GRVT

What happens when a team of engineers builds a derivatives exchange from scratch with institutional compliance baked in from day one? You get GRVT - a hybrid platform on ZKsync Validium that somehow manages to offer zero fees, sub-millisecond execution, and zero-knowledge privacy while actively pursuing regulatory licenses across four major jurisdictions. We tested GRVT extensively through early 2026 and found a platform that punches well above its weight class. But with the token still unreleased and volume trailing the market leaders, is it ready for prime time? Here is our full assessment.

What is GRVT?

GRVT (pronounced "gravity") is a hybrid cryptocurrency derivatives exchange built on ZKsync Validium, a Layer 2 scaling solution that uses zero-knowledge proofs for security while storing transaction data off-chain for speed and privacy. Founded in 2022, the platform launched into open beta in late 2024 and has been growing steadily since.

The "hybrid" designation is central to understanding what GRVT does differently. It combines the speed and user experience of a centralized exchange with the self-custody and cryptographic guarantees of a decentralized one. Order matching happens off-chain at blistering speeds - the platform claims 600,000 transactions per second with sub-2-millisecond latency. But settlement happens on ZKsync with validity proofs posted to Ethereum, meaning your funds are always secured by Ethereum-level cryptography and you maintain self-custody at all times.

GRVT raised $33.3 million in total funding, with backers including ZKsync (Matter Labs) and Further Ventures, an entity linked to Abu Dhabi's sovereign wealth fund. A subsequent $19 million round in September 2025 was specifically earmarked for building privacy-first onchain finance infrastructure. The team is 52 people strong, with roughly half being engineers - a ratio that reflects the project's technical ambitions.

What truly sets GRVT apart from nearly every other perp DEX is its approach to regulation. In late 2024, GRVT obtained a Class M Digital Asset Business License from the Bermuda Monetary Authority, making it the world's first regulated decentralized exchange. The platform is actively pursuing additional licenses under the EU's MiCA framework and with the Abu Dhabi Global Market (ADGM). Applications with Dubai's VARA are also in progress. This multi-jurisdictional regulatory strategy is unique among perp DEXes, most of which operate in a deliberately ambiguous regulatory space.

As of early 2026, GRVT supports 100 trading pairs, maintains approximately $400 million in TVL, and processes around $1.2 billion in daily volume. The platform offers both perpetual contracts and options trading, with plans to expand into spot markets. The GRVT token has been announced with a total supply of 1 billion, though the Token Generation Event is expected in Q1 2026 and has not launched at the time of this review.

Features and Functionality

Trading Interface

GRVT's trading interface immediately feels like it was designed by people who have spent serious time on professional trading terminals. The layout is clean and information-dense without being overwhelming. You get the order book, price chart, trade entry panel, and position management all visible on a single screen, arranged in a logical flow that experienced traders will recognize instantly.

The charting is solid, with TradingView integration providing the full suite of technical indicators, drawing tools, and timeframes. Order types include market, limit, stop-loss, take-profit, and conditional orders. During our testing, order execution was impressively fast - the sub-millisecond claim held up in practice, with orders filling almost instantly even during periods of elevated volatility.

One feature we particularly appreciated is the position risk dashboard. It clearly shows your exposure across all open positions, your available margin, and estimated liquidation levels. For traders managing multiple positions simultaneously, this kind of at-a-glance risk overview is valuable.

The interface defaults to a professional mode that prioritizes information density. We did not find a beginner-friendly simplified view, which may create a learning curve for newer traders who are not familiar with perpetual contract interfaces.

Supported Markets

GRVT offers 100 trading pairs across perpetual contracts and options. This is a strong selection that covers all the major cryptocurrencies plus a broad roster of mid-cap tokens. The inclusion of options trading is a meaningful differentiator - most perp DEXes focus exclusively on perpetual futures, so having options available on the same platform is a genuine convenience for traders who use both instruments.

The perpetual contracts support competitive exposure levels on major pairs, with tiered limits based on asset volatility. Options contracts add a layer of strategic flexibility that pure perp platforms cannot match, allowing traders to construct hedged positions, sell premium, or express directional views with defined risk.

GRVT has indicated plans to add spot trading, which would make it a more complete trading venue. For now, the 100-pair perpetual and options offering is strong and exceeds many competitors in raw market count. It falls short of Aster's 200 pairs and dYdX's 180, but outpaces Lighter (80), Vertex (50), and GMX (30).

