ADEN

ADEN has been generating serious buzz in the perpetual futures space since its public launch in mid-2025, and after the Gate Ventures acquisition in October 2025, it became one of the most talked-about perp DEXs heading into 2026. We have spent several months testing this platform, tracking its growth, and comparing it against the established competition. Our verdict? ADEN gets a lot right, especially on fees and market selection, but there are real concerns about transparency and decentralization that prospective users need to understand before committing funds.

The platform claims to rank third among decentralized perpetual exchanges globally, citing monthly trading volumes above $20 billion and more than 200,000 active traders. Those numbers are impressive on paper. But as we will explain throughout this review, the story behind those numbers is more nuanced than the marketing suggests.

What is ADEN?

ADEN is a decentralized perpetual exchange that allows users to trade crypto derivatives without intermediaries, using an on-chain order book model. The platform was founded by INBUM, who previously created the Bugscoin (BGSC) project and the AntTalk Global community in South Korea. INBUM brought a derivatives trading background to the project, and that experience shows in how the platform handles order types, margin modes, and liquidation mechanics.

Originally launched in July 2025 as an independent protocol, ADEN attracted early attention through its connection to the Korean crypto community and the large existing audience from AntTalk Global and Bugscoin. The platform grew quickly, partly through organic adoption and partly through aggressive marketing that included a 700,000-subscriber YouTube channel and a 140,000-member ecosystem community.

The major turning point came in October 2025 when Gate Ventures, the investment arm of Gate.io, announced its strategic acquisition of ADEN. This was not a small deal. Gate Ventures effectively bought what it called the third-largest decentralized perpetual exchange in the world. Following the acquisition, ADEN migrated its infrastructure onto Gate Layer, a Layer 2 network built on the OP Stack framework, secured by GateChain as the settlement layer.

This migration to Gate Layer is central to understanding ADEN in 2026. The platform now runs on a proprietary L2 that delivers high throughput (over 5,700 transactions per second), one-second block times, and near-zero gas costs. Cross-chain interoperability is powered by LayerZero, enabling deposits and withdrawals from Ethereum, BNB Chain, Polygon, and other EVM-compatible networks.

Is ADEN truly decentralized? That is a fair question, and one we will address honestly throughout this review. The Gate Ventures ownership, closed-source code, and centralized infrastructure raise legitimate questions about how "decentralized" this exchange actually is.

Features and Functionality

Trading Interface

The ADEN trading interface follows the standard professional layout that experienced derivatives traders expect. You get the order entry panel, a TradingView-powered chart, the order book, and your positions panel. The matching engine is built for high-concurrency processing and low-latency execution, and in our testing, orders filled quickly even during volatile market conditions.

Order types include market, limit, stop-limit, stop-market, and take-profit orders. ADEN supports multiple margin modes, including cross margin and isolated margin, which gives traders flexibility in how they manage risk across positions. The interface also supports hidden orders, which is an unusual feature for a DEX and comes from the centralized exchange playbook. Hidden orders let larger traders place orders without revealing their full size to the order book, reducing the risk of front-running.

Honestly, the interface feels more like a centralized exchange than a typical DEX. That is both a strength and a weakness. It is a strength because experienced traders will feel right at home. It is a weakness because it does not offer much that distinguishes it visually or functionally from, say, a Bybit or OKX interface.

Supported Markets

This is where ADEN genuinely impresses. The platform supports over 447 perpetual markets, which is one of the largest selections among perp DEXs. For context, Hyperliquid offers around 150 pairs, GMX has about 30, and dYdX sits at around 200. Having 447+ markets means you can trade everything from BTC and ETH perpetuals down to smaller-cap altcoins, meme tokens, and even some non-crypto assets.

Maximum leverage goes up to 125x, which is higher than what Hyperliquid (50x) or dYdX (20x) offer but in line with what centralized exchanges like Binance provide. We want to be clear here: 125x leverage is extremely risky for most traders. The fact that it is available does not mean it should be used casually. Even a small adverse price movement at 125x will liquidate your position almost immediately.

All perpetual contracts are USDT-margined, which differs from platforms like Hyperliquid that use USDC. This matters because USDT and USDC carry different risk profiles, and some DeFi purists prefer USDC for its more transparent reserve attestations.

