Perpetual decentralized exchanges (perp DEXs) have become the backbone of synthetic stock trading in 2024. These platforms enable traders to access leveraged exposure to popular equities without ever touching the underlying shares, all while maintaining DeFi’s core principles of transparency, permissionlessness, and self-custody. As demand for synthetic stock derivatives grows, so does the need for robust, liquid, and secure perp DEXs that can deliver on both performance and risk management.
Why Synthetic Stock Trading Is Gaining Momentum
The appeal of synthetic stocks is clear: 24/7 access to global equities, censorship resistance, and composable DeFi integrations. Traders no longer need to rely on centralized brokers or comply with traditional market hours. Instead, they can speculate on Tesla (TSLA), Apple (AAPL), or S and P 500 indices directly from their wallets using perpetual contracts issued by leading DEXs.
This evolution is fueled by a new generation of protocols that prioritize security, liquidity depth, and innovative mechanisms for price discovery. In this guide, we break down the top five perp DEXs for synthetic stocks in 2024, each offering unique advantages for traders seeking alpha in both crypto and traditional equity markets.
The Top 5 Perp DEXs for Synthetic Stock Trading in 2024
Our analysis focuses on five standout platforms: Synthetix Perps (including Kwenta and Polynomial), Ostium Labs, dYdX, Gains Network, and GMX. These exchanges were selected based on liquidity metrics, supported asset range, leverage options, fee structures, and security features. Below is a comparative overview of each platform as it stands on November 1st, 2025:
- Synthetix Perps (Kwenta and Polynomial): The OG protocol for synthetic assets in DeFi. Synthetix’s perps system supports dozens of U. S. equities with up to 25x leverage. Fees range from 0.02%–0.10%, leveraging SNX collateral to back positions. Its modular design enables frontends like Kwenta and Polynomial to offer tailored interfaces while benefiting from audited contracts and a mature bug bounty program.
- Ostium Labs: A rising star focused exclusively on real-world asset (RWA) synthetics since its founding in 2022. Ostium’s protocol allows trading perpetual contracts tied not just to stocks but also commodities and FX pairs, an edge for multi-asset strategists looking beyond crypto-native products.
- dYdX: Renowned for its deep order book liquidity and high-frequency trading infrastructure built atop Cosmos SDK. dYdX supports an expanding lineup of top U. S. stocks with up to 50x leverage. Trading fees start at just 0.02%, with a proven track record of exploit recovery and regular smart contract audits.
- Gains Network: Specializes in leveraged synthetic assets with a flexible architecture supporting stocks alongside crypto pairs. Gains Network offers customizable leverage settings up to triple digits depending on asset volatility, ideal for risk-tolerant traders seeking outsized returns.
- GMX: Known for its innovative approach using multi-asset liquidity pools (GLP), GMX enables seamless execution even during volatile periods. With support for select major equities via synthetic representations and fees around 0.02%, it appeals especially to larger traders who value low slippage above all else.
Sizing Up the Competition: Features That Matter Most
The current landscape makes it clear that not all perp DEXs are created equal when it comes to synthetic stock trading platforms. Here are key factors driving adoption among active traders:
- Diversification of Supported Stocks: Synthetix Perps leads with dozens of U. S. -listed equities; Ostium Labs is quickly catching up by onboarding new RWAs monthly; dYdX continues expanding its roster as well.
- User Experience and Execution Speed: Platforms like dYdX deliver CEX-like order books without compromising decentralization; GMX’s pool-based model ensures minimal slippage even at scale.
- Security and Transparency: All five protocols have undergone rigorous audits; Synthetix stands out with its long-running bug bounty programs while Gains Network emphasizes transparent upgrades through community governance.
- Fee Structures and Leverage Options: Fees remain highly competitive across the board (as low as 0.02%). Leverage ranges from conservative (25x, 50x) on Synthetix/dYdX/GMX to more aggressive tiers available via Gains Network.
If you’re looking for an in-depth feature-by-feature breakdown, including live price feeds, explore our dedicated comparison at our full guide here.
