Hyperliquid vs dYdX, GMX, Jupiter
The perpetual DEX market is led by Hyperliquid, followed by dYdX, GMX, and Jupiter. The differences in structure and liquidity model directly affect user experience and fees.
EVENTCODE· No sign-up · One wallet connection · Applied before your first trade
One-line summary
Hyperliquid runs a fully on-chain order book on its own L1, and as of 2026 holds 50%+ perp DEX market share — roughly 44 percentage points ahead of #2 Jupiter. dYdX runs on its own chain with an order-book model; GMX uses a liquidity pool (GLP) rather than an order book. Jupiter offers Solana-based perps and holds the #2 spot.
Order book vs liquidity pool
Real-time matching of bids and asks
Handles large size well with quicker price discovery. Hyperliquid puts this on its own L1 for gas-free, fast execution.
Priced by a pool and formula
GMX's GLP is the canonical example. Simple to build, but larger entries can face material slippage.
Four DEXs at a glance
| Attribute | Hyperliquid | dYdX | GMX | Jupiter |
|---|---|---|---|---|
| Chain | Own L1 | Own chain | Arbitrum, Avalanche | Solana |
| Model | On-chain order book | Order book | Liquidity pool (GLP) | Order book + pool hybrid |
| Gas | None | Effectively none | Network gas | Low |
| Order types | Market, limit, TWAP, scale, TP/SL | Broad | Limited | Broad |
| Share (2026) | > 50% | Single digits | Single digits | Around #2 |
Why did Hyperliquid become #1?
For larger traders, deep liquidity, broad order-type support, and gas-free execution are decisive. Hyperliquid combines those three with a fee model that returns value to the community rather than the team — which supported trust and created a sustained flywheel where traders attracted more traders.
Start on the deepest perp-DEX liquidity
Route through the referral link before your first trade to reduce cost by 4%.
EVENTCODEThe 4% discount only applies if the code is entered before your first trade.
For CEX vs DEX, see vs Binance.