GMX vs GMGN
GMX is pool-based, with a 0.04%-0.06% position fee on perps. GMGN charges 1% per spot trade. Neither requires KYC.
Pool-based perpetuals priced by Chainlink oracles on Arbitrum, Avalanche, and MegaETH, with gold, oil, and index markets.
Multi-chain memecoin terminal on the web, phones, and Telegram: launch feeds, holder and rug checks, wallet tracking, automated copy trading and exits, and a perps beta.
| Criterion | GMX | GMGN |
|---|---|---|
| Fee model | Pool-based | Per transaction |
| Base fee | 0.04%-0.06% position fee on perps | 1% per spot trade |
| KYC | No KYC | No KYC |
| Restricted countries | United States | Afghanistan, Cuba, Iran, and 2 more |
| Leverage | Up to 100x, capped per market | Up to 40x on BTC in the perps beta |
| Markets | 100+ perpetual markets on Arbitrum, plus swaps | Tokens on Solana and twelve other chains, perps in beta |
How GMX and GMGN compare
Every fact links to the page it comes from.
| Criterion | GMX | GMGN |
|---|---|---|
| Fees | 0.04%-0.06%Position fee. Position changes on most crypto markets The position fee is charged on position size each time you open, close, increase, or partly close: 0.04% when the trade brings long and short open interest closer together and 0.06% when it widens the gap. Gold, silver, oil, and index markets have their own rates, which change with market hours. Price impact, borrowing, funding, and the keeper's network fee are separate, so the position fee on its own understates the cost of a trade. | 1%Trading fee. Spot trades on every chain, perps listed separately Every spot trade pays GMGN a flat 1% of its value on every chain, and copied trades and automated orders pay the same. Network costs come on top: gas plus the priority fee and tip you set on Solana, and gas on the EVM chains. Launchpad fees and token taxes apply where a token has them. The perps beta charges 0.015% maker and 0.045% taker. The Terms let GMGN change fees at any time, effective when posted, and authorize it to take fees straight from your wallet. Docs: GMGN fees and settings (1% fee, priority fee, tip, anti-MEV)GMGN blog: GMGN vs Axiom for beginners (flat 1% trading fee), updated July 7, 2026Docs: copy trade (1% fee on every copied trade)GMGN perps market data (maker, taker, and liquidation fee rates)ChainCatcher: GMGN compensates sandwich losses on MEV-protected trades (July 9, 2025)Terms of Service, section 4: fees |
| KYC | No KYC You connect a wallet (MetaMask, WalletConnect, Coinbase Wallet, and others) or log in with an email address, a social account, or a passkey, which creates an embedded wallet for you. Neither path includes an identity check. The Terms, last modified August 20, 2026, have no identity-verification clause and say GMX does not collect personal data. Buying crypto with a card inside the app goes through a third-party provider with its own rules, where available. | No KYC You sign up with Google, an email code, Telegram, or a browser wallet such as Phantom or MetaMask, with an optional invite code, and no identity document is asked for. The Terms and the Privacy Policy, both dated December 6, 2024, reserve no identity check. The policy lists wallet addresses, public on-chain data, a Telegram handle, contact details you choose to give, and usage data down to country-level location. Withdrawals need two-factor authentication, an account-security step rather than an identity check. Card purchases run through MoonPay or Onramper under those providers' own rules. |
| Country restrictions | 1+ countries restricted The Terms, last modified August 20, 2026, require that you are not a U.S. Person and, citing the Commodity Exchange Act, say no U.S. Person may enter into perpetual contracts through the interface. They also exclude residents, nationals, and agents of any country embargoed or similarly sanctioned by the US, the UK, or the EU, without naming those countries, and anyone on a US, UK, EU, or UN sanctions list. You promise not to use a VPN or any other tool to get around the restrictions. | 5+ countries restricted The Terms, dated December 6, 2024, bar anyone in, under the control of, or a national or resident of Afghanistan, Cuba, Iran, North Korea, or Syria, and anyone on the UN, US OFAC, or EU sanctions lists, and require users to be 18. They say GMGN runs the service from the British Virgin Islands, that users anywhere else are responsible for their own local law, and that GMGN may suspend anyone for any reason. The terms linked from the iOS app's store listing, dated January 1, 2025, name the same five countries. Neither version mentions the perps beta. |
