Gains Network vs Kwenta Comparison
| 0.08% opening / 0.08% closing | Fees | 0.25% - 0.3% |
Cost comparison
The basis is a Bitcoin purchase worth €1,000, including all fees and spreads.
| 0.08% opening / 0.08% closing | Fees | 0.25% - 0.3% |
Pros & Cons
- More than 270 pairs across crypto, forex, commodities and equities
- Forex and commodity trading without a conventional brokerage account
- Collateral in DAI, USDC or WETH
- Available on several chains
- Capital-efficient synthetic model
- Leverage up to 500x on crypto and 1000x on forex — barely manageable for retail traders
- Synthetic model with oracle dependence as a structural risk factor
- The counterparty is the protocol's liquidity vault
- No EU authorisation
- Access to synthetic perpetuals from the Synthetix ecosystem
- More than 40 tracked assets
- Existing trading functionality retained during the transition
- Low network fees on Optimism
- No longer a standalone project — acquired by Synthetix
- The native token is set to cease to exist
- Fees of 0.25% to 0.3% per trade, far above the segment norm
- Not a sensible candidate for a fresh start
- No EU authorisation
Score Comparison
Features
- Widest market list in this comparison
- Forex and commodities tradable on-chain
- Several chains and collateral types
- Synthetic model without custody of underlying assets
- Acquisition by Synthetix
- Token wind-down announced
- Synthetic perpetuals on Optimism
- Trading still possible during the transition
The five areas head to head
AI AnalysisFees & Costs
Fees apply on opening and closing a position and run to a few tenths of a percent depending on asset class and pair, with holding costs on top. Network fees follow the chain in use and are low on Polygon, Arbitrum and Base. Exact rates vary by market and should be checked in the interface before trading. As of August 2026.
Trading fees most recently ran at 0.25% to 0.3% per trade — a multiple of the 0.02% to 0.05% charged by order-book DEXs in the same comparison. Network fees on Optimism are low by contrast. Given the transfer into the Synthetix offering, terms should be checked directly before trading. As of August 2026.
Usability & User Experience
The interface is functional but busier than the pure crypto competitors given the market breadth. Anyone unfamiliar with synthetic trading should read up on oracle pricing and vault mechanics first. As of August 2026.
The interface was functional and tailored to synthetic trading. Anyone starting today should account for the transition to Synthetix and begin there rather than rely on a brand that is being retired. As of August 2026.
Features & Offering
gTrade tracks more than 270 pairs synthetically — cryptocurrencies alongside forex, commodities, equities and indices. Collateral can be posted in DAI, USDC or WETH. Leverage tiers reach 500x in crypto and 1000x in forex depending on asset class. The protocol runs on Polygon, Arbitrum and Base. As of August 2026.
Kwenta tracked more than 40 synthetic assets built on the Synthetix protocol, most recently on Optimism. Following the acquisition the interface is being folded into the Synthetix offering and the native token is set to cease to exist. No new features are to be expected for Kwenta as a standalone product. As of August 2026.
Details
| Gains Network | Company | Synthetix (acquired Kwenta) |
| Decentralised, no registered office | Headquarters | Decentralised, no registered office |
Verdict
In our overall rating Gains Network leads with 3.6 against 2.5 for Kwenta.
Neither provider reaches 4.0 out of 5 in our rating, so we do not give an unreserved recommendation here.
Gains Network runs gTrade, a platform that stands well apart from pure crypto perpetuals. Trading is synthetic: no underlying assets are custodied, only price differences are tracked. That allows a market breadth unmatched in this comparison — more than 270 pairs across crypto, forex, commodities and equities.
Leverage tiers are correspondingly extreme: up to 500x in crypto and up to 1000x in forex. Figures at that level are practically unmanageable for retail traders, with liquidation thresholds a fraction of a percent away. Collateral can be posted in DAI, USDC or WETH. The protocol runs on Polygon, Arbitrum and Base, with indices additionally on Solana.
The synthetic model carries a structural risk factor: prices come from oracle feeds and the counterparty is ultimately the protocol's liquidity vault. For users seeking forex or commodity leverage without a brokerage account, gTrade remains one of the few serious on-chain venues. The platform holds no EU authorisation; perpetuals sit outside MiCA in any case, and tax reporting rests entirely with the user.
Kwenta is no longer a standalone platform. Synthetix acquired the trading front end in order to run the interface and user experience itself, and the KWENTA token is set to cease to exist as part of that. Trading remains functional for existing users during the transition, but the brand is being folded into the Synthetix offering.
Substantively, Kwenta always concerned synthetic perpetuals built on Synthetix, most recently on Optimism, covering more than 40 tracked assets. Fees of 0.25% to 0.3% per trade sat far above the order-book DEXs — a disadvantage that sharpened as cheaper competitors advanced.
There is therefore little case for starting here. Anyone wanting to trade synthetic perpetuals from this ecosystem is better served going directly through Synthetix. The venue holds no EU authorisation and tax reporting rests entirely with the user.