MYX Finance

MYX Finance has quietly built one of the more interesting perpetual trading platforms in DeFi, and in 2026 it deserves more attention than it gets. Operating across Arbitrum, Linea, and BNB Chain with a unique Matching Pool Mechanism that eliminates slippage, this protocol offers something most perp DEXes only promise. We have been trading on MYX for several months, testing its zero-slippage claims, farming opportunities, and the recently introduced VIP fee discount system. Here is what we found - both the impressive parts and the areas that still need work.

What is MYX Finance?

MYX Finance is a decentralized perpetual futures exchange that launched in 2024 with a clear thesis: the existing models for on-chain perpetual trading - whether AMM-based or order book-based - all force traders to accept some degree of price impact. MYX set out to solve this with its proprietary Matching Pool Mechanism (MPM), a hybrid model that pairs long and short positions directly while using pooled liquidity as a backstop.

The protocol is deployed across multiple Ethereum Layer 2 networks. Arbitrum, using optimistic rollups, serves as the primary chain with the deepest liquidity. Linea, powered by zero-knowledge proofs, provides an alternative deployment with similarly low gas fees. More recently, MYX expanded to BNB Chain, broadening its reach beyond the Ethereum ecosystem. The platform also implemented chain abstraction features that allow users to deposit collateral from over 20 chains, including Solana, without needing to manually bridge assets.

MYX raised funding and built a growing user base quickly. By mid-2025, the platform had served over 200,000 unique addresses and processed over $4.7 billion in cumulative trading volume within its first year. Over a recent three-month period, the platform recorded $5.92 billion in trading volume with TVL fluctuating around $31-45 million.

The protocol's security has been reviewed by PeckShield and SlowMist, two well-known blockchain security firms. MYX's smart contracts are open source, allowing independent verification by the community. A bug bounty program offers up to $150,000 for critical vulnerability disclosures.

In 2025, MYX introduced a VIP tier system that rewards MYX token holders with automatic fee discounts of up to 50%, based on daily balance snapshots across supported chains. The MYX token also enables governance participation and staking rewards from protocol fees. A V2 upgrade, teased in late 2025, promises enhanced zero-slippage execution, further gas optimizations reducing costs by approximately 30% for frequent traders, and improved cross-chain capabilities. A Governance DAO launch is planned for 2026, along with expansion to non-EVM chains like Solana and Bitcoin L2s.

Features and Functionality

Trading Interface

The MYX Finance trading interface follows the established conventions of professional trading platforms while adding some DeFi-specific touches. The main trading view centers on a TradingView-integrated chart with full technical indicator support, timeframe selection, and drawing tools. The order entry panel sits to the right with clean inputs for position size, collateral, and multiplier selection.

We found the interface to be well-organized on desktop. Pair selection is handled through a dropdown menu that groups assets by category, making it easy to find what you want. Real-time position tracking appears below the chart, showing entry price, mark price, unrealized PnL, and estimated liquidation price for each open position.

One notable design choice is MYX's two-layer account model. Users retain full custody of funds in their standard wallet, but delegate trading authority to an in-app delegate-trader key. This means you do not need to sign a wallet transaction for every single trade - only when depositing or withdrawing. During our testing, this noticeably sped up the trading experience, especially when placing multiple orders in succession. It felt closer to a centralized exchange in terms of responsiveness.

The interface could benefit from more customization options. You cannot rearrange panels or resize the chart independently, which more advanced traders may find limiting. Color themes are limited to a single dark mode, and there is no option for a multi-chart layout.

Supported Markets

MYX Finance supports approximately 35 trading pairs, focused primarily on major and mid-cap cryptocurrencies. BTC/USD and ETH/USD are the flagship markets with the deepest liquidity and support for up to 100x multipliers. Other pairs include popular assets like SOL, ARB, MATIC, AVAX, and a selection of trending tokens.

Lower-cap assets are available with reduced maximum multipliers, typically 20x or 50x, which is a sensible risk management approach. The platform uses isolated margin by default, meaning each position has its own collateral pool and liquidation price. This prevents a losing trade on one pair from affecting your positions on other pairs.

