| Feature | Extended (StarkNet) | dYdX (Cosmos) | GMX (Arbitrum/Avalanche) | Hyperliquid (L1/L2) |
|-----------------------|-----------------------|-----------------------|--------------------------|----------------------|
| **Chain** | StarkNet | Cosmos (v4) | Arbitrum/Avalanche | Custom L1 (soon L2) |
| **Orderbook Model** | Hybrid (CLOB + AMM) | Central Limit Book | AMM (No orderbook) | Fully on-chain CLOB |
| **Fees** | Ultra-low | Low (Cosmos) | Medium (swap-based) | Low |
| **Liquidity Source** | StarkNet DeFi | Isolated | GLP Pool | On-chain CLOB |
| **Max Leverage** | 50x (expected) | 20x | 50x | 50x |
| **Unique Edge** | StarkNet-native composability | Brand recognition | No oracle delays | Fully on-chain settlement |