comparison · DEX & atomic swaps
dYdX vs GMX
Both are listed in DEX & atomic swaps. The table below pulls directly from each service’s data sheet; see each entry for sourcing.
| Field | dYdX | GMX |
|---|---|---|
| KYC | tiered KYC | no KYC |
| Category | DEX & atomic swaps | DEX & atomic swaps |
| Jurisdiction | protocol — decentralized; Cayman / Switzerland operator entities historically | protocol — decentralized |
| Payment methods | crypto | crypto |
| Fiat on-ramp | no | no |
| Custodial | no | no |
| Open source | yes | yes |
| Founded | 2017 | 2021 |
| Last verified | Jan 1, 2026 | Jan 1, 2026 |
dYdX — summary
dYdX is the main on-chain perpetuals venue running on a dedicated Cosmos appchain.
- + On-chain perpetuals on a dedicated appchain; orderbook model rather than AMM.
- + Self-custody throughout — withdrawals are user-initiated.
- − Official front-end blocks U.S. IPs and certain addresses; community front-ends exist but require trust.
- − Perpetuals carry liquidation risk independent of custody.
- − Earlier (StarkEx-based) versions had different operator and KYC profiles; do not mix the historical record.
GMX — summary
GMX is the most-used permissionless perpetuals protocol on Arbitrum.
- + On-chain leverage trading from any EVM wallet.
- + GLP/GM liquidity model is well-documented.
- − Oracle and pricing model is the dominant historical risk surface.
- − On-chain transparency.
- − Facts need re-verification by operator (last seeded 2026-01).
When to choose which
Treat this section as heuristic. Privacy properties depend on how you use the service, not just which one you pick.
- Choose dYdX if on-chain perpetuals on a dedicated appchain; orderbook model rather than amm..
- Choose GMX if on-chain leverage trading from any evm wallet..
- Either way, re-check the entry’s last verified date — the DEX & atomic swaps category churns.
Compared as of .