Compared to Hyperliquid's 130+ pairs or dYdX's 100+ offerings, MYX's 35 pairs represent a more curated selection. The platform has been adding new pairs based on community demand and liquidity availability, and we expect this number to grow as TVL increases. For traders who stick primarily to major pairs, the selection is adequate. Those looking to trade obscure altcoin perpetuals will need to look elsewhere.

Liquidity and Order Book Depth

This is where MYX's Matching Pool Mechanism shines. The MPM works by first attempting to match incoming long orders with existing short orders (and vice versa) at the oracle price. When a direct match is not available, the liquidity pool absorbs the position as a counterparty. Because execution happens at the oracle price determined by Chainlink Data Streams and other price feed providers, there is genuinely zero price impact on the trade.

In our testing with positions ranging from $1,000 to $50,000 in notional value, we confirmed that execution prices matched the oracle price exactly. There was no spread to pay and no slippage to account for. This is a meaningful advantage over AMM-based platforms like GMX, where large orders can experience measurable price impact, and even over some order book DEXes where thin books on less liquid pairs result in slippage.

The platform holds approximately $45 million in TVL across its deployments and generates around $30 million in daily trading volume, with recent periods seeing sustained volumes above $100 million daily. Liquidity providers earn fees from the pool without taking directional risk, which makes providing liquidity more predictable compared to platforms where LPs are effectively taking the other side of every trade.

The main concern with the MPM model is that it has not been stress-tested through a full market cycle or extreme black swan event. During normal and moderately volatile conditions, the system performed flawlessly in our experience. How it handles a rapid, one-sided market crash with extreme imbalances between long and short demand remains to be proven at scale.

Advanced Features

MYX offers yield farming opportunities for liquidity providers, with dynamic APY rates that fluctuate based on pool utilization and protocol incentive programs. Staking MYX tokens entitles holders to a share of protocol trading fees, creating a direct link between token ownership and platform revenue.

The VIP fee discount system introduced in 2025 deserves a closer look. Holding as few as 10 MYX tokens in your wallet automatically qualifies you for fee discounts, with the discount rate scaling up based on your daily balance snapshot. At higher tiers, discounts can reach up to 50%, which meaningfully reduces trading costs for committed users.

The referral program provides a 10% fee reduction for both the referrer and the referred user, stackable on top of VIP discounts. For active communities and trading groups, this creates a compelling incentive loop.

Chain abstraction is another feature that impressed us. We tested depositing from multiple chains without manually bridging, and the experience was genuinely smooth. You select your source chain, approve the deposit, and the platform handles the cross-chain transfer. It saves time and avoids the friction of using a separate bridge interface.

Fees and Pricing

Fee Structure

MYX Finance charges a base trading fee of 0.05% for both opening and closing positions, making the round-trip cost 0.10% of your notional position size before any discounts. This is a flat fee structure rather than a maker/taker model, which simplifies cost calculations.

Funding fees are dynamic and depend on the balance between long and short interest in each market. When the market is evenly balanced, funding rates are near zero. When one side is significantly overweight, the dominant side pays the other, incentivizing traders to take the less popular direction.

Gas fees on Arbitrum and Linea are typically under $0.10 per transaction. On BNB Chain, gas costs are similarly low. The delegate-trader key system means you only pay gas when depositing or withdrawing from the platform, not for individual trades, which further reduces effective gas costs for frequent traders.

The protocol fee component is 0.02%, which feeds into the treasury and is partially distributed to MYX stakers. With VIP discounts of up to 50% and the referral discount of 10%, the most active and committed traders can reduce their effective fee to as low as 0.02% per side.

How MYX Finance Fees Compare

At the base rate, MYX's 0.05% is competitive with GMX and higher than Hyperliquid's taker fee. However, the zero-slippage execution means the actual cost of trading on MYX can be lower than platforms where a low headline fee is offset by slippage on execution. When factoring in VIP discounts, MYX becomes genuinely competitive on total execution cost.

