Hyperliquid vs GMX compared: on-chain order book vs GLP liquidity model, volume, fees, token economics (HYPE vs GMX/GLP), and which is better for perp trading.
Hyperliquid vs GMX compared: on-chain order book vs GLP liquidity model, volume, fees, token economics (HYPE vs GMX/GLP), and which is better for perp trading.
Hyperliquid is the dominant decentralized perpetuals exchange commanding approximately 70% of all on-chain derivatives volume. Built on a custom L1 with HyperBFT consensus, it achieves 0.2-second finality and 200,000+ TPS. Features: on-chain CLOB (not AMM), 100+ perp markets, up to 40x leverage, 0.024%/0.045% maker/taker fees, spot trading, HLP vaults, and HyperEVM for DeFi composability. HYPE token launched November 2024 — 31% to users, zero VC allocation. No KYC required.
70%+ of all decentralized perpetuals volume runs through Hyperliquid — here is why.
No KYC, no custodian. Connect a wallet and trade perpetuals on-chain in minutes.
hyperliquid.xyz — no account or KYC required.
2 seconds.
70%+ of decentralized perpetuals volume. $21.8B in 24H. 0.2-second finality. No KYC. No custodian risk.
Open Hyperliquid →No account required · No KYC · No withdrawal limits · Self-custody
"Hyperliquid has been my primary trading venue since early 2025. The execution quality is indistinguishable from Binance Futures at the position sizes I trade. Self-custody is a significant advantage I don\'t want to give up."
"The HYPE airdrop was the fairest token distribution I\'ve seen. No VC allocation, 31% directly to users based on trading activity. Combined with genuine protocol revenue capture, HYPE has real fundamental backing."
"The market share numbers are remarkable for a DEX. 70% of decentralized perp volume is not a statistical artifact — it reflects genuine product superiority in execution quality and liquidity."
No VC funding. 31% of HYPE airdropped to users. On-chain order book. 760,000+ traders.
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