{ "schemaVersion": 1, "id": "gmx-vs-mux-vs-synfutures", "version": "1.0.0", "name": "GMX vs MUX vs SynFutures", "reviewedAt": "2026-10-14", "reviewIntervalDays": 14, "reviewer": "Decentralised News editorial research", "evidenceType": "documentation_comparison", "liveTested": false, "summary": "Compare direct markets, aggregated routes and a hybrid trading engine. Follow the actual liquidity source, collateral and exit steps before comparing costs.", "scope": "3 pinned documentation briefs compared by decision condition. Not a live execution test, security audit, exhaustive product inventory or individual eligibility assessment.", "comparisonContext": "GMX is scoped to V2 on Arbitrum. MUX separates aggregation from native V3 markets; SynFutures coverage concerns its perpetual engine. These are different product scopes, not three interchangeable or necessarily independent liquidity venues. No common deployment or current route inventory is asserted.", "comparisonParticipants": [ "gmx", "mux", "synfutures" ], "sources": [], "networks": [ { "id": "perpetuals", "name": "Perpetual trading across distinct product scopes", "collaterals": [], "collateralNote": "Market, account and route dependent. No universal collateral equivalence or shared deployment is asserted." } ], "illustration": null, "rows": [ { "id": "product", "label": "Product and execution route", "meaning": "Identify the execution venue behind the interface. An aggregator can depend on another protocol; adding interfaces does not necessarily diversify underlying exposure.", "gmx": "The overview lists direct markets on Arbitrum, Avalanche and MegaETH. GMX Account access from supported source chains settles on Arbitrum.", "gmxSources": [ "overview" ], "mux": "The aggregator describes routing across one or more liquidity sources based on market, size, available liquidity, estimated costs and user preferences.", "muxSources": [ "routing" ], "synfutures": "The introduction separates the Perps Engine from an RWA offering integrated with Anchored. Perps combine orderbook and AMM liquidity.", "synfuturesSources": [ "overview" ] }, { "id": "collateral", "label": "Collateral and market selection", "meaning": "Confirm the exact market, collateral token and execution chain. A deposit option or tutorial example is not a universal margin list.", "gmx": "Collateral choices depend on the market and pool. The order guide gives BTC or USDC as choices for a BTC-USDC market. Non-stable collateral adds price exposure.", "gmxSources": [ "orders" ], "mux": "The V3 guide describes pools with different collateral, markets and directional exposure. Positions can route to multiple elemental pools.", "muxSources": [ "v3" ], "synfutures": "The tutorial distinguishes stablecoin and coin-margin markets, then illustrates a USDC deposit.", "synfuturesSources": [ "tutorial" ] }, { "id": "fees", "label": "Trading and holding costs", "meaning": "Compare a complete round trip on the chosen route. The SynFutures fee-tier article is historical; it cannot establish a current rebate or a present-day cheapest venue.", "gmx": "The reviewed fee guide lists 0.04% or 0.06% position fees for most markets, depending on whether the action improves open-interest balance. TradFi exceptions apply.", "gmxSources": [ "fees" ], "mux": "The fee page explicitly says third-party routes adapt to the underlying protocol. Native V3 separately charges opening/closing position fees and hourly borrowing fees.", "muxSources": [ "fees" ], "synfutures": "The April 2024 V3 fee-tier announcement described discounts paid in margin tokens in the following month. This review does not establish that those program terms remain current.", "synfuturesSources": [ "fees" ] }, { "id": "execution", "label": "Order and routing conditions", "meaning": "Check the actual order preview and any added routing or boost charges. An oracle trigger, route estimate or preview is not a guaranteed fill.", "gmx": "GMX uses direction-dependent oracle bid/ask bounds for triggering and execution. The displayed midpoint is not the execution trigger, and fast moves can skip prices.", "gmxSources": [ "orders" ], "mux": "The aggregator guide describes additional supplied margin, opening/closing boost charges and a separate boost-funding charge alongside underlying funding.", "muxSources": [ "routing" ], "synfutures": "The trading tutorial exposes margin required, price impact, estimated trade value and trading fee before confirmation.", "synfuturesSources": [ "tutorial" ] }, { "id": "exit", "label": "Managing exposure before exit", "meaning": "Closing a position, removing liquidity