Real-World Cost Examples

Let us walk through a concrete scenario. You open a $5,000 long position on BTC/USD at 20x, giving you $100,000 in notional exposure. On MYX at the base rate, the opening fee is $50 (0.05% of $100,000). Closing costs another $50. Gas for the deposit transaction is roughly $0.10. Total round-trip cost: approximately $100.

With a VIP tier offering 30% discount, that drops to $35 per side, or $70 round trip. Add the referral discount and you are looking at roughly $63 total. And critically, there is no slippage on top of these fees.

The same trade on Hyperliquid costs $35 as a taker (0.035%) per side, totaling $70 round trip with zero gas but potentially some slippage on execution depending on order book depth. On GMX v2, the taker fee of 0.07% equals $70 per side or $140 round trip, plus approximately $0.10 in gas and potential price impact.

For a smaller trader with a $500 position at 10x ($5,000 notional), MYX charges $2.50 per side at the base rate, or $5 round trip. At this scale, MYX is quite affordable, especially when the absence of slippage means what you see is exactly what you pay.

Security and Safety

Smart Contract Audits

MYX Finance's smart contracts have been audited by PeckShield and SlowMist, two of the more established security firms in the blockchain space. The Quantstamp audit listed in the platform data from March 2024 covered the core trading engine and vault contracts. PeckShield's review examined the MPM smart contracts, position management logic, and liquidation mechanisms. SlowMist provided additional coverage of the protocol's cross-chain components.

Multiple audits from independent firms provide stronger assurance than a single review, as different auditors bring different methodologies and areas of focus. The fact that MYX sought audits from firms with strong reputations suggests the team takes security seriously.

Security Track Record

As of early 2026, MYX Finance has not experienced any publicly reported smart contract exploits or security breaches resulting in loss of user funds. The protocol has been operational since 2024, giving it roughly two years of live exposure to potential attack vectors.

The MPM mechanism introduces unique risk factors compared to traditional order book or AMM models. Because the liquidity pool acts as a counterparty when direct matching is unavailable, extreme market conditions could theoretically create imbalanced exposure for the pool. The team has implemented safeguards including dynamic position limits and automatic de-risking mechanisms, but these have not been tested under truly extreme conditions.

The protocol's open-source nature means anyone can review the smart contract code, which provides an additional layer of community-driven security review. Several independent developers have reviewed the contracts and published their findings, generally noting the code quality as above average for the DeFi space.

User Protection Features

MYX maintains a bug bounty program offering up to $150,000 for critical vulnerabilities. This is a decent bounty size - not as large as the multi-million dollar programs run by top-tier protocols, but significant enough to attract serious security researchers.

The isolated margin system provides important protection at the individual position level. If one of your positions gets liquidated, your other positions and unused collateral remain unaffected. This is the safer default compared to cross-margin systems where a single liquidation can cascade across your entire account.

The delegate-trader key architecture adds a security layer by separating custody from execution. Your main wallet only signs deposit and withdrawal transactions. Even if the delegate key were somehow compromised, an attacker could only place trades with the funds already deposited - they could not drain your connected wallet.

Getting Started with MYX Finance

Connecting Your Wallet

Getting started on MYX Finance takes about two minutes. Navigate to app.myx.finance and click the connect wallet button. The platform supports MetaMask, WalletConnect, Coinbase Wallet-wallet), and several other popular options. Select your wallet, approve the connection, and choose which chain you want to trade on - Arbitrum, Linea, or BNB Chain.

After connecting, MYX generates a delegate-trader key stored locally in your browser. This key handles trade execution without requiring wallet signatures for every action. You will need to sign one initial authorization transaction to set up this delegation.

Making Your First Deposit

MYX accepts USDC and USDT as primary collateral, with the exact options depending on the chain you select. On Arbitrum, both stablecoins are supported with deep liquidity. If your funds are on a different chain, MYX's chain abstraction feature lets you deposit directly from over 20 supported chains without using a separate bridge. Select your source chain, enter the deposit amount, and approve the transaction. The cross-chain deposit typically completes within a few minutes.

Alternatively, you can bridge assets manually using the Arbitrum Bridge, Hop Protocol, or Stargate. If you are new to Layer 2 networks, the simplest path is to send USDC from a centralized exchange directly to your Arbitrum wallet address.

