dYdX vs GMX vs Hyperliquid: Perp DEX Shootout 2026
By DifiCalc Research Team · Published Sep 10, 2026 · Reviewed Sep 10, 2026
TL;DR — the quick verdict. For traders, Hyperliquid has the lowest fees (0.045% taker / 0.015% maker) and fastest orderbook, but the shortest track record on its own L1. dYdX is the established volume leader, now fully on its Cosmos appchain, with 0.05%/0.02% fees and the strongest affiliate program. GMX fits LPs who want simple index exposure to trading fees on Arbitrum/Avalanche/Polygon through the GM/GLP-style pool, accepting counterparty tail risk. Typical LP yields run ~15% (dYdX), ~18% (GMX) and ~22% (Hyperliquid), driven largely by trading volume.
| dYdX | GMX | Hyperliquid | |
|---|---|---|---|
| Founded | 2017 | 2021 | 2023 |
| TVL (reviewed Sep 2026) | ≈ $0.6B | ≈ $0.55B | ≈ $1.8B |
| Infrastructure | Cosmos appchain (v4) | Arbitrum, Avalanche, Polygon | Own high-performance L1 |
| Audits | 2 public audits | 2 public audits | 34 public audits |
| Taker / maker fee | 0.05% / 0.02% | ~0.05% margin / 0.1% swap | 0.045% / 0.015% |
| Typical LP yield | ~5–35%, ~15% typical | ~8–30%, ~18% typical | ~10–50%, ~22% typical |
| Affiliate / referral | 30–50% of taker fees | 5% trader fee discount via code | 4% trading-fee discount |
| DifiCalc risk grade | A | B+ | B |
| Full review | dYdX review | GMX review | Hyperliquid review |
TVL and APY figures reviewed Sep 10, 2026 against live data and protocol documentation; rates move daily — verify current numbers before depositing. See our review methodology.
Trading fees and execution
Hyperliquid undercuts both incumbents on maker and taker fees and runs a fully on-chain central-limit-order book with sub-second finality, which is why high-frequency traders migrated there in 2024–2026. dYdX v4 on its Cosmos appchain remains a deep, professional orderbook with slightly wider fees. GMX is structurally different: much of its flow trades against a multi-asset liquidity pool rather than a classic orderbook, which gives simple execution but a distinct risk profile for LPs.
For a $10,000 position, the fee gap between 0.045% and 0.05% is small per trade but compounds meaningfully for active traders; maker rebates matter most to limit-order users.
How LP yield is generated — and who bears the downside
All three pay liquidity providers from trading fees, but the risk packaging differs. On GMX the liquidity pool acts as a house/counterparty book: it earns traders' losses in calm markets but can pay out heavily during one-sided trends — the tail risk behind its 8–30% range. dYdX Chain LPs and stakers earn fee revenue tied to exchange volume with validator/appchain mechanics. Hyperliquid's liquidity vault similarly earns fees but is concentrated on a newer single-chain system.
The 22% typical on Hyperliquid and 18% on GMX are not risk-free interest — they are insurance for taking market and protocol risk. Use the risk grader and grade context (B and B+) before depositing.
Security and track record
dYdX has the longest operating history (since 2017) and top institutional volume history — grade A. GMX has run since 2021 across Arbitrum and Avalanche without a protocol-loss event but its pool design concentrates tail risk — grade B+. Hyperliquid lists 34 audits, far more than the other two, but has under three years of live operation and a limited validator set on its own L1, so our methodology weighs track record over audit count — grade B.
Appchain and own-L1 designs add infrastructure risk (validators, bridge and upgrade decisions) that an Ethereum-L2 deployment such as GMX largely outsources to the L2.
Affiliate and referral economics
dYdX runs the most generous partner program, paying 30–50% of referred taker fees — a real revenue channel for communities and content creators. GMX and Hyperliquid instead pass value to referred traders as 5% and 4% fee discounts, which converts better with active traders but does not pay the referrer directly. Choose a program based on whether you monetize an audience (dYdX) or simply want lower personal fees (GMX/Hyperliquid).
How to choose in 4 steps
- Decide whether you are a trader or an LP — fee comparison and LP-yield comparison answer different questions.
- For trading, compare maker/taker fees on your order type and check current depth and funding on the contract you trade.
- For LP, read exactly what the pool does during one-sided moves; assume the low end of the APY range in a cold-volume market.
- Weigh infrastructure: longest track record (dYdX) vs Ethereum-L2 simplicity (GMX) vs cheapest/newest single chain (Hyperliquid), then size the position to the B/B+ vs A risk difference.
Frequently asked questions
Which perp DEX has the lowest fees?
Hyperliquid: 0.045% taker and 0.015% maker, versus dYdX at 0.05%/0.02% and GMX around 0.05% on margin trading. Maker traders benefit most; for occasional takers the dollar gap on a single trade is small.
Is providing LP on these protocols safe?
Not risk-free. dYdX fee-sharing and Hyperliquid's vault depend on trading volume, while the GMX pool can lose when traders are heavily net-profitable in a trending market. GMX carries B+ and Hyperliquid B grades in our methodology; expect APY to fall well below the 'typical' figure in cold markets.
Why does Hyperliquid have 34 audits but a B grade?
Audits are weighted (25 points, capped) alongside operating years, TVL depth and diversification in our methodology. Hyperliquid launched in 2023 on its own L1 with a limited validator set, so extensive audits do not fully offset a short live track record and single-chain concentration.
What happened to dYdX on Ethereum?
dYdX v4 migrated fully to its own Cosmos-based appchain, leaving the older Ethereum deployment. This enables full decentralization of the orderbook and matching engine but adds appchain validator risk and a separate token-bridging workflow.
Which referral program pays the most?
dYdX pays affiliates 30–50% of referred taker fees, which is the only direct cash-share of the three. GMX and Hyperliquid give referred traders a 5% or 4% fee discount rather than paying the referrer; pick based on whether you want partner revenue or personal savings.
Sources and further reading
- dYdX — official exchange
- GMX — official site
- Hyperliquid — official exchange
- DeFiLlama — perp DEX volume and TVL