and withdrawing funds are separate steps. Native MUX margin modes cannot be assumed to apply to every aggregated route.", "gmx": "The liquidation guide says eligible stop-loss orders may be attempted first, but execution is not guaranteed when market moves and liquidation thresholds coincide.", "gmxSources": [ "liquidation" ], "mux": "The native V3 overview lists cross and isolated margin. Aggregator routes can use other underlying protocols.", "muxSources": [ "v3", "routing" ], "synfutures": "The tutorial describes removal as conversion into a trading position, followed by a separate close. It distinguishes removal price from liquidation price.", "synfuturesSources": [ "tutorial" ] }, { "id": "evidence", "label": "What remains unmeasured", "meaning": "No matched live trades, stop-loss observations or withdrawal tests support a performance or safety winner.", "gmx": "This pinned snapshot provides no independent measurements of execution, withdrawal reliability or individual eligibility.", "gmxSources": [], "mux": "No contemporaneous multi-venue execution benchmark, withdrawal test or stop-loss reliability test was conducted for this brief.", "muxSources": [ "routing" ], "synfutures": "This pinned snapshot provides no independent measurements of execution, withdrawal reliability or individual eligibility.", "synfuturesSources": [] } ], "unknowns": [ "Matched executable quotes including entry, holding and exit costs", "Independent fill, stop-loss and withdrawal reliability", "Current permissions, recovery and revocation behaviour", "Individual eligibility and current regional restrictions" ], "history": [ { "date": "2026-10-14", "type": "DN publication", "detail": "Initial comparison of pinned documentation snapshots. Evidence coverage differs; unsupported conditions remain unknown." } ], "reviewTriggers": [ "Changed official product, fee, margin or withdrawal documentation", "A substantiated correction", "The earliest underlying editorial review deadline" ], "disclosure": "DN may receive compensation through commercial links elsewhere on the site. This comparison has no trading CTA or payout-based ranking. Documentation does not establish current operational status, safety or user eligibility.", "evidenceSnapshots": { "gmx": { "schemaVersion": 1, "id": "gmx", "version": "1.0.0", "name": "GMX", "reviewedAt": "2026-10-14", "reviewIntervalDays": 14, "reviewer": "Decentralised News editorial research", "evidenceType": "provider_documentation", "liveTested": false, "summary": "Funding route, settlement chain and pool collateral are different decisions. This Arbitrum-focused GMX brief examines those boundaries, fee components, conditional exits and delegated trading permissions.", "scope": "Review of accessible provider documentation for GMX V2, focused on Arbitrum. Not a live trade, security audit, exhaustive market inventory or eligibility assessment.", "decisionTitle": "Separate funding, collateral and execution.", "decisionContext": "Start with the market and pool, then check collateral, cost components and order conditions. A convenient funding route does not remove bridge, oracle or delegated-permission dependencies.", "sources": [ { "id": "overview", "name": "GMX trading overview", "url": "https://docs.gmx.io/docs/trading/overview/", "reviewedAt": "2026-10-14" }, { "id": "orders", "name": "GMX positions and order types", "url": "https://docs.gmx.io/docs/trading/order-types/", "reviewedAt": "2026-10-14" }, { "id": "fees", "name": "GMX fees", "url": "https://docs.gmx.io/docs/trading/fees/", "reviewedAt": "2026-10-14" }, { "id": "liquidation", "name": "GMX liquidations and ADL", "url": "https://docs.gmx.io/docs/trading/liquidations/", "reviewedAt": "2026-10-14" }, { "id": "delegation", "name": "GMX delegated trading integration", "url": "https://docs.gmx.io/docs/api/contracts/delegated-trading/", "reviewedAt": "2026-10-14" } ], "networks": [ { "id": "arbitrum", "name": "Arbitrum (review scope)", "collaterals": [], "collateralNote": "Market and pool dependent; inspect the selected position.", "sourceId": "orders" } ], "claims": [ { "id": "network", "question": "Where does the trade execute?", "label": "Provider-reported", "finding": "The overview lists direct markets on Arbitrum, Avalanche and MegaETH. GMX Account access from supported source chains settles on Arbitrum.", "consequence": "Distinguish the funding chain from the execution chain. This brief focuses on Arbitrum; it does not inventory other deployments.", "sourceIds": [ "overview" ] }, { "id": "collateral", "question": "Is the deposit token always the position