Apex Protocol

Apex Protocol has been quietly building one of the more polished perpetual DEX experiences available in 2026, yet it remains somewhat overshadowed by flashier competitors with bigger marketing budgets. Backed by Bybit and powered by StarkWare's StarkEx technology, this non-custodial derivatives platform offers up to 100x on perpetual contracts with zero gas fees and a professional-grade trading interface. We spent multiple weeks testing Apex Pro and its newer Omni iteration to see whether this exchange deserves a spot in your rotation - or whether it has fallen behind the curve. Our honest assessment follows.

What is Apex Protocol?

Apex Protocol is a decentralized perpetual futures exchange that launched in 2022 as part of the broader Bybit ecosystem. The exchange runs on StarkEx, a Layer 2 scalability engine developed by StarkWare, which handles trade settlement off-chain while posting validity proofs to Ethereum. This means trades execute with centralized-exchange speed but retain the cryptographic security guarantees of Ethereum.

The Bybit connection is important context. While Apex Protocol operates as a distinct, non-custodial entity, the backing of one of the world's largest centralized crypto exchanges gives it access to institutional-grade matching infrastructure, market-making relationships, and a built-in distribution channel. If you are familiar with how Bybit handles derivatives, you will recognize some of the DNA in Apex's execution layer.

There is an important historical note that often confuses newcomers: APX Finance, a separate project that previously shared the Apex branding, merged with Astherus in late 2024 to form Aster. That merger is completely separate from Apex Protocol. While Aster has gone on to become one of the largest perp DEXes with $15 billion in daily volume, Apex Protocol continues to operate independently with its own token (APEX), its own infrastructure, and its own roadmap. The brand confusion is real and is a legitimate concern we will address later in this review.

In 2025, Apex evolved from its original ApeX Pro product into ApeX Omni, an aggregated multichain liquidity platform that unifies perpetuals, spot trading, prediction markets, and even tokenized real-world assets under a single interface. This was a significant upgrade that eliminated the chain fragmentation issues that plagued the earlier version. In its 2025 recap, the team highlighted cross-collateral features, AI agent trading tools, RWA perps, and prediction markets as key milestones.

As of early 2026, Apex Protocol supports around 40 perpetual trading pairs (though the broader Omni platform lists 94+ contracts), offers deposits from Ethereum, Arbitrum, and BNB Chain, and maintains approximately $100 million in TVL with daily volumes around $200 million. The APEX governance token has a total supply of 1 billion with approximately 400 million in circulation, used for governance, trading rewards, fee discounts, and staking.

The 2026 roadmap includes several ambitious upgrades. Cross-collateral support is targeted for Q1 2026, which would allow traders to use multiple assets as margin simultaneously. A memetoken called KONG is planned for the same quarter. AI agent trading tools are slated for mid-2026, and yield-bearing collateral is on the horizon for later in the year. Whether Apex can execute on this roadmap quickly enough to regain market share will be a defining question for the platform's future.

Features and Functionality

Trading Interface

The Apex Pro trading interface is one of its genuine strengths. The layout is professional and clean, with a standard arrangement that experienced traders will immediately feel comfortable with: order book on the left, TradingView-powered chart in the center, and the order entry panel on the right. Everything loads quickly, and the real-time order book updates without lag during our testing.

Order types include market, limit, stop-limit, take-profit, and trailing stop orders. The trailing stop functionality is particularly useful for momentum traders who want to lock in profits as a position moves in their favor. We found the order execution reliable with no instances of rejected orders or unexpected slippage on major pairs.

The platform also supports one-click trading, which removes the need for wallet approvals on each transaction. Once you enable it, you can place and cancel orders instantly - a feature that brings the experience much closer to what you get on centralized exchanges. For traders who need speed, this is a meaningful quality-of-life improvement.

ApeX Omni expands on the Pro interface by adding spot trading, prediction markets, and RWA perpetuals into a unified dashboard. While the extra functionality is welcome, it can make the interface feel busier than the streamlined Pro version. Both versions coexist, and you can choose based on your needs.

Supported Markets

Apex Protocol lists approximately 40 perpetual contract pairs in its core offering, though the Omni platform extends this to over 94 contracts. The selection covers all major assets - BTC, ETH, SOL, XRP, AVAX, ATOM, DOGE - plus a growing set of mid-cap tokens.

