# EVEDEX vs Aevo in 2026

Updated: 24 September 2026; Terms read 18 September 2026; Books checked to 22 September 2026; The Switch Guide editors

On EVEDEX vs Aevo, EVEDEX scores 19.6 of 30 against
16.4: a round trip on $10,000 costs $9.00 against
$16.00, and its BTC book held $18.9 million against $1.7 million. Aevo
answers with per-trade settlement. Leverage shortens the distance between a position and its own margin, and moving venue does not lengthen it.

## EVEDEX vs Aevo, line by line

Weights, fixed 22 September 2026 before a venue on this site was scored: Book depth we measured 28 · Who holds the collateral 22 · Cost of a round trip 18 · Markets on offer 14 · Record so far 12 · Whether the door opens 6. Method in full: https://doliacats.com/methodology

| Line by line | EVEDEX | Aevo |
|---|---|---|
| Score of 30 | 19.6 | 16.4 |
| Model | Hybrid — matched off-chain, position data written to Arbitrum | Hybrid — matched off-chain, every trade settled in contracts on its own OP Stack rollup |
| Maker / taker, entry tier | 0.015% maker / 0.045% taker | 0.050% maker / 0.080% taker |
| Round trip on $10,000 | $9.00 | $16.00 |
| BTC leverage | 200x on BTC, ETH and SOL to $50,000 of notional; below that the multiple is set per contract, with no second notional band | 20x, from a 5% initial margin, with a $10 million position cap |
| Perpetual markets | 52 | 102 |
| Beyond crypto | Five US stocks, one index, Tether Gold, silver, WTI crude oil, two currency pairs, two pre-IPO names | Equities, commodities, exchange-traded funds, currencies and pre-IPO names |
| Trading hours | All markets on a 24/7 schedule in the trading terms | Continuous |
| Margin | Cross only, posted in USDT | Cross, collateral shared across the account |
| Median BTC depth within 10 bps | $18.9 million | $1.7 million |
| Median spread | 4.12 bps | 2.07 bps |
| Median impact of a $100,000 order | 2.06 bps | 4.03 bps |
| Open interest reported to CoinMarketCap | $704.9 million on 22 September 2026 | $12.8 million on 22 September 2026 |
| Getting in | Wallet signature, 6 USDT minimum deposit | Wallet connect |
| Audits and bounty | Two CertiK audits of the smart contracts, latest 28 July 2025; no bounty listed | Five published reports from Veridise and Spearbit; no bounty listed |
| Loss of user money, last 24 months | None on record | Legacy Ribbon vaults exploited for about $2.7 million in December 2025, a 19% haircut for vault users |

Read in each venue's own documentation and terms on 18 September 2026; spread, depth and price impact are our own readings.

## What the choice turns on

1. Cost decides most of it: $9.00 against $16.00 for a $10,000 round trip, from 0.015% maker / 0.045% taker against 0.050% maker / 0.080% taker.
2. Book: $18.9 million against $1.7 million within 10 basis points, and 2.06 bps against 4.03 bps of impact on a $100,000 order.
3. Settlement: Aevo records every trade in its rollup contracts; EVEDEX writes position data to Arbitrum once enough changes accumulate.
4. Record: Aevo's legacy vaults were exploited for about $2.7 million in December 2025; EVEDEX has no loss on record and no bug bounty either.

## What we measured ourselves

Both BTC perpetual order books read every 10 minutes in the hours between 07:10 and 23:58 UTC on 22 September 2026; every figure is the median of the successful readings.

| Venue | Round trip on $10,000 | Median spread | Depth within 10 bps | Impact of a $100,000 order | Readings |
|---|---|---|---|---|---|
| EVEDEX | $9.00 | 4.12 bps | $18.9 million | 2.06 bps | 94 |
| Aevo | $16.00 | 2.07 bps | $1.7 million | 4.03 bps | 94 |

## Step 1 — Same shape, different execution

Both venues do the same two things: an order book on a server, and a chain underneath holding the
collateral. Aevo settles every trade in contracts on its own rollup, an OP Stack chain that posts
batches to Ethereum ([Aevo docs](https://www.aevo.xyz/docs/readme), checked 18 September 2026). EVEDEX writes position data to Arbitrum once
enough changes have accumulated, along with every withdrawal
(EVEDEX documentation, consulted 18 September 2026). The custody criterion gives Aevo four points for that and
EVEDEX two, and neither documents a withdrawal that works without its operator.