The Current State: Prices and Market Share Snapshot (November 1st, 2025)
The momentum behind these perp DEXs is reflected not just in user growth but also token performance as of today’s close:
- Synthetix (SNX): $1.006 USD, up 0.6% from previous close
- dYdX (DYDX): $0.5996 USD, up 0.33% from previous close
- GMX (GMX): $15.58 USD, up 0.24% from previous close
- Ostium Labs: Focused on real-world asset (RWA) synthetics, Ostium Labs continues to carve out a niche for traders seeking perpetual contracts on equities, commodities, and FX pairs. Its protocol design emphasizes composability and supports a growing suite of synthetic stocks.
- Gains Network: With its flexible leverage model and expanding list of supported synthetic stocks, Gains Network is attracting both retail and professional traders. The protocol’s transparent governance and risk controls are noteworthy for those prioritizing platform resilience.
Top 5 Perp DEXs for Synthetic Stock Trading in 2024: Comparative Overview
| DEX Name | Max Leverage | Trading Fees | Supported Synthetic Stocks | Key Security Features | Token Price (Nov 1, 2025) |
|---|---|---|---|---|---|
| Synthetix Perps | 25x | 0.02%–0.10% | Dozens of U.S. equities | Audited contracts, bug bounty, SNX collateral model | $1.006 |
| dYdX | 50x | From 0.02% (tiered) | Expanding roster of top U.S. stocks | Cosmos chain, regular audits, exploit recovery | $0.5996 |
| GMX | 100x | ~0.02% | Select major equities via synthetic assets | $GMX governance, Chainlink oracles, transparent upgrades | $15.58 |
| Hyperliquid | 50x | Taker: 0.05%, Maker: -0.02% | Over 130 assets including stocks | On-chain order book, gasless trades, DeFi transparency | $42.78 |
| Vela Exchange | Up to 25x | ~0.05% | Select U.S. stocks and indices (growing list) | User-focused UI/UX, audited contracts, risk tools in development | $0.001616 |
Token prices signal sustained confidence in these protocols. For example, Synthetix (SNX) currently trades at $1.006 USD, while dYdX (DYDX) sits at $0.5996 USD, and GMX (GMX) holds steady at $15.58 USD. These price points reflect not just speculative sentiment but also the underlying growth in user activity and protocol revenue streams. Gains Network’s native token performance has similarly tracked increased adoption as synthetic stock volumes climb.
User Experience Trends: Across the board, these platforms are investing heavily in UI/UX improvements, Kwenta’s Synthetix frontend now rivals centralized exchanges for speed and clarity, while dYdX’s Cosmos-based app delivers near-instant execution with granular order controls. Ostium Labs’ dashboard is tailored for cross-asset strategists, and GMX’s analytics tools help traders manage risk dynamically even during high-volatility events.
Strategic Considerations for Perp Stock Traders
The choice between these leading perp DEXs hinges on your priorities as a trader or investor. If you value deep liquidity on blue-chip U. S. equities with robust DeFi integrations, Synthetix Perps via Kwenta or Polynomial offers the broadest selection. For those seeking higher leverage or more exotic RWA exposure, including commodities alongside stocks, Ostium Labs or Gains Network may offer an edge.
dYdX remains the go-to for high-frequency strategies thanks to its fast order matching engine and tight spreads, while GMX appeals to larger traders who want minimal slippage even when trading sizey positions on select equities.
Risk management remains paramount. While all five protocols have undergone extensive audits and maintain active bug bounty programs, traders should always use stop-losses and size positions appropriately given the inherent volatility of both crypto assets and synthetic equity markets.
The Road Ahead: Innovation and Evolving Opportunities
The perpetual DEX space is evolving rapidly as projects race to onboard new synthetic stocks and integrate real-world data feeds with greater accuracy. Protocols like Ostium Labs are pushing boundaries by blending traditional finance assets with DeFi-native mechanics, expect further convergence as regulatory clarity improves globally.
For those eager to stay ahead of market trends or optimize their strategy across multiple platforms, leveraging comparison tools such as our detailed breakdown at our full feature comparison guide can provide actionable insights into fees, security models, supported assets, and more.
The rise of perp DEXs has fundamentally democratized access to global equities, now available 24/7 from any DeFi wallet without intermediaries. As competition intensifies among leaders like Synthetix Perps (Kwenta/Polynomial), Ostium Labs, dYdX, Gains Network, and GMX, expect continued innovation around transparency tools, cross-chain execution layers, and capital efficiency enhancements throughout 2025.
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