VENUEVERITAS

DEX compare

Hyperliquid vs GMX

Evidence-domain compares only. No overall winner. · Publication ready

Hyperliquid

  • Order book
  • Smart-contract custody
  • Validator-published spot oracle: weighted med…
  • Hyperliquid L1
  • Perpetuals DEX

Compare enrichment only — not a full investigation

GMX

  • Synthetic
  • Smart-contract custody
  • Chainlink Data Streams
  • Arbitrum
  • Perpetuals DEX

DEX directory · DEX compares

Key structural differences

  • Execution models differ: Hyperliquid L1 orderbook vs GMX synthetic keeper/oracle pools
  • GMX documents RoleStore / ConfigTimelock / Snapshot→Tally more explicitly than Hyperliquid upgrade keys
  • Both have structured oracle docs: GMX Chainlink+GMX oracles; Hyperliquid validator-weighted CEX medians
  • Liquidation backstops differ: GMX ADL vs Hyperliquid book + HLP liquidator vault
  • Hyperliquid Interface Terms restrict US / Ontario Restricted Persons; GMX frontend ToS geo remains thin in this pack

Disclosures

  • Hyperliquid is compare-only enrichment — not a production Venue snapshot update
  • Hyperliquid smart-contract audit catalog NOT_RESEARCHED in this pack
  • Evidence conclusions only — no overall ranking

Domain comparison

  • Execution model

    Hyperliquid

    Order book

    GMX

    Synthetic

  • Custody

    Hyperliquid

    Smart-contract custody

    GMX

    Smart-contract custody

  • Collateral location

    Hyperliquid

    User wallet / bridge → Onchain margin → Hyperliquid L1 settlement

    GMX

    User wallet → ExchangeRouter request → DepositVault / OrderVault / market banks → Position state in DataStore → Onchain settlement

  • Oracle

    Hyperliquid

    Validator-published spot oracle: weighted median of Binance, OKX, Bybit, Kraken, Kucoin, Gate.io, MEXC, and Hyperliquid spot (weights 3/2/2/1/1/1/1/1) every ~3s

    GMX

    Chainlink Data Streams (ChainlinkDataStreamProvider)

  • Control plane

    Hyperliquid

    Unresolved (Researched unresolved)

    GMX

    RoleStore role grants (operational admin)

  • Liquidation

    Hyperliquid

    Account equity below maintenance margin (mark price)

    GMX

    Remaining collateral after losses/fees/capped negative impact below market minimum collateral (≈0.25%–1% of size)

  • Liquidity

    Hyperliquid

    ORDERBOOK

    GMX

    LP VAULT (GM / GLV market tokens)

  • Fees

    Hyperliquid

    maker taker: Tiered by rolling 14D weighted volume (spot counts 2×); separate perps vs spot schedules; maker rebates possible

    GMX

    position open close: 0.04% or 0.06% of position size (market-dependent)

  • Markets

    Hyperliquid

    Onchain orderbook perps (published VenueVeritas venue; DEX-model enrichment partial)

    GMX

    Perpetual futures via GM / GLV liquidity pools

  • Settlement

    Hyperliquid

    Hyperliquid L1 · Appchain

    GMX

    Arbitrum · On-chain

  • Security evidence

    Hyperliquid

    No structured audit row

    GMX

    Smart-contract audit (—; Verified not structured)

  • Geo restrictions

    Hyperliquid

    Protocol access: Verified not structured; Frontend access: Verified structured; Terms of service: Verified structured; Geo block: Verified not structured; Legal eligibility: Verified structured

    GMX

    Protocol access: Verified not structured; Frontend access: Researched unresolved; Terms of service: Researched unresolved; Legal eligibility: Researched unresolved

  • Dependencies

    Hyperliquid

    Hyperliquid L1

    GMX

    Arbitrum (primary researched), Chainlink Data Streams, Oracle and order keepers, RoleStore / timelocks

  • Evidence recency

    Hyperliquid

    2026-08-30

    GMX

    2026-08-30

Local compare only. Forbidden language: safer, better, best, recommended, most decentralized (as value judgment). Day-7: no deploy.