Level Finance is an oracle-based margin and spot trading decentralized exchange (DEX) that emerged following the success of GMX. Its growth has been remarkable since launching in 2023, achieving volumes that rival its largest competitor (GMX). The graphics above show that Level captures between 10-42% of the daily volume market share across levered trading and perpetual DEXs.

In this report, we’ll explore the differences between Level and GMX, the reasons behind Level’s success, and the sustainability of its growth.