Hyperliquid vs GMX: which is better?

Both are decentralized perpetual exchanges, but they work differently under the hood. Here's the data-driven picture.

Hyperliquid

• Architecture: an orderbook-based perp DEX running on its own Layer-1 chain (not on Arbitrum/Ethereum). Deep orderbook liquidity, very fast matching, plus spot, lending, RWAs and an EVM on the same network.
• Scale (per DefiLlama): the #1 derivatives protocol by fee revenue right now — $4.14M daily fees, of which $3.32M is the protocol's own revenue. That is an order of magnitude more activity than the rest of the field combined.
• Hyperliquid

GMX

• Architecture: a vault/AMM-style perp DEX on Arbitrum and Avalanche — traders take the other side of LP-provided pools (the old GLP model, now GM pools in v2). No orderbook; prices are derived from oracles.
• Scale: it did not appear in the top derivatives platforms by current daily fee revenue in DefiLlama's ranking — it's an older, established protocol but generates far less fee activity than Hyperliquid today.
• GMXTrade Now

How to choose

Trade-offs, neutrally: Hyperliquid is the current liquidity and fee leader with an orderbook — better if you care about spread and execution speed. GMX's vault model means LPs, not an orderbook, back every trade, and it's a more battle-tested older protocol on Arbitrum — relevant if you value that track record or want LP-side exposure. Neither is inherently "better"; it depends whether you're a trader who wants orderbook depth or a DeFi user who wants an established vault-based venue.

One data note: trading volume isn't shown for either — DefiLlama's derivatives volume data requires a paid plan, so fees and revenue are the closest free proxy for usage.

This is comparison info, not advice on where to put money — that call is yours.

Also tracked: FomoDownload App, LighterTrade Now, AsterTrade Now, GMTradeTrade Now, edgeXTrade Now.