Migrate from GMX to perps.studio

Why Migrate from GMX to perps.studio

GMX has been a foundational protocol in DeFi derivatives, but teams building branded exchanges on top of it face several structural limitations that perps.studio resolves:

• Order book vs pool-based execution: GMX uses a pool-based model where traders trade against a shared liquidity pool (GLP/GM). perps.studio routes through Hyperliquid's fully on-chain order book, providing real price discovery, tighter spreads, and professional-grade execution.
• No oracle dependency for pricing: GMX relies on Chainlink oracles for price feeds, which can introduce latency and creates risk during high-volatility events. Hyperliquid's order book generates prices from actual trading activity.
• Broader market coverage: GMX v2 supports approximately 30-40 trading pairs. perps.studio provides access to 150+ perpetual futures markets through Hyperliquid and Aster DEX.
• Complete whitelabel solution: While GMX's front-end can be forked, building a production-grade branded exchange on top of it requires significant custom development. perps.studio provides a fully managed whitelabel terminal with custom domains, branding, and built-in revenue infrastructure.
• Sub-accounts and vault management: perps.studio offers native sub-accounts and vault management, features that would require extensive custom development on top of GMX.

Architecture Comparison: GMX vs perps.studio

The shift from GMX to perps.studio represents a fundamental change in trading model. Understanding these differences ensures a smooth migration.

The most impactful change for traders is moving from a pool-based model to a true order book. This means limit orders execute at exact prices, spreads are determined by market makers rather than pool utilization, and there's no "trader vs pool" dynamic.

What Changes vs What Stays the Same

Here's a clear breakdown to help your team plan the migration and prepare user communications.

What stays the same

• Core trading functionality: long and short positions, leverage, liquidation mechanics
• Your brand, domain, and user relationships
• Funding rate mechanisms (perps.studio uses standard funding rate calculations)
• EVM wallet connections (both GMX and perps.studio use EVM wallets)
• USDC as the primary settlement asset

What changes

• Execution model: Trades execute against an order book instead of a liquidity pool. Users get limit orders, stop-limit orders, and more advanced order types.
• Margin modes: Users gain access to cross margin and portfolio margin in addition to isolated margin.
• Available markets: Market selection expands from ~30-40 pairs to 150+ pairs.
• Network: Users will deposit and trade on Hyperliquid's L1 instead of Arbitrum/Avalanche.
• Fee structure: Fees follow a maker/taker model (standard for order books) rather than GMX's flat fee model.
• No GLP/GM exposure: Users who were also LPing in GMX's liquidity pools will need separate strategies for yield generation.

Step-by-Step Migration Process

Follow this checklist to transition your exchange from GMX to perps.studio efficiently.

Phase 1: Platform Setup (Days 1-3)

• Create your perps.studio operator account and configure workspace
• Set up your custom domain with DNS and SSL configuration
• Upload brand assets including logo variants, color palette, and typography
• Define your fee structure using perps.studio's maker/taker fee configuration
• Configure revenue sharing percentages and payout schedules

Phase 2: Exchange Configuration (Days 3-7)

• Select and configure your featured trading pairs from the 150+ available markets
• Customize the trading terminal layout, chart preferences, and default settings
• Set up your referral program tiers and commission structures
• Configure sub-account features and vault management options
• Enable one-click trading for streamlined user experience

Phase 3: Testing and Integration (Days 7-10)

• Execute test trades across all order types: market, limit, stop-loss, take-profit
• Verify margin mode behavior across cross, isolated, and portfolio margin
• Test wallet connection flows for MetaMask, WalletConnect, and Rabby
• Update any API integrations, trading bots, or analytics dashboards
• Validate revenue sharing calculations and referral tracking

Phase 4: Launch and User Transition (Days 10-14)

• Publish migration announcement with clear timeline and instructions
• Provide users with a guide for bridging funds to Hyperliquid
• Launch the perps.studio-powered exchange alongside your existing GMX integration
• Monitor trading volume, execution quality, and user onboarding metrics
• Phase out the GMX integration once migration is validated

Helping Your Users Understand the Order Book Advantage

One of the biggest changes your users will notice is the shift from pool-based to order book execution. Here's how to communicate this effectively:

• Better prices during volatility: On GMX, spreads widen during high volatility because oracle prices lag. On an order book, prices reflect real-time supply and demand, so active markets often have tighter spreads.
• True limit orders: GMX's "limit orders" are actually conditional market orders triggered at oracle prices. On perps.studio, limit orders sit on the order book and execute at the exact specified price or better.
• No open interest caps: GMX pools have utilization limits that can prevent traders from opening positions during high demand. Order book-based trading doesn't have this limitation.
• Maker/taker fee model: Users who place limit orders (makers) often pay lower fees than those who place market orders (takers). This incentivizes liquidity provision and benefits patient traders.

Consider creating a visual comparison guide for your users showing the difference between pool-based and order book execution. This educational content doubles as marketing material that highlights why your exchange has improved.

Timeline and Resource Requirements

Migration timelines vary based on the complexity of your current GMX integration, but most teams complete the process within two weeks.

If your GMX integration is primarily front-end based (forked UI with minimal custom backend), you may complete the migration in 7-10 days. Teams with extensive API integrations, custom analytics, or trading bots should budget the full 14 days.

Notably, migrating to perps.studio requires less ongoing engineering investment than maintaining a GMX fork. perps.studio handles infrastructure upgrades, market additions, and protocol updates, freeing your team to focus on growth and community.

Common Pitfalls and How to Avoid Them

Learn from other teams who have made the GMX-to-order-book transition:

• Not educating users about order types: Users accustomed to GMX's simplified trading interface may not be familiar with order book concepts like maker/taker fees or order book depth. Include tooltips and guides in your exchange.
• Overlooking the LP transition: If users were earning yield from GLP/GM pools, they'll expect alternative yield options. Highlight perps.studio's vault management feature as an alternative.
• Ignoring bridging complexity: Users need to bridge assets to Hyperliquid. Prepare clear bridging guides and consider partnering with bridge providers for a smooth onboarding experience.
• Rushing the parallel run period: Don't shut down your GMX integration too quickly. Give users at least one to two weeks to transition comfortably.
• Not reconfiguring risk parameters: Order book dynamics differ from pool-based trading. Review and adjust your leverage limits, position size defaults, and risk warnings to reflect the new execution model.