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GMX

  • What it is:GMX is a decentralized perpetual exchange on Arbitrum and Avalanche for trading BTC, ETH, and more with up to 50x leverage against a multi-asset liquidity pool.
  • Best for:Experienced leverage traders, DeFi maximalists, Liquidity providers seeking yield
  • Pricing:Free tier available, paid plans from $0 entry
  • Rating:82/100Very Good
  • Expert's conclusion:GMX is the top choice for advanced DeFi traders who wish to have a CEX-like experience with Perpetual Contracts, while retaining true Decentralization and Self-Custody.
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Reviewed byMaxim Manylov·Web3 Engineer & Serial Founder

What Is GMX and What Does It Do?

GMX is a Decentralized Perpetual Exchange that enables users to trade Spot and Perpetual Contracts for various Cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), etc. and offers Up to 50x Leverage Directly From Users Wallets.

Active
📍Singapore
📅Founded 2021
🏢Decentralized Protocol
TARGET SEGMENTS
Crypto TradersDeFi UsersLiquidity ProvidersHigh-Volume Traders

What Are GMX's Key Business Metrics?

📊
$450M+
Total Value Locked (TVL)
📊
Up to 50x
Leverage
📊
Arbitrum, Avalanche
Supported Blockchains
📊
September 2021
Launch Date

How Credible and Trustworthy Is GMX?

82/100
Good

This platform runs on Arbitrum & Avalanche Blockchain and has High Liquidity, Low Fees and a Secure Non-Custodial Trading