A head-to-head comparison of GMX and Gains Network (gTrade) — 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
Synthetic leverage trading on crypto, forex, and stocks via gDAI vaults
These are the 3 capabilities where the two tools genuinely diverge — the rest of their feature sets overlap.
| Capability | GMX | Gains Network (gTrade) |
|---|---|---|
| Max Leverage | 100x | Up to 150x |
| Settlement Model | On-chain AMM | Synthetic vault (gToken) |
| Oracle Type | Chainlink + fast price feeds | Oracle-priced (Chainlink/Pyth) |
| Feature | GMX | Gains Network (gTrade) |
|---|---|---|
| Max Leverage | 100x | Up to 150x |
| Settlement Model | On-chain AMM | Synthetic vault (gToken) |
| Oracle Type | Chainlink + fast price feeds | Oracle-priced (Chainlink/Pyth) |
| 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
Gains Network (gTrade)
Free
Watch out: GLP counterparty model means LPs lose when traders win — systemic correlation risk.
Watch out: Extreme leverage is very high-risk.
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 Gains Network (gTrade) when synthetic forex, stocks, and commodities plus crypto 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 Gains Network (gTrade) means extreme leverage is very high-risk.
GMX carries the higher editorial rating (4.6/5 vs 4.2/5), but they solve different problems. GMX is the stronger pick when you need real yield for lps in eth/avax — not inflationary token emissions. Gains Network (gTrade) wins when synthetic forex, stocks, and commodities plus crypto.
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 Gains Network (gTrade), extreme leverage is very high-risk. 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 Gains Network (gTrade) on synthetic forex, stocks, and commodities plus crypto, the two are often complementary rather than mutually exclusive.