{"id":263582,"date":"2022-10-13T04:00:33","date_gmt":"2022-10-13T03:00:33","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=263582"},"modified":"2022-10-12T22:10:17","modified_gmt":"2022-10-12T21:10:17","slug":"what-features-differentiate-the-top-perpetual-futures-dexs","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/what-features-differentiate-the-top-perpetual-futures-dexs\/","title":{"rendered":"What Features Differentiate the Top Perpetual Futures DEXs?"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">In the financial system, a<\/span> <span style=\"font-weight: 400;\">perpetual futures contract, also known as a perpetual swap, is a transaction representing an agreement to buy or sell an asset at an unspecified point in the future. It also allows users to trade using margin or leverage<\/span> <span style=\"font-weight: 400;\">(using borrowed funds).\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This means that rather than having the capital to trade a large notional value of the underlying asset (say, 500 ETH), users can just deposit a small part of it, leveraging their capital. Users can trade in both directions by buying (long) and selling (short) perpetuals. In short, users are using borrowed funds to bet on the future price of an asset.<\/span><\/p>\n<figure id=\"attachment_263588\" aria-describedby=\"caption-attachment-263588\" style=\"width: 1600px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-263588 size-full\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/09\/1-4.png\" alt=\"Comparison table - Perpetual DEXs\" width=\"1600\" height=\"611\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/09\/1-4.png 1600w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/09\/1-4-300x115.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/09\/1-4-1024x391.png 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/09\/1-4-768x293.png 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/09\/1-4-1536x587.png 1536w\" sizes=\"(max-width: 1600px) 100vw, 1600px\" \/><figcaption id=\"caption-attachment-263588\" class=\"wp-caption-text\">Comparison table &#8211; Perpetual DEXs<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Perpetual futures are a solution to enable derivatives markets for illiquid assets. They rose in popularity when introduced by BitMEX in 2016. Cryptocurrency perpetuals usually offer high leverage, sometimes over 100 times the margin. In 2022, these instruments on centralized exchanges like Binance, Kraken, and\u00a0 BitMEX will generate billions of trading volume daily, even beating spot crypto trading. However, there are now also decentralized platforms for perpetual markets.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This article will cover relevant players in the Perpetual DEX sector, comparing their main features and key metrics:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">dYdX\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">GMX<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Gains Network<\/span><\/li>\n<\/ul>\n<h2><b>dYdX<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Launched in 2017, dYdX is a DEX that runs smart contracts on Ethereum to offer perpetual contract trading, margin trading, spot trading, lending, and borrowing services.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Users deposit their collateral at the dYdX exchange and start trading perpetual contracts.<\/span><\/p>\n<figure id=\"attachment_263589\" aria-describedby=\"caption-attachment-263589\" style=\"width: 1366px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-263589 size-full\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/09\/2-4.png\" alt=\"dYdX Trading Page\" width=\"1366\" height=\"611\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/09\/2-4.png 1366w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/09\/2-4-300x134.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/09\/2-4-1024x458.png 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/09\/2-4-768x344.png 768w\" sizes=\"(max-width: 1366px) 100vw, 1366px\" \/><figcaption id=\"caption-attachment-263589\" class=\"wp-caption-text\">dYdX Trading Page<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">But that is not the only way an investor can interact with the exchange. He can deposit USDC to the exchange trading pool (thus becoming a liquidity provider) and receive a yield on that capital.<\/span><\/p>\n<h2><b>dYdX rewards<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The exchange has a token (dYdX) that is received as a reward when you are a liquidity provider on their Liquidity Pool and can be staked to be part of the protocol\u2019s safety pool. Currently, the latter has a yield of 14.79% APR.