Kraken

GMX is a decentralized perpetual exchange on Arbitrum and Avalanche, offering zero-slippage trading with up to 50x leverage. It uses a unique multi-asset pool (GLP) that earns fees from trading, swaps, and leverage trading.

GMX features a dual-token system: GMX for governance and fee sharing, and GLP for liquidity provision. The platform offers real yield from protocol revenue, making it popular among DeFi users seeking sustainable returns. All trades are executed against the GLP pool with zero price impact.

Website: https://gmx.io/