Key Competitors
Core Focus
Platform's Primary Purpose
Perpetual contracts, derivatives
Decentralized futures trading
Spot and derivatives
Options and derivatives
Spot, futures, P2P
Comprehensive cryptocurrency trading
Underlying Blockchain
Specific Blockchain or Layer2 used
dYdX Chain (StarkEx on Ethereum)
HyperLiquid Layer 1 (EVM-compatible)
Arbitrum
Ethereum
Proprietary infrastructure
Proprietary infrastructure
Key Tokens Supported
Range of Supported Assets
ETH, BTC, USDC
BTC, ETH, AVAX, BNB, MATIC
BTC, ETH, LINK, UNI
ETH, BTC
BTC, ETH, USDT, BNB, SOL
BTC, ETH, BNB, SOL, USDT
Leverage Options
Maximum Leverage Allowed
Up to 20x
Cross and isolated margin
Up to 50x
Up to 100x
Up to 100x
Up to 125x
Options Trading
Options Trading Support
No
No
No
Yes
Yes
Yes
Cross-chain
Cross-chain Interoperability
Planned (via StarkNet)
Supported via LayerZero
No
No
No
No
Trading Fees
Structure & Range of Fees
Maker Fee
Fees for Placing Limit Orders
0.00% to 0.05%
~0.01%
0.00%
0.02%
0.01%
0.02%
Taker Fee
Fees for Executing Market Orders
0.05%
~0.03%
0.10%
0.05%
0.06%
0.04%
Fee Discounts
Discounts Based on
Staking or Token Usage
Based on trading volume
Yes, via staking rewards
Staking GMX
None
VIP levels, token-based
VIP levels, BNB holding
Token Fee Payment
Ability to Pay Fees in Platform Tokens
No
Yes, HYPE token
No
No
Yes
Yes
Fee Sharing
Fee Redistribution to Token Holders
Yes, via DYDX token staking
Yes
Yes
No
No
Yes
Platform-Specific Fees
Special Fees Specific to Platform
No
No
Low fees for perpetuals
Options-related fees
None
Dynamic based on tier
Cross-Chain Fees
Fees for using cross-chain functionality
No
Minimal, via LayerZero
No
No
No
No
Withdrawal Fees
Based on blockchain-specific costs
Gas fees only
Minimal
Gas fees
Gas fees
Fixed or dynamic
Fixed or dynamic
Order Types
Available order types
Market, limit, stop-loss, take-profit
Market, limit, conditional
Market, limit, stop-loss, conditional
Market, limit, stop-loss, conditional
Market, limit, stop-loss, conditional
Market, limit, stop-loss, trailing, batch
Limit Orders
Orders to buy/sell at a specific price
Supported, customizable price levels
Supported, highly responsive
Supported
Supported
Supported
Supported
Market Orders
Orders executed at the current market price
Instant execution at market price
Instant execution with minimal slippage
Instant execution
Instant execution
Instant execution
Instant execution
Stop-Loss Orders
Automatic exit when price reaches a set level
Fully supported for risk management
Supported with flexible settings
Fully supported
Fully supported
Fully supported
Fully supported
Take-Profit Orders
Locking profits by closing a position at a specific price
Supported as standalone or combo with Stop-Loss
Supported with multi-condition options
Supported
Supported
Supported
Supported
Conditional Orders
Triggered by specific conditions
Yes, with advanced triggers
Yes, tailored for futures and margin trading
Limited functionality
Advanced triggers for options trading
Yes
Yes
Trailing Stop Orders
Dynamic adjustment based on price movement
Not supported
Fully supported with real-time adjustment
Not supported
Yes, dynamic adjustment available
Fully supported
Fully supported
Post-Only Orders
Ensures placement as a maker order only
Supported to ensure no taker fees
Supported to prioritize maker role
Not supported
Supported with fee optimizations
Fully supported
Fully supported
Time-in-Force Options
Options to control order duration
GTC (Good-Till-Cancel), IOC (Immediate-Or-Cancel)
Multiple options including FOK, GTC, IOC
Not supported
GTC and IOC supported
Fully customizable
Fully customizable
Batch Orders
Multiple orders executed in one transaction
Not supported
Supported for institutional-grade efficiency
Not supported
Not supported
Supported for reducing latency in large trades
Supported for reducing latency in large trades
Liquidity Mechanism
Primary method for liquidity provision
Decentralized liquidity pools
Hybrid mechanism with LayerZero integration
Liquidity pools, supported by LP staking
High-speed order book with centralized LPs
Centralized order book
Centralized order book
Partially decentralized, with professional MM
Who provides the liquidity
Active, uses proprietary MM protocols
Automated MM via liquidity providers
Hybrid system with MM and dynamic pricing
Active MM participation
Extensive professional MM network
Slippage Management
How slippage is handled
Low, optimized via StarkEx rollups
Minimal, advanced slippage mitigation tools
Moderate, relies on pool liquidity
Low, advanced matching algorithms
Minimal slippage with large liquidity pools
Minimal slippage with large liquidity pools
Collateral Structure
Supported collateral types
USDC as primary collateral
Multi-token collateral supported
Multi-token, native token incentivized
ETH and stablecoins as collateral
USDT and other stablecoins primarily
USDT, BUSD, and other stablecoins primarily
Impermanent Loss
Risk of impermanent loss in AMMs
Not applicable
Mitigated via active liquidity management
Moderate risk for liquidity providers
Not applicable
Not applicable
Not applicable
Transaction Costs
Associated transaction costs
Low, gas fees optimized through L2
Low, Layer 1 optimized
Gas fees depend on Arbitrum network
Standard Ethereum gas fees
Competitive trading fees, fixed withdrawal fees
