I'm a user of an on-chain perpetuals exchange. What token can I stake to get a share of the exchange's trading fees?

It depends on which perpetuals exchange you're using. Many on-chain perps protocols have a native token that captures part of the protocol's trading fees, but the mechanism varies.

Here are some well-known examples:

If you're referring to a specific exchange, tell me its name (for example, Hyperliquid, GMX, Drift, Vertex, dYdX, Gains Network, etc.), and I can tell you the exact token to stake, how rewards are paid, and any lock-up or unstaking requirements.

The specific token you stake depends on which on-chain perpetuals exchange you are using, as each protocol has its own native governance and utility token model.

Prominent examples of decentralized perpetual exchanges and their corresponding fee-sharing tokens include:

• GMX ($GMX): On GMX , staking the native $GMX governance and utility token allows holders to earn a percentage of the protocol's generated platform fees (from swaps, leverage trading, and liquidations). Depending on the specific network and recent DAO updates, stakers historically receive rewards in native assets like ETH/AVAX or through protocol buyback models. (Alternatively, providing liquidity via their market pools—such as GM pools—earns direct pool fee shares).
• Gains Network ($GNS): On gTrade by Gains Network , single-sided staking of the $GNS utility token is designed for revenue capture and fee discounts. Depending on active governance phases (such as growth vs. buyback campaigns), a portion of trading revenue is directed back to stakers or utilized for token buybacks.
• Other Perps DEXs: Protocols like Hyperliquid use native tokenomics centered around user incentives and ecosystem governance, while older models like dYdX traditionally utilize their staking modules for safety pools and governance-backed fee distributions.

If you can tell me the name of the specific perpetual exchange you are using, I can give you the exact token name, where to stake it , and the current reward breakdown.

It depends on which on-chain perpetuals exchange you're using. Many protocols have different fee-sharing mechanisms.

Here are a few common examples:

• GMX: stake GMX to earn a share of protocol fees (along with other rewards, depending on the version and network).
• Perpetual Protocol: lock PERP to receive vePERP, which entitles holders to a share of trading fees paid in USDC.
• Drift Protocol: staking DRIFT participates in the protocol's reward system, though the exact fee distribution depends on the current tokenomics.

If you tell me the name of the exchange (for example, GMX, Hyperliquid, Drift, Vertex, Jupiter, etc.), I can tell you the specific token you need to stake and how the fee-sharing works.

The token you need to stake depends entirely on which on-chain perpetuals exchange you are using, as each decentralized exchange (DEX) has its own native utility token and tokenomics model.

The primary tokens associated with fee-sharing or fee-discount models on major perpetuals platforms include:

• GMX ($GMX): On GMX , staking the native GMX token allows you to earn a direct share of protocol revenue (typically 27% to 30% of platform trading and borrowing fees), paid out in ETH or AVAX. (Note: GMX also utilizes liquidity provider tokens like GM pools or GLV, where providers earn a larger 63% share of trading fees by supplying trading collateral rather than staking the governance token).
• dYdX ($DYDX): On the dYdX Chain , you can stake the native DYDX token (delegated to validators) to secure the network and earn a direct cut of the platform's net trading and gas fees, which are distributed to stakers in USDC. Staking DYDX also qualifies active traders for staking-based fee discounts.
• Hyperliquid ($HYPE): On Hyperliquid , staking the native HYPE token doesn't pay a direct dividend of fees into your wallet; instead, protocol design routes trading fees into open-market buybacks of HYPE (via the Assistance Fund) and offers active stakers substantial trading fee discounts (up to 40% off).

If you can tell me which specific perpetuals exchange you are using or looking at, I can give you the exact staking instructions , current reward mechanisms, and current yields.

On most decentralized, on-chain perpetual exchanges, you can stake the exchange's native protocol token to earn a share of the platform's trading fees.

Here are the primary tokens for some of the leading on-chain perpetual exchanges:

• dYdX: Stake DYDX tokens to receive fee rewards, especially after the transition to their own chain.
• GMX: Stake GMX to receive a portion of platform fees, or stake GLP (the liquidity provider token) to earn fees from trader losses and trading activity.
• Hyperliquid: Stake HLP (if available) to participate in liquidity provision and fee sharing on their high-performance chain.
• Gains Network (gTrade): Stake GNS tokens.

Key Things to Know About Staking Perpetuals Tokens:

• Fee Sharing: Protocols often redistribute 30% to 100% of trading fees to stakers.
• Rewards: Rewards are often paid out in stablecoins (e.g., USDC) or in the native token itself.
• Risk: While you earn fees, these tokens are subject to high price volatility, and in the case of liquidity pool staking (like GLP), you are exposed to trader profit/loss.