\u00a0<\/span><\/p>\n<figure id=\"attachment_263590\" aria-describedby=\"caption-attachment-263590\" style=\"width: 848px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-263590 size-full\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/09\/3-5.png\" alt=\"dYdX Staking page\" width=\"848\" height=\"615\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/09\/3-5.png 848w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/09\/3-5-300x218.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/09\/3-5-768x557.png 768w\" sizes=\"(max-width: 848px) 100vw, 848px\" \/><figcaption id=\"caption-attachment-263590\" class=\"wp-caption-text\">dYdX Staking page<\/figcaption><\/figure>\n<h2>GMX<\/h2>\n<p><span style=\"font-weight: 400;\">GMX is a <\/span><a href=\"https:\/\/app.gmx.io\/#\/trade\"><span style=\"font-weight: 400;\">decentralized platform<\/span><\/a><span style=\"font-weight: 400;\"> for spot and perpetual contract trading that supports users to leverage up to 30x on their trades. The protocol launched on Arbitrum in September 2021 and then went into Avalanche at the beginning of 2022.<\/span><\/p>\n<figure id=\"attachment_263591\" aria-describedby=\"caption-attachment-263591\" style=\"width: 1304px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-263591 size-full\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/09\/4-4.png\" alt=\"GMX Trading Page\" width=\"1304\" height=\"562\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/09\/4-4.png 1304w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/09\/4-4-300x129.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/09\/4-4-1024x441.png 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/09\/4-4-768x331.png 768w\" sizes=\"(max-width: 1304px) 100vw, 1304px\" \/><figcaption id=\"caption-attachment-263591\" class=\"wp-caption-text\">GMX Trading Page<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Similarly to dYdX, an investor can also provide liquidity to GMX\u2019s trading pool to receive rewards. One difference is that he can send UDSC and other tokens (BTC, USDT, DAI, etc) to the pool; another difference is that the platform has two tokens: GMX and GLP.<\/span><\/p>\n<h2><b>GMX rewards<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Investors can buy GMX and stake it to collect shared revenues from the protocol. GMX is the token used for Governance. GLP is given to investors that provide liquidity to the protocol and also can be staked. Fees are split between GMX (30%) and GLP (70%).<\/span><\/p>\n<figure id=\"attachment_263592\" aria-describedby=\"caption-attachment-263592\" style=\"width: 815px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-263592 size-full\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/09\/5-2.png\" alt=\"GMX Staking Page\" width=\"815\" height=\"598\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/09\/5-2.png 815w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/09\/5-2-300x220.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/09\/5-2-768x564.png 768w\" sizes=\"(max-width: 815px) 100vw, 815px\" \/><figcaption id=\"caption-attachment-263592\" class=\"wp-caption-text\">GMX Staking Page<\/figcaption><\/figure>\n<h2><b>Gains Network<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Gains Network is a decentralized perpetual exchange on Polygon. It launched gTrade, a decentralized leveraged trading platform with synthetic assets. Unlike the dYdX and GMX, these synthetic assets enable it to offer a wide range of leverages and pairs (up to 150x on cryptos, 1000x on forex, and 100x on stocks).<\/span><\/p>\n<figure id=\"attachment_263593\" aria-describedby=\"caption-attachment-263593\" style=\"width: 1325px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-263593 size-full\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/09\/6-2.png\" alt=\"gTrade Trading Page\" width=\"1325\" height=\"590\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/09\/6-2.png 1325w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/09\/6-2-300x134.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/09\/6-2-1024x456.png 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/09\/6-2-768x342.png 768w\" sizes=\"(max-width: 1325px) 100vw, 1325px\" \/><figcaption id=\"caption-attachment-263593\" class=\"wp-caption-text\">gTrade Trading Page<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">On Gains Network the investor also can provide liquidity to the vault (DAI in this case) used as counterpart to the trading activity, and receive rewards\/revenue from the platform.