GMX
Decentralized spot and perpetual exchange on Arbitrum, Avalanche and MegaETH that trades against liquidity pools.
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GMX key facts
| Category | Derivatives exchange |
|---|---|
| Chains | Arbitrum, Avalanche, MegaETH |
| Platforms | Web, API |
| Custody | Non-custodial |
| Fees | 0.04% or 0.06% of position size to open or close |
| Chains | Arbitrum, Avalanche, MegaETH |
| Security audits | Guardian (primary) and other firms, reports on GitHub |
| Token | GMX, 13.25 million forecast max supply |
| US availability | Not available: terms exclude US persons, and perps are closed to US persons |
GMX token
- Price
- $7.56 -1.5% 24h
- Market cap
- $80.8M
- Fully diluted value
- $80.8M
- 30-day change
- -10.3%
Market data: CoinGecko, updated Nov 10, 2026. Educational content, not financial advice.
What is GMX?
GMX is a decentralized spot and perpetual exchange on Arbitrum, Avalanche and MegaETH with up to 100x leverage. Trades fill against GM and GLV liquidity pools at Chainlink oracle prices, not an order book. The position fee is 0.04% or 0.06% of size, depending on whether the trade balances long and short open interest.
How GMX works
GMX V2 fills trades against liquidity pools at oracle prices.
Every trade takes two transactions: your request, then a keeper's execution, which is why the interface charges a network fee up front and refunds the gas the keeper did not use. Opening a position has no price impact at entry. Price impact from open-interest imbalance is applied only when you close or decrease a position, is capped per market, and can be positive.
Liquidity sits in GM pools for single markets and GLV vaults that shift liquidity between markets by utilization. Fees from trading, swaps, borrowing and liquidations flow straight into the pool and raise the GM token price, with no separate claim step. Only the side with larger open interest pays borrow fees, and 63% of borrow fees go to the pool, 37% to the protocol.
Markets are live on Arbitrum, Avalanche and MegaETH. From Ethereum, Base or BNB Chain you can trade through a GMX Account, a balance that settles on Arbitrum markets only. The docs say that since July 2025 V1 trading is disabled and GLP can no longer be bought; existing GLP can only be redeemed through the sell GLP page. Positions opened with wallet funds or GMX Account funds belong to the same wallet.
How to start with GMX
- You need a wallet, for example Rabby, or GMX's integrated wallet, which sets up with a passkey through Face ID, Touch ID, Windows Hello or Android biometrics and needs no seed phrase.
- Connect on the Trade page at app.gmx.io and fund the wallet on Arbitrum, Avalanche or MegaETH, or deposit into a GMX Account from Ethereum (USDC, USDT, ETH), Base (USDC, ETH) or BNB (USDC, USDT).
- Express Trading lets you trade without holding the chain's gas token.
GMX fees and limits
- The position fee is 0.04% of size when a trade reduces the long/short imbalance and 0.06% when it adds to it; gold, silver and oil use 0.01% or 0.02% during on-hours.
- Standard swaps cost 0.05% or 0.07%, stablecoin swaps 0.005% to 0.02% on Arbitrum and 0.01% on Avalanche, and atomic swaps 3.75%.
- Default slippage is 1% and can be raised to 5%.
- Liquidation fees are charged on notional size: 0.20% on standard markets, 0.30% on single-token and synthetic markets such as SOL or LINK, and 0.45% on newly listed high-volatility markets.
- 27% of protocol fees buy back GMX, but distribution to stakers is suspended until GMX reaches $90.
Borrow and funding fees accrue every second while a position is open.
Risks to know before using GMX
- A position is liquidated when collateral, after losses, fees and capped negative price impact, falls below 0.25% to 1% of size, depending on the market.
- An absolute minimum collateral floor also applies, so small positions can sit much closer to liquidation than their leverage suggests: the docs show a $1.15 1x short liquidating about 12% from entry.
- Keepers try your stop-loss orders first, on a best-effort basis only.
- GMX V2 contracts were audited by Guardian, which ran 8 engagements from October 2022 to September 2023, and by ABDK, Certora, Dedaub and Sherlock, with a bug bounty on Immunefi.
- For liquidity providers, the docs list bridged or pegged tokens that can depeg, one-sided open interest, and GM tokens inside a GLV that can become illiquid.
GMX usage
From DefiLlama (TVL) (fees users paid), updated Nov 10, 2026.
GMX alternatives
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GMX pros and cons
- Position fee of 0.04% when a trade reduces open-interest imbalance
- Oracle pricing avoids liquidations on brief spread spikes
- Liquidity providers earn 63% of fees on Arbitrum and Avalanche
- 0.06% position fee when a trade adds to the imbalance
- Borrowing and funding fees add to holding costs
- Price impact applies on large orders
- Terms exclude US persons, including from perpetual trading
GMX FAQ
What is GMX?
GMX is a decentralized spot and perpetual exchange on Arbitrum, Avalanche and MegaETH with up to 100x leverage. Trades fill against GM and GLV liquidity pools at Chainlink oracle prices, not an order book. The position fee is 0.04% or 0.06% of size, depending on whether the trade balances long and short open interest.
How much value is locked in GMX?
$222.5M according to DefiLlama on Nov 10, 2026. It is deployed on 5 chains: Arbitrum, Avalanche, MegaETH, Botanix, Solana.
How much does GMX cost?
0.04% or 0.06% of position size to open or close, according to GMX’s own page (checked Sep 26, 2026).
How much do users pay GMX in fees?
$4.6M over the last 30 days, according to DefiLlama on Nov 10, 2026.
Does GMX have a token?
Yes, GMX. Its market cap was $80.8M on CoinGecko on Nov 10, 2026. Educational content, not financial advice.
Is GMX available in the US?
Not available: terms exclude US persons, and perps are closed to US persons, according to GMX’s own page (checked Sep 26, 2026).
Does GMX hold my funds?
No. GMX is non-custodial: you keep your funds in your own wallet and sign each transaction.
Sources
How this page works
Sources: GMX: official site, GMX: Docs, Fees, GMX: Docs. Data as of Sep 26, 2026.
Not affiliated with any project listed. Educational content, not financial advice.