Maximum exposure goes up to 100x on major pairs like BTC-USDC and ETH-USDC, with lower limits on smaller, more volatile assets. The platform supports both cross-margin and isolated margin modes, giving traders flexibility in how they manage risk across multiple positions.

The introduction of RWA perpetuals is an interesting development. You can now trade tokenized perpetual contracts on stocks like Tesla and Apple, as well as commodities like gold and silver, all with 24/7 market access. This is still a niche feature in the DEX space, and the liquidity on these pairs is thinner than on crypto perpetuals, but it signals where Apex is heading. For traders who want exposure to traditional markets outside of regular trading hours, this opens up possibilities that most competing DEXes do not yet offer.

With 40 pairs in the core product, Apex trails many competitors. Hyperliquid offers 150 pairs, dYdX has 180, and Aster lists over 200. If you primarily trade majors and popular altcoins, the selection is adequate. If you frequently trade newer or less popular tokens, you may find yourself wanting more.

Liquidity and Order Book Depth

This is where Apex Protocol faces its biggest challenge. With $100 million in TVL and approximately $200 million in daily volume, the platform is significantly smaller than its main competitors. Hyperliquid processes $8 billion daily, Lighter handles $9 billion, and Aster does $15 billion.

In practice, this means that liquidity on major pairs like BTC and ETH is decent but not exceptional. Spreads are competitive for moderate-size trades, but larger orders (above $50,000-$100,000 notional) can experience slippage. On smaller pairs, liquidity drops off more noticeably.

We found the order book depth adequate for typical retail trading sizes. If you are trading $1,000 to $20,000 positions, you are unlikely to have issues. Professional traders running larger size should test with small orders first to gauge the execution quality on their preferred pairs.

It is worth noting that Apex historically reached higher volumes. At its peak in 2024, the platform processed over $1 billion in daily volume. The decline since then reflects the broader competitive dynamics - newer platforms like Lighter and Aster have captured market share with more aggressive fee models and incentive programs. Whether Apex can reverse this trend through its Omni expansion remains to be seen.

Advanced Features

Apex offers several features beyond basic perpetual trading:

1. API Access: Fully documented REST and WebSocket APIs for algorithmic trading and bot integration.
2. Trading Competitions: Regular competitions with prize pools that add a gamified element to the experience.
3. Staking and Farming: APEX token holders can stake for rewards and participate in yield farming programs.
4. Prediction Markets: The Omni platform includes prediction markets for binary outcomes, adding a speculative product line.
5. RWA Perpetuals: Trade tokenized versions of stocks and commodities around the clock.
6. Cross-Collateral: Coming in Q1 2026, this will allow traders to use multiple assets as collateral simultaneously.

Fees and Pricing

Fee Structure

Apex Protocol charges a 0.02% maker fee and a 0.05% taker fee on perpetual futures. For spot trading on the Omni platform, makers pay 0% while takers pay 0.05%. These are standard rates that align closely with competitors like Hyperliquid and dYdX.

One of Apex's genuine advantages is zero gas fees. Because trading happens off-chain on the StarkEx layer, you never pay gas for placing, canceling, or executing orders. The only gas costs you incur are for deposits and withdrawals, which are standard Ethereum/Arbitrum/BNB Chain transaction fees.

APEX token holders can unlock fee discounts through staking, and the platform periodically runs promotions that further reduce costs. Using a referral link provides a 30% fee discount, which meaningfully improves the economics for new users.

How Apex Protocol Fees Compare

Apex's fee structure is virtually identical to Hyperliquid and dYdX, placing it in the middle of the pack. It is more expensive than Lighter (zero fees) and EdgeX (zero maker / 0.03% taker), but cheaper than GMX (0.05%/0.07%) and comparable to most order-book DEXes.

The 30% referral discount is worth noting - it brings effective taker fees down to about 0.035%, which is competitive with some of the cheaper platforms. Active traders should take advantage of this.

Real-World Cost Examples

Example 1: A $10,000 trade on BTC-USDC perpetuals

1. Apex Protocol (taker): $5.00 in trading fees + $0.00 gas = $5.00 total
2. Apex Protocol (with 30% referral discount): $3.50 total
3. Lighter: $0.00 + ~$0.20 gas = $0.20 total
4. Hyperliquid: $5.00 total

Example 2: A moderate trader doing $100,000 daily volume

1. Apex Protocol: $50.00/day in taker fees ($1,500/month)
2. Apex with referral: $35.00/day ($1,050/month)
3. Lighter: ~$2.00/day in gas ($60/month)
4. Hyperliquid: $50.00/day ($1,500/month)

Example 3: A maker-focused trader doing $200,000 daily volume

1. Apex Protocol: $40.00/day in maker fees ($1,200/month)
2. Lighter: ~$2.00/day in gas ($60/month)
3. dYdX: $40.00/day ($1,200/month)

For traders who prioritize fee minimization above all else, Apex is not the cheapest option. But the fee structure is fair and predictable, and the zero gas model ensures no hidden costs on individual transactions.

