Continuum vs GMX V1: Cross-Chain Synthetic Comparison
Same idea, different chain, and a very different answer on who takes the other side.
GMX V1 priced trades off a shared liquidity pool with no price impact and charged a borrow fee for the privilege. Continuum quotes against a keeper-run bin book at NAV and charges nothing to hold a long. Different chains, different bills. This page compares against GMX V1 and its GLP pool, not GMX V2 — and V1 itself stopped taking positions after the July 2025 exploit, so read it as a comparison of two designs rather than a pick between two open venues.
Continuum
SolanaPaired L/S Token Protocol
Pros
- Solana settlement, so a round trip is under a second
- Fees small enough to ignore on most sizes
- Nothing accrues against a long: no funding, no borrow fee
- The position is a token, usable anywhere on Solana
Cons
- Solana only
- Young protocol
- Thinner liquidity than GMX at size
GMX V1
Arbitrum / AvalanchePerpetual DEX with GLP (V1)
Pros
- Ran from 2021, with a long public operating history to read
- GLP was deep enough to absorb size
- Trades executed at oracle price with no impact
- Deployed on more than one chain
Cons
- The hourly borrow fee is the real cost of a long hold
- Positions cannot leave the platform
- GLP holders are the counterparty to every trader
The verdict
GMX V1 ran for years and its GLP pool took size that Continuum's book still cannot. That was the real concession on this page, and it survives as one: V1 stopped taking positions after the July 2025 exploit, so what is left to compare is two designs, only one of which is open. On the design, the borrow fee and the no-impact fill are the same fact seen twice — GLP was being paid to stand opposite the trader, and the fee was the payment. Continuum charges nothing to hold a long because no one is standing there, and the position is an ordinary SPL token rather than a contract locked to one venue, though no lending market has listed one yet.
Which one fits your case
Solana-native DeFi users
ContinuumSame chain as the rest of your positions, with tokens any Solana venue can route
EVM chain preference
NeitherContinuum is Solana-only, and GMX V1 no longer takes positions. GMX V2 is the live EVM product and is not what this page measures
Large position sizes
NeitherGLP was the answer here and it no longer quotes. Continuum's book is thin at size, which is the concession in the verdict
Cost-sensitive trading
ContinuumNo borrow fee, and Solana fees round to nothing
Yield on liquidity
NeitherGLP paid trading fees to holders until V1 was stopped. GMX V2's GM pools are the live equivalent and sit outside this comparison
Other comparisons
Continuum vs Synthetix: Solana vs Ethereum Synthetics
One pools debt across every minter. The other pairs each position against its opposite.
Continuum vs Jupiter Perps: Synthetics vs Perpetuals
A token you can walk out of the app with, against a position you cannot.
Synthetic Assets vs Wrapped Tokens: What's the Difference?
One holds the asset in a vault. The other only tracks its price.
See how it trades
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