GMX scores 6 points above Lighter on the published criteria (17.8 vs 15.6 points), which this ranking scores from the record as a whole, not criterion by criterion. GMX ranks #6 and Lighter #7 of 12 published perp DEXs. Every term of the gap is on the ledger below; the inputs are on the audit receipt.
GMX60
vs
LILighter54
Scores are out of 100; published scores fall within 41–99 · ranks #6 and #7 of 12
GMX scores 6 points above Lighter on the published criteria (17.8 vs 15.6 points), which this ranking scores from the record as a whole, not criterion by criterion.
GMX #6 of 1260
LILighter #7 of 1254
Scores are out of 100; published scores fall within 41–99; a bar is empty at 41 and full at 99.
Why, term by termGMX leads on 0 of 2 published criteria; Lighter on 0. The terms sum to the gap.
TermGMXLighterWeightPoints
Published criteriaScore dimension17.815.630+5.7for GMX
Net of the terms+5.7
Reproduced gap+5.7
Published gapAfter score rounding and bounds — see the note below6054+6.0
Weight is in points of the 86-point weighted total. Points are score points of the gap between the two.
This ranking scores its published criteria from the record as a whole, not criterion by criterion, so they count here as one term and no single criterion is credited.
A row-above bound on one row means the criterion arithmetic does not reproduce the displayed gap exactly.
GMXScore 60Oracle-priced pools on Arbitrum & Avalanche — contract-custodied, exploited in 2025Strength: Oracle-priced pool model with an extensively audited v2Watch-out: A July-2025 re-entrancy exploit drained ~$42M from the v1 GLP pool (mostly recovered + reimbursed; v2 unaffected) — weigh its security recordLighterScore 54zk-verified onchain orderbook — self-custodial, force-withdrawableStrength: zk-verified orderbook with proofs committed to EthereumWatch-out: Newer venue (2025) — shorter track record, and the live verifier was replaced on 3 and 10 September 2026 with no sources published, so the published audits cannot be shown to cover the running code
Quick facts
At a glance
2 of 5 rows read the same for both.
FactGMXLighter
Trading feeSnapshotModel: oracle-priced GM pools (v2; v1 GLP wound down), keeper-executed. Since 2021. Arbitrum/Avalanche/MegaETH (gmx.io also names Solana). Contract-custodied (GMX bank/vault contracts). Extensively audited (v2); July-2025 ~$42M v1 GLP re-entrancy exploit (mostly recovered, v2 unaffected). Up to 100x. Fees (GMX docs "Fees", read 3 November 2026): "The position fee is 0.04% or 0.06% of the position size.", 0.06% when a trade increases the long/short open-interest imbalance and 0.04% when it reduces it. Live TVL shown for context (DefiLlama, dated), not scored.Model: zk-verified orderbook (offchain sequencer, proofs committed to Ethereum). Since 2025. Self-custodial with L1 force-withdrawal. Admin-controlled (a protocol multisig, the governor, holds the administrative functions). Audited (nine published audits; the September-2026 verifier changes have no published sources). Up to 50x. Fees (Lighter docs "Trading Fees", read 3 November 2026): Standard Accounts "Fees: 0 maker / 0 taker on regular perpetual and spot orders; 1 bp on TWAP/advanced orders and RFQ"; Plus and Premium/Advanced accounts pay maker and taker fees. Live TVL shown for context, not scored.
Security postureSnapshotExtensively audited; admin-controlled contracts; an exploit that lost user or LP funds (2025, rated severe).Audited; admin-controlled contracts.
From the published criteria
Which should you pick?
GMX
60#6 of 12
Leads
Pick it when
GMX leads on no published criterion; its edge is published criteria (17.8 vs 15.6 points). Pick it if that term is what you are buying.
Strength
Oracle-priced pool model with an extensively audited v2
Tradeoff
A July-2025 re-entrancy exploit drained ~$42M from the v1 GLP pool (mostly recovered + reimbursed; v2 unaffected) — weigh its security record
LI
Lighter
54#7 of 12
Pick it when
Lighter leads GMX on no published criterion and no score dimension — pick it only if a fact outside the score (country, funding rail, custody) decides for you.
