SushiSwap vs GMX
SushiSwap and GMX share the same setup (AMM): liquidity and tooling make the difference. On liquidity SushiSwap dominates: $300M TVL vs $152M. Only GMX offers perpetuals. In our editorial rating GMX leads (4.1 vs 3.3). On a DEX, liquidity IS the product: features being equal, pick where slippage on your size is lower.
| SushiSwap | GMX | |
|---|---|---|
| Tier | C | A |
| Rating | ★ 3.3 | ★ 4.1 |
| Liquidity model | AMM | AMM |
| Maker / Taker fee | 0.3% / 0.3% | 0.1% / 0.1% |
| Markets | Spot | Spot + Perp |
| Supported chains | Ethereum, Arbitrum, Polygon, BSC, Avalanche | Arbitrum, Avalanche |
| TVL (as of Jun 13) | $300M | $152M |
| 24h volume | $10.71M | $2.8B |
| Native token | SUSHI | GMX |
| Fund custody | Non-custodial (funds in your wallet) | Non-custodial (funds in your wallet) |
| Supported wallets | MetaMask, WalletConnect, Coinbase Wallet, Trust Wallet | MetaMask, WalletConnect, Rabby, Coinbase Wallet, Trust Wallet, OKX Wallet, Ledger |
| Audits | PeckShield (audit smart-contract core e BentoBox, 2020-2021), Quantstamp (security review), CertiK, Zellic, Halborn, Certora (formal verification ongoing) | Guardian Audits (primary auditor, multiple engagements 2022-2026), ABDK Consulting (GMX Synthetics), Certora (Nov 2023), Dedaub (GMX Synthetics), Sherlock (GMX Synthetics updates) |
| Governance | SUSHI token + Sushi DAO (Snapshot/Sushipowah). Since June 2024: Sushi Labs council structure (High Kitchen, Treasury Council, Grants Council, Ambassador Council) handles day-to-day operations; DAO retains oversight via multisig and governance votes. xSUSHI stakers earn 0.05% of swap fees. | DAO + GMX token (Snapshot governance + multi-sig execution) |
| KYC | Full | Full |
| Supported countries | US, EEA, APAC, LATAM, MENA, AFRICA · 200+ countries | US, EEA, APAC, LATAM, MENA, AFRICA · 200+ countries |
| Regulator | None | None |
| Segment | B2C | B2C |
| Regions | US, EU/EEA, APAC, LATAM, MENA, Africa | US, EU/EEA, APAC, LATAM, MENA, Africa |
| Licences & safety | None (decentralized protocol) | None (decentralized protocol) |
Frequently asked questions
SushiSwap vs GMX: which is better?
SushiSwap and GMX share the same setup (AMM): liquidity and tooling make the difference. On liquidity SushiSwap dominates: $300M TVL vs $152M. Only GMX offers perpetuals. In our editorial rating GMX leads (4.1 vs 3.3). On a DEX, liquidity IS the product: features being equal, pick where slippage on your size is lower.
Is SushiSwap custodial or self-custody?
SushiSwap is self-custody: you keep the keys, while GMX is self-custody.