| Leverage | Up to 100x, capped per market The headline cap is 100x. Each market's own cap is derived from its collateral factors, rounded down to a 5x step, and falls as the pool's open interest grows, so thinner markets allow less. Gold, silver, WTI, and Brent allow 100x during market hours and 25x off-hours, QQQ and SPY 50x and 25x, natural gas 40x and 20x, and the SpaceX market 10x. Each position is margined on its own collateral, in a stablecoin or the market's own token, and you can add or withdraw collateral, including a deposit that triggers at a price you set. A position is liquidated when its remaining collateral falls below 0.25% to 1% of size, and the liquidation fee is 0.2% to 0.45% of size. | Up to 40x on BTC in the perps beta The perps beta, open since September 21, 2026, sets a cap per market in GMGN's published risk table. BTC goes to 40x, and ETH, gold, silver, and the QQQ and SPY funds to 25x. SOL, XRP, Brent oil, and stocks such as Apple, Nvidia, and Tesla go to 20x, most other markets to 10x, and six others to 5x. Each cap steps down as a position grows, so BTC drops to 20x above 12 million USDC of notional. Spot trading has no leverage. |
| Markets | 100+ perpetual markets on Arbitrum, plus swaps The Oracle API listed 108 perpetual markets on Arbitrum on September 25, 2026: about 100 crypto assets and eight TradFi markets (gold, silver, WTI and Brent crude, natural gas, the QQQ and SPY index ETFs, and a SpaceX stock market), several with more than one pool to choose from. Avalanche had 12 markets and MegaETH 4. TradFi markets trade around the clock with tighter risk limits outside market hours. Spot swaps run through the same pools, with KyberSwap routing when it pays more. Order types: market, limit, stop market, TWAP in 2 to 30 parts, and take-profit and stop-loss, plus conditional margin deposits. Limit and trigger orders execute against the Chainlink oracle price when it reaches your level and do not rest in a book. | Tokens on Solana and twelve other chains, perps in beta Spot trading covers tokens on Solana, BNB Chain, Robinhood Chain, Base, Ethereum, Arbitrum, Stable, Arc, X Layer, HyperEVM, MegaETH, Monad, and Tron, as listed in the chain selector on September 26, 2026. The Trenches view follows new launches on launchpads such as Pump.fun, letsbonk, and Four.meme from creation through migration. Spot orders include market buys and sells, limit orders that expire after 1 hour, 24 hours, or 3 days, take-profit and stop-loss with trailing versions, buys and sells triggered by a migration, sells triggered by the developer selling, and wallet copy trading. The docs describe copy trading and auto-buy for Solana only. The perps beta lists 57 USDC-margined markets in GMGN's market data on September 26, 2026: 24 crypto, 30 stocks and ETFs, and gold, silver, and Brent oil. |
| Depositing | Straight from a wallet on Arbitrum, Avalanche, or MegaETH There is no exchange balance to fund for direct trading: connect a wallet on Arbitrum, Avalanche, or MegaETH, and the tokens in it (USDC, USDT, ETH, BTC, and each pool's other collateral tokens) serve as margin. From Ethereum, Base, or BNB Chain you deposit USDC, USDT, or ETH into a GMX Account, a separate trading balance on Arbitrum that Stargate and LayerZero bridge for you. It is not available on Avalanche or MegaETH, and bridging is limited by Stargate's liquidity caps. The app's Receive flow can also buy crypto with a card, Apple Pay, or Google Pay through a third-party provider where available. Classic mode needs ETH or AVAX for gas, while Express mode lets you pay gas in USDC. | Crypto to your GMGN wallet, or a card via MoonPay Signing in with Google, email, Telegram, or Phantom gives you GMGN-held wallets on each chain, funded by sending that chain's gas token, such as SOL, ETH, BNB, or TRX, to the address on the Deposit/Withdraw page. A deposit on the wrong network cannot be recovered. With an extension wallet connected, the same page moves funds across in one step, or you can trade from the extension wallet itself without GMGN's automation. The web app's Buy option takes a credit or debit card or Apple Pay through MoonPay, and the mobile app buys SOL, ETH, BNB, or USDC with local currency through Onramper in 59 countries and regions, each under the provider's own fees and checks. Convert moves funds between chains, and stablecoins sent by mistake can be sold for the chain's own token. Docs: import and export private key, deposit, withdrawDocs: connect Telegram or Phantom, multi-wallet systemGMGN web app: Buy (card and Apple Pay, powered by MoonPay)GMGN web app: App 3.0 event rules (fiat deposits through Onramper in 59 countries and regions)GMGN blog: how to buy memecoins on Arc (Convert to Arc USDC) |