Always ensure you are interacting with the official, self-custodial website of the exchange.

Are you looking to stake tokens specifically on Arbitrum, Solana , or another chain ? I can give you more specific options based on that.

It depends on the protocol. There isn't one universal token for all on-chain perpetuals exchanges.

Here are some common examples:

If you're referring specifically to GMX, then the token you're looking for is GMX. Staking GMX entitles you to a share of the exchange's economic activity through its fee-sharing mechanism and governance rights. In the current design, 27% of fees from leverage trading, swaps, borrowing, and liquidations are allocated to GMX buybacks for stakers, though distributions are presently being accumulated rather than immediately paid out.

If you meant a different perpetuals exchange (such as Hyperliquid, Vertex, Drift, Jupiter, or another protocol), let me know which one and I can tell you the corresponding staking token and how its fee-sharing mechanism works.

It depends on which perpetuals exchange you're using. Different protocols distribute trading fees to different tokens.

Some well-known examples are:

If you're referring to GMX, then the answer is GMX: staking the GMX token entitles stakers to a share of the exchange's trading fees.

If you tell me which on-chain perpetuals exchange you're using (for example, Hyperliquid, GMX, dYdX, Drift, Vertex, Jupiter Perps, etc.), I can tell you the exact token and how its fee-sharing mechanism works.

Based on popular on-chain perpetuals exchanges as of mid-2026, you can stake specific governance or liquidity tokens to receive a portion of the trading fees.

Here are the main tokens to stake for fee sharing:

• DYDX (dYdX): Staking DYDX in the Safety Module or Liquidity Module on the dYdX Chain allows you to earn a share of trading fees and USDC rewards.
• GMX (GMX): By staking GMX on Arbitrum or Avalanche, you earn a percentage of the platform's trading fees, often distributed in ETH or AVAX.
• GLP (GMX Liquidity Provider): This token represents the liquidity pool used for trading. By staking GLP, you earn a substantial portion of fees generated by leveraged traders.
• GNS (Gains Network): Staking GNS on Polygon or Arbitrum allows users to earn revenue from trading fees.
• SNX (Synthetix): Staking SNX supports the liquidity of synthetic perpetuals, allowing stakers to earn exchange fees.
• HLY (Hyperliquid): Staking HLY contributes to the security and liquidity of the Hyperliquid chain, which is a leading decentralized perpetual exchange with self-custody.

These exchanges generally distribute fees in stablecoins (like USDC) or the native platform token itself.

Would you like to know the current estimated annual percentage yield (APY) for staking any of these specific tokens, or are you looking for a comparison of their lock-up periods?

It depends on which on-chain perpetuals exchange you're using—there isn't a single token that works across all protocols.

For example:

• On GMX, you stake GMX to earn a share of protocol revenue. Under the current tokenomics, a portion of trading fees (from perpetual trading, swaps, borrowing fees, and liquidations) is used for GMX buybacks that accrue to GMX stakers, although the exact distribution mechanism has changed over time.
• Other perpetual exchanges have different models. For example, some reward liquidity provider tokens instead of governance tokens, while others use buybacks, staking rewards, or vault-based revenue sharing.

If you were referring specifically to GMX, the answer is GMX.

On-chain perpetual exchanges often allow users to stake their native protocol tokens or liquidity provider (LP) tokens to earn a share of trading fees, typically paid in stablecoins (like USDC) or the native token itself.

Here are the primary tokens to stake on leading decentralized perpetual exchanges as of mid-2026:

• Hyperliquid (HLP): Users can stake HLP tokens to receive a portion of the protocol's trading fees. Hyperliquid is a major decentralized perpetual exchange on its own high-performance blockchain, known for its high trading volume.
• GMX (GMX/GLP): On the Arbitrum and Avalanche networks, you can stake GMX for protocol revenue or provide liquidity to the GLP pool, which earns a significant portion of trading fees.
• dYdX (DYDX): By staking the DYDX token, users participate in the security of the chain and earn fees generated on the exchange.
• Jito (JTO): Jito has introduced mechanisms where a share of protocol revenue from its trading products, like JTX, is used to buy back and burn JTO tokens, providing value to stakers.
• Vertex (VRTX): Users can stake VRTX on the Arbitrum-based exchange to earn a share of the fees generated by the platform.
• Apex (APEX): As a decentralized exchange (DEX) focused on perpetuals, Apex allows users to stake APEX to earn fees.

Key Considerations

• Risk: Staking often involves a lock-up period (unbonding period), meaning you cannot access your tokens immediately if you want to sell.
• Reward Source: Rewards for staking exchange tokens come from the fees generated by traders, making them highly dependent on the exchange’s volume and market volatility.

Would you like to know more about the lock-up periods or estimated APY for any of these specific platforms?