<\/span><\/p>\n<h2><b>Gains Network rewards<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The protocol has two tokens: an ERC-20 token (GNS) and ERC721 utility token (NFTs). GNS and the NFTs were created to be actively used within the platform. GNS holders receive platform fees when staking through Single Sided Staking, paid in DAI. NFT holders get reduced spread and boosted rewards, on top of the regular ones.\u00a0<\/span><\/p>\n<figure id=\"attachment_263594\" aria-describedby=\"caption-attachment-263594\" style=\"width: 562px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-263594 size-full\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/09\/7-2.png\" alt=\"Gains Network Staking Page\" width=\"562\" height=\"576\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/09\/7-2.png 562w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/09\/7-2-293x300.png 293w\" sizes=\"(max-width: 562px) 100vw, 562px\" \/><figcaption id=\"caption-attachment-263594\" class=\"wp-caption-text\">Gains Network Staking Page<\/figcaption><\/figure>\n<h3><b>Key Metrics and Features<\/b><\/h3>\n<h3><b>TVL<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">dYdX (USD 468 million) and GMX (USD 360 million) dominate the DEX Perpetual landscape in TVL, accounting for almost 87% of the market. One consolidated its position by being the first mover (dYdX), and the other is the new entrant that was able to better capture new users by using the \u201csharing the revenue\u201d strategy, laso implemented by other exchanges like <\/span><a href=\"https:\/\/gainsnetwork.io\/\"><span style=\"font-weight: 400;\">Gains Network<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-263595 aligncenter\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/09\/8-2.png\" alt=\"\" width=\"839\" height=\"407\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/09\/8-2.png 839w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/09\/8-2-300x146.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/09\/8-2-768x373.png 768w\" sizes=\"(max-width: 839px) 100vw, 839px\" \/><br \/>\n<b>Daily Users<\/b><\/p>\n<h3><span style=\"font-weight: 400;\">dYdX<\/span><\/h3>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-263596 aligncenter\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/09\/9-2.png\" alt=\"\" width=\"635\" height=\"331\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/09\/9-2.png 635w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/09\/9-2-300x156.png 300w\" sizes=\"(max-width: 635px) 100vw, 635px\" \/><\/p>\n<h3><span style=\"font-weight: 400;\">GMX<\/span><\/h3>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-263598 aligncenter\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/09\/10-1.png\" alt=\"\" width=\"639\" height=\"333\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/09\/10-1.png 639w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/09\/10-1-300x156.png 300w\" sizes=\"(max-width: 639px) 100vw, 639px\" \/><\/p>\n<h3><span style=\"font-weight: 400;\">Gains Network<\/span><\/h3>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-263599 aligncenter\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/09\/11-1.png\" alt=\"\" width=\"639\" height=\"342\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/09\/11-1.png 639w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/09\/11-1-300x161.png 300w\" sizes=\"(max-width: 639px) 100vw, 639px\" \/><br \/>\n<span style=\"font-weight: 400;\">GMX had more daily users (average of 500) than dYdX (average of 200) over the last 60 days, and Gains Network (average of 80) is getting close to dYdX numbers. All platforms incentivize trading. DYdX does that through a <\/span><a href=\"https:\/\/docs.dydx.community\/dydx-governance\/rewards\/trading-rewards\"><span style=\"font-weight: 400;\">trading rewards program<\/span><\/a><span style=\"font-weight: 400;\">, where the users receive dYdX tokens based on their trading activity. GMX uses a <\/span><a href=\"https:\/\/gmxio.gitbook.io\/gmx\/referrals\"><span style=\"font-weight: 400;\">referral program<\/span><\/a><span style=\"font-weight: 400;\"> to incentivize the new users' onboarding, generating discounts for the new users and rebates for the referral code owner. Gains Network also uses a <\/span><a href=\"https:\/\/gains.trade\/referrals\"><span style=\"font-weight: 400;\">referral program<\/span><\/a><span style=\"font-weight: 400;\"> to boost its daily average number of users.\u00a0<\/span><\/p>\n<h2><b>Key Takeaways<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">dYdX and GMX are the most prominent players in the DEX perpetual markets vertical, as seen in the charts above. However, new entrants like Gains Network have new features (more leverage, more trading pairs) and are trying to increase their TVL. The ability to use more leverage, and the support of more collateral types, are good steps toward major adoption, when combined with the revenue sharing to the token holders, something dYdX does not do.