Strength
zk-verified orderbook with proofs committed to Ethereum
Tradeoff
Newer venue (2025) — shorter track record, and the live verifier was replaced on 3 and 10 September 2026 with no sources published, so the published audits cannot be shown to cover the running code
Self-identify in 10 seconds
Which one is actually for you?
GMXLeads
GMX leads Lighter on no published criterion
Choose it only if something outside the published criteria decides for you — your country, a funding rail, or custody.
GMXScore 60Oracle-priced pools on Arbitrum & Avalanche — contract-custodied, exploited in 2025Strength: Oracle-priced pool model with an extensively audited v2Watch-out: A July-2025 re-entrancy exploit drained ~$42M from the v1 GLP pool (mostly recovered + reimbursed; v2 unaffected) — weigh its security record
LILighter
Lighter leads GMX on no published criterion
Choose it only if something outside the published criteria decides for you — your country, a funding rail, or custody.
LighterScore 54zk-verified onchain orderbook — self-custodial, force-withdrawableStrength: zk-verified orderbook with proofs committed to EthereumWatch-out: Newer venue (2025) — shorter track record, and the live verifier was replaced on 3 and 10 September 2026 with no sources published, so the published audits cannot be shown to cover the running code
Criterion by criterion
Scorecard
Published criteria · weight in points of 860 of 4 cells scored. Strength is read from the evidence file; the weight is the published one. Methodology
Security
weight 14.4 of 86Not scored
GMXNot scored
No evidence cell for this criterion, so no strength is drawn.
LighterNot scored
No evidence cell for this criterion, so no strength is drawn.
Decentralization
weight 9.6 of 86Not scored
GMXNot scored
No evidence cell for this criterion, so no strength is drawn.
LighterNot scored
No evidence cell for this criterion, so no strength is drawn.
Score dimensions
weights sum to 86
The published score is five dimensions, each weighted for the category. "Published criteria" is the criteria block above; the other four are the engine's own terms — availability, friction, trust record, measured data. Each bar is one side's points out of that dimension's maximum; the weight beside the name is its points of the 86-point weighted total. The published criteria above can fill 24 of the block’s 30. A weight marked “constant here” belongs to a dimension every ranked product in the category holds at the same value: it still counts in the total, and it orders nothing here.
Availabilityweight 20 of 86 · constant here
GMX14/20Lighter14/20
Tie
Published criteriaweight 30 of 86
GMX17.8/30Lighter15.6/30
GMX leads
Frictionweight 10 of 86 · constant here
GMX2.7/10Lighter2.7/10
Tie
Trust recordweight 8 of 86 · constant here
GMX3.2/8Lighter3.2/8
Tie
Measured dataweight 18 of 86 · constant here
GMX5.5/18Lighter5.5/18
Tie
Decision rulePublished order
Choose GMX unless the term Lighter leads on is the one you are buying.
Lighter leads GMX on no published criterion and no score dimension — pick it only if a fact outside the score (country, funding rail, custody) decides for you.
The published order weighs every criterion the same way for everyone. To weigh them your way, run .
From the published order
Next best action
If this isn't your case
Other matchups worth comparing
How you can lose money here, and what the ranking scores
Contract failure: the code holding the funds is exploited.
Scored by Security & track record · 60%
Control failure: a key or vote changes the rules, freezes or mints.
Scored by Decentralization & trust-minimization · 40%
Not assessed by this ranking: Oracle failure, Insolvency failure, Regulatory failure, Execution failure, Exit failure. A high place says nothing about these; the Methodology tab says what each means.
Questions
Frequently asked questions
GMX scores 6 points above Lighter on the published criteria (17.8 vs 15.6 points), which this ranking scores from the record as a whole, not criterion by criterion. Published scores, out of 100: GMX 60 (rank 6 of 12 perp dexs), Lighter 54 (rank 7 of 12).
Reviewed means both products compared here was read against its sources on or after that date; every ranked category is re-read at least every 45 days. Models research, extract and parse. A deterministic engine ranks. Every quote passes an adversarial refute pass.
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