A head-to-head comparison of GMX and Aevo — pricing, the features that actually differ, and which one fits which use case.
The leading on-chain perpetuals exchange on Arbitrum and Avalanche with real yield for liquidity providers
Order-book DEX combining perpetuals and on-chain options
These are the 6 capabilities where the two tools genuinely diverge — the rest of their feature sets overlap.
| Capability | GMX | Aevo |
|---|---|---|
| Max Leverage | 100x | Up to 20x |
| Settlement Model | On-chain AMM | Off-chain OB + on-chain settlement (Aevo L2) |
| Oracle Type | Chainlink + fast price feeds | Order book + oracle |
| Cross Margin | No | Yes |
| Liquidity Provider Yield | Yes | No |
| Multi Chain | Yes | No |
| Feature | GMX | Aevo |
|---|---|---|
| Max Leverage | 100x | Up to 20x |
| Settlement Model | On-chain AMM | Off-chain OB + on-chain settlement (Aevo L2) |
| Oracle Type | Chainlink + fast price feeds | Order book + oracle |
| Funding Rates | ✓ | ✓ |
| Cross Margin | ✗ | ✓ |
| Isolated Margin | ✓ | ✓ |
| Liquidity Provider Yield | ✓ | ✗ |
| Governance Token | ✓ | ✓ |
| Multi Chain | ✓ | ✗ |
| Self Custody | ✓ | ✓ |
Both tools are free to use — costs come from network or usage fees.
GMX
Free
Aevo
Free
Watch out: GLP counterparty model means LPs lose when traders win — systemic correlation risk.
Watch out: Relies on Aevo's sequencer.
GMX edges ahead on our editorial score (4.6/5), but these tools aren’t straight substitutes. Pick GMX when real yield for lps in eth/avax — not inflationary token emissions matters most to your workflow; pick Aevo when rare on-chain options alongside perpetuals is the priority. The deciding factor is usually the trade-off you can least afford — GMX means accepting that glp counterparty model means lps lose when traders win — systemic correlation risk, while Aevo means relies on aevo's sequencer.
GMX carries the higher editorial rating (4.6/5 vs 4.1/5), but they solve different problems. GMX is the stronger pick when you need real yield for lps in eth/avax — not inflationary token emissions. Aevo wins when rare on-chain options alongside perpetuals.
Both tools are free to use, with costs coming from network or usage fees rather than subscriptions.
GMX's main limitation is that glp counterparty model means lps lose when traders win — systemic correlation risk. For Aevo, relies on aevo's sequencer. Weigh these against how you actually plan to use the tool.
In most cases yes — many teams run both, using each where it's strongest. Since GMX leads on real yield for lps in eth/avax — not inflationary token emissions and Aevo on rare on-chain options alongside perpetuals, the two are often complementary rather than mutually exclusive.