10X vs dYdX vs GMX: Which Perps DEX Should You Use?

Three perps DEXs. Three different architectures. Three different philosophies about how on-chain trading should work.

10X runs on Hyperliquid. dYdX runs on its own Cosmos chain. GMX runs on Arbitrum and Avalanche. Each one has real advantages and real limitations.

I've traded on all three. Here's what you need to know to pick the right one.

The Quick Answer

10X (Hyperliquid): Best for traders who want speed, asset variety, and a clean desktop experience. 150+ markets, 50x leverage, zero gas fees.

dYdX: Best for institutional-grade traders who need deep liquidity on major pairs and advanced order types. 200+ markets, up to 25x leverage, established since 2018.

GMX: Best for simplicity and passive earning. Straightforward trading interface with a unique liquidity model that lets non-traders earn fees. Up to 50x leverage on Arbitrum.

Now the details.

Chain Architecture

This matters more than most comparison articles admit. The chain your perps DEX runs on determines your speed, costs, and what's possible.

10X / Hyperliquid L1

Hyperliquid built its own L1 specifically for trading. Block time: 0.2 seconds. The entire chain is optimized for orderbook matching. No gas fees on orders. No competing with DeFi transactions for blockspace.

The result: order execution that feels like a CEX. Place an order, it's confirmed before you can blink.

dYdX / Cosmos (dYdX Chain)

dYdX migrated from Ethereum L2 to its own Cosmos-based chain. Validators run the orderbook off-chain and settle on-chain. This gives good performance but introduces a different trust model than Hyperliquid's fully on-chain approach.

Block times are around 1-2 seconds. Fast, but noticeably slower than Hyperliquid.

GMX / Arbitrum + Avalanche

GMX uses an AMM/oracle model instead of an orderbook. No traditional matching engine. Chainlink oracles provide price feeds, and the GLP/GM liquidity pool acts as the counterparty.

This means: no slippage on entries (you trade against the oracle price), but you're limited to the assets and parameters the pool supports. Execution speed depends on Arbitrum's sequencer.

Fees Compared

Fees eat into every trade. Here's what each platform charges:

On a $10,000 round-trip trade (open + close):

• 10X: ~$9 total (taker both sides)
• dYdX: ~$10 total (taker both sides)
• GMX: ~$8-12 total (depends on pool utilization)

The differences are small for individual trades. Over hundreds of trades, they compound. Hyperliquid's zero gas fees are a real advantage for high-frequency traders who place many orders.

Asset Coverage

10X (Hyperliquid): 150+ assets
Crypto perps, tokenized stock futures (AAPL, TSLA, NVDA), commodity futures (oil, gold, silver). Hyperliquid's permissionless listing system means new assets appear regularly.

The variety is a standout. Oil perps alone did $1.77 billion in volume in a single day recently. You won't find that on dYdX or GMX.

dYdX: 200+ markets
Primarily crypto perps. Strong coverage of major and mid-cap tokens. dYdX has been adding markets aggressively and now has the largest market count. No tokenized equities or commodities though.

GMX: 30-40 markets
Smaller selection but focused on the highest-volume pairs. BTC, ETH, SOL, ARB, AVAX, and a rotating selection of others. Quality over quantity.

Winner: Depends on what you trade. For crypto-only, dYdX has the most markets. For cross-asset exposure (stocks, commodities, crypto), Hyperliquid through 10X is the only option.

Leverage

dYdX caps at 25x on most pairs, with some going lower. This is a deliberate design choice for risk management. If you need higher leverage, Hyperliquid and GMX both offer 50x.

Higher leverage isn't always better. But having the option matters for certain strategies.

User Experience

10X

Desktop-first design. Clean layout. Self-custodial with wallet connection. No account creation, no API keys, no email. The interface feels modern and purpose-built. Zero setup friction.