Liquidity and Order Book Depth

With $400 million in TVL and $1.2 billion in daily volume, GRVT's liquidity profile sits in the middle tier of the perp DEX market. It is well behind the leaders - Hyperliquid ($2.5B TVL, $8B daily) and Aster ($1.5B TVL, $15B daily) - but significantly ahead of platforms like Apex Protocol ($100M TVL) and Vertex ($150M TVL).

A distinctive aspect of GRVT's liquidity model is its hybrid orderbook plus RFQ (Request for Quote) system. The platform has 16 pre-committed market makers with a reported $3.3 billion in total commitments. This institutional market-making approach means that the order book depth for major pairs is excellent relative to the platform's overall volume. During our testing, BTC and ETH perpetuals had consistently tight spreads, and we experienced minimal slippage on positions up to $25,000 notional.

The platform reported $1.67 billion in open interest, giving it roughly 18.2% market share. These numbers are respectable and indicate genuine institutional participation.

The October 2025 stress test deserves special attention. During a period of intense market volatility that saw $19.35 billion in market-wide liquidations across all exchanges, GRVT maintained zero downtime and zero socialized losses. This means no traders on GRVT had their profits clawed back to cover the exchange's losses from other users' liquidations. For anyone who has experienced socialized loss events on other platforms, that track record is significant.

Advanced Features

GRVT offers several features that demonstrate its institutional ambitions:

1. ZK Privacy: Zero-knowledge proofs keep your orders, positions, and trade details private. Position sizes, entry prices, and liquidation levels are hidden from other market participants. This prevents front-running and liquidation sniping - two of the most common predatory practices in crypto trading.
2. Options Trading: Full options contracts alongside perpetuals, allowing for more sophisticated trading strategies.
3. RFQ System: The Request for Quote system connects you with institutional market makers for large orders, providing guaranteed execution on block-size trades.
4. Sub-Millisecond Execution: The 600,000 TPS throughput with under 2ms latency is among the fastest in the DEX space.
5. Staking (Coming with TGE): GRVT token staking will provide governance rights, trading rewards, fee discounts, and yield once the token launches.
6. Self-Custody with CEX UX: The platform never takes custody of your funds, yet the trading experience feels like a top-tier centralized exchange.

Fees and Pricing

Fee Structure

GRVT charges zero trading fees for retail traders. No maker fee, no taker fee, no protocol fee, and no gas fees. The platform runs on ZKsync Validium, which eliminates gas costs entirely since data availability is handled off-chain.

This makes GRVT one of only a handful of perp DEXes offering a truly zero-cost trading experience. The other notable platform in this category is Lighter, which also charges zero fees. Most competitors charge between 0.02% and 0.07% per trade.

The zero-fee model applies to retail traders. GRVT has indicated that institutional and high-volume traders may have different fee arrangements, though the specifics have not been publicly detailed. The platform is likely generating revenue from its institutional market-making relationships and RFQ system.

How GRVT will sustain the zero-fee model long-term is an important question. The platform has $33.3 million in funding plus the upcoming token launch as revenue drivers. The regulatory licenses may also enable fee-based institutional products that cross-subsidize retail trading. But like all zero-fee platforms, the sustainability question lingers.

How GRVT Fees Compare

GRVT ties with Lighter as the cheapest option in this comparison. Both offer zero maker and taker fees. GRVT actually has a slight edge because it charges zero gas fees (versus Lighter's $0.10-$0.50 per transaction on Arbitrum). In pure cost terms, GRVT is the cheapest perpetual DEX we have tested.

Compared to Hyperliquid and dYdX (both charging 0.02%/0.05%), the savings for GRVT users are substantial, particularly at higher volumes.

Real-World Cost Examples

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

1. GRVT: $0.00 in fees + $0.00 gas = $0.00 total
2. Lighter: $0.00 in fees + ~$0.20 gas = $0.20 total
3. Hyperliquid: $5.00 taker fee = $5.00 total
4. dYdX: $5.00 taker fee = $5.00 total

Example 2: A day trader doing $250,000 in daily volume

1. GRVT: $0.00 total per day
2. Lighter: ~$5.00 in gas per day ($150/month)
3. Hyperliquid: $125.00 per day ($3,750/month)
4. dYdX: $125.00 per day ($3,750/month)

Example 3: A scalper running $2,000,000 in monthly volume

1. GRVT: $0.00 per month
2. Lighter: ~$50 in gas per month
3. Hyperliquid: $1,000 per month
4. EdgeX: $600 per month (taker only)

The numbers speak for themselves. For any trader who executes significant volume, the fee savings on GRVT are dramatic. A trader doing $250,000 per day saves $3,750 per month compared to Hyperliquid. Over a year, that is $45,000 in fee savings - enough to meaningfully impact overall returns.