Security and Safety

Smart Contract Audits

Apex Protocol has undergone three security audits from established firms:

1. StarkWare (June 2022) - Scope: StarkEx integration. As the developer of the underlying technology, StarkWare's involvement provides first-party validation of the integration layer.
2. PeckShield (August 2023) - Scope: Smart contracts. PeckShield is a well-known blockchain security firm with hundreds of audits under its belt.
3. CertiK (May 2024) - Scope: Multi-chain deployment. This audit covered the expanded infrastructure as Apex rolled out support for additional deposit chains.

Three audits from reputable firms is reasonable, though the most recent audit is from May 2024. Given that the platform has evolved significantly with the Omni upgrade, a fresh audit covering the new functionality would be welcome. The StarkEx integration itself is well-regarded in the industry - StarkWare's technology powers several major protocols and has been running in production since 2020 without a security incident, which provides a strong foundation for the underlying settlement layer.

Security Track Record

As of February 2026, Apex Protocol has not reported any security incidents, exploits, or loss of user funds. The platform's use of StarkEx provides Ethereum-grade security for trade settlement, meaning that even if the Apex off-chain infrastructure were compromised, user funds protected by the StarkEx validity proofs would remain safe.

The non-custodial architecture is a fundamental security advantage. Unlike centralized exchanges where your funds sit in the exchange's wallets, Apex users maintain control of their assets through the StarkEx layer. Withdrawals can be forced through Ethereum even if the Apex front-end goes offline.

User Protection Features

1. Non-custodial design: Your funds remain under your control, secured by StarkEx validity proofs.
2. Multisig governance: Protocol changes require multiple signatures from authorized parties.
3. 24-hour timelock: Upgrades are delayed by 24 hours, giving users time to review and react. This is shorter than some competitors (Lighter uses 72 hours).
4. $200,000 bug bounty: While active, this bug bounty is on the smaller side compared to platforms offering $1M+ programs.
5. Open source code: The protocol code is publicly available for review.

The 24-hour timelock and $200,000 bug bounty are areas where Apex could improve. Many competitors offer longer timelocks (48-72 hours) and larger bounty programs ($500K-$2M), which provide stronger protection guarantees. In fairness, the StarkEx infrastructure adds an implicit security layer that many competitors lack - the validity proofs ensure that no invalid state transition can occur, which is a meaningful protection even beyond what traditional audits and bounties provide. Still, increasing the bug bounty would be a relatively low-cost way to signal confidence and attract security researchers.

Getting Started with Apex Protocol

Connecting Your Wallet

Getting started on Apex is easy. Visit apex.exchange and click the Connect Wallet button. The platform supports MetaMask, WalletConnect, Coinbase Wallet-wallet), and several other popular options. Unlike some competitors, Apex does not require an invite code - anyone can create an account and start trading immediately.

You will need to sign a message to authenticate your wallet. This does not cost any gas and simply verifies your ownership of the address. Once connected, you have immediate access to the trading interface.

Making Your First Deposit

Apex supports deposits from Ethereum mainnet, Arbitrum, and BNB Chain. You can deposit USDC or USDT from any of these networks. Select your preferred chain, enter the amount, and approve the deposit transaction in your wallet.

Funds are automatically bridged to the Apex Chain powered by StarkEx for trading. Deposit times vary by source chain - Arbitrum and BNB Chain deposits are typically faster (1-5 minutes) while Ethereum mainnet deposits may take 10-15 minutes. There are no deposit fees charged by Apex, though you will pay the standard gas fee for the on-chain transaction.

One convenient feature is that you do not need to manually switch networks in your wallet. The deposit interface handles the cross-chain routing for you.

Placing Your First Trade

Once your deposit is confirmed, navigate to the trading page and select your desired pair. For first-time users, we recommend BTC-USDC or ETH-USDC as these have the best liquidity.