Competitive trading fees, fixed withdrawal fees
Liquidity Incentives
Incentives for liquidity providers
Staking rewards for DYDX token holders
Dynamic rewards for liquidity providers
GMX token rewards and revenue share
None
Fee rebates for high-volume traders
Fee discounts and token-based incentives
Order Execution Speed
Speed of executing trades
Fast, L2 rollup technology
Instant execution with minimal latency
Near-instant execution on Arbitrum
Quick execution, Ethereum network dependent
High-speed execution with proprietary systems
High-speed execution with proprietary systems
Cross-Chain Liquidity
Liquidity across multiple chains
Planned integration via StarkNet
Supported via LayerZero
Not supported
Not supported
Not supported
Limited via Binance Chain
Collateral Type
Assets accepted as collateral
Crypto-based (USDC, ETH, BTC)
Crypto collateral (stablecoins, tokens)
Crypto-based (ETH, BTC, stablecoins)
Crypto and stablecoins
Crypto-based
Crypto-based
Insurance Pool
Dedicated funds for covering platform risks
No direct insurance pool, risk managed via staking
Yes, dedicated insurance fund
Yes, with dedicated liquidity pools
Not explicitly defined
Yes, large insurance fund for emergencies
Yes, large insurance fund for emergencies
Liquidation Mechanism
How positions are liquidated
Automatic, based on collateral thresholds
Automatic, advanced real-time risk models
Automated with clear thresholds
Smart contract-driven liquidation
Automated liquidation engines
Automated liquidation engines
Partial Liquidation
Partial liquidation to avoid full losses
Yes, partial liquidation to protect positions
Yes, prioritizes minimizing loss
No, full liquidation on threshold breach
Yes, supports partial liquidations
Yes, advanced partial liquidation system
Yes, advanced partial liquidation system
Overcollateralization
Ensures solvency of positions
Required for all positions
Flexible, determined by token risk profile
Required for perpetuals and margin trades
Strict, ETH-focused overcollateralization
Required for margin trades
Required for margin trades
Stability Mechanisms
Systems ensuring market stability
Advanced margin and risk controls
Dynamic mechanisms tied to insurance fund
Revenue sharing mitigates risk for providers
Collateral-focused stabilization
Risk models and high liquidity
Risk models and high liquidity
Coverage for Traders
Insurance benefits for traders
Limited, reliant on user-staked reserves
Yes, backed by insurance pool
Yes, backed by GMX liquidity pools
No specific coverage mechanism
Extensive coverage with reserve fund
Extensive coverage with reserve fund
Default Risk Mitigation
Handling failures
Managed via overcollateralization and liquidation
Actively managed with real-time monitoring
Relies on pool performance and token incentives
Managed via strict collateral requirements
Insurance fund and real-time risk assessments
Insurance fund and real-time risk assessments
Staking Rewards
Benefits for token holders/stakers
Reward Type
Types of staking rewards
DYDX token rewards
Native token rewards
GMX and escrowed GMX (esGMX)
Not specified, likely no rewards
BYBIT token rewards
BNB rewards via staking and savings products
APY (Approx)
Annual percentage yield for staking
5-10%, depends on staking pool
Competitive rates, dynamic based on performance
~8-15% depending on liquidity pool
No staking rewards
~5-8% on average
~3-20% depending on product
Lockup Period
Minimum holding period for rewards
No mandatory lockup, but rewards accrue over time
Flexible, user-defined
No lockup for GMX, but esGMX has vesting
No staking, hence no lockup
Lockup periods vary across products
Lockup periods vary across products
Reward Distribution Frequency
How often rewards are distributed
Weekly
Weekly or dynamic based on performance
Continuous accrual, claimable anytime
Not applicable
Weekly or monthly
Daily to weekly
Fee Sharing Mechanism
Redistribution of platform fees
50% of trading fees shared with stakers
Proportionate share of platform profits
30% of platform fees shared with liquidity providers
None
Rebates based on trading volume
Fee discounts and cashback via BNB token
Additional Incentives
Bonus benefits for stakers
Governance rights, boosted rewards for long-term
Additional staking bonuses, governance rights
Governance rights, boosted staking rewards
None
Trading fee discounts, exclusive events
Exclusive events, trading fee discounts
Unstaking Penalty
Penalties for early unstaking
No penalties, but rewards forfeited if unstaked
No penalties
No penalties
Not applicable
No penalties
No penalties
Governance Role
Participation in platform governance
Stakers vote on key protocol decisions
Stakers participate in governance proposals
GMX token holders vote on governance proposals
Not specified
Limited governance role for token holders
Governance via BNB voting and decision-making
Decentralization Level
Degree of decentralization
High, minimal reliance on centralized infra
High, with focus on user control
High, fully decentralized
Moderate, centralized components
Low, heavily centralized
Low, heavily centralized
Governance Mechanism
How governance decisions are made
Token-based voting on proposals
Token-based governance
Token-based governance via GMX holders
Limited governance, centralized control
Centralized decision-making
Centralized governance with limited user input