collateral?", "label": "Provider-reported", "finding": "Collateral choices depend on the market and pool. The order guide gives BTC or USDC as choices for a BTC-USDC market. Non-stable collateral adds price exposure.", "consequence": "Confirm the pool, stored collateral and output token separately. A token accepted for funding is not proof that every pool accepts it as collateral.", "sourceIds": [ "orders" ] }, { "id": "costs", "question": "What does the headline position fee leave out?", "label": "Provider-reported", "finding": "The reviewed fee guide lists 0.04% or 0.06% position fees for most markets, depending on whether the action improves open-interest balance. TradFi exceptions apply.", "consequence": "Opening and closing are separate charged actions. Inspect price impact, swaps, funding, borrowing and network costs as well; a quoted fee is not total cost.", "sourceIds": [ "fees" ] }, { "id": "orders", "question": "Does a chart touching the trigger guarantee an exit?", "label": "Provider-reported", "finding": "GMX uses direction-dependent oracle bid/ask bounds for triggering and execution. The displayed midpoint is not the execution trigger, and fast moves can skip prices.", "consequence": "A chart touch does not prove the relevant trigger condition was met. DN has not measured trigger or fill reliability.", "sourceIds": [ "orders" ] }, { "id": "liquidation", "question": "Can a stop-loss guarantee protection from liquidation?", "label": "Provider-reported", "finding": "The liquidation guide says eligible stop-loss orders may be attempted first, but execution is not guaranteed when market moves and liquidation thresholds coincide.", "consequence": "Treat stop-loss protection as conditional. This brief establishes no safe leverage or guaranteed liquidation buffer.", "sourceIds": [ "liquidation" ] }, { "id": "permissions", "question": "What changes with one-click trading?", "label": "Provider-reported", "finding": "The overview describes a locally stored sub-account key. Integration documentation describes expiry, action-count limits and removal of delegated access.", "consequence": "Review permission scope and revocation. Documentation of controls is not a DN audit of deployed permissions or browser security.", "sourceIds": [ "overview", "delegation" ] }, { "id": "access", "question": "Who is eligible, and is the platform live for them?", "label": "Unknown", "finding": "This documentation review does not establish individual eligibility, current regional restrictions or end-to-end operational availability.", "consequence": "No active trading CTA or ranking is supplied. Wallet connection and accessible documentation do not establish permission to trade.", "sourceIds": [ "overview" ] } ], "illustration": null, "unknowns": [ "Current pool-specific all-in cost and available liquidity", "Independent trigger, fill and withdrawal reliability", "Deployed permission scope and revocation behaviour", "Current individual eligibility and regional restrictions" ], "history": [ { "date": "2026-10-14", "type": "DN publication", "detail": "Initial Arbitrum-focused documentation brief. Distinguishes source chains from settlement, pool collateral from funding assets and documented controls from tested behaviour." } ], "reviewTriggers": [ "Changed provider documentation or deployment configuration", "A substantiated correction", "The 14-day editorial review deadline" ], "disclosure": "DN has an existing GMX referral entry. This brief introduces no trading CTA and makes no operational-status or safety endorsement. Compensation does not affect evidence labels." }, "mux": { "schemaVersion": 1, "id": "mux", "version": "1.0.0", "name": "MUX", "reviewedAt": "2026-10-14", "reviewIntervalDays": 14, "reviewer": "Decentralised News editorial research", "evidenceType": "provider_documentation", "liveTested": false, "summary": "MUX is a suite, not one uniform execution venue. Aggregator routes can combine underlying protocols, while native V3 pools and leverage boosting introduce distinct collateral and cost conditions.", "scope": "Provider-documentation review of MUX perpetual trading. Not a live execution test, exhaustive product inventory, security audit or individual eligibility assessment.", "decisionTitle": "Inspect the route behind the unified trading screen.", "decisionContext": "Scope: MUX aggregator routing and native V3 documentation. V1 and Degen rules are not assumed to apply to every route. No live quote comparison or routing benchmark was performed.", "sources": [ { "id": "routing", "name": "MUX perpetual