Lighter vs dYdX, Hyperliquid & GMX
Compare the leading decentralized perpetual futures exchanges. See why Lighter stands out with zero fees, multi-asset trading, and a 5% referral bonus.
Try Lighter with 5% BonusFeature Comparison
| Feature | Lighter ⭐ | dYdX | Hyperliquid | GMX |
|---|---|---|---|---|
| Trading Fees | 0% (Zero Fees) | 0.2% Maker / 0.5% Taker | 0% Maker / 0.02% Taker | 0.1% Maker / 0.1% Taker |
| Max Leverage (BTC) | 50x | 20x | 50x | 30x |
| Max Leverage (Altcoins) | 20x | 10x | 20x | 10x |
| Asset Classes | Crypto, Stocks, Forex, Commodities | Crypto Only | Crypto Only | Crypto, Stocks (Synthetics) |
| Security | ZK-Proofs + Non-Custodial | ZK-Proofs + Non-Custodial | Intent-based (Partial Custody) | GMX Oracle Model |
| Blockchain | Ethereum L2 (Custom ZK) | Ethereum L2 (Starkware) | Own L1 Blockchain | Arbitrum / Avalanche |
| KYC Required | Email Only | No | No | No |
| Referral Bonus | 5% Bonus | None | Limited | None |
| Points Program | Active (Farm for Airdrop) | None | HLP Market Makers | ESCrow Program |
| UI/UX | Modern, Intuitive | Professional | Minimal, Fast | Basic |
* Data verified as of January 2025. Fees and leverage may vary.
Why Traders Choose Lighter
Zero Trading Fees
Unlike competitors, Lighter charges absolutely no trading fees for retail traders. This means you keep more of your profits with every trade.
Multi-Asset Trading
Trade crypto, real-world assets like Tesla stock, gold, and forex pairs all on one platform. dYdX and Hyperliquid only support crypto.
5% Sign-up Bonus
Get an instant 5% bonus when you sign up with code BONUS5. No other major perp DEX offers this benefit.
ZK-Proof Security
Custom zero-knowledge circuits ensure every trade is verifiably fair. Fully non-custodial - you control your funds always.
50x Leverage on BTC
Match Hyperliquid with up to 50x leverage on Bitcoin and Ethereum, significantly higher than dYdX's 20x.
Active Airdrop Season
Earn Lighter points while you trade. These points are expected to qualify for an upcoming token airdrop - start accumulating now.
dYdX was one of the first serious perp DEX competitors to centralized exchanges. Built on Starkware, it offers good security but charges significantly higher fees.
dYdX Weaknesses
- • 0.2-0.5% trading fees (vs Lighter's 0%)
- • Only crypto pairs (no stocks/forex)
- • Max 20x leverage on BTC (vs Lighter's 50x)
- • No referral bonus program
Lighter Advantages
- • 0% fees - keep all your profits
- • Trade crypto, stocks, forex, commodities
- • Up to 50x leverage on BTC/ETH
- • 5% bonus with code BONUS5
Hyperliquid has gained significant traction with its fast, minimal UI. However, its intent-based architecture means some custody considerations.
Hyperliquid Weaknesses
- • Limited asset selection (mostly crypto)
- • No retail referral/bonus program
- • No points/airdrops for retail traders
- • Proprietary L1 blockchain (less battle-tested)
Lighter Advantages
- • Multi-asset: stocks, forex, commodities
- • 5% instant bonus with referral code
- • Active points program for airdrop
- • Ethereum L2 (most secure blockchain)
GMX uses an oracle-based model for price feeds and has been operating on Arbitrum and Avalanche. It's a solid option but with higher fees and lower leverage.
GMX Weaknesses
- • 0.1% trading fees on both sides
- • Max 30x leverage (vs Lighter's 50x)
- • Limited leverage on altcoins (10x)
- • No referral bonus for new users
Lighter Advantages
- • 0% fees - industry leading
- • 50x leverage on major pairs
- • Up to 20x on altcoins
- • 5% bonus + points program
Lighter Platform Stats
Ready to Start Trading on Lighter?
Use code BONUS5 for 5% bonus + zero trading fees.