HMX offers multi-collateral perpetual futures on Arbitrum and Blast — post ETH, LSTs, GLP, or stables as margin. Cross-margin support, real but small volume compared to Hyperliquid tier.
Multi-collateral perp trading
HMX's standout feature is accepting many collateral types as trading margin — you don't have to swap to USDC before opening a position. LSTs, GLP, and stables all work as margin, preserving your underlying yield exposure.
Verdict
HMX is the multi-collateral perp DEX. Small but useful for users who'd rather post stETH or GLP as margin than convert first.