GMTrade

Our assessment

GMTrade is a single-chain perpetuals venue holding $33m, with two recorded audits and reports linked. It is one of the smaller protocols in this comparison and one of the better-documented ones, which is an unusual combination.

Audited evidence at small scale

Most protocols in this category at this size publish nothing. Two audits with retrievable reports mean a prospective user can read what was reviewed and what was found before depositing — the single most useful piece of evidence available for a smart contract, and one that eight of the fifteen venues here do not provide.

What $33m means in practice

Depth constrains everything: maximum position size, slippage on entry and exit, and how the venue behaves when several traders need to exit at once. A liquidation cascade in a small pool moves prices far more than in a large one. Size positions on the assumption that exiting will be harder than entering.

The rest of the evidence

Beyond the audits, the transparency and documentation indicators are thin, which is what holds the score at 6.0. Publishing operator information, fee documentation and incident history at stable addresses would move this materially without changing the protocol.

Who it suits

GMTrade fits traders who prioritise audited contracts over depth and are trading modest size. Anyone needing liquidity for larger positions should use GMX, Hyperliquid or Jupiter.