Size and money locked

Hyperliquid holds about $8.2 billion in TVL, far exceeding GMX’s roughly $227 million. The TVL of Hyperliquid fell slightly by 1.4% over the past week, whereas GMX’s TVL slipped about 2.3% in the same period.

Activity and fees

Hyperliquid processes around $159 million in 24‑hour volume, generating roughly $2.9 million in fees. GMX’s daily volume is about $0.64 million with fees near $150 thousand, indicating considerably lower user activity and revenue.

Network reach

Hyperliquid operates on two chains, its native layer and Arbitrum. GMX runs on five networks, including Arbitrum, Avalanche, MegaETH, Botanix and Solana, giving it broader multi‑chain exposure.

Who each platform suits

Traders seeking deep liquidity and large‑scale perpetual contracts may prefer Hyperliquid, given its massive TVL and high trading volume. Users who value cross‑chain flexibility and a presence on several ecosystems might lean toward GMX, despite its smaller size.