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This piece is contributed by <\/span><a href=\"https:\/\/www.footprint.network\/?channel=EN-286\"><span style=\"font-weight: 400;\">Footprint Analytics<\/span><\/a><span style=\"font-weight: 400;\"> community.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Sept. 2022, Thiago Freitas<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Data Source: <\/span><a href=\"https:\/\/www.footprint.network\/@VnFApI5hnG\/DEX-Perpetual-Markets-dYdX-GMX-comparison\"><span style=\"font-weight: 400;\">dYdX & GMX $ Gains Network Comparison<\/span><\/a><\/p>\n<p><span style=\"font-weight: 400;\">The Footprint Community is a place where data and crypto enthusiasts worldwide help each other understand and gain insights about Web3, the metaverse, DeFi, GameFi, or any other area of the fledgling world of blockchain. Here you'll find active, diverse voices supporting each other and driving the community forward.<\/span><\/p>\n<p><i><span style=\"font-weight: 400;\">Footprint Website:\u00a0 <\/span><\/i><a href=\"https:\/\/www.footprint.network\/\"><i><span style=\"font-weight: 400;\">https:\/\/www.footprint.network<\/span><\/i><\/a><\/p>\n<p><i><span style=\"font-weight: 400;\">Discord:<\/span><\/i> <a href=\"https:\/\/discord.gg\/3HYaR6USM7\"><i><span style=\"font-weight: 400;\">https:\/\/discord.gg\/3HYaR6USM7<\/span><\/i><\/a><\/p>\n<p><i><span style=\"font-weight: 400;\">Twitter: <\/span><\/i><a href=\"https:\/\/twitter.com\/Footprint_Data\"><i><span style=\"font-weight: 400;\">https:\/\/twitter.com\/Footprint_Data<\/span><\/i><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In the financial system, a perpetual futures contract, also known as a perpetual swap, is a transaction representing an agreement to buy or sell an asset at an unspecified point in the future. It also allows users to trade using margin or leverage (using borrowed funds).\u00a0 This means that rather than having the capital to [&hellip;]<\/p>\n","protected":false},"author":828,"featured_media":263600,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[120,46940,77472],"tags":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What Features Differentiate the Top Perpetual Futures DEXs?<\/title>\n<meta name=\"description\" content=\"A perpetual futures contract is a transaction representing an agreement to buy or sell an asset at an unspecified point in the future.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/what-features-differentiate-the-top-perpetual-futures-dexs\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What Features Differentiate the Top Perpetual Futures DEXs?\" \/>\n<meta property=\"og:description\" content=\"A perpetual futures contract is a transaction representing an agreement to buy or sell an asset at an unspecified point in the future.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/what-features-differentiate-the-top-perpetual-futures-dexs\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:author\" content=\"https:\/\/www.facebook.com\/FootprintAnalytics\" \/>\n<meta property=\"article:published_time\" content=\"2022-10-13T03:00:33+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-10-12T21:10:17+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/09\/EN-293-Top-Perpetual-DEXs-and-their-features1300X600.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1160\" \/>\n\t<meta property=\"og:image:height\" content=\"601\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Footprint Analytics\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Footprint Analytics\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Footprint Analytics\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"7 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/what-features-differentiate-the-top-perpetual-futures-dexs\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/what-features-differentiate-the-top-perpetual-futures-dexs\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/footprint-analytics\/#person\",\"name\":\"Footprint Analytics\",\"url\":\"https:\/\/cryptoslate.com\/author\/footprint-analytics\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/footprint-analytics\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/footprint-analytics\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/10\/footprint-logo-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/10\/footprint-logo-300x300.jpg\",\"caption\":\"Footprint Analytics\"},\"description\":\"Footprint Analytics provides API and visualization tools to uncover and visualize data across the blockchain, including NFT and GameFi data. 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