Perpetuals · Arbitrum L2
GMX Alternative: Perpetuals Without Borrow Fees
EVEDEX is a GMX alternative on Arbitrum without borrow fees: 0.015% maker, 0.045% taker and 200x on BTC, ETH and SOL up to $50,000 notional. Hyperliquid and Lighter offer deeper order books.
EVEDEX perpetuals at a glance
EVEDEX trading terms as of September 15, 2026, from EVEDEX trading terms and fee schedule.
GMX alternatives compared
Four order book venues against GMX, each with two documented drawbacks. How EVEDEX works as a perp DEX, and how contracts differ from spot in perpetual futures vs spot.
| Exchange | Execution | Size | Base fees and leverage | Drawbacks |
|---|---|---|---|---|
| EVEDEX | Hybrid: off-chain matching, Arbitrum L2 settlement | $678.6M open interest; 52 pairs | 0.015%/0.045%; 200x BTC, ETH, SOL to $50K | No spot or options; USDT margin only |
| GMX | Oracle-priced fills against GM pools | $31.8M open interest on Arbitrum; 15 markets | 0.04–0.06% plus borrow; up to 100x | Borrow ~45–55% a year; V1 exploit 2025 |
| Hyperliquid | Fully on-chain order book on own L1 | $14.18B open interest; 404 perpetual pairs | 0.015%/0.045%; 40x on BTC | Most alts 3x–10x |
| Lighter | Order book built as a ZK rollup | $1.06B open interest; 209 markets | 0% on standard accounts; 50x on BTC | 300 ms taker delay; restricts some countries |
| dYdX | Validator-run order book on dYdX Chain | $44.3M open interest; 119 pairs | 1.0/5.0 bps; 50x on BTC, ETH | Thin open interest |
Why GMX traders choose EVEDEX
Stay on Arbitrum, drop the borrow fee and trade more than crypto from one USDT account.
Same network as GMX
Positions, liquidations and funding are recorded on Arbitrum L2, while orders match off-chain without gas per order.
No borrow fee
Open positions pay or receive only funding, calculated every 8 hours and charged hourly.
Published leverage ladder
200x on BTC, ETH and SOL up to $50,000 notional, 100x on XRP, gold, silver and oil, 75x or 50x on the rest.
More than crypto
US stocks, EUR/USD, USD/JPY, gold and WTI oil trade from the same USDT margin, 24/7.
Connect your wallet
Log in to the EVEDEX exchange with your wallet. There is no traditional KYC; deposits pass AML screening.
Deposit USDT
Fund your account from 6 USDT. The first deposit deploys a personal deposit contract on Arbitrum for about 0.1 USDT.
Open BTC-USD
Choose long or short and set leverage within the pair cap. The minimum order is 5 USDT.
What a one-week $10,000 position costs
Borrow fees, not trading fees, decide most GMX comparisons.
On GMX, opening and closing $10,000 costs $8.00 to $12.00, and a 50% borrow rate adds about $96 over 7 days, before funding and price impact. On EVEDEX, a taker round trip costs $9.00, or $5.85 with the maximum 35% cashback, and holding costs only funding, which can be paid or received. dYdX costs $10.00 per taker round trip; Lighter standard accounts pay no fees but add 300 ms to taker orders. GMX lowers max leverage as pool open interest grows; EVEDEX caps depend on pair and notional size.
Risk disclosure
Leveraged perpetuals can lose your entire margin quickly. Perpetual futures carry a high risk of loss. EVEDEX services are not intended for UK retail clients.
GMX alternative questions
GMX is a decentralized spot and perpetual exchange on Arbitrum, Avalanche and MegaETH. Traders open positions with up to 100x leverage against GM liquidity pools priced by Chainlink oracles. On September 15, 2026, GMX V2 on Arbitrum listed 15 markets with $31.8M open interest, according to CoinGecko.
GMX crypto refers to the GMX protocol or its GMX governance token. The protocol charges 0.04% or 0.06% to open and close positions plus borrow fees, and held $206M in total value locked on September 15, 2026, according to DefiLlama. EVEDEX does not list a GMX perpetual.
GMX DEX is an exchange without an order book: liquidity providers fund GM pools and traders take positions against them at oracle prices. Price impact applies when a trade unbalances long and short open interest, and GMX documents typical borrow fees of 45–55% a year.
GMX exchange is the trading interface of the GMX protocol. Its documentation says any wallet can trade immediately with no KYC, and a GMX Account lets you trade from other chains, including Ethereum, Base and BNB Chain, while positions run on Arbitrum, Avalanche or MegaETH.
No single company is presented as the owner in GMX documentation. Governance proposals are voted on by GMX token holders on Tally, and after the July 2025 GMX V1 incident, recovered funds were secured in the GMX Treasury overseen by the GMX Security Committee, according to a GMX update.
GMX carries smart-contract, oracle and pool risk. On July 9, 2025, a vulnerability in GMX V1 on Arbitrum let about $40M of GLP liquidity be withdrawn; the funds were returned after negotiation, GMX reported. GMX V2 uses Chainlink Data Streams oracles and separate GM pools.
GMX tokens trade on Arbitrum and Avalanche. Fund a self-custody wallet on Arbitrum, connect it to the GMX swap interface or another DEX, verify the official token contract and swap. Holding GMX is separate from trading on the exchange, and EVEDEX offers no GMX market.
Hyperliquid is a layer 1 blockchain with a fully on-chain order book for perpetuals and spot. CoinGecko listed 404 perpetual pairs with $14.18B open interest on September 15, 2026. Base fees are 0.015% maker and 0.045% taker, and BTC leverage is capped at 40x.
