DESK Stats: Volume, Fees & OI Data
Rating
Trading Info
Fee Comparison
Advantages
- Lowest fees in the perp DEX space with negative maker fees (-1 bps rebate)
- Massive 1,000x maximum leverage across all asset classes
- Multi-asset coverage spanning crypto, forex, commodities, and tokenized equities
- AI agent trading infrastructure for automated strategy execution
- Zero major security incidents since launch
Considerations
- Relatively smaller liquidity compared to Hyperliquid or dYdX
- Rebranding from HMX to DESK may cause confusion for existing users
- High leverage options carry significant liquidation risk for inexperienced traders
- Off-chain sequencer introduces some centralization trade-offs
DESK Review 2026
DESK, previously known as HMX and before that Perp88, has gone through multiple iterations since launching on Arbitrum in mid-2023. The latest rebrand to DESK came with a shift toward a central limit order book model and AI agent trading support, positioning the protocol as infrastructure for both human traders and automated systems. The CLOB approach gives DESK an edge over pool-based perp DEXs when it comes to listing smaller-cap assets and providing tighter spreads, since it does not require deep liquidity pools for each market.
The fee structure is the headline feature. Maker fees sit at -1 basis point, meaning makers actually receive a rebate for adding liquidity to the order book. Taker fees are 1.75 basis points, among the lowest in the entire perp DEX landscape. For active traders and market makers, this pricing is hard to beat. The platform supports crypto perpetuals alongside forex pairs, commodity markets, and even tokenized US equities like AAPL and TSLA, all tradeable from a single interface with up to 1,000x leverage on select pairs.
Security has been a strong point for the team. DESK has maintained a clean record with no major exploits or fund losses since its original launch. The protocol has been audited by Cantina, a top-tier security firm trusted by Coinbase, Uniswap, and Optimism. The orderbook contracts went through a dedicated Cantina competition as well, adding an extra layer of community-driven security review on top of the formal audit.
The trade-off is that DESK remains smaller in volume and liquidity compared to leading perp DEXs like Hyperliquid or dYdX. The off-chain sequencer, while necessary for matching speed, introduces a degree of centralization that purists may take issue with. That said, the combination of rock-bottom fees, broad asset coverage, and forward-looking AI agent support makes DESK a protocol worth watching as the perp DEX space continues to mature.
Related Resources
Frederick Cormack
VC & Crypto Derivatives AnalystDerivatives analyst with 8+ years in crypto & venture capital. Tested every protocol on PerpFinder with real funds.
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Risk Warning: Trading perpetual futures involves substantial risk of loss and is not suitable for all investors. Past performance does not guarantee future results. Only trade with funds you can afford to lose.
Key Features
Audits
Frequently Asked Questions
What are the trading fees on DESK?▾
DESK charges a maker fee of -1 basis point (a rebate) and a taker fee of 1.75 basis points (0.0175%). This makes it one of the cheapest perpetual futures exchanges available, with makers actually earning money for placing limit orders.
What is the maximum leverage on DESK?▾
DESK supports up to 1,000x leverage on perpetual futures across crypto, forex, and commodity markets. This is significantly higher than most competitors, though traders should be aware of the increased liquidation risk at extreme leverage levels.
What happened to HMX? Is DESK the same protocol?▾
DESK is the rebranded version of HMX, which was originally called Perp88 on Polygon. The rebrand introduced revamped tokenomics, a central limit order book model, and AI agent trading capabilities. The underlying team and smart contracts evolved from HMX.
What asset classes can I trade on DESK?▾
DESK supports perpetual futures across crypto pairs, forex currency pairs, commodities, and tokenized US equities including stocks like AAPL, TSLA, and GOOGL. All markets are accessible from a single trading interface.
Has DESK been audited?▾
Yes. DESK has been audited by Cantina, a leading smart contract security firm that also works with Coinbase, Uniswap, and Optimism. The orderbook contracts also underwent a public security competition on Cantina. The protocol has had zero major security incidents since its original launch.
What chains does DESK support?▾
DESK operates on Arbitrum and Base. The platform originally launched on Arbitrum and has expanded to Base as part of its multi-chain strategy.
Does DESK support AI agent trading?▾
Yes. DESK has built infrastructure specifically designed for AI agents to interact with the protocol. This allows automated trading systems and AI-driven strategies to execute trades programmatically, positioning DESK as a trading backend for both human and machine traders.
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Visit DESK — Up to 15% of referral feesTrading perpetual futures carries significant risk, including potential total loss of capital. Past performance is not indicative of future results.