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7.0/10
Perpetual DEXs
Company file: Gains Network, owners, incidents →
Gains Network
Synthetic exposure settled against one gToken vault per collateral (gUSDC, gDAI, gETH and others), with leverage and market coverage, forex and commodities included, that nothing else in this table matches. The leverage on offer is the reason to be cautious. GNS buybacks have been paused since the June 2026 vote that handed the protocol to a new operating team.
Best for: High leverage on synthetic markets, including non-crypto pairs
Company file: Gains Network, owners, incidents →How this score was reached
7.0 is the weighted average of the five pillar findings below. Dependable, with trade-offs a reader should know about first.
- Custody & Security25%
- 6.8
- Cost & Fee Transparency25%
- 7.2
- Regulation & Legal Standing5%
- 5.2
- Performance & Reliability35%
- 7.0
- Access & Support10%
- 7.4
Non-custodial, audited by Halborn (earlier CertiK), upgrades behind timelocks, and no exploit on record. Each collateral has its own vault, so a correlated trader win is spread by collateral; the backstop of last resort is minting GNS, which dilutes holders.
BTC and ETH cost 0.035% to open and 0.035% to close, plus borrowing and funding fees while open. Disclosed, but they compound quickly at the leverage levels the product encourages.
Unlicensed while offering synthetic exposure to regulated asset classes, which is a materially larger legal question than crypto-only venues face.
Reliable in normal conditions; the vaults are untested at the extremes 1000x leverage makes reachable. Protocol revenue had been falling for months before the June 2026 governance change.
Clear interface with good market coverage and reasonable documentation.
Strengths
- Market coverage well beyond crypto, including forex and commodities
- Risk split across separate vaults per collateral rather than one pool
- No exploit or loss of user funds on record
Against it
- Up to 1000x on forex is enough leverage to lose collateral in a single tick
- The last-resort vault backstop is GNS dilution
- GNS buybacks paused since June 2026; offering synthetic regulated-asset exposure without a licence is a real legal exposure
Forex from a wallet, at leverage that can end a position in one tick
Gains offers synthetic exposure to forex, commodities and stocks alongside crypto, at leverage nothing else here reaches: up to 1000x on forex. Trades settle against one gToken vault per collateral, so a large correlated trader win is spread by collateral rather than hitting one pool, and the backstop of last resort is minting GNS. No exploit is on record.
Offering synthetic exposure to regulated asset classes without a licence is a materially larger legal question than a crypto-only venue faces. The other thing to watch is governance: in June 2026 holders handed the protocol to a new operating team and paused GNS buybacks after months of falling revenue.
Frequently asked questions
Can you trade forex on Gains Network?+
Yes, synthetic exposure to forex and commodities as well as crypto, which no other venue in this table offers. That coverage is also the source of its legal exposure, since those are regulated asset classes.
Who pays when traders win on Gains?+
The vault for the collateral you used: gUSDC, gDAI, gETH and others each stand alone. If a vault falls below 100% collateralisation, GNS is minted and sold to refill it, capped at 0.05% of supply per day, so GNS holders are the last line.
Is high leverage a reason to avoid it?+
Availability of leverage on its own does not lower a score under our rubric. What we mark down is a design whose solvency depends on that leverage behaving, and the vaults have not been tested at the extremes 1000x makes reachable.
Assessed by
Blockchain Security Researcher · September 27, 2026
◆ Disclosure
CoinRadar Daily is a non-commercial project. We have no commercial relationship with Gains Network, earn nothing from any link on this page, and carry no advertising or sponsorship anywhere on the site. Findings rest on public sources; we did not open an account or transact.
Rubric v2.0How we score →
The rest of the perpetual dexs table
- 02Gains Network — you are hereHigh leverage on synthetic markets, including non-crypto pairs7.0
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