Size and Money Locked
Lighter has about $789 million locked in its pools, far exceeding GMX’s roughly $227 million. This makes Lighter the larger platform in terms of total value locked.
Both protocols saw a slight decline over the past week, with Lighter down about 0.3% and GMX down about 2.3%.
Activity and Fees
Lighter processes around $6 million in trading volume each day, while GMX’s daily volume is about $0.6 million. The higher activity on Lighter translates into larger fee revenue, with users paying roughly $205,000 per day compared with GMX’s $154,000.
These figures show that Lighter is more actively used, though both platforms generate substantial fees.
Networks and Reach
Lighter operates on four networks: Ethereum, Arbitrum, Robinhood Chain, and zkLighter. GMX spans five networks, adding Avalanche, MegaETH, Botanix, and Solana to its Arbitrum base.
GMX’s broader chain coverage gives it a slightly wider geographic and ecosystem reach.
Who Each Platform Suits
Lighter’s larger TVL and higher daily volume make it attractive for traders seeking deep liquidity and robust security on a multi‑chain setup. Its design emphasizes verifiable matching and exchange‑grade performance.
GMX appeals to users who value multi‑chain access, especially on Avalanche, Solana, and other emerging networks, while still offering solid liquidity and fee generation.