Quick difference at a glance
Ethena is a synthetic dollar protocol with a TVL of about $5.3 billion and modest daily fees of around $77. GMX is an on‑chain exchange with a TVL of roughly $227 million, daily volume of about $642 k and fees near $154 k. Ethena’s TVL grew 6.9% over the past week, while GMX’s TVL slipped 2.3%.
Size and money locked
Ethena’s total value locked is roughly twenty‑three times larger than GMX’s, placing it among the biggest derivatives platforms by capital. GMX’s TVL, though much smaller, still provides a solid liquidity base for its perpetual and spot markets.
Activity and fees
GMX sees active trading with a 24‑hour volume of about $642 k, generating daily fees of roughly $154 k. Ethena records no reported 24‑hour volume and collects about $77 in fees, indicating far lower on‑chain activity compared with GMX.
Network reach
Ethena operates on Ethereum and TON, giving it a presence on two chains. GMX spans five networks, Arbitrum, Avalanche, MegaETH, Botanix and Solana, offering broader multi‑chain accessibility.
Who each platform suits
Ethena is suited for users seeking exposure to a synthetic dollar on Ethereum and TON with a large locked value backing. GMX appeals to traders who need higher liquidity, active markets and multi‑chain options across five networks.