Security and Safety

Smart Contract Audits

GRVT has completed three security audits from top-tier firms:

1. Trail of Bits (August 2024) - Scope: Core protocol. Trail of Bits is consistently ranked among the best security auditing firms in the blockchain space, and their involvement on the foundational protocol layer is a strong signal.
2. OpenZeppelin (March 2025) - Scope: ZKsync integration. OpenZeppelin is another industry-leading firm, and this audit specifically targeted the critical integration layer between GRVT and the ZKsync Validium infrastructure.
3. Halborn (September 2025) - Scope: Options and perpetual contracts. This audit covered the trading-specific smart contracts, including the newer options functionality.

Three audits from three of the most respected names in blockchain security is an excellent audit profile. The coverage spans the core protocol, the L2 integration layer, and the trading contracts, which means the most critical components have all been independently reviewed.

Security Track Record

As of February 2026, GRVT has not experienced any security incidents, exploits, or loss of user funds. The October 2025 market crash served as a real-world stress test, and the platform passed with flying colors - zero downtime and zero socialized losses during $19.35 billion in market-wide liquidations.

The ZKsync Validium architecture provides strong security properties. Zero-knowledge proofs ensure that all settlements are cryptographically valid, and data availability is handled through a trusted committee rather than posted on-chain. While this introduces a trust assumption for data availability (compared to a full rollup), it enables the speed and privacy that GRVT needs for its trading use case.

The self-custody model is fundamental to GRVT's security design. Users always maintain control of their funds, and the platform cannot access or freeze user assets. If the GRVT front-end were to go offline, users could still withdraw their funds through the ZKsync layer.

User Protection Features

1. Self-custody: Funds remain in your control at all times. GRVT never takes custody of user assets.
2. $1,000,000 bug bounty: A million-dollar bounty program incentivizes responsible disclosure of vulnerabilities. This matches the largest bounties offered by competitors like Lighter and dYdX.
3. 72-hour timelock: Protocol upgrades are delayed by 72 hours, providing users with advance notice of any changes and time to exit if they disagree.
4. Multisig governance: Administrative actions require multiple authorized signers.
5. ZK privacy: Orders, positions, and trade details are kept private through zero-knowledge proofs, preventing front-running and liquidation sniping.
6. Open source code: The protocol's code is available for public review.
7. Regulatory compliance: The Bermuda Class M license subjects GRVT to regulatory oversight, adding an additional layer of accountability that unregulated competitors do not have.

Getting Started with GRVT

Connecting Your Wallet

To start using GRVT, visit grvt.io and click the Sign Up button. The platform supports standard Ethereum wallets including MetaMask, WalletConnect, and Coinbase Wallet-wallet). You will need to sign a message to verify your wallet ownership - this is gasless and does not cost anything.

GRVT does not currently require KYC for retail traders, though its regulatory licenses may lead to tiered verification requirements in the future, particularly for institutional users or users in specific jurisdictions. For now, connecting a wallet is sufficient to access the full trading experience.

Making Your First Deposit

GRVT accepts USDC and ETH deposits from Ethereum mainnet and supported L2 networks. From the deposit page, select your source network, choose the asset and amount, and approve the transaction in your wallet.

Funds are automatically bridged to the ZKsync Validium layer. Deposits typically confirm within a few minutes, and GRVT does not charge any deposit fees. The only cost is the standard gas fee on your source network for the deposit transaction.

If your funds are on a network that GRVT does not directly support for deposits, you will need to bridge to Ethereum or a supported L2 first using a third-party bridge.

Placing Your First Trade

With funded account, select a perpetual or options contract from the market list. For your first trade, we recommend BTC or ETH perpetuals since they have the deepest liquidity and tightest spreads.

Choose your order type (market for instant execution, limit for a target price), set your position size, and configure your desired exposure level. We strongly recommend starting with modest exposure (5-10x) until you understand how the platform handles execution and liquidations.

Click Buy/Long or Sell/Short to submit your order. Market orders should fill immediately. Once your position is open, set a stop-loss right away - this is essential risk management for perpetual trading. GRVT supports stop-loss, take-profit, and conditional orders that can be attached to open positions.

