Leverage trading is evolving fast within decentralized finance. As users move away from custodial platforms and demand tools that respect self-custody, several standout options have emerged. This article compares three of the most important non-custodial leverage platforms available today: dYdX, GMX, and BCH Bull. Each was chosen because it offers a fundamentally different approach to decentralized trading and appeals to a unique user base.
Centralized exchanges are not part of this conversation. That model has been tested and has repeatedly failed to uphold the principles of transparency, user control, and decentralization. The platforms that matter now are the ones that give users full control over their funds and operate without trusted intermediaries.
dYdX launched in 2019 and has grown into one of the most advanced decentralized trading platforms. It began on Ethereum and later migrated to the Cosmos ecosystem to improve performance. With deep liquidity, advanced order types, and detailed analytics, dYdX targets power users and professional traders. It also offers governance and reward structures through its native token, although access can be restricted by region and the onboarding process is more technical.
GMX launched in 2021 and operates on Arbitrum and Avalanche. It offers perpetual contracts with synthetic pricing, token staking, and yield from platform fees. GMX is popular among users seeking high leverage and passive income. However, it comes with exposure to funding rate volatility and a more complex trading structure that requires active risk management.
BCH Bull officially launched in 2023 on the Bitcoin Cash blockchain. It takes a simpler and more transparent approach. Users open peer-to-peer smart contracts based on their chosen direction, leverage, and timeframe. The position is fixed at the start and fully trustless. There are no platform tokens, no synthetic assets, and no variable fees. BCH Bull is built on a UTXO chain known for fast transactions and low fees, offering an alternative to traditional DeFi systems focused on Ethereum-based models.
To get the conversation started, below is a comprehensive technical product comparison of the three platforms:
Technical Product Comparison
 BCH Bull |
 dYdX |
 GMX |
|
|---|---|---|---|
| User Experience | |||
| Wallet & Access | Any non-custodial BCH wallet (e.g., Paytaca) | Ethereum wallet (e.g., MetaMask) | Ethereum or Arbitrum wallet (e.g., MetaMask) |
| Account Setup | Fully permissionless; no KYC | No KYC generally. Some promotions require KYC | Fully permissionless; no KYC |
| Onboarding | Simple BCH payment | Complex (bridging to Cosmos) | Moderate (ETH/ARB setup and bridging) |
| Speed & Performance | Fast, native BCH Layer 1 | Fast (Cosmos SDK) | Fast (Arbitrum/Avalanche-based) |
| Mobile Usability | Mobile compatible | Moderate; desktop-first | Good via Web3 wallets |
| Trading Features | |||
| Assets Supported | Gold, Silver, USD, CNY, INR, EUR, PHP, BTC, ETH | ETH, BTC, SOL, AVAX, etc. | ETH, BTC, LINK, UNI, etc. |
| Leverage Options | 7.77x | Up to 20x | Up to 50x |
| Order Types | Simple fixed-position entry with early settlement | Limit, Market, Stop-Loss, Take-Profit | Market, Limit (stop-loss via integrations) |
| Expiry & Duration | Fixed expiry (e.g., 1 day, 1 week) | Perpetual contracts | Perpetual contracts |
| Advanced Tools | Minimal interface | Charts, analytics, order books | TradingView, dashboards |
| Collateral Model | Fully collateralized at contract creation | Margin-based with variable collateralization | Collateral ratio managed through GLP pool |
| Collateral Asset | BCH | USDC | ETH, AVAX |
| Liquidation Mechanics | Upfront liquidation prices | Margin-based liquidation | Collateral ratio-based liquidation |
| Incentives | |||
| Token Rewards | None | $DYDX rewards | Escrowed $GMX, yield from trading fees |
| Staking | No staking | Yes ($DYDX staking and governance) | Yes (stake GMX & GLP for rewards) |
| Badges | User collection badges | NFT Quests | Unclear |
| Community Programs | No | Leaderboards | Informal |
| Fees | |||
| Trading Fees | Based on SS fees and market-based premiums | ~0.01%–0.05% depending on volume | 0.1% open + 0.1% close |