Select your order type, enter the position size, and adjust your exposure level. We suggest starting with lower exposure levels (5-10x) until you are comfortable with the platform's execution. Click Long or Short to open your position.

For safety, immediately set a stop-loss after opening your position. Apex Pro supports stop-loss, take-profit, and trailing stop orders that you can attach to any open position. These risk management tools are critical for perpetual trading and should be used on every trade.

User Experience

Desktop Platform

The desktop experience is polished and performs well. Page loads are fast, the order book updates smoothly in real time, and we did not encounter any crashes or significant bugs during our testing period. The TradingView charts offer the full range of indicators and drawing tools that technical traders expect.

The layout is customizable to a degree - you can resize panels and rearrange some elements. The dark theme is the default and looks good, with clear contrast between interactive elements and background.

The Omni version adds complexity with its additional product categories (spot, predictions, RWAs), which can make the interface feel cluttered compared to the focused Pro experience. Apex would benefit from a cleaner navigation structure as it continues adding products.

One positive detail: the platform processes trades at approximately 10 trades per second and handles 1,000 order placements and cancellations per second. These are not industry-leading numbers compared to platforms claiming millions of TPS, but in our real-world testing the performance was perfectly adequate for active manual trading and reasonably fast algo strategies.

Mobile Experience

Apex offers a mobile-responsive web interface that works reasonably well on phones and tablets. During our testing, order placement was responsive and the charts scaled adequately. However, there is no dedicated native app as of early 2026, which puts Apex behind competitors like Lighter and Hyperliquid that have launched native mobile applications.

For quick position monitoring and basic order management on the go, the mobile web experience is functional. For active mobile trading, the lack of a native app is a noticeable gap. We hope the Apex team prioritizes this in 2026, as an increasing share of crypto traders operate primarily from mobile devices.

Customer Support

Apex maintains an active Discord community and publishes documentation at docs.apex.exchange. The documentation covers basic platform usage, API integration, and fee schedules reasonably well.

Live chat is not available, which is a common omission among DEXes but still a downside. Discord response times were mixed during our experience - simple questions often got quick answers from community moderators, while technical issues sometimes took a day or more to resolve. Educational content is limited, which makes the platform less welcoming for traders who are new to perpetual contracts. We would like to see Apex invest in more beginner-friendly guides, video tutorials, and perhaps a demo trading mode. Competitors like Bybit (Apex's own parent ecosystem) have excellent educational resources, and some of that knowledge transfer would benefit Apex's retail user acquisition.

Apex Protocol vs Competitors

Apex vs Hyperliquid: Both charge nearly identical fees, but the gap in scale is enormous. Hyperliquid's $8 billion daily volume dwarfs Apex's $200 million, resulting in much deeper liquidity and tighter spreads. Hyperliquid also offers 150 pairs versus Apex's 40. Apex's advantages are multi-chain deposit support and up to 100x exposure compared to Hyperliquid's 50x cap. But for most traders, Hyperliquid is the stronger platform right now.

Apex vs Lighter: Lighter's zero-fee model is hard to compete with on cost alone. Lighter also has significantly more volume ($9B vs $200M) and a larger TVL ($800M vs $100M). However, Apex supports deposits from three chains versus Lighter's Arbitrum-only approach, and Apex does not require an invite code. For traders who value open access and multi-chain flexibility, Apex has an edge despite the higher fees.

Apex vs dYdX: These two are the most similar in fee structure and approach. dYdX offers many more trading pairs (180 vs 40) and has higher daily volume ($500M). However, Apex's multi-chain deposit support and zero gas fees make it slightly more accessible for users on different networks. dYdX requires users to bridge to its Cosmos-based chain, which adds friction.

Apex vs Aster: This comparison carries extra weight given the historical brand connection through APX Finance. Aster has become a powerhouse with $15 billion in daily volume and 200 pairs across five chains. In most quantitative metrics, Aster is the superior platform. Apex's differentiation lies in its StarkEx-based validity proofs and its more focused, less cluttered trading interface. The confusion between the two brands is something that genuinely hurts Apex - we have seen traders who think they are the same platform or that Apex was absorbed into Aster. If you are reading this review, understand that these are completely independent platforms in 2026 despite their shared history.

Who Should Use Apex Protocol?

