GMX vs PancakeSwap

How GMX vs PancakeSwap compare on our ratings, dex specs, funding, pros and cons.

GMX3.2/5
VS
Feature
Ratings
Our score3.2/54.0/5
User ratingNo reviews yetNo reviews yet
Liquidity & pricing4.04.5
Fees3.03.5
Security2.03.5
Ease of use3.54.0
Chain coverage4.05.0
Specs
KYC requiredNot disclosed No
TypeAMM, PerpetualsAMM
ChainsArbitrum, Avalanche, Solana, OtherBNB Chain, Ethereum, Aptos, Base, Arbitrum
Swap feeNot disclosedFees vary by product and pool.
Cross-chain swapsNot disclosed Yes
Audited Yes Yes
Open sourceNot disclosed Yes
Governance tokenGMXCAKE
Perpetual futures Yes Yes
Max leverage (x)100Not disclosed
Points or rewards program Yes Yes
Company
Founded20212020
Headquarters—Japan
InvestorsNot disclosedYZi Labs
Strengths and weaknesses
Pros
  • 100+ markets include crypto, metals, energy and US equity indices
  • Supports trading across Arbitrum, Avalanche, MegaETH and Solana
  • Self-custody wallet trading avoids depositing funds with a centralized exchange
  • GM and GLV pools give liquidity providers trading, swap and borrowing fee exposure
  • Available across 11+ blockchain networks
  • Non-custodial wallet-based access without KYC
  • Open-source contracts with audits from six security firms
  • About $1.56B locked as of October 17, 2026
Cons
  • Up to 100x leverage increases liquidation and loss risk
  • Liquidity providers act as counterparties to perpetual traders
  • V1 GLP pool lost approximately $42 million in the July 2025 exploit
  • April 2021 ABDK audit did not cover the exploited GLP mechanisms
  • Permissionless listings increase counterfeit-token and smart-contract risk
  • Swap fees vary by product, pool and fee tier
  • AMM trades remain exposed to slippage and MEV
  • Cross-chain products add bridge and message-passing risk
Best forOn-chain perpetual traders, Multi-chain wallet users, Liquidity pool providersMultichain spot traders, BNB Chain liquidity providers, CAKE staking users

Highlighted cells show the stronger value in each row. Data comes from each provider's site and public sources; check details before you sign up.

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