Hyperliquid vs dYdX vs GMX: The Real Trader Comparison (2025)

By cryptoharvester | Cryptoharvest | 10 Jun 2025

If you actually trade — size, speed, structure — you know most perp platforms aren’t built for you.

dYdX and GMX helped kick off onchain perps. But in 2025, Hyperliquid is different.

This isn’t a marketing breakdown. This is a comparison based on real execution, real fill quality, and real risk logic

1. Execution Speed

Hyperliquid is the fastest. Built on its own custom Layer 1, it settles trades onchain in under 1 second.
dYdX v4 moved to Cosmos to improve decentralization, but that introduced appchain latency.
GMX relies on price oracles — which update on intervals, not block-by-block. You can’t market in instantly with precision.

➡️ Result: If you scalp, size in, or react to volatility — Hyperliquid wins.

2. Order Book vs Oracle

Hyperliquid is a true onchain orderbook, with live bids/asks, sub-cent ticks, and transparent depth.
dYdX simulates orderbooks but matching is still semi-offchain.
GMX uses oracle pricing and LP-based liquidity, which makes it more like a prediction market than an exchange.

➡️ Result: Want real trading? You need a real book. Hyperliquid is the only one that delivers.

3. Fee Structure

Hyperliquid has the lowest fees just 0.01% maker and 0.035% taker. dYdX is more expensive, and GMX costs even more. Over time, that adds up fast. For $1M/month in volume, you’d pay about $350 in taker fees on Hyperliquid vs $1,000+ on GMX.

➡️ Result: Lowest fees = best net PnL = Hyperliquid wins again.

4. Advanced Order Types

Hyperliquid offers:

✅ Reduce-only
✅ Post-only
✅ IOC (Immediate-or-Cancel)
✅ TP/SL that trigger on-chain without wallet popups

dYdX and GMX lack key execution features. TP/SL execution is inconsistent, and they don’t support all advanced order types.

➡️ Result: If you automate strategies or use bots — only Hyperliquid feels like a real terminal.

5. Leverage & Risk Engine

Hyperliquid lets you trade with up to 40x leverage using a clean tiered margin system. dYdX caps leverage at 20x. GMX allows ~30x but its liquidation logic is tied to LP liquidity and oracles.

Hyperliquid’s risk engine uses:

Fair mark price from multiple CEXs
ADL when necessary
Transparent liquidation math

➡️ Result: More control, cleaner exits, fairer risk = Hyperliquid.

6. Volume Capacity (for Pros)

GMX can't handle big trades on altcoins without major slippage. dYdX can, but not at full speed. Hyperliquid consistently lets me place $10K–$50K trades with minimal impact — less than 0.01% slippage in many cases.

➡️ Result: Big size, no penalty = Hyperliquid.