Shared On-Chain Order Book

ADEN uses what it calls a "shared on-chain order book" architecture. The idea is that liquidity is aggregated across sources, with orders matched on-chain for transparency while maintaining the speed that traders expect. The order book model focuses on tight spreads, and liquidity providers can concentrate funds in high-probability trading zones for improved capital efficiency.

In practice, the spreads we observed on major pairs like BTC/USDT and ETH/USDT were competitive, though not as tight as what we see on Hyperliquid. For mid-cap and smaller tokens, spreads widened noticeably, which is expected given the lower liquidity in those markets.

Points Program

ADEN launched its Points Program as a core incentive mechanism in late 2025. Points are earned based on trading activity, position holding, and community contributions. The initial "Genesis" season targets early participants and uses a multi-dimensional evaluation structure where trading volume, position stability, and community involvement are each scored separately.

Importantly, ADEN Points are non-transferable and cannot be purchased. They serve as a "quantitative reference for future ecosystem rewards," which is the standard language projects use before a potential token airdrop. If you have participated in previous DeFi points programs (like Hyperliquid or Blast), you know the pattern. There is no guarantee of a token, but the structure strongly suggests one is planned.

API and Developer Tools

ADEN provides a public REST API at perp-api.aden.io, documented at aden-perp-api-docs.aden.io. The API supports 1,000 requests per minute without authentication for public endpoints, making it accessible for bot developers, quantitative traders, and data aggregators. Endpoints cover market data, order book snapshots, funding rates, and trade history.

For algorithmic traders, this is a meaningful feature. Many newer DEXs launch without proper API documentation or impose strict rate limits that make automated trading impractical. ADEN's relatively generous rate limit and clean documentation suggest the team understands that professional traders and market makers are a key part of the user base they want to attract.

That said, the API ecosystem is still maturing. We did not find well-developed third-party libraries, SDKs, or community-built tools comparable to what exists around Hyperliquid or dYdX. If you are building custom trading infrastructure, expect to do more of the integration work yourself.

Fees and Pricing

Fee Structure

This is ADEN's strongest selling point. The fee structure is genuinely aggressive:

Maker fee: 0% - You pay nothing to place limit orders that add liquidity to the order book. This is remarkable and undercuts nearly every competitor.

Taker fee: Starting from 0.009% - The base taker fee is extremely low. For comparison, Hyperliquid charges 0.025% and dYdX charges 0.05%. At 0.009%, ADEN offers one of the cheapest taker rates in the entire perpetual futures market, centralized or decentralized.

Gas costs on Gate Layer are near-zero, typically under $0.002 per transaction. Cross-chain deposits and withdrawals will incur standard network fees on the source chain (e.g., Ethereum gas fees when bridging from mainnet), but the on-platform costs are minimal.

How ADEN Fees Compare

On fees alone, ADEN wins. The 0% maker and 0.009% taker combination is hard to beat. However, fees are only part of the total cost of trading. Slippage, spread width, and execution quality all matter, and on those metrics, Hyperliquid still has an advantage for major pairs due to its deeper native liquidity.

Real-World Cost Examples

To illustrate the fee advantage concretely:

Example 1: Opening a $10,000 BTC long position as a taker ADEN cost: $10,000 x 0.009% = $0.90. Hyperliquid cost: $10,000 x 0.025% = $2.50. dYdX cost: $10,000 x 0.05% = $5.00.

Example 2: A day trader executing 50 round-trip trades of $5,000 each Total volume: $500,000. ADEN taker fees: $500,000 x 0.009% = $45. Hyperliquid taker fees: $500,000 x 0.025% = $125. The $80 daily difference adds up to roughly $2,400 per month and nearly $29,000 per year.

Example 3: A maker-only trader placing $1 million in limit orders daily ADEN cost: $0 in maker fees. Hyperliquid cost: $1,000,000 x 0.025% = $250 per day. This is a massive difference for patient traders who primarily use limit orders.

The fee savings are real and significant, especially for high-volume traders. But we should note that extremely low fees can also be a sign that a platform is prioritizing growth over sustainability. Whether ADEN can maintain these rates long-term remains an open question.