User Experience

Desktop Platform

The desktop web platform is where GRVT shines. The interface is fast, visually clean, and information-rich. Page transitions are smooth, the order book updates in real time without perceptible lag, and charting performance is excellent even with multiple indicators active.

The professional-grade layout reflects the team's institutional ambitions. Everything a derivatives trader needs is accessible within one or two clicks. The risk management dashboard, position overview, and order management tools are all well-designed and intuitive for experienced traders.

Customization is decent - you can adjust themes, resize panels, and configure your preferred market layout. The overall aesthetic is modern and polished, closer to what you would expect from a Bloomberg terminal than a typical DeFi application.

Our primary criticism of the desktop platform is the lack of a simplified mode for less experienced traders. The information density that professionals appreciate can be intimidating for newcomers.

Mobile Experience

GRVT offers a mobile-responsive web interface that works reasonably well on smartphones. The core trading functions - placing orders, viewing positions, checking account balances - are all accessible on mobile. Charts scale down adequately, though the smaller screen makes detailed technical analysis less practical.

As of early 2026, GRVT does not offer a dedicated native mobile app. For traders who primarily trade from their phones, this is a notable gap. The mobile web experience is functional for monitoring and basic order management, but heavy mobile traders may prefer platforms with dedicated apps.

Customer Support

GRVT provides support through Discord and its help center at help.grvt.io. The documentation is well-organized and covers topics including account setup, trading mechanics, fee structure, and the regulatory framework. For a platform at this stage, the documentation quality is above average.

Discord is the primary community and support channel. During our testing, the community was active and team members participated in discussions regularly. Response times for support queries were generally fast for basic questions (under an hour) but could stretch longer for complex technical issues.

The absence of live chat or a formal ticket system is a gap, though it is common among DEXes. The quality of the documentation partially compensates for this, as many common questions can be answered through self-service.

GRVT vs Competitors

GRVT vs Hyperliquid: Hyperliquid is the current market leader by TVL and has excellent liquidity across 150 pairs. But GRVT beats it on fees (zero vs 0.02%/0.05%), offers ZK privacy that Hyperliquid lacks, provides options trading, and holds regulatory licenses. Hyperliquid's volume is roughly 7x larger, giving it deeper order books. If you prioritize privacy, regulation, and zero fees, GRVT is the better choice. If you need the deepest possible liquidity and the widest pair selection, Hyperliquid still leads.

GRVT vs Lighter: These two platforms share the zero-fee distinction and both use ZK technology, making them natural competitors. Lighter has higher daily volume ($9B vs $1.2B) and larger TVL ($800M vs $400M). However, GRVT offers options trading that Lighter does not, provides ZK privacy for orders and positions (Lighter's ZK proofs focus on execution fairness), eliminates gas fees entirely, and holds regulatory licenses. GRVT also demonstrated zero downtime during the October 2025 crash, while both platforms have clean security records. Choose Lighter for pure perp volume and the established LLP yield program. Choose GRVT for options, privacy, and regulatory compliance.

GRVT vs dYdX: dYdX is the veteran of the space with 180 trading pairs and a mature governance system. But it charges standard fees (0.02%/0.05%) that make it significantly more expensive than GRVT. dYdX also lacks ZK privacy and options trading. GRVT's regulatory status is another differentiator. Where dYdX wins is in pair count, established reputation, and a live governance token. GRVT's token has not launched yet, which limits community governance.

GRVT vs Vertex: Vertex offers multi-chain support across five networks, which GRVT cannot match with its ZKsync-only deployment. However, GRVT beats Vertex on fees (zero vs 0%/0.02%), TVL ($400M vs $150M), volume ($1.2B vs $500M), and pair count (100 vs 50). GRVT also provides privacy and regulatory features that Vertex does not offer.

Who Should Use GRVT?

GRVT is best suited for:

1. Privacy-conscious traders who do not want their positions, order sizes, and liquidation levels visible to other market participants
2. Cost-sensitive traders who want to eliminate trading fees and gas costs entirely
3. Options traders looking for a decentralized venue that offers both perpetuals and options
4. Institutional traders who need a regulated counterparty - GRVT's Bermuda license is a unique offering in the DEX space
5. Traders who value reliability - the October 2025 stress test performance says a lot about operational quality
6. Ethereum-native users who want ZK-secured self-custody with CEX-grade performance

GRVT may not be ideal for:

1. Token speculators hoping to trade the GRVT token immediately - the TGE has not occurred yet as of early 2026
2. Multi-chain users who want to deposit from many different networks - GRVT currently supports Ethereum and select L2s
3. Traders who need maximum pair selection - 100 pairs is strong but trails Hyperliquid (150), dYdX (180), and Aster (200)
4. Users in jurisdictions where GRVT's regulatory compliance may actually restrict access to certain features
5. Traders who prefer platforms with long track records - GRVT is still young, having launched in late 2024

Frequently Asked Questions

Is GRVT safe to use?

