dYdX is a leading decentralized derivatives exchange focused on order-book-based trading, while GMX is a permissionless onchain exchange offering up to 100x leverage via an automated market maker model. dYdX suits experienced traders seeking a centralized-exchange-like interface with deep liquidity, whereas GMX appeals to users who prioritize simplicity, direct onchain execution, and high leverage without order books.
| Token Price | — | — |
| 24h Change | — | — |
| Market Cap | — | — |
| TVL | $83.7MDefiLlama | $180.3MDefiLlama |
| MCap Rank | #1791 | #346 |
| Total Raised | $85.0M | — |
| Founded | 2017 | 2021 |
| Stage | — | — |
| X / Twitter | 39K | 223K |
| GitHub Stars | 329 | — |
| Chains | cosmosdydxethereum | arbitrumavalanchebotanix |
| Tags | Derivatives, DeFi, Appchain | Derivatives, DeFi, Perp |
dYdX is a decentralized exchange (DEX) specializing in derivatives and perpetuals trading. Built on its own CosmosSDK-based blockchain, it offers non-custodial trading with community governance and validator security. The platform is a key player in the DeFi derivatives space, backed by the Paradigm portfolio.
GMX is a leading permissionless onchain exchange that enables trading of over 70 assets with up to 100x leverage from self-custody wallets. It operates on Arbitrum, Avalanche, and Solana, and is expanding multichain access. The platform facilitates trading through isolated GM pools and capital-efficient GLV vaults, allowing anyone to provide liquidity and earn fees.