Funding Rates

Like all perpetual futures platforms, ADEN uses funding rates to keep perpetual contract prices aligned with spot prices. Funding payments are exchanged between long and short holders at regular intervals. During our testing, ADEN's funding rates were broadly in line with what we observed on other major perp platforms, though they occasionally spiked higher on low-liquidity altcoin pairs.

One thing to keep in mind: with 447+ markets, the funding rate dynamics on smaller pairs can be unpredictable. If you are holding positions in less liquid markets overnight or over weekends, the cumulative funding costs can add up and eat into your margin. We recommend monitoring funding rates closely on any pair outside the top 20 by volume.

Security and Safety

Smart Contract Audits

This is where our enthusiasm starts to cool off. ADEN states that "all assets are secured through on-chain ledgers and audited smart contracts," but we have not been able to find publicly available audit reports from named, reputable auditing firms. The official materials reference audited contracts without specifying who performed the audits, when they were completed, or what the scope covered.

For a platform managing hundreds of millions in user funds, the lack of transparent, publicly verifiable audit information is a genuine concern. Compare this to Hyperliquid (audited by Zellic and Informal Systems), dYdX (multiple public audits), or GMX (audited by ABDK and Quantstamp). These platforms make their audit reports publicly available for anyone to review.

We reached out to ADEN for clarification on their audit status but did not receive a detailed response at the time of writing. This lack of transparency is a significant factor in our security rating.

Security Model

ADEN's security relies on several layers. The platform runs on Gate Layer, which is itself secured by GateChain as the settlement layer, reinforced through GT staking. The OP Stack foundation provides a well-tested rollup framework, and the LayerZero cross-chain infrastructure has been audited independently.

However, the codebase is closed-source, meaning independent researchers cannot verify the smart contract logic or identify potential vulnerabilities without coordinated disclosure programs. We did not find evidence of a public bug bounty program, which is another gap. Major competitors like Hyperliquid offer $2 million bug bounties, and dYdX has its own bounty program. The absence of a formalized bug bounty reduces the incentive for white-hat hackers to responsibly report issues.

The Gate Ventures ownership adds a layer of institutional backing that can be viewed both positively and negatively. On the positive side, Gate.io is a large, established exchange with resources to handle security incidents. On the negative side, the centralized ownership structure means that ADEN's decentralization claims should be taken with some skepticism. If Gate Ventures controls the infrastructure, the validators, and the governance, then "decentralized" becomes more of a marketing term than a technical reality.

Track Record

ADEN is still a young platform, having launched publicly in July 2025. As of February 2026, we are not aware of any major exploits or security incidents. However, a seven-month track record is short by DeFi standards, and the absence of incidents is not the same as proven security. The platform needs more time and more independent scrutiny before we can give it high marks in this category.

Getting Started with ADEN

Creating an Account

Getting started with ADEN is relatively simple. Visit perps.aden.io and connect a compatible EVM wallet such as MetaMask, WalletConnect, or Coinbase Wallet-wallet). No KYC verification is required, which is standard for decentralized exchanges.

Depositing Funds

ADEN supports cross-chain deposits from Ethereum, BNB Chain, and Polygon through the LayerZero bridge integration. Here is the general process:

1. Connect your wallet on the ADEN platform
2. Navigate to the deposit section and select your source chain
3. Choose the amount of USDT you want to deposit
4. Approve the token spending and confirm the bridge transaction
5. Wait for the cross-chain transfer to complete (typically 2-10 minutes depending on the source chain)

The cross-chain deposit support is a genuine advantage over platforms like Hyperliquid, which only accepts USDC bridged from Arbitrum. Being able to deposit directly from Ethereum, BNB Chain, or Polygon removes a friction point for users who hold assets on those networks.

Placing Your First Trade

Once your USDT is deposited, select your trading pair from the market list, set your leverage (we recommend starting at 5x or lower), choose your order type, and execute. The platform does not impose daily trading limits or restrictions, and all users have access to the same tools regardless of account size. For beginners, start with BTC/USDT or ETH/USDT pairs where liquidity is deepest and spreads are tightest.

User Experience

Desktop Platform

The desktop web application at perps.aden.io loads quickly and the charts render without noticeable delay. The TradingView integration works well, giving you access to the full suite of indicators and drawing tools. The dark-themed interface is clean and professional.

