquid and GMX represent fundamentally different approaches to on-chain perpetual trading. Hyperliquid uses a traditional order book while GMX uses a liquidity pool model. This comparison examines the trade-offs.
Architectural Differences
Hyperliquid operates a fully on-chain central limit order book (CLOB). Traders place limit and market orders that match against each other, similar to traditional exchanges. GMX uses a unique pool-based model where traders trade against GLP/GM liquidity pools. There's no order book. Trades execute against the pool at oracle prices.Trading Experience
Hyperliquid Trading
- Familiar order book interface
- Limit orders, stop losses, take profits
- Real-time order matching
- Traditional trading experience
- Price discovery through order book
GMX Trading
- Pool-based execution
- Zero slippage on entry/exit
- Oracle-based pricing
- Simple execution
- No price impact on trades
Liquidity Models
Hyperliquid Liquidity
- Order book depth from makers
- HLP vault provides backstop
- Dynamic spreads
- Market maker participation
GMX Liquidity
- GLP/GM pools provide liquidity
- LPs earn trading fees
- Pool utilization matters
- No market makers needed
Fee Comparison
Hyperliquid Fees
- Maker: 0.02%
- Taker: 0.05%
- No funding for makers
- Position fees standard
GMX Fees
- Open/Close: 0.1%
- Higher base fees
- Borrowing fees for positions
- Fees go to LPs
GMX has higher base fees; Hyperliquid is generally cheaper.
Yield Opportunities
Hyperliquid Yield
- HLP vault for LP returns
- Market making participation
- Copy trading vaults
- Variable returns
GMX Yield
- GLP/GM pool yields (15-30% historically)
- Escrowed GMX staking
- Real yield from trading fees
- Established LP opportunity
GMX's LP yields have been consistently attractive.
Conclusion
Hyperliquid wins for active traders seeking order book execution and lower fees. GMX wins for LPs seeking yield and traders wanting simple, zero-slippage execution.Use Hyperliquid for sophisticated trading; use GMX for LP yields and simple execution.
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