Smart Contract Transparency
Accessibility and auditability of code
Fully transparent and open-source
Transparent, partially open-source
Fully open-source contracts
Transparent, with public audits
Partial transparency, not fully open-source
Partial transparency, not fully open-source
Reliance on Centralized Components
Degree of reliance on centralized systems
Minimal, relies on decentralized infra
Minimal, relies on advanced decentralization
Minimal reliance, primarily decentralized
Moderate, depends on central components
Significant reliance on centralized systems
Heavy reliance on centralized systems
Node Operation
How nodes operate in the network
Community and professional nodes operate network
Operated by community participants and operators
Community-driven node operation
Centralized infrastructure for core functions
Centralized server-based operations
Centralized server-based operations
Voting Power Distribution
Token-weighted or delegated voting power
Proportional to staked DYDX tokens
Proportional to token holdings
Proportional to GMX and esGMX holdings
Limited user participation
Limited or no user voting power
Limited or no user voting power
Protocol Upgradability
How upgrades are managed
Decentralized upgrades via governance proposals
Governance-controlled updates
Community-driven upgrade proposals
Centralized updates
Centralized updates
Centralized updates
Cross-Chain Support
Support for operating across blockchains
Planned with StarkNet expansion
Advanced cross-chain capabilities via LayerZero
Limited to Arbitrum
Not supported
Limited cross-chain operations
Limited to Binance Chain
Validator/Operator Role
Role of validators or operators in the system
Validators participate in StarkNet
Validators and operators secure the network
Liquidity providers act as operators indirectly
Not applicable
No validator roles, fully centralized
No validator roles, fully centralized
Regulatory Considerations
Compliance & Restrictions
KYC/AML Requirements
Know Your Customer & Anti-Money Laundering processes
No KYC, focused on decentralized trading
No KYC, emphasizes user anonymity
No KYC, aligns with decentralized principles
No KYC, decentralized user access
Yes, mandatory KYC for all users
Yes, mandatory KYC for most users
Compliance with Global Regulations
Adherence to international regulatory frameworks
Operates in regulatory gray areas, no specific adherence
Maintains decentralized structure, avoids strict regulations
Avoids direct regulation due to decentralized model
Operates in less regulated markets
Licensed in select regions, complies with major regulations
Licensed in most regions, complies with global regulations
Privacy Policies
How user data is protected
User anonymity prioritized, minimal data collected
Strong focus on user privacy
User data not collected
Limited data collection
User data collected for compliance
Extensive data collection for compliance
Region-Specific Restrictions
Areas where Access is Restricted
Accessible globally, limited by blockchain
Globally accessible, avoids specific restrictions
Globally available, no explicit restrictions
Restricted in highly regulated jurisdictions
Restricted in some regions
Restricted in multiple regions, including the US
Token Compliance (Securities Law)
Whether the platform token faces securities classification
Avoids classification as a security
Token design avoids securities classification
GMX not classified as a security
Tokens designed to avoid securities laws
Tokens comply with specific jurisdictions
Tokens designed to comply with securities laws
Platform Licensing
Existence of operational licenses
Unlicensed, decentralized
Not licensed, operates in decentralized manner
Not licensed, leverages decentralization
Not licensed
Licensed in several jurisdictions
Licensed in multiple major jurisdictions
Liability Protection
Protection mechanisms for platform operators
Limited, users bear most risks
Limited, user risks inherent to decentralization
Limited, aligned with decentralized principles
Limited, traders assume risk
Liability protection through terms of service
Strong liability protection policies
Operations Transparency
Openness about operations and funds
Fully transparent through open-source protocols
Transparent operations, open governance
Transparent via public smart contracts
Transparent operations, publicly auditable
Partial transparency
Moderate transparency, selective disclosures
Analytics & Tools
In-platform Analytics
Advanced trading analytics, charting tools
Advanced analytics, specialized trading tools
Basic analytics, integrated dashboards
Pro-level analytics, detailed insights
Comprehensive tools, including social trading
Advanced tools for spot and derivatives
User Interface Complexity
Target Audience Complexity Level
Moderate, tailored for experienced traders
Intuitive, suitable for intermediate users
Simple and user-friendly
Moderate complexity, aimed at professionals
User-friendly with advanced features
Beginner-friendly with extensive options
Mobile Support
Mobile Trading Experience
Full mobile app support, optimized UI
Mobile app in development, browser compatible
Limited mobile support
Full mobile app, tailored for trading
Full-featured mobile app
Robust mobile app with all platform features
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