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About Gmx
GMX is a decentralized perpetual exchange that enables traders to go long or short on cryptocurrencies with up to 100x leverage, while liquidity providers earn yield by supplying assets to the protocol's multi-asset pool. Launched in 2021, GMX has become one of the largest derivatives platforms in DeFi, pioneering the GLP model where all traders trade against a shared liquidity pool.
Unlike centralized exchanges or order book DEXs, GMX uses a unique pool-based model where traders borrow from the GLP pool to execute leveraged positions. This allows for zero-slippage trades on supported assets, with prices derived from Chainlink oracles. The GLP pool earns 70% of all trading fees, making it an attractive yield source for passive investors.
GMX is deployed on Arbitrum and Avalanche, processing over $100 billion in cumulative trading volume. The protocol's V2 launch introduced isolated pools, synthetic assets, and improved capital efficiency, further cementing its position as the leading decentralized derivatives venue.
Key Features
Perpetual Trading
Trade BTC, ETH, and other assets with up to 100x leverage on perpetual contracts
Zero Slippage
Execute large trades without price impact using oracle-based pricing
GLP Liquidity Pool
Provide liquidity to earn 70% of trading fees and GMX token emissions
Low Fees
Competitive trading fees with discounts for GMX stakers
Decentralized
Non-custodial trading - your funds stay in your wallet until you trade
GM Pools (V2)
Isolated markets with synthetic assets and improved capital efficiency
Use Cases
Leveraged Trading
Amplify your exposure to BTC, ETH, and other crypto assets
Hedging
Open short positions to hedge your spot crypto holdings
Passive Yield
Provide GLP liquidity to earn trading fees and token incentives
Low Slippage Swaps
Execute large spot swaps between supported assets with minimal price impact
Decentralized Derivatives
Access derivatives trading without KYC or centralized exchange risk
Project Info
Frequently Asked Questions
GMX is a decentralized perpetual exchange where traders go long or short with leverage against a shared liquidity pool (GLP). Prices come from Chainlink oracles, enabling zero-slippage execution. Traders pay fees that go to GLP holders and GMX stakers. If traders lose, GLP holders profit; if traders win, GLP holders pay - making GLP holders the counterparty to all trades.
GMX has been extensively audited and has processed over $100B in volume without major exploits. However, perpetual trading is inherently risky - you can lose your entire position with leverage. GLP carries risk too: if traders consistently profit, GLP value decreases. Always understand the risks before trading.
GLP is GMX's multi-asset liquidity pool token. When you mint GLP, you deposit assets (ETH, BTC, USDC, etc.) and receive GLP tokens representing your share. GLP holders earn 70% of all trading fees paid in ETH/AVAX plus esGMX incentives. Current APRs typically range from 15-40% depending on trading volume.
GMX charges a 0.1% fee to open or close positions, plus borrowing fees that accrue hourly based on utilization. Swaps cost 0.2-0.8% depending on whether they help balance the pool. GMX stakers receive fee discounts, and there's no funding rate - only the borrow rate.
GMX V2 introduces isolated GM pools instead of the unified GLP pool, allowing for more assets and reduced risk. V2 supports synthetic assets, has improved capital efficiency, and introduces funding rates. V1's GLP remains operational with its established liquidity, while V2 continues to expand with new markets.