GMX scores 19 points above Vertex Protocol, which no longer operates (since 2025-07-16) and scores zero on the criteria block. Vertex Protocol ranks #12 and GMX #6 of 12 published perp DEXs. Every term of the gap is on the ledger below; the inputs are on the audit receipt.
VEVertex Protocol41
vs
GMX60
Scores are out of 100; published scores fall within 41–99 · ranks #12 and #6 of 12
GMX scores 19 points above Vertex Protocol, which no longer operates (since 2025-07-16) and scores zero on the criteria block.
VEVertex Protocol #12 of 1241
GMX #6 of 1260
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; Vertex Protocol on 0. The terms sum to the gap.
TermGMXVertex ProtocolWeightPoints
Published criteriaScore dimension17.8030+46.3for GMX
Net of the terms+46.3
Reproduced gap+46.3
Published gapAfter score rounding and bounds — see the note below6041+19.0
Weight is in points of the 86-point weighted total. Points are score points of the gap between the two.
EligibilityVertex Protocol no longer operates (since 2025-07-16): its criteria block is zeroed
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.
Vertex Protocol no longer operates (since 2025-07-16) and is kept for reference: the engine zeroes its criteria block, whatever its cells say.
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 recordVertex ProtocolScore 41Closed: hybrid AMM + sequencer orderbook on Arbitrum (trading ended July 2025)Strength: Nothing — Vertex is closed; all DEX trading ceased on 16 July 2025Watch-out: Closed: all DEX trading ceased on 16 July 2025 when the team joined the Ink Foundation, and vertexprotocol.com now returns 404 — there is no Vertex venue to trade on
Quick facts
At a glance
1 of 5 rows read the same for both.
FactVertex ProtocolGMX
PricingSnapshotModel: hybrid onchain AMM + offchain sequencer orderbook. Since 2023; closed 16 July 2025 (team joined the Ink Foundation): its notice says Phase 4 "All DEX trading activity ceases." Arbitrum. Self-custodial; matching offchain, settlement onchain; admin-controlled (4-of-6 multisig, no timelock found). Audited. Up to 20x while live. No live fee schedule: vertexprotocol.com and docs.vertexprotocol.com return 404 (read 3 November 2026). Live TVL shown for context (DefiLlama, dated), not scored.Model: 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.
Security postureSnapshotAudited; admin-controlled contracts.Extensively audited; admin-controlled contracts; an exploit that lost user or LP funds (2025, rated severe).
From the published criteria
Which should you pick?
VE
Vertex Protocol
41#12 of 12
Pick it when
Vertex Protocol 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
Nothing — Vertex is closed; all DEX trading ceased on 16 July 2025
Tradeoff
Closed: all DEX trading ceased on 16 July 2025 when the team joined the Ink Foundation, and vertexprotocol.com now returns 404 — there is no Vertex venue to trade on
GMX
60#6 of 12
Leads
Pick it when
GMX leads on no published criterion; its edge is published criteria (17.8 vs 0 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
Self-identify in 10 seconds
Which one is actually for you?
VEVertex Protocol
Vertex Protocol 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.
Vertex ProtocolScore 41Closed: hybrid AMM + sequencer orderbook on Arbitrum (trading ended July 2025)Strength: Nothing — Vertex is closed; all DEX trading ceased on 16 July 2025Watch-out: Closed: all DEX trading ceased on 16 July 2025 when the team joined the Ink Foundation, and vertexprotocol.com now returns 404 — there is no Vertex venue to trade on
GMXLeads
GMX leads Vertex Protocol 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
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
Vertex ProtocolNot scored
No evidence cell for this criterion, so no strength is drawn.
GMXNot scored
No evidence cell for this criterion, so no strength is drawn.
Decentralization
weight 9.6 of 86Not scored
Vertex ProtocolNot scored
No evidence cell for this criterion, so no strength is drawn.
GMXNot 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
Vertex Protocol14/20GMX14/20
Tie
Published criteriaweight 30 of 86
Vertex Protocol0/30GMX17.8/30
GMX leads
Frictionweight 10 of 86 · constant here
Vertex Protocol2.7/10GMX2.7/10
Tie
Trust recordweight 8 of 86 · constant here
Vertex Protocol3.2/8GMX3.2/8
Tie
Measured dataweight 18 of 86 · constant here
Vertex Protocol5.5/18GMX5.5/18
Tie
Decision rulePublished order
Choose GMX unless the term Vertex Protocol leads on is the one you are buying.
Vertex Protocol 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 19 points above Vertex Protocol, which no longer operates (since 2025-07-16) and scores zero on the criteria block. Published scores, out of 100: Vertex Protocol 41 (rank 12 of 12 perp dexs), GMX 60 (rank 6 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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