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HMX Review 2026: Perpetuals and Migration Status

HMX was a decentralized perpetuals exchange with cross-margin, multi-asset collateral and leveraged market making. It has migrated to TradeOnDESK, so confirm the current product and interface before considering it.

By the DappsAtlas editorial team · Updated Nov 6, 2026

DappsAtlas score

3.5/10

Weak

Visit HMX

Our verdict on HMX

3.5/10

HMX offered cross-margin perpetual trading, multiple collateral assets and a separate leveraged market-making feature. Those tools may have suited experienced traders, but leverage up to 1,000x carried severe liquidation risk. The main issue now is continuity: HMX has migrated to TradeOnDESK, and it is unclear whether the original exchange or its described features remain available. Fees are not published, and no audits are listed. Treat HMX as a legacy product unless you can independently confirm the current service, contracts and costs.

Score breakdown

How HMX scores

Security: n/a
Ease of use: 4.0/10
Fees: n/a
Features: 6.0/10

Scores run from 0 to 10 and are based only on facts we could verify. Where information was missing we mark the score n/a rather than guess.

What is HMX?

HMX (formerly Perp88) was a decentralized perpetuals exchange described as offering cross-margin, multi-asset collateral and leverage up to 1,000x. It also offered leveraged market making, with returns tied to protocol revenue from HMX and GMX.

HMX has migrated to TradeOnDESK. That leaves the current availability of the original HMX exchange and the continuity of its features unclear. Its description names Arbitrum, while its listed chain footprint also includes Polygon and Blast.

The product was aimed at experienced derivatives traders and market makers, not users seeking simple spot swaps. Fees, team details and the current interface status are not published, and no audits are listed.

How HMX works

HMX was a decentralized perpetuals exchange. Perpetual contracts let traders take leveraged long or short positions without a fixed expiry. Cross-margin allows collateral to support more than one position, while multi-asset collateral means more than one type of asset can be used as margin. Both features make it important to understand how the platform values collateral and handles liquidation; those details are not published here.

HMX also described leveraged market making, in which market makers could seek returns linked to protocol revenue from HMX and GMX. It cited velocity-based funding fees and adaptive pricing as measures intended to protect market makers from undue risk. HMX has since migrated to TradeOnDESK, and it is unclear whether these features remain available in the current product.

4 features

Key features

Cross-margin trading

Positions could share collateral across markets, subject to the exchange’s margin and liquidation rules.

Multi-asset collateral

The platform supported multiple collateral assets, though the full asset list is not published.

High-leverage perps

HMX described perpetual trading with leverage up to 1,000x, a level that can expose traders to rapid liquidation.

Leveraged market making

Market makers could use leverage to pursue returns tied to protocol revenue from HMX and GMX, alongside stated protection mechanisms.

Pros and cons

What we like

Cross-margin and support for multiple collateral assets were described as core trading features.
The product covered both perpetual trading and leveraged market making.
HMX described specific market-maker protections, including velocity-based funding fees and adaptive pricing.

Watch out for

HMX has migrated to TradeOnDESK, so the current availability of the original HMX exchange is unclear.
Leverage of up to 1,000x can magnify losses and lead to rapid liquidation.
Fees and the full trading-cost structure are not published.
No audits are listed, and details about the team, custody model and incident history are not published.
The available product description focuses on Arbitrum, while the listed chain footprint also includes Polygon and Blast; the role of each chain is unclear.

HMX fees

HMX’s trading fees and full cost schedule are not published. Perpetual exchanges may also apply funding payments between long and short positions; check the current interface for any applicable trading, funding, liquidation or withdrawal charges before using a migrated service.

Is HMX safe?

No audits are listed for HMX, and details about its custody model, team and incident history are not published. Leveraged perpetuals carry smart-contract, oracle, liquidity and liquidation risks; leverage as high as 1,000x can make losses occur quickly. The stated market-maker protections do not eliminate these risks.

HMX has migrated to TradeOnDESK, and the current status of the original interface is unclear. Its licensing and regulatory status are not published. Verify the current service and contracts before connecting a wallet or depositing funds.

5 steps

How to get started with HMX

1
Check whether HMX’s original exchange is still available, since the project has migrated to TradeOnDESK.
2
Confirm that any interface you find is an official, current product and identify which chain and contracts it uses.
3
Review supported collateral, market rules, leverage limits and liquidation conditions before connecting a wallet.
4
Check all trading and funding costs in the interface; HMX’s fees are not published.
5
If you proceed, start with an amount you can afford to lose and avoid leverage you do not understand.

Open HMX

Who HMX is for

HMX’s described feature set was for experienced derivatives traders who understand cross-margin, collateral valuation and liquidation, as well as market makers willing to take leveraged exposure. Because HMX has migrated to TradeOnDESK and the status of the original service is unclear, it is not a straightforward choice for someone looking for a currently confirmed exchange.

HMX FAQs

What was HMX?

HMX was a decentralized exchange for perpetual futures, with cross-margin and support for multiple collateral assets. Its description also included a leveraged market-making feature.

How much leverage did HMX offer?

HMX’s product description said traders could use leverage up to 1,000x. High leverage increases the chance of rapid liquidation and substantial losses.

Is HMX still active?

HMX has migrated to TradeOnDESK. The current status of the original HMX interface and whether its features remain available are unclear.

What fees did HMX charge?

HMX’s fees are not published. Check the current trading interface for any trading, funding or other charges before placing an order.

Was HMX audited?

HMX has no audits listed. This does not establish whether its contracts were audited elsewhere, so treat contract risk as unresolved and do not assume funds are protected.

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