| Funding Rates | Fixed at start of contract | Dynamic (positive or negative) | Yes (varies with position demand) |
| Gas Fees | BCH network fees (low) | None (Cosmos chain) | Arbitrum/Avalanche gas fees (low) |
| Withdrawal Fees | None | Depends on bridging | None (just gas fees) |
| Decentralization | |||
| Custody | Fully non-custodial (native contracts) | Non-custodial via smart contracts | Non-custodial via smart contracts |
| Blockchain Infrastructure | Bitcoin Cash Layer 1 | Cosmos SDK (v4), previously StarkNet | Arbitrum and Avalanche |
| Governance | P2P contracts do not need governance | Community via $DYDX token | GMX DAO via $GMX token |
| Summary | |||
| Ideal For |
Beginners, BCH holders, trustless users Hedgers / conservative traders |
Power users, high-frequency traders |
DeFi users seeking high leverage & yield Yield-seeking degens |
| Key Advantages | Simple, P2P, clear fee structure at contract start |
Deep liquidity, full-featured UI Token rewards, advanced order types |
Deep liquidity Community staking incentives |
| Key Limitations |
No advanced orders, limited leverage No NFTs or staking incentives |
Regional restrictions (e.g., US) Onboarding friction (Cosmos bridge) |
Funding fee exposure Synthetic pricing |
Platform Highlights
The comparison table makes one thing clear. Each platform brings strengths and tradeoffs depending on what type of trader you are and how much complexity you are willing to take on. There is no single perfect solution, but there are real differences in how these systems work. Here is a closer look at what sets them apart.
dYdX: Advanced Trading and Token Incentives
dYdX is one of the most established names in decentralized derivatives. It now runs on the Cosmos SDK, offering deep order book liquidity and a professional trading interface. It is designed for experienced users who want full control over their trading strategies, including limit orders, stop-losses, and detailed analytics. Token rewards, staking, and NFT quests provide additional incentives. However, onboarding can be complex and access may be limited in some regions.
GMX: Yield Through Perpetuals
GMX runs on Arbitrum and Avalanche and has built a strong following among DeFi users looking for yield. It offers up to 50x leverage, token staking, and fee-sharing. Traders can use synthetic perpetual contracts to speculate on price movement while liquidity providers earn a share of platform revenue. It is powerful but comes with pricing risks from oracles and variable fees that may surprise less experienced users.
BCH Bull: Transparent, Non-Custodial, and Hedging Focused
BCH Bull takes a different approach entirely. Built on the Bitcoin Cash blockchain, it offers fully collateralized, fixed-position smart contracts where everything is known from the start. You choose a direction, a leverage level, and a time frame. The contract locks in those terms immediately and remains non-custodial until settlement. There are no dynamic funding fees or hidden surprises.
Unlike typical crypto-only platforms, BCH Bull also supports fiat-based contracts including USD, INR, CNY, PHP, and EUR. It even offers long and short positions on metals like gold and silver. This opens up new hedging opportunities beyond just cryptocurrency, especially for users in regions affected by fiat volatility.
- Transparent peer-to-peer contracts
- Fully collateralized leverage positions from the beginning of the contract
- Fixed expiry periods like 1 day or 1 week
- Earn premiums if market conditions offer them
- Supports contracts in major fiat currencies and precious metals
- Built on a fast, scalable UTXO chain
- Fully on-chain and non-custodial
Each of these platforms reflects a different vision for what leverage trading can be. If you are a professional DeFi user looking for advanced tools and incentive programs, dYdX may suit your style. If you are seeking yield through staking and synthetic exposure, GMX has a lot to offer. But if you value simplicity, clarity, the potential to earn premiums, and new ways to hedge using fiat or metal contracts, BCH Bull is a platform worth exploring today.