Apex Protocol is best suited for:

1. Bybit users who want a familiar-feeling DEX experience with decentralized custody guarantees
2. Multi-chain users who hold assets across Ethereum, Arbitrum, and BNB Chain and want flexible deposit options
3. Traders seeking high exposure who need up to 100x on major pairs
4. API traders who want reliable programmatic access for algorithmic strategies
5. Traders looking for open access - no invite codes, no waitlists, just connect and trade

Apex Protocol may not be ideal for:

1. High-volume traders looking for the deepest liquidity - platforms like Hyperliquid, Lighter, and Aster offer significantly more depth
2. Fee-sensitive traders who can access zero-fee platforms like Lighter
3. Traders wanting maximum market selection - 40 pairs is limited compared to competitors offering 150-200+
4. Mobile-first traders who want a dedicated native app experience
5. Beginners who need educational content and simplified interfaces

Frequently Asked Questions

What is the relationship between Apex Protocol and Aster?

APX Finance, a separate project that previously shared the Apex branding, merged with Astherus in late 2024 to form Aster. Apex Protocol continues to operate independently as part of the Bybit ecosystem. They are now completely separate entities. Aster focuses on multi-chain perpetual trading, while Apex Protocol is built on StarkEx technology.

How does Apex Pro differ from Apex Omni?

Apex Pro is the focused perpetual futures trading interface with professional-grade charting, conditional orders, and API access. Apex Omni is the newer, expanded platform that adds spot trading, prediction markets, RWA perpetuals, and cross-chain liquidity aggregation. Pro is better for traders who want a streamlined experience. Omni is for those who want access to everything in one place.

Is Apex Protocol safe and secure?

Yes. Apex Protocol uses StarkEx validity proofs, meaning every trade is cryptographically verified. The platform is non-custodial, so users always control their own funds. It has been audited by StarkWare, PeckShield, and CertiK. As of February 2026, there have been no reported security incidents or loss of user funds.

What are Apex Protocol trading fees in 2026?

Apex charges 0.02% maker fees and 0.05% taker fees on perpetual futures. Spot trading has 0% maker and 0.05% taker fees. There are no gas fees for trading since execution happens on the StarkEx layer. A 30% fee discount is available through referral links.

What exposure levels does Apex Protocol offer?

Apex Protocol offers up to 100x on perpetual contracts. Major pairs like BTC-USDC and ETH-USDC support the highest levels, while smaller, more volatile assets have lower maximums. The platform supports both cross-margin and isolated margin modes.

Which chains does Apex Protocol support?

Apex supports deposits from Ethereum, Arbitrum, and BNB Chain. You can deposit USDC or USDT from any of these networks. Funds are automatically bridged to the Apex Chain (powered by StarkEx) for trading. Withdrawals can be processed back to your preferred chain.

Does Apex Protocol require KYC?

No. Apex Protocol is a non-custodial DEX that does not require KYC verification. You simply connect a compatible wallet and start trading. This is a key advantage over centralized exchanges for privacy-conscious traders.

What is the APEX token used for?

The APEX token serves four main purposes: governance voting on protocol decisions, earning trading rewards, receiving fee discounts when staked, and staking for yield. The total supply is 1 billion tokens with approximately 400 million in circulation.

Final Verdict

Apex Protocol is a solid, reliable perpetual DEX that benefits from strong institutional backing through Bybit and the battle-tested StarkEx technology stack. The trading experience is professional, fees are competitive (if not the cheapest), and the multi-chain deposit support is a genuine convenience that many competitors lack.

However, it is hard to ignore the platform's relatively modest metrics in a market that has moved fast. With $200 million in daily volume and $100 million TVL, Apex is significantly smaller than the current leaders. The lingering brand confusion with Aster does not help, and the 40-pair selection feels limiting.

We give Apex Protocol a rating of 8.5 out of 10. It is a dependable choice for traders who value the Bybit connection, multi-chain flexibility, and high exposure options. But if you are looking for the deepest liquidity, the lowest fees, or the broadest market coverage, there are stronger options available in 2026. Apex needs to execute on its Omni roadmap - cross-collateral, AI tools, and expanded markets - to reclaim ground against increasingly formidable competition.

The platform's greatest asset may be its institutional stability. While many newer DEXes are operating on venture capital fumes and unsustainable incentive programs, Apex has the backing of Bybit and the battle-tested StarkEx infrastructure to weather market downturns. That kind of reliability has real value, even if it does not show up in flashy volume numbers. For traders who plan to be in the market for years rather than weeks, that resilience counts for something.