VS
GMX vs Gains (gTrade)
Two vault-based perp DEXs with different focuses — GMX's crypto majors against Gains' huge synthetic range. A neutral comparison.
| Feature | GMX | Gains (gTrade) |
|---|---|---|
| Chain | Arbitrum / Avalanche | Arbitrum / Polygon |
| Trading model | Liquidity pool + oracle | Synthetic DAI vault |
| 24h volume | $480M | $180M |
| Open interest | $310M | $85M |
| Taker fee (from) | ~0.06–0.07% | ~0.06% |
| Markets | ~45 | 250+ |
| Token | GMX | GNS |
| Best for | LPs & swing traders | Forex & exotic markets |
| Non-custodial | Yes | Yes |
The short version
GMX and Gains (gTrade) both let traders trade against a liquidity vault rather than an order book, but they specialise differently. GMX focuses on crypto majors with real-asset backing, while Gains offers a vast range of synthetic markets — including forex and commodities — through its DAI vault.
GMX has higher crypto volume and deeper crypto-major liquidity; Gains offers far more markets (250+), including non-crypto pairs and high leverage on exotics.
Which should you use?
Choose GMX for deep crypto-major liquidity and LP yield. Choose Gains if you want forex, commodities and exotic synthetic markets alongside crypto.
Verdict
GMX wins on crypto depth and liquidity; Gains wins on market breadth and non-crypto synthetics.