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 on-chain perpetuals exchange you mean—there is no universal staking token.

For example:

• GMX: stake GMX to receive a share of protocol fees.
• Gains Network: stake GNS for a share of trading fees.
• Perpetual Protocol: lock PERP to receive vePERP, which participates in fee revenue.
• XPRPS: stake XPRP for revenue sharing and fee discounts.xprps.com

Tell me the name of the exchange you're using, and I can identify the exact token and explain how its fee-sharing mechanism works.

Because on-chain perpetual exchanges (Perp DEXs) use different economic designs, the token you stake depends entirely on the specific platform you are using. Rather than a single universal token, each major protocol has its own native asset tied to fee distribution or revenue sharing.

The primary tokens you can stake (or hold) to capture a share of trading fees across prominent on-chain perpetual exchanges include:

• GMX — On GMX , staking the GMX token entitles you to 27% to 30% of the platform's generated protocol fees (collected in native assets like ETH or AVAX). (Note: If you provide liquidity instead of staking the governance token, you interact with their market pools like the GM pools, which capture a larger share of the trading fees designated for liquidity providers). [tokenomics.com](https://tokenomics.com/articles/gmx-tokenomics-how-gmx-stakers-earn-30-of-protocol-fees)[[2](https://www.binance.com/en/academy/articles/what-is-gmx)](https://www.binance.com/en/academy/articles/what-is-gmx)
• dYdX — On dYdX , staking the DYDX token allows validators and stakers to secure the chain and participate in governance, with protocol trading fees routed to network participants based on the chain's active staking and governance parameters.
• Hyperliquid — On Hyperliquid , the native HYPE token captures value dynamically through ecosystem utility and economic mechanisms (such as protocol revenue-backed operations and supply dynamics) linked to the activity and volume on the Hyperliquid L1 appchain.[tokenomics.com](https://defillama.com/protocol/hyperliquid)[[2](https://www.binance.com/en/academy/articles/what-is-gmx)](https://www.kucoin.com/news/flash/hyperliquid-revenue-hits-1-31b-as-hype-burns-rise)
• Drift Protocol (DRIFT) — On Solana-based Drift Protocol , staking or participating via the DRIFT token aligns with protocol governance and safety-module mechanics tied to the platform’s growth and fee generation.

Which specific on-chain perpetual exchange are you using or looking into? I can give you the exact staking steps, current reward breakdown , and where the fees are paid out (e.g., USDC vs. native chain gas tokens).

If you mean GMX, the token to stake is GMX itself. Staked GMX earns a share of protocol fees/revenue.

But there are several on-chain perpetual exchanges with similar models—for example, some use HYPE, XPRP, FDX, or other native tokens.docs.flex.trade+2

If you tell me which exchange you're using, I can identify the exact token and explain the fee-sharing mechanism.

The specific token you stake depends entirely on which on-chain perpetuals exchange you use, as each decentralized derivatives platform employs its own native governance or utility token to distribute protocol trading fees.docs.gmx.io [docs.gmx.io](https://docs.gmx.io/docs/tokenomics/rewards/)

Because there is no single universal token across all decentralized perpetual exchanges, you must stake the specific asset native to the platform where you trade. Below is a breakdown of the primary staking tokens and fee-share mechanisms for leading on-chain perpetual platforms:

Popular Perpetual Exchanges and Their Staking Tokens

Key Factors to Consider

• Platform Specifics: Tokens from one platform (e.g., GMX) do not grant fee shares on another platform (e.g., Gains Network). Check the specific application's official documentation or "Earn" / "Stake" dashboard.docs.gmx.io [docs.gmx.io](https://docs.gmx.io/docs/tokenomics/rewards/)
• Reward Types: Some platforms pay out fee shares in stablecoins (like USDC or DAI), while others distribute the native utility token itself or grant fee discounts/rebates instead of a direct payout.docs.gmx.io [docs.gmx.io](https://docs.gmx.io/docs/tokenomics/rewards/)[[2](https://hyperliquidguide.com/guides/fees)](https://hyperliquidguide.com/guides/fees)
• Staking protocol tokens often involves smart contract risk and lock-up or vesting periods. Review the terms directly on the platform's interface before depositing funds.

The specific token you stake depends entirely on which on-chain perpetuals exchange (perp DEX) you are using, as each platform utilizes its own native governance or liquidity token to distribute protocol trading fees.spark.money [spark.money](https://www.spark.money/tools/perpetual-dex-comparison)[[2](https://hyperliquidguide.com/)](https://hyperliquidguide.com/)

Popular on-chain perpetual exchanges and their corresponding fee-sharing tokens include:

Key Considerations Before Staking

• Reward Asset: Some platforms pay out fee shares in native utility tokens (inflationary risk), while others pay out in blue-chip assets like USDC, ETH, or DAI.
• Lock-up Periods: Many platforms require a vesting or cooldown period (ranging from days to weeks) to unstake your tokens.
• Smart Contract Risk: Staking involves smart contract risk where funds are locked into protocol code. Always verify the official portal URLs before depositing funds.

If you tell me which specific perpetuals exchange you are using, I can provide the exact staking steps, current reward mechanics, and links to their official app.

It depends on which on-chain perpetuals exchange you mean. There isn't one universal staking token.

For example:

• Flash Trade: stake $FAF to receive a pro-rata share of 50% of protocol revenue.FlashBack
• Perpetual Protocol: stake/lock $PERP and convert it to vePERP to receive a share of trading fees.Kraken
• Atlas Perpetual DEX: stake $ATLAS to earn a share of protocol trading fees.docs.atlasdefi.org
• XPRPS: stake $XPRP for a share of platform revenue, in addition to fee discounts.xprps.com

If you tell me the exchange's name (e.g. GMX, Hyperliquid, dYdX, Aster, Drift, etc.), I can tell you the exact token, how much of the fees stakers receive, and how the staking/revenue-sharing mechanism works.