Derivatives Fight: Hyperliquid Compared to dYdX, Aevo, and GMX

Derivatives Fight: Hyperliquid Compared to dYdX, Aevo, and GMX - Predicting the Future

In the rapidly evolving world of decentralized finance (DeFi), one platform stands out for its impressive growth and features: Hyperliquid.

Hyperliquid, a custom Layer-1 blockchain designed for high-frequency trading, offers a number of advantages over its competitors. Unlike dYdX, Aevo, and GMX, Hyperliquid boasts zero gas fees on trades, making it an attractive choice for traders seeking to minimise costs.

One of the key strengths of Hyperliquid is its ability to deliver fully on-chain execution for all trades, orders, and liquidations. This on-chain transparency is a significant advantage, providing real-time execution and offering users a clear view of all trading activity.

Hyperliquid's success is evident in its rapid growth. Within just 15 months of launch, Hyperliquid amassed a total value locked (TVL) of approximately $2.2B, significantly more than GMX over a similar period. By Q4 2024, Hyperliquid was handling 5 times the trading volume of its nearest on-chain competitor (dYdX and GMX).

The platform's impressive performance extends to its speed. Hyperliquid can process over 100,000 orders per second, outpacing its competitors significantly. This speed, combined with its zero gas fees, makes Hyperliquid an attractive choice for high-volume traders.

Hyperliquid's native token, HYPE$, serves multiple roles within the platform. It functions as a gas token, facilitating transactions, and also serves for governance, staking, trading fee discounts, and collateral.

As of August 2025, Hyperliquid leads in daily perpetual volume, TVL, and perp market share compared to dYdX, Aevo, and GMX. The platform has also deployed around 170 projects on its platform by mid-2025, with TVL growing to $1.7B.

Hyperliquid's flexible listing framework (HIP-1 auctions) allows for faster asset listing compared to dYdX, further enhancing its appeal to developers and projects seeking to list their tokens.

While Hyperliquid has made significant strides in the DeFi space, it's important to note that Binance currently leads the market share among centralized perpetual trading platforms. With over 41% of the market share in centralized exchanges (CEXs) and $24 billion in volume, Binance is the epicenter of altcoin trading and derivative transactions.

Despite Binance's dominance, Hyperliquid offers a compelling alternative for those seeking a decentralized trading solution. With its zero gas fees, on-chain transparency, speed, and robust feature set, Hyperliquid is a platform worth watching in the rapidly evolving world of DeFi.

Derivatives Fight: Hyperliquid Compared to dYdX, Aevo, and GMX - Predicting the Future