The tradeoff: no mobile optimization yet, and the community is still growing.

dYdX

The most "CEX-like" DEX experience. If you've used Binance Futures, dYdX feels familiar. Order panels, depth charts, trade history. It's polished and mature.

dYdX has an iOS app, supports instant deposits, and has invested heavily in reducing onboarding friction. The downside: some features require the dYdX chain wallet setup, which adds steps.

GMX

Simplest interface of the three. Connect wallet, pick asset, set leverage, click long or short. Minimal learning curve.

GMX shines for its dual purpose: trade perps or provide liquidity to the GM pools and earn fees. The liquidity provider side is what makes GMX unique. You don't get that on the other two.

Winner: UX is subjective. 10X for desktop aesthetics and zero friction. dYdX for institutional feel and mobile. GMX for simplicity.

Liquidity and Execution

Hyperliquid (10X): Central limit orderbook on L1. Deep liquidity on major pairs. BTC/USD does $3+ billion daily. You're trading against other participants, not a pool.

dYdX: Off-chain orderbook with on-chain settlement. Professional market makers provide liquidity. Tight spreads on major pairs, wider on smaller markets.

GMX: Oracle-based pricing with pool counterparty. Zero slippage on entry (you get the oracle price), but there are limits on position size relative to pool depth. Large orders can face open interest caps.

For small to medium positions ($1K-$100K), all three platforms handle execution well. For larger positions, Hyperliquid's orderbook depth and dYdX's market maker liquidity give better fills than GMX's pool model.

Self-Custody and Security

All three are self-custodial. Your funds stay in your wallet or in a smart contract you control. No CEX-style custody where the exchange holds your assets.

Hyperliquid (10X): Funds bridge from Arbitrum to Hyperliquid L1. The L1 validators secure your assets. Trade directly from your wallet with no API keys.

dYdX: Funds live on the dYdX Cosmos chain. Validators secure the chain. You control your keys.

GMX: Funds stay in Arbitrum/Avalanche smart contracts. Battle-tested contracts with years of operation and billions in volume.

Security track record: GMX has operated since 2021 without a major exploit on its core contracts. dYdX has been running since 2018 across multiple versions. Hyperliquid is newer (2023 mainnet) but has handled billions in volume without security incidents.

KYC Requirements

All three are non-custodial, so KYC is not required at the protocol level. dYdX blocks US and Canadian IP addresses on its official frontend. Hyperliquid and GMX don't enforce geographic restrictions.

Token Economics

Each platform has a native token. This matters for fee discounts and governance.

HYPE (Hyperliquid): Staking HYPE reduces trading fees by 5-40%. Current market cap: ~$10 billion. Used for governance and permissionless market listing (500K HYPE stake required).

DYDX: Used for governance on the dYdX chain. Validators stake DYDX. Trading fee discounts available through staking.

GMX: Revenue-sharing token. Staking GMX earns a portion of platform fees. This makes GMX attractive as both a trading platform and a yield investment.

When to Use Each Platform

Choose 10X (Hyperliquid) if:

• You want the fastest execution with zero gas fees
• You trade more than just crypto (stocks, commodities, oil)
• You prefer a clean desktop trading experience
• Zero-friction onboarding matters to you
• You don't want to deal with geographic restrictions

Choose dYdX if:

• You need the deepest crypto-specific market coverage (200+ pairs)
• You prefer a CEX-like professional interface
• You want a mobile app for trading on the go
• You're outside the US/Canada (or comfortable with the restriction)
• Established track record matters to you (operating since 2018)

Choose GMX if:

• You value simplicity over features
• You want to earn yield by providing liquidity
• You prefer the Arbitrum ecosystem
• Zero-slippage entries are important for your strategy
• You're okay with a smaller asset selection

The Bottom Line

There's no single "best" perps DEX. The right choice depends on what you trade, how you trade, and what you value.

For raw speed and asset variety, Hyperliquid through 10X is hard to beat. For crypto market depth and institutional polish, dYdX leads. For simplicity and passive yield, GMX carved out a unique niche.

The good news: they're all self-custodial, all non-KYC, and all improving fast. Try each one with a small amount. The one that feels right for your workflow is the one you'll trade best on.