Where ADEN falls short compared to Hyperliquid is in the overall polish and responsiveness. During our testing, we noticed occasional lag when switching between trading pairs rapidly, and the order book updates were not as instantaneous as what we experience on Hyperliquid or top centralized exchanges. These are not deal-breaking issues, but they are noticeable for active traders who depend on real-time data.

The platform provides market data pages where you can view all available pairs, their 24-hour volume, open interest, and funding rates. The API is well-documented at aden-perp-api-docs.aden.io, with a base URL at perp-api.aden.io and a rate limit of 1,000 requests per minute. No authentication is required for public data endpoints, which is convenient for developers building trading bots or analytics tools.

Mobile Experience

ADEN does not have a dedicated native mobile app as of February 2026. The web platform is mobile-responsive and functional on phone browsers, but the experience is not optimized for smaller screens. Complex order management and chart analysis are difficult on mobile. If mobile trading is important to you, platforms like Hyperliquid (through third-party apps like Stack) or centralized exchanges with dedicated apps offer a better mobile experience.

Customer Support

Support is handled primarily through community channels, including Telegram and Discord. The large community (140,000+ members) means you can usually find answers to common questions quickly. However, for more complex account issues, the response times can be slower than what you would get from a centralized exchange with dedicated support teams.

Documentation is available but could be more comprehensive. The API docs are solid, but user-facing guides, tutorials, and educational content are thinner than what competitors like dYdX or Hyperliquid provide.

Community and Social Presence

ADEN benefits from a large pre-existing community built through the Bugscoin and AntTalk Global ecosystems. The YouTube channel has over 700,000 subscribers, which is remarkable for a DeFi protocol and speaks to the Korean market reach that INBUM built before launching ADEN. The Telegram and ecosystem communities collectively include over 140,000 participants.

In practice, the community is active but heavily concentrated in the Korean-speaking market. English-language community resources and discussions are less developed. If you are a non-Korean speaker, expect to rely more on the official documentation and less on community-driven support.

The large community numbers also deserve some scrutiny. In DeFi, community size does not always correlate with genuine engagement or trading activity. Some of the community members may have carried over from Bugscoin rather than being active ADEN traders. We would like to see more transparent metrics about active daily users versus total registered accounts.

ADEN vs Competitors

ADEN vs Hyperliquid: Hyperliquid is the undisputed leader in perp DEX volume and liquidity. ADEN wins decisively on fees (0.009% vs 0.025% taker) and market selection (447 vs 150 pairs). Hyperliquid wins on liquidity depth, execution speed, track record, and ecosystem maturity. For cost-conscious traders who want access to a wide range of markets, ADEN is compelling. For traders who prioritize execution quality and proven reliability, Hyperliquid remains the safer choice.

ADEN vs dYdX: dYdX offers stronger decentralization credentials with open-source code and a mature governance system. ADEN's fees are dramatically lower (0.009% vs 0.05% taker). ADEN also offers more markets and higher leverage. If decentralization principles and transparency matter to you, dYdX is the better option. If low fees and market variety are your priorities, ADEN has the edge.

ADEN vs GMX: GMX uses a fundamentally different AMM model, which means no order book and a different trading feel. GMX has a longer track record, open-source code, and well-documented audits. ADEN offers far more markets, lower fees, and higher leverage. GMX is better for traders who prefer the AMM model and value security transparency. ADEN is better for active traders who want an order book experience with broad market coverage.

Who Should Use ADEN?

ADEN makes the most sense for:

1. High-frequency traders who execute many trades daily and want to minimize fee costs, especially those who use limit orders exclusively (0% maker fee)
2. Traders who want access to a large selection of 447+ perpetual markets, including smaller altcoins and niche tokens that are not available on Hyperliquid or GMX
3. Users in the Gate.io ecosystem who are already comfortable with GateChain infrastructure and GT token staking
4. Traders who need cross-chain deposit flexibility from Ethereum, BNB Chain, or Polygon without complex bridging workflows
5. Experienced derivatives traders who are comfortable with leverage up to 125x and want centralized-exchange-grade tools in a decentralized wrapper

ADEN may not be the right fit for:

1. Traders who prioritize security transparency, since audit reports are not publicly available and the code is closed-source
2. Users who want a genuinely decentralized platform, as Gate Ventures ownership and Gate Layer infrastructure create centralization concerns
3. Complete beginners to perpetual futures, since the interface assumes prior derivatives knowledge and there is limited educational content
4. Traders who primarily trade BTC and ETH and care most about execution quality, as Hyperliquid offers tighter spreads on major pairs despite higher fees

Frequently Asked Questions

What is ADEN?

