Liquary vs GMX
Two ways to trade decentralised perps: an on-chain order book, or a liquidity pool.
Updated August 2026
The Liquary case, in three numbers
Side by side
marks the stronger side| What matters | Liquary | GMX |
|---|---|---|
| Execution model | Central limit order book, fully on-chain | Trade against a liquidity pool at an oracle price |
| Built on | Hyperliquid L1, purpose-built for an order book | Arbitrum, Avalanche and others; Arbitrum carries most of the volume |
| Trading fee | Hyperliquid's exchange fee; our fee is 0% until Oct 31, 2026 | Position fee on open and close, roughly 0.05–0.07% per side |
| Holding cost | Funding, which flows between longs and shorts | Continuous borrowing fee tied to pool utilisation, plus funding |
| Gas per trade | None: orders are signed messages on the L1 | Arbitrum gas on every on-chain action |
| Custody | Self-custodial, email or wallet sign-in | Self-custodial, wallet required |
| Beyond perps | Spot and HIP-4 prediction markets on the same balance | Perps and swaps |
| Earn as a provider | Not offered here; Hyperliquid has its own vaults | Provide pool liquidity and earn a share of protocol fees |
Which platform fits you?
Choose GMX if…
- You want a battle-tested protocol with years of history and a large, established liquidity pool.
- You are already on Arbitrum or Avalanche and want to stay in that ecosystem.
- You want to be the house rather than the trader: GMX lets you provide liquidity and earn a share of fees.
- You prefer trading against a pool at an oracle price, with no order book to read.
Choose Liquary if…
- You want a real order book: limit orders, visible depth, and a price you set rather than accept.
- You want costs you can predict, without a borrowing fee that moves with pool utilisation.
- You want prediction markets and spot in the same account as your perps.
- You want no gas on every order, cancel or reprice.
- You want to start without a wallet, via an email code.
Order book or pool: the choice under everything
GMX pioneered pool-based perps: you trade against a shared liquidity pool at an oracle price, with no counterparty to find and no book to read. It removed a real barrier and the design has held up for years. The trade-off is that you take the oracle price rather than set your own, and your holding cost depends on how busy the pool is.
Liquary trades on Hyperliquid's on-chain order book, so a limit order is a limit order: it rests, it shows in the depth, and it fills at your price or not at all. On a chain built for that, orders and cancels are signed messages rather than transactions, which is why repricing costs no gas.
Where the costs actually differ
GMX charges a position fee to open and to close, on the order of 0.05% to 0.07% per side, plus Arbitrum gas on every action. While the position is open it accrues a borrowing fee driven by pool utilisation, which can spike precisely when markets are volatile and the pool is crowded. That unpredictability is the part worth planning for, more than the headline rate.
On Hyperliquid the holding cost is funding, which flows between longs and shorts rather than to the protocol, and there is no gas per order. Our own builder fee is 0% until October 31, 2026, and afterwards it is volume-tiered on the same windows Hyperliquid uses, so it falls as you trade more.
One account, three markets
Beyond execution, the accounts differ in scope. GMX does perps and swaps. On Liquary the same USDC funds perps, spot and HIP-4 prediction markets, so a macro view can be levered, hedged or expressed as an event position without moving funds between apps or chains.
GMX has something we do not: you can supply the pool and earn a share of what traders pay. If your interest is yield rather than directional trading, that is a genuine reason to choose it, and it is why the table gives them that row.
Frequently asked questions
Is Liquary cheaper than GMX?
Usually on entry and exit, and more predictably while a position is open. Our builder fee is 0% until October 31, 2026, leaving only Hyperliquid's exchange fee, against a GMX position fee of roughly 0.05–0.07% per side plus Arbitrum gas. GMX also charges a borrowing fee that rises with pool utilisation, where Hyperliquid charges funding that flows between traders.
Can I place limit orders on GMX?
GMX supports trigger orders, but execution is against a liquidity pool at an oracle price rather than a resting order in a book. Liquary trades on Hyperliquid's on-chain order book, so limit orders rest, appear in the visible depth and fill at your price.
Do I pay gas on every trade?
On GMX, yes: every open, close or adjustment is an on-chain transaction on Arbitrum. On Liquary, no: orders and cancels are signed messages on Hyperliquid's L1, so repricing costs nothing.
Which supports more leverage?
Both offer high leverage, with per-market caps on each side. Check the specific market on each venue rather than the headline number, since limits vary by asset and by position size.
Can I provide liquidity on Liquary?
Not through Liquary in the GMX sense. Hyperliquid has its own vault products, including HLP, which you can access separately. If earning from providing liquidity is your goal, GMX's pool model is built directly around it.
See the markets for yourself
Fast perps and spot trading, and live prediction markets, no account needed to look.
Facts checked August 2026 from GMX's published documentation. Fee parameters on both sides are governance- and market-dependent; check current rates before trading. Nothing on this page is financial advice.