Yes. GRVT maintains self-custody, so users always control their own funds. The platform has been audited by Trail of Bits, OpenZeppelin, and Halborn, and offers a $1 million bug bounty. ZK proofs keep your orders and positions private. The platform proved its resilience during the October 2025 stress test with zero downtime and zero socialized losses during $19.35 billion in market-wide liquidations.

What are GRVT trading fees?

GRVT charges zero trading fees for retail traders - 0% maker, 0% taker, and no gas fees. This makes it one of the cheapest perpetual DEXes available. Institutional and high-volume traders may have different fee arrangements. The zero-fee model is among the most aggressive in the entire DEX market.

Why is GRVT pursuing regulatory licenses?

GRVT believes regulatory compliance will be a key differentiator as the crypto derivatives market matures. By obtaining licenses in jurisdictions like Bermuda (already secured), the EU (MiCA), and Abu Dhabi (ADGM), GRVT can serve institutional clients who require regulated counterparties. This positions GRVT as a bridge between traditional finance and DeFi.

When will the GRVT token launch?

The GRVT token has a total supply of 1 billion and is expected to have its Token Generation Event in Q1 2026. The token will be used for governance, trading rewards, fee discounts, and staking. Users can accumulate points on the platform that may convert to token allocations at launch.

What is ZKsync Atlas and how does it help GRVT?

ZKsync Atlas is an upgrade that positions GRVT as the "market layer" for Ethereum's capital flows. It enables sub-second finality for L2-to-L2 transactions and rapid settlement on Ethereum L1, meaning capital across Ethereum's Layer-2 ecosystem can be used as collateral on GRVT. This interoperability is central to GRVT's vision of becoming the primary hub for on-chain derivatives.

How does GRVT compare to centralized exchanges?

GRVT matches or beats most centralized exchanges on execution speed (sub-2ms), offers zero fees (cheaper than Binance, Bybit, etc.), and provides self-custody that no centralized exchange can offer. The tradeoff is that GRVT has fewer trading pairs than major CEXes and lacks some features like fiat on-ramps. For derivatives trading specifically, the experience is very competitive.

Does GRVT offer options trading?

Yes. GRVT is one of the few decentralized exchanges that offers both perpetual futures and options contracts. This allows traders to build more sophisticated strategies, hedge their positions, and express views with defined risk. Options are available on major assets alongside the 100 perpetual contract pairs.

How do I deposit funds into GRVT?

You can deposit USDC or ETH from Ethereum mainnet or supported L2 networks. Connect your wallet, select the deposit amount, and approve the transaction. Funds are automatically bridged to the ZKsync Validium layer. Deposits typically confirm within a few minutes, and GRVT does not charge deposit fees.

Final Verdict

GRVT is one of the most thoughtfully designed perpetual DEXes we have reviewed in 2026. The combination of zero fees, ZK privacy, sub-millisecond execution, options trading, and regulatory licensing creates a unique value proposition that no single competitor currently matches. The October 2025 stress test performance - zero downtime, zero socialized losses - is the kind of real-world validation that matters far more than marketing claims.

The $400 million TVL and $1.2 billion daily volume show genuine adoption, and the 16 pre-committed market makers with $3.3 billion in commitments suggest that institutional capital is paying attention. The Trail of Bits, OpenZeppelin, and Halborn audit lineup is among the strongest in the DEX space.

The concerns are real but manageable. Volume trails the leaders, the token has not launched yet, and the platform operates on ZKsync only. The regulatory focus, while a strength for institutional users, could limit feature availability in certain regions.

We give GRVT a rating of 9.1 out of 10. For traders who value privacy, zero-cost trading, and regulatory peace of mind, GRVT is arguably the best option available right now. It is particularly strong for options traders who want a decentralized venue and institutional traders who need a regulated counterparty. Watch this platform closely as the token launch approaches and the regulatory footprint expands - GRVT has the foundations to become a top-three perp DEX.