Placing Your First Trade

With funds deposited, select your trading pair from the market list. Click long or short depending on your directional view, enter your collateral amount, and set your desired multiplier using the slider (up to 100x on major pairs). The interface displays your estimated entry price, liquidation price, and total fee before you confirm.

We recommend starting with lower multipliers (5x-10x) while you get comfortable with the platform. Set a stop-loss immediately after opening any position - this is standard risk management practice that MYX makes easy through the position management panel. Once you confirm, the trade executes within seconds at the oracle price with zero slippage.

User Experience

Desktop Platform

The desktop web application is where MYX performs best. The layout is clean and logically organized, with enough information density for experienced traders without overwhelming newcomers. Chart performance is smooth with real-time updates, and the TradingView integration means you have access to the full range of technical analysis tools.

The delegate-trader key system makes the actual trading experience noticeably faster than platforms requiring a wallet signature for every order. Once deposited, placing and modifying orders feels close to the speed of a centralized exchange. This is a meaningful quality-of-life improvement that we appreciated during active trading sessions.

We did encounter occasional delays when switching between chains within the interface, and the portfolio overview sometimes took a few seconds to reflect the most recent trades. These are minor issues that do not significantly impact the trading experience.

Mobile Experience

MYX Finance does not currently offer a dedicated mobile application. The web interface is responsive on mobile browsers and functional for basic tasks like checking positions and closing trades. However, the full trading experience - chart analysis, multi-order management, and position sizing - is best handled on desktop. This is an area where MYX trails competitors like Hyperliquid, which offers a more polished mobile web experience.

Customer Support

Support is available through Discord and Telegram, where the MYX team maintains an active presence. In our experience, simple questions received responses within a few hours. Complex technical issues were escalated and typically resolved within 24-48 hours.

Documentation at docs.myx.finance covers the core concepts well, including detailed explanations of the MPM mechanism, fee structures, and farming opportunities. The docs could be more comprehensive on advanced topics like optimal farming strategies and the nuances of the VIP tier calculations.

MYX Finance vs Competitors

Hyperliquid is the clear market leader in perpetual DEX trading and handles volume that dwarfs every other platform on this list. Its custom L1 chain provides gasless trading and extremely tight spreads on major pairs. However, Hyperliquid does not offer true zero-slippage execution - large orders can still move the order book. MYX's MPM guarantees oracle-price execution regardless of order size, which is a genuine technical advantage. Hyperliquid also does not offer farming or staking rewards, making MYX more attractive for users who want to earn yield alongside trading.

GMX v2 on Arbitrum is perhaps MYX's closest competitor in philosophy. Both use oracle-based pricing to minimize slippage, and both operate on Arbitrum. GMX has significantly deeper TVL and a more established brand, but its fees are slightly higher at the base rate. MYX's multi-chain deployment and chain abstraction features give it an edge in accessibility, and the VIP discount system can make MYX cheaper for committed users.

Vertex Protocol offers a competitive maker/taker fee structure with maker rebates that can bring costs to zero. Its order book model provides price discovery that the MPM does not, which some traders prefer. Vertex has a slight edge in pair selection with around 50 markets. For traders who prioritize traditional order book dynamics, Vertex is a strong alternative. For those who prioritize guaranteed execution quality, MYX's zero-slippage model is hard to beat.

The biggest gap between MYX and the top-tier platforms remains TVL and volume. At $45 million in TVL and $30 million in typical daily volume, MYX is a fraction of the size of Hyperliquid. This means the MPM has less matching opportunity and the pool bears more counterparty exposure. As MYX grows, this dynamic should improve, but for now it represents a tangible limitation.

Who Should Use MYX Finance?

MYX Finance is best suited for traders who value execution quality above all else. If you have been frustrated by slippage on other platforms - particularly when opening or closing larger positions - MYX's guaranteed oracle-price execution is a genuine solution. The MPM model ensures that the price you see is the price you get, regardless of order size or market conditions.