Then the execution parts them. Aevo charges 0.050% maker / 0.080% taker, the most expensive entry tier of any
venue scored in this guide, which makes a $10,000 round trip $16.00 against
$9.00. Its BTC book held a median $1.7 million within 10 basis points
against $18.9 million, at a 2.07 bps spread against 4.12 bps, and
a $100,000 order moved the price 4.03 bps against 2.06 bps. On a single
trade that difference dwarfs the fee.

## Step 2 — Which one covers what you want to trade

Aevo lists 102 markets against 52, and roughly a third of
them are equities. If the point of moving is a long list, Aevo carries it.

EVEDEX carries fewer names and more kinds: 39 crypto markets, five US stocks, the SPY index, Tether
Gold, silver, WTI crude oil, two currency pairs and two pre-IPO contracts, all on a 24/7 schedule in
the trading terms. That last part is the unusual one — a share perpetual quoted at three in the
morning is not something most venues offer, and it is worth knowing that the quote comes from the
venue rather than from an open cash market.

Leverage splits the same way. EVEDEX documents 200x on BTC, ETH and SOL while a position stays
under $50,000 of notional and publishes no band above it; Aevo caps BTC at 20x from a 5% initial
margin, with a $10 million position cap. Neither number is a recommendation: at 200x a half-per-cent move takes
the margin, and at 20x it takes five per cent.

## Venue 1 — EVEDEX, move here for cheaper trades on a much deeper book (19.6 of 30)

Matched on its own engine, with position data written to Arbitrum once enough changes accumulate
(EVEDEX documentation, consulted 18 September 2026). 0.015% maker / 0.045% taker for everyone, a median
$18.9 million of BTC depth and 2.06 bps of impact on $100,000. Cashback
returns part of the fees already paid, capped at 35% of a trader's own. Two CertiK audits of the
smart contracts, the latest delivered 28 July 2025 with one informational finding, acknowledged, and nothing critical, major, medium or minor; Skynet rated the project 94.36, grade AAA, read on 23 September 2026
([CertiK Skynet](https://skynet.certik.com/projects/evedex)).

- Getting in: Wallet signature.
- Worth moving: $9.00 round trip against $16.00, on $18.9 million of measured depth; Six asset classes on one balance, all on a 24/7 schedule.
- Worth knowing: Positions reach Arbitrum in periodic batches rather than trade by trade; No bug bounty listed on CertiK Skynet, checked 18 September 2026; 52 markets against 102, no spot market, and cross margin only.
- Not for: traders who want each fill on a chain, or the longer equity list.

## Venue 2 — [Aevo](https://www.aevo.xyz/), move here for a longer equity list, settled trade by trade (16.4 of 30)

Aevo matches off-chain and settles every trade in contracts on the Aevo Rollup, an OP Stack chain
posting batches to Ethereum ([Aevo docs](https://www.aevo.xyz/docs/readme), checked 18 September 2026). 102 markets cover
equities, commodities, exchange-traded funds, currencies and pre-IPO names, and five audit reports
from Veridise and Spearbit cover the contracts. The price of all that is the entry tier,
0.050% maker / 0.080% taker, and a book that held $1.7 million when we read it.

- Getting in: Wallet connect.
- Worth moving: Every trade settled in rollup contracts rather than in periodic snapshots; 102 markets, roughly a third of them equities.
- Worth knowing: 0.050% maker / 0.080% taker, the most expensive entry tier scored in this guide; A median $1.7 million of BTC depth and 4.03 bps of impact on $100,000; Legacy Ribbon vaults exploited for about $2.7 million in December 2025, a 19% haircut for vault users.
- Not for: anyone trading often, or trading size.