aggregator", "url": "https://docs.mux.network/protocol/overview/leveraged-trading-aggregator", "reviewedAt": "2026-10-14" }, { "id": "v3", "name": "MUX V3 trading protocol", "url": "https://docs.mux.network/protocol/overview/mux-v3-trading-protocol", "reviewedAt": "2026-10-14" }, { "id": "fees", "name": "MUX fee structure", "url": "https://docs.mux.network/protocol/fee-structure", "reviewedAt": "2026-10-14" } ], "networks": [ { "id": "mux", "name": "MUX perpetual trading (review scope)", "collaterals": [], "collateralNote": "V3 pools have different collateral and exposure configurations. Verify the actual pool or underlying protocol; there is no universal token list in this brief." } ], "claims": [ { "id": "routing", "question": "Can one trade use multiple underlying venues?", "label": "Provider-reported", "finding": "The aggregator describes routing across one or more liquidity sources based on market, size, available liquidity, estimated costs and user preferences.", "consequence": "Inspect the selected sources. A single interface can expose the position to several protocols and their distinct constraints.", "sourceIds": [ "routing" ] }, { "id": "cost", "question": "Does the native fee schedule apply to every route?", "label": "Provider-reported", "finding": "The fee page explicitly says third-party routes adapt to the underlying protocol. Native V3 separately charges opening/closing position fees and hourly borrowing fees.", "consequence": "Price the chosen route and holding period. A native headline rate cannot establish the cost of a routed position.", "sourceIds": [ "fees" ] }, { "id": "boost", "question": "Is leverage boosting free additional margin?", "label": "Provider-reported", "finding": "The aggregator guide describes additional supplied margin, opening/closing boost charges and a separate boost-funding charge alongside underlying funding.", "consequence": "Include both layers of charges when boosting applies. More available leverage is not evidence of a safer position.", "sourceIds": [ "routing" ] }, { "id": "collateral", "question": "Do all V3 pools accept the same assets?", "label": "Provider-reported", "finding": "The V3 guide describes pools with different collateral, markets and directional exposure. Positions can route to multiple elemental pools.", "consequence": "Confirm the actual pool configuration rather than treating a broad collateral category as universally accepted.", "sourceIds": [ "v3" ] }, { "id": "modes", "question": "Does a V3 feature description establish every route setting?", "label": "Provider-reported", "finding": "The native V3 overview lists cross and isolated margin. Aggregator routes can use other underlying protocols.", "consequence": "Verify the margin mode on the selected route; do not transfer native V3 settings to another venue.", "sourceIds": [ "v3", "routing" ] }, { "id": "measured", "question": "Has DN verified the lowest-cost routing claim?", "label": "Not measured", "finding": "No contemporaneous multi-venue execution benchmark, withdrawal test or stop-loss reliability test was conducted for this brief.", "consequence": "Treat optimization statements as provider claims. Documentation alone cannot support a cheapest-platform ranking.", "sourceIds": [ "routing" ] } ], "illustration": null, "unknowns": [ "Current executable quotes and all-in holding costs", "Independent fill, stop-loss and withdrawal reliability", "Live signing permissions and revocation behaviour", "Individual eligibility and current regional restrictions" ], "history": [ { "date": "2026-10-14", "type": "DN publication", "detail": "Initial documentation brief. Account-specific conditions and evidence limits are preserved in this version." } ], "reviewTriggers": [ "Changed official product, fee or margin documentation", "A substantiated correction", "The 14-day editorial review deadline" ], "disclosure": "DN may receive compensation through commercial links elsewhere on the site. This brief contains no trading CTA or payout-based ranking. A documentation review does not establish current operational status or user eligibility." }, "synfutures": { "schemaVersion": 1, "id": "synfutures", "version": "1.0.0", "name": "SynFutures", "reviewedAt": "2026-10-14", "reviewIntervalDays": 14, "reviewer": "Decentralised News editorial research", "evidenceType": "provider_documentation", "liveTested": false, "summary": "SynFutures combines onchain orderbook and AMM liquidity for perpetuals. The reviewed tutorial distinguishes available balance, position margin and liquidity positions that can become trading exposure.", "scope": "Provider-documentation review of SynFutures perpetual trading. Not