ADEN is a decentralized perpetual exchange that allows users to trade crypto derivatives with up to 125x leverage across more than 447 markets. It was originally founded by INBUM (creator of Bugscoin) in July 2025 and was acquired by Gate Ventures in October 2025. The platform runs on Gate Layer, an OP Stack-based L2 network, and uses an on-chain order book model with cross-chain support through LayerZero.

What are ADEN's trading fees?

ADEN charges 0% maker fees and taker fees starting from 0.009%, making it one of the cheapest perpetual exchanges available. Gas fees on Gate Layer are near-zero, typically under $0.002 per transaction. Cross-chain deposit and withdrawal fees depend on the source network.

Is ADEN safe to use?

ADEN states that assets are secured through on-chain ledgers and audited smart contracts, but detailed audit reports from named firms have not been published publicly. The platform runs on Gate Layer (OP Stack-based), which is secured by GateChain. There is no publicly documented bug bounty program. The platform has not experienced known exploits since its July 2025 launch, but the short track record means long-term security is not yet proven.

Which blockchains does ADEN support?

ADEN runs natively on Gate Layer (Chain ID 10088) and supports cross-chain deposits and withdrawals from Ethereum, BNB Chain, and Polygon through LayerZero integration. Additional networks may be added as the platform expands.

Does ADEN have a token?

As of February 2026, ADEN has not launched a tradable governance token. The platform runs a Points Program where users earn non-transferable points based on trading activity and community participation. These points serve as a "reference for future ecosystem rewards," which strongly suggests a token launch is planned but not yet confirmed.

How does ADEN compare to Hyperliquid?

ADEN offers lower fees (0.009% taker vs 0.025%), more markets (447+ vs 150+), higher leverage (125x vs 50x), and cross-chain deposits. Hyperliquid offers deeper liquidity, tighter spreads on major pairs, zero gas fees, a proven track record, published audit reports, and a more mature ecosystem. For cost-sensitive traders, ADEN wins on fees. For reliability and liquidity, Hyperliquid remains the stronger choice.

What is the ADEN Points Program?

The Points Program is ADEN's primary incentive mechanism. Points are earned through perpetual contract trading, position holding, and community contributions. They are non-transferable and cannot be purchased. The initial "Genesis" season evaluates different participation categories separately, each linked to its own reward pool. Points are expected to be redeemable for future ecosystem rewards or a potential governance token.

Final Verdict

ADEN earns a 7.8 out of 10 in our assessment. The platform delivers genuinely impressive fee economics, with 0% maker fees and 0.009% taker fees that undercut virtually every competitor. The 447+ perpetual markets give traders access to a broader selection than most alternatives, and the cross-chain deposit support from Ethereum, BNB Chain, and Polygon through LayerZero is a practical convenience that many competitors lack.

But we cannot overlook the gaps. The security transparency is insufficient for a platform handling this level of volume. No published audit reports, no public bug bounty, and closed-source code are real drawbacks that matter for user trust. The Gate Ventures ownership raises fair questions about centralization, and the "decentralized" label feels more like branding than a technical reality. The platform is also young, with less than eight months of operational history, which is not enough time to establish the kind of track record that justifies full confidence.

For high-volume traders who are primarily motivated by fee savings and want access to a wide range of markets, ADEN is worth considering. The cost advantages are substantial, especially for maker-only strategies. But we would recommend starting with smaller position sizes, keeping funds you can afford to lose, and waiting for more security transparency before making ADEN your primary trading venue.

ADEN has the backing, the volume, and the fee structure to become a serious long-term competitor in the perp DEX space. The Gate Ventures acquisition brings institutional resources and infrastructure that most independent perp DEXs simply do not have. Whether ADEN earns a permanent position among the top perpetual exchanges will depend on how it addresses its transparency and decentralization shortcomings over the coming months. We will continue monitoring the platform and will update this review as new audit information, token details, or significant platform changes are announced.