TL;DR — the quick verdict. dYdX ranks #1 overall — an A grade, the longest operating history (since 2017), historically the deepest perp volume and a fully decentralized v4 appchain. GMX is #2 (B+) for users who want a simple liquidity-pool position on Ethereum L2s, and Hyperliquid is #3 (B) despite the best fees (0.045%/0.015%) and fastest execution, because its own-L1 design has under three years of live history. Rank by your own priority: track record → dYdX; LP simplicity → GMX; execution cost → Hyperliquid.
dYdX
A
≈ $0.6B · since 2017
Best overall — deepest professional orderbook with the longest track record.
dYdX has run since 2017, led decentralized perp volume for years, and v4 moved the full matching engine onto its Cosmos appchain. Fees of 0.05%/0.02% are not the absolute cheapest, and appchain validator risk is new, but the combination of history, liquidity and the strongest affiliate program (30–50% of taker fees) is unmatched.
Best for: Active and professional traders needing depth; communities monetizing an audience via affiliates.
Read the full dYdX review →
GMX
B+
≈ $0.55B · since 2021
Best for simple LP yield exposure on Ethereum L2s.
GMX lets LPs deposit into a multi-asset pool that earns trading fees (historical range ~8–30%) on Arbitrum, Avalanche and Polygon, without orderbook management. The model concentrates counterparty tail risk — the pool pays winning traders in strong trends — which, with lower volume than the leaders, places it at B+ rather than A.
Best for: LPs who understand they act as a counterparty book; traders using the 5% referral discount.
Read the full GMX review →
Hyperliquid
B
≈ $1.8B · since 2023
Best fees and execution — the newest entrant, ranked for caution not features.
Hyperliquid lists 34 audits, holds the largest TVL of the three (~$1.8B), runs a fully on-chain orderbook with sub-second finality and charges the lowest fees (0.045% taker / 0.015% maker). It launched in 2023 on its own L1 with a limited validator set, so our years-weighted methodology assigns B despite the strongest spec sheet.
Best for: Cost-sensitive high-frequency traders; HYPE ecosystem users comfortable with single-chain concentration.
Read the full Hyperliquid review →
Figures reviewed Sep 10, 2026 against protocol data and documentation; TVL and APY move over time.
Which decentralized perp exchange has the lowest fees?
Hyperliquid: 0.045% taker and 0.015% maker, versus dYdX at 0.05%/0.02% and GMX around 0.05% on margin trading. On a single small trade the dollar gap is minor; it compounds heavily for active and maker-heavy strategies.
If Hyperliquid is cheapest and biggest by TVL, why is it ranked third?
Because our methodology is grade-first and weighs operating years and infrastructure diversification alongside audits. A 2023 launch on its own L1 with a limited validator set carries concentration and track-record risk that 34 audits do not fully cancel. It is the top pick specifically when execution cost is your dominant criterion.
Which perp DEX pays the best LP yield?
Indicative typical yields run ~15% (dYdX fee sharing), ~18% (GMX pool) and ~22% (Hyperliquid vault), but all are volume-dependent and GMX's pool can lose when traders are heavily net profitable. These are risk premiums, not stable interest; check the grade (A / B+ / B) before depositing.
Is GMX safer than an orderbook exchange?
Different risk, not necessarily less risk. GMX LPs avoid bridge-to-an-appchain exposure because it runs on Arbitrum, but they take direct counterparty exposure to traders' aggregate PnL. Orderbook exchanges instead expose you to matching-engine and validator infrastructure.
Which has the best affiliate program?
dYdX pays 30–50% of referred taker fees — the only direct revenue share of the three. GMX and Hyperliquid give referred traders a 5% and 4% fee discount instead, which suits creators converting an active-trader audience but does not pay the referrer.
⚠️ Rankings are editorial and informational, not financial advice. No protocol paid for placement and affiliate revenue never changes grades (see our methodology). Yield, trading and LP positions carry loss risk.