| Withdrawing | None from a wallet, bridged out of a GMX Account When you trade from your wallet there is nothing to withdraw: closing a position returns the collateral and any profit to the wallet, less the position fee, price impact, and the keeper's network fee. A GMX Account balance can be withdrawn as USDC, USDT, or ETH to Arbitrum, Ethereum, Base, or BNB Chain, whichever chain you deposited from. The docs do not publish the bridge cost, and transfers depend on Stargate liquidity. | 2FA and a whitelisted address, no GMGN fee published The Telegram bots cannot withdraw and send you to the website instead. You first bind two-factor authentication with Google Authenticator or a passkey, and withdrawals stay locked for 3 hours after binding it, 24 hours after unbinding or re-binding it, and 24 hours after a password reset. Transfers go to a whitelisted address, which takes 3 hours to activate after it is set or changed and then skips the 2FA prompt. A small balance must stay behind for rent and gas, and GMGN publishes no withdrawal fee beyond the network fee. Memecoins leave through the multi-wallet Consolidate and Distribute tools, which also need 2FA and list only tokens worth more than $10. GMGN's docs say the keys of GMGN-created wallets cannot be exported, while the current web app offers a one-time key download from a computer once 2FA is active. Imported wallets are excluded. |
| Referral program | 5% or 10% off position fees A referral code takes 5% off opening and closing fees with a Tier 1 code and 10% with a Tier 2 or Tier 3 code, and the referrer earns 5% to 15% of those fees. Borrow and funding fees are not discounted. Without a code, GMX assigns an automatic 5% discount at $50M of lifetime volume on Arbitrum and 10% at $250M. A code stops paying its referrer after 12 months or $20,000 in rewards, but your discount carries on. No ChainScouter code is active. | No signup discount published GMGN pays referrers 10% to 30% of the trading fees of the people they bring in, rising with the volume referred, and a referrer can apply for a higher rate. One code covers the website and every bot, and an invite code entered at signup cannot be changed. Neither the docs nor the Terms publish a fee discount for the person who signs up. The Terms, dated December 6, 2024, limit referral links to people the referrer knows personally, bar posting them on websites, blogs, X, Reddit, or coupon sites, and let GMGN change, suspend, or void rewards at its discretion. No ChainScouter code is active. |
| Platform | Web app, installable on phones The official interface is the web app at app.gmx.io, built as a progressive web app you can add to a phone's home screen. The docs list no native iOS or Android app. There are three trading modes. In Classic, your wallet signs every transaction. In Express, you sign messages and GMX's own relay submits them. Express with One-Click Trading adds a sub-account key, stored in your browser, that signs for you up to a limit you set. Developers get a public API, a TypeScript SDK, and published skills for AI agents. | Web, iOS and Android apps, and Telegram bots GMGN runs as a browser terminal at gmgn.ai, as a mobile app listed on the App Store as GMGN - Meme Track (published by GraceMatrix Technologies Limited since June 2025) and on Google Play as GMGN (published by GMGN Labs Limited), with a TestFlight build and a direct APK download also linked from gmgn.ai/app, and as a set of per-chain Telegram trading bots such as @GMGN_sol_bot. The web terminal holds the Trenches launch feed, trending lists, wallet and X trackers, copy trading, a portfolio view, and the perps beta, and an Agent API lets scripts and AI assistants read data and place trades with an API key. Support runs through the official Telegram group and the @gmgnai account on X. |
Rates apply to the accounts and markets in each scope, before discounts. Network, funding, execution, and transfer costs are separate. A country missing from a restriction list is not confirmed eligible.
Questions about GMX and GMGN
Is GMX or GMGN cheaper?
GMGN's headline rate is for spot trades and GMX's for perps, so they do not line up. Network, funding, execution, and transfer costs are separate.
GMX: The position fee is 0.04% to 0.06%. The position fee is charged on position size each time you open, close, increase, or partly close: 0.04% when the trade brings long and short open interest closer together and 0.06% when it widens the gap. Gold, silver, oil, and index markets have their own rates, which change with market hours. Price impact, borrowing, funding, and the keeper's network fee are separate, so the position fee on its own understates the cost of a trade.
GMGN: The standard trading fee is 1% per trade. Every spot trade pays GMGN a flat 1% of its value on every chain, and copied trades and automated orders pay the same. Network costs come on top: gas plus the priority fee and tip you set on Solana, and gas on the EVM chains. Launchpad fees and token taxes apply where a token has them. The perps beta charges 0.015% maker and 0.045% taker. The Terms let GMGN change fees at any time, effective when posted, and authorize it to take fees straight from your wallet.
Do GMX and GMGN require KYC?
Neither requires KYC.
