GMX vs Kwenta Comparison
| 0.04% maker / 0.06% taker (V2) | Fees | 0.25% - 0.3% |
GMXWinner
vs
Kwenta
Pros & Cons
Pros
- Trading against a liquidity pool — no order-book slippage
- Oracle-based pricing
- 100+ perpetual contracts at up to 100x leverage
- Live on several chains, centred on Arbitrum
- Long operating history in DeFi
Cons
- More expensive than fee-free order-book competitors
- Ongoing funding costs weigh on longer holding periods
- Dependence on oracle pricing as a structural risk factor
- No EU authorisation
Pros
- 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
Cons
- 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
4.3Usability3.8
4.0Features3.5
3.8Fees3.0
4.4Stability3.6
3.5Support3.2
Features
- Pool-based model instead of an order book
- No conventional slippage
- Leverage up to 100x
- Established protocol on Arbitrum
- Acquisition by Synthetix
- Token wind-down announced
- Synthetic perpetuals on Optimism
- Trading still possible during the transition
Details
GMXKwenta
| GMX Protocol | Company | Synthetix (acquired Kwenta) |
| Decentralised, no registered office | Headquarters | Decentralised, no registered office |