a live execution test, exhaustive product inventory, security audit or individual eligibility assessment.", "decisionTitle": "Know which position remains after you exit liquidity.", "decisionContext": "Scope: documented perpetual trading and the adjacent liquidity-exit workflow. Tokenized stocks, ETFs and spot aggregation are separate products and are not assessed here.", "sources": [ { "id": "overview", "name": "SynFutures product introduction", "url": "https://docs.synfutures.com/", "reviewedAt": "2026-10-14" }, { "id": "tutorial", "name": "SynFutures written tutorial", "url": "https://docs.synfutures.com/tutorials/written-tutorial", "reviewedAt": "2026-10-14" }, { "id": "fees", "name": "SynFutures April 2024 fee-tier announcement (historical)", "url": "https://blog.synfutures.com/v3-update-introducing-fee-tiering-and-institutional-tools/", "reviewedAt": "2026-10-14" } ], "networks": [ { "id": "synfutures", "name": "SynFutures perpetual trading (review scope)", "collaterals": [], "collateralNote": "The tutorial distinguishes stablecoin-margined and coin-margined pairs. Its USDC deposit example is not a complete current collateral or network list." } ], "claims": [ { "id": "product", "question": "Does the same product rule cover every asset on the site?", "label": "Provider-reported", "finding": "The introduction separates the Perps Engine from an RWA offering integrated with Anchored. Perps combine orderbook and AMM liquidity.", "consequence": "Identify the actual product before comparing custody, execution or asset rights. A perpetual is not direct ownership of its underlying.", "sourceIds": [ "overview" ] }, { "id": "collateral", "question": "Can one deposit example establish all supported collateral?", "label": "Provider-reported", "finding": "The tutorial distinguishes stablecoin and coin-margin markets, then illustrates a USDC deposit.", "consequence": "Verify the selected pair and network; the example is not a universal supported-token list.", "sourceIds": [ "tutorial" ] }, { "id": "execution", "question": "What belongs in the order-cost check?", "label": "Provider-reported", "finding": "The trading tutorial exposes margin required, price impact, estimated trade value and trading fee before confirmation.", "consequence": "Compare executable quotes at the intended size, including exit and holding costs. DN has not measured fills.", "sourceIds": [ "tutorial" ] }, { "id": "rebates", "question": "Is a fee discount necessarily credited at execution?", "label": "Historical provider statement", "finding": "The April 2024 V3 fee-tier announcement described discounts paid in margin tokens in the following month. This review does not establish that those program terms remain current.", "consequence": "Confirm the current program and payout conditions. A later rebate should not be presented as an immediate fee reduction or guaranteed return.", "sourceIds": [ "fees" ] }, { "id": "liquidity", "question": "Does removing liquidity finish the exit?", "label": "Provider-reported", "finding": "The tutorial describes removal as conversion into a trading position, followed by a separate close. It distinguishes removal price from liquidation price.", "consequence": "Check for remaining directional exposure after removal. Liquidity provision is not equivalent to a cash deposit.", "sourceIds": [ "tutorial" ] }, { "id": "margin", "question": "Is available balance interchangeable with position margin?", "label": "Provider-reported", "finding": "The guide treats position-margin transfers and withdrawals from account balance as separate operations.", "consequence": "Confirm what remains committed before withdrawing. Published workflow descriptions do not establish live withdrawal speed.", "sourceIds": [ "tutorial" ] } ], "illustration": null, "unknowns": [ "Current executable quotes and all-in holding costs", "Independent fill, stop-loss and withdrawal reliability", "Live signing permissions and revocation behaviour", "Individual eligibility and current regional restrictions" ], "history": [ { "date": "2026-10-14", "type": "DN publication", "detail": "Initial documentation brief. Account-specific conditions and evidence limits are preserved in this version." } ], "reviewTriggers": [ "Changed official product, fee or margin documentation", "A substantiated correction", "The 14-day editorial review deadline" ], "disclosure": "DN may receive compensation through commercial links elsewhere on the site. This brief contains no trading CTA or payout-based ranking. A documentation review does not establish current operational status or user eligibility." } } }