Cheapest perp DEX, live all-in cost from $1k to $1M on ETH, BTC and SOL
Trading| Provider | All-in cost | All-in at $100k | All-in at $1M |
|---|---|---|---|
| GMX | 0.060% | 0.060% | 0.060% |
| Ondo Perps | 0.034% | 0.055% | 0.44% |
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GMXn/aOndo Perpsn/a
GMX vs Ondo Perps
GMX leads on 1 of 4 shared benchmarks, Ondo Perps on 3. GMX wins on Perp DEX volume to open interest (0.650x vs 1.878x). Ondo Perps wins on Cheapest perp DEX, live all-in cost from $1k to $1M on ETH, BTC and SOL (0.034% vs 0.060%), Perp DEX volume share, live 24h notional ranked ($166.44M vs $34.78M), Perp DEX asset breadth (56 vs 8). Data as of 2026-10-06 UTC.
GMX
Perp DEX on Arbitrum and Avalanche. Pool-based execution against GLP and GM vaults, oracle-priced trades with no orderbook.
Ondo Perps
Ondo Perps is Ondo Finance's perpetuals exchange (live since June 2026): an off-chain matching engine running in Intel SGX enclaves with on-chain custody on Ethereum and Arbitrum, USDC and Ondo tokenized stocks as collateral, and 60+ markets across US equities, ETFs, commodities, indices, FX and crypto.
Side by side measurements
Perp DEX volume share, live 24h notional ranked
TradingGMX
Trails$34.78M
- p99
- $38.63M
- rank
- #19
- samples
- 2,880
Ondo Perps
Leads$166.44M
- p99
- $183.47M
- rank
- #13
- samples
- 2,880
24h perp volume
GMXn/aOndo Perpsn/a
Perp DEX asset breadth: non-crypto markets live, stocks + indices + forex + commodities
TradingGMX
Trails8
- p99
- 8
- rank
- #13
- samples
- 2,880
Ondo Perps
Leads56
- p99
- 56
- rank
- #8
- samples
- 2,880
Non-crypto markets
GMXn/aOndo Perpsn/a
Counts reflect each venue's live market catalog at query time, mainnet only. The asset class comes from the venue's own metadata where it publishes one; Hyperliquid HIP-3 dexes and dYdX publish none, so their symbols are matched against the crypto markets the other venues list and a fixed table of forex, commodity and index names. Tokenized gold (PAXG, XAUT) is a crypto token and is not counted. A market counts once whether it trades 24/7 or only during exchange hours.
Perp DEX volume to open interest: 24h turnover per dollar of OI, live
TradingGMX
Leads0.650x
- p99
- 0.722x
- rank
- #5
- samples
- 2,880
Ondo Perps
Trails1.878x
- p99
- 2.07x
- rank
- #14
- samples
- 2,880
Volume / OI (24h)
GMXn/aOndo Perpsn/a
The ratio is a screen, not a verdict. Both terms are the venue's own figures (24h volume and open interest as each API reports them, in USD), so a venue that counts both legs of a fill moves its ratio without changing anything real. A very low ratio (Ostium, 0.2x) means positions held for days on thin daily volume; a very high one (Kalshi, above 40x) means a day of trading dwarfs what stays open. The bands in the methodology say what each range usually means.
Frequently asked questions
GMX vs Ondo Perps: which one is better?
GMX and Ondo Perps are compared on 4 shared OpenChainBench benchmarks. GMX leads on Perp DEX volume to open interest. Ondo Perps leads on Cheapest perp DEX, live all-in cost from $1k to $1M on ETH, BTC and SOL. See the live table on this page for every metric.
Which has the lower volume / oi (24h), GMX or Ondo Perps?
On the Perp DEX volume to open interest benchmark, GMX leads at 0.650x versus Ondo Perps at 1.878x. Live measurement is updated continuously by the OpenChainBench harness.
Which is cheaper, GMX or Ondo Perps?
On the Cheapest perp DEX, live all-in cost from $1k to $1M on ETH, BTC and SOL benchmark, Ondo Perps leads at 0.034% versus GMX at 0.060%. Live measurement is updated continuously by the OpenChainBench harness.
How is the GMX vs Ondo Perps comparison measured?
Every benchmark on this page uses the same open methodology, published at https://openchainbench.com/methodology. Data is CC-BY-4.0. Measurement harnesses are MIT-licensed.
Related comparisons
How this pair was selected
Auto-generated pairs require: both providers in the same benchmark for seven consecutive days, at least 1000 samples per provider, observable third-party search demand, and a public /products/[slug] page on OCB. Editorially curated pairs (like this one) may publish early when search demand is high and data is accruing; panels with fewer than 100 samples are shown as provisional. The full pair ledger is versioned in the public repo.