## In their own words

> "Aevo is a decentralized derivatives exchange built on a custom OP Stack Layer 2." — Aevo documentation, Read me, 18 September 2026. https://www.aevo.xyz/docs/readme
> "The margin system is cross-margin, meaning all positions contribute to the margin for an account, and may be put up for liquidation if an account falls below the maintenance margin" — Aevo documentation, Margin framework, 18 September 2026. https://www.aevo.xyz/docs/aevo-products/aevo-exchange/technical-architecture/margin-framework
> "EVEDEX is a hybrid cryptocurrency exchange combining CEX-level user experience with DEX self-custody security." — CertiK Skynet, project profile, 18 September 2026. https://skynet.certik.com/projects/evedex
## FAQ from people mid-switch

### Is EVEDEX better than Aevo?

On our weights, 19.6 against 16.4 out of 30,
which is a narrow gap. EVEDEX earns it on cost, on the measured book and on the public record; Aevo
earns points back on per-trade settlement and on a market list roughly twice as long. Neither is
cheap by the standards of this guide.

### What is Aevo used for?

Derivatives trading from a wallet on its own rollup, with 102 markets covering
crypto, equities, commodities, exchange-traded funds, currencies and pre-IPO names. Entry fees are
0.050% maker / 0.080% taker and BTC leverage is capped at 20x from a 5% initial margin.

### Which has lower fees, EVEDEX or Aevo?

EVEDEX, by a wide margin at the entry tier: 0.015% maker / 0.045% taker against 0.050% maker / 0.080% taker. A
$10,000 round trip is $9.00 against $16.00, and cashback then returns
part of what EVEDEX charged, up to 35% of a trader's own fees.

### Can I trade stocks on a perp DEX?

You can trade perpetual contracts that track their prices, which is not the same as owning shares.
Both venues here list them: Aevo has roughly a third of its 102 markets in
equities, and EVEDEX lists five US stocks and the SPY index among 52 contracts.

### Is Aevo safe after the Ribbon vault exploit?

The exchange itself was not affected: the December 2025 exploit hit the team's legacy Ribbon vaults,
costing about $2.7 million and leaving vault users with a 19% haircut. It still costs Aevo the three
points our record criterion gives for 24 clean months.

### What margin modes do these two support?

Both run cross margin, so every open position draws on one balance and a loss in one market can
liquidate another. The EVEDEX documentation says a second mode is planned; Aevo's margin framework
describes cross margin across the whole account.

### Which one has more markets?

Aevo, 102 against 52 on 18 September 2026. Both lists are short
beside Aster's 578, and the difference is the mix: roughly a third of Aevo's list is
equities, while EVEDEX spreads its across crypto, shares, metals, oil and currency pairs.

### Do either of them ask for identity documents?

Neither asks to trade. EVEDEX runs automated on-chain screening of deposits in place of
a traditional identity check, and Aevo's terms say transactions run only through the trader's own wallet
service while saying nothing about screening. Silence there is not a guarantee of anything.

### Which is deeper on BTC?

EVEDEX, at $18.9 million resting within 10 basis points of the mid price against $1.7 million on Aevo, from 94 readings of each book taken 10 minutes apart on
the same day. Neither book was measured away from BTC, where both lists thin out.

### What leverage can I get on each?

EVEDEX documents 200x on BTC, ETH and SOL for positions up to $50,000 of notional, with lower ceilings
beyond that size and on other markets. Aevo caps BTC at 20x from a 5% initial margin, with a $10 million
position cap. A high ceiling is rarely reachable at the size that matters.

## Where every figure on this page came from

One of the six numbers is ours and five are quotations. Depth is measured here, in the window this
page names. Fees, markets, ladders, sign-in, who the terms refuse and audit history were lifted from
each venue's own documentation and terms on 18 September 2026. The rule that weights them was
settled on 22 September 2026 and is set out on [how we rate](/methodology). Placement on this guide is paid
for; the order of the table is not.

Three things this guide cannot do. It cannot watch a venue behave: custody, the route out, who gets in
and the record come off pages the venue wrote itself; silence costs points without proving anything.
It cannot price your trading: the fees here are what a new account pays, before volume tiers and
rebates. And only BTC was read, so anything narrower is thinner than it looks.

The Switch Guide editors, 24 September 2026. Corrections, say which step it is on and what the venue actually publishes: editorial@doliacats.com

This guide is paid to publish, and a venue you are being walked towards may be the one who bought the walkthrough.