GMX: You connect a wallet (MetaMask, WalletConnect, Coinbase Wallet, and others) or log in with an email address, a social account, or a passkey, which creates an embedded wallet for you. Neither path includes an identity check. The Terms, last modified August 20, 2026, have no identity-verification clause and say GMX does not collect personal data. Buying crypto with a card inside the app goes through a third-party provider with its own rules, where available.
GMGN: You sign up with Google, an email code, Telegram, or a browser wallet such as Phantom or MetaMask, with an optional invite code, and no identity document is asked for. The Terms and the Privacy Policy, both dated December 6, 2024, reserve no identity check. The policy lists wallet addresses, public on-chain data, a Telegram handle, contact details you choose to give, and usage data down to country-level location. Withdrawals need two-factor authentication, an account-security step rather than an identity check. Card purchases run through MoonPay or Onramper under those providers' own rules.
Can I use GMX or GMGN in the US?
GMX names the US as restricted. GMGN does not name the US, which is not the same as confirmed eligibility.
GMX: The Terms, last modified August 20, 2026, require that you are not a U.S. Person and, citing the Commodity Exchange Act, say no U.S. Person may enter into perpetual contracts through the interface. They also exclude residents, nationals, and agents of any country embargoed or similarly sanctioned by the US, the UK, or the EU, without naming those countries, and anyone on a US, UK, EU, or UN sanctions list. You promise not to use a VPN or any other tool to get around the restrictions.
GMGN: The Terms, dated December 6, 2024, bar anyone in, under the control of, or a national or resident of Afghanistan, Cuba, Iran, North Korea, or Syria, and anyone on the UN, US OFAC, or EU sanctions lists, and require users to be 18. They say GMGN runs the service from the British Virgin Islands, that users anywhere else are responsible for their own local law, and that GMGN may suspend anyone for any reason. The terms linked from the iOS app's store listing, dated January 1, 2025, name the same five countries. Neither version mentions the perps beta.
What leverage do GMX and GMGN offer?
GMX: The headline cap is 100x. Each market's own cap is derived from its collateral factors, rounded down to a 5x step, and falls as the pool's open interest grows, so thinner markets allow less. Gold, silver, WTI, and Brent allow 100x during market hours and 25x off-hours, QQQ and SPY 50x and 25x, natural gas 40x and 20x, and the SpaceX market 10x. Each position is margined on its own collateral, in a stablecoin or the market's own token, and you can add or withdraw collateral, including a deposit that triggers at a price you set. A position is liquidated when its remaining collateral falls below 0.25% to 1% of size, and the liquidation fee is 0.2% to 0.45% of size.
GMGN: The perps beta, open since September 21, 2026, sets a cap per market in GMGN's published risk table. BTC goes to 40x, and ETH, gold, silver, and the QQQ and SPY funds to 25x. SOL, XRP, Brent oil, and stocks such as Apple, Nvidia, and Tesla go to 20x, most other markets to 10x, and six others to 5x. Each cap steps down as a position grows, so BTC drops to 20x above 12 million USDC of notional. Spot trading has no leverage.
What can I trade on GMX and GMGN?
GMX: The Oracle API listed 108 perpetual markets on Arbitrum on September 25, 2026: about 100 crypto assets and eight TradFi markets (gold, silver, WTI and Brent crude, natural gas, the QQQ and SPY index ETFs, and a SpaceX stock market), several with more than one pool to choose from. Avalanche had 12 markets and MegaETH 4. TradFi markets trade around the clock with tighter risk limits outside market hours. Spot swaps run through the same pools, with KyberSwap routing when it pays more. Order types: market, limit, stop market, TWAP in 2 to 30 parts, and take-profit and stop-loss, plus conditional margin deposits. Limit and trigger orders execute against the Chainlink oracle price when it reaches your level and do not rest in a book.
GMGN: Spot trading covers tokens on Solana, BNB Chain, Robinhood Chain, Base, Ethereum, Arbitrum, Stable, Arc, X Layer, HyperEVM, MegaETH, Monad, and Tron, as listed in the chain selector on September 26, 2026. The Trenches view follows new launches on launchpads such as Pump.fun, letsbonk, and Four.meme from creation through migration. Spot orders include market buys and sells, limit orders that expire after 1 hour, 24 hours, or 3 days, take-profit and stop-loss with trailing versions, buys and sells triggered by a migration, sells triggered by the developer selling, and wallet copy trading. The docs describe copy trading and auto-buy for Solana only. The perps beta lists 57 USDC-margined markets in GMGN's market data on September 26, 2026: 24 crypto, 30 stocks and ETFs, and gold, silver, and Brent oil.
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