Yield-focused DeFi users will find MYX appealing thanks to the combination of liquidity provision farming, MYX staking rewards, and the VIP fee discount system. The ability to earn protocol fees while also reducing your own trading costs creates a compelling value proposition for users willing to commit capital to the ecosystem.

Traders operating across multiple chains will appreciate MYX's chain abstraction features. Being able to deposit from over 20 chains without manually bridging removes significant friction, especially for users who maintain balances across several networks.

MYX is not the best choice for traders who need deep altcoin markets - 35 pairs is a limited selection compared to what Hyperliquid or centralized exchanges offer. High-frequency traders who depend on maker rebates will find better economics on order book platforms like Vertex or Hyperliquid. And conservative users who prefer battle-tested protocols with years of history may want to wait until MYX's V2 upgrade has been live for a while before committing significant capital.

Frequently Asked Questions

How does MYX Finance's zero-slippage trading actually work?

The Matching Pool Mechanism pairs incoming orders with opposing positions at the oracle price determined by Chainlink Data Streams. When no direct match is available, the liquidity pool absorbs the position as a counterparty. Because all execution happens at the oracle price, there is zero price impact regardless of order size.

What chains does MYX Finance support?

MYX Finance operates on Arbitrum, Linea, and BNB Chain. The chain abstraction feature also allows deposits from over 20 chains including Solana, without requiring manual bridging. The team has announced plans to expand to non-EVM chains natively in 2026.

Is MYX Finance safe to use?

MYX has been audited by PeckShield, SlowMist, and Quantstamp. The protocol is open source, and a bug bounty of up to $150,000 is active for critical vulnerabilities. No security incidents resulting in user fund losses have been reported. Standard DeFi risks apply - only trade with funds you can afford to lose.

What are MYX Finance's trading fees?

The base trading fee is 0.05% per side (opening and closing), making the round-trip cost 0.10%. VIP tier discounts based on MYX token holdings can reduce fees by up to 50%, and the referral program provides an additional 10% discount. Gas fees on supported chains are typically under $0.10 per transaction.

What is the MYX token used for?

MYX serves three primary functions: governance voting on protocol upgrades and parameters, staking to earn a share of trading fee revenue, and VIP tier qualification for automatic fee discounts. Holding as few as 10 MYX tokens activates the VIP discount system.

Can I provide liquidity on MYX Finance?

Yes. Liquidity providers deposit stablecoins into matching pools and earn fees from trading activity. Because the MPM offsets long and short positions, LPs do not take directional risk in the same way as on traditional AMM platforms, making the risk profile more predictable.

How does MYX compare to Hyperliquid?

Hyperliquid offers deeper liquidity, more trading pairs, and lower base fees. MYX offers guaranteed zero-slippage execution, multi-chain deployment, farming rewards, and a VIP discount system. For large orders where slippage matters, MYX can deliver better effective execution prices despite the higher headline fee.

Is there a MYX Finance mobile app?

There is no dedicated mobile app. The web interface is responsive on mobile browsers and suitable for position monitoring and basic trading, but the full experience is optimized for desktop use.

Final Verdict

MYX Finance earns a 7.3 out of 10 in our assessment, reflecting a protocol that brings genuine innovation to the perpetual DEX space while still working to establish itself among bigger competitors. The Matching Pool Mechanism delivers on its zero-slippage promise - we confirmed this across dozens of trades during our testing - and that alone makes MYX worth considering for traders who are tired of watching their execution prices slip away from their intended entries.

The multi-chain deployment, chain abstraction, and VIP fee discount system show a team that is thinking about the complete user experience rather than just the trading engine. The upcoming V2 upgrade and non-EVM chain expansion could significantly broaden MYX's appeal if executed well.

The honest drawbacks are the smaller TVL and trading volume compared to market leaders, the limited pair selection, and the absence of a mobile app. The MPM model also carries untested risk during extreme market conditions, which is worth keeping in mind.

For traders who prioritize execution quality and are willing to participate in a growing ecosystem through staking and farming, MYX Finance is a solid platform that punches above its weight class. We recommend it as a strong option for medium-frequency traders on Arbitrum, Linea, or BNB Chain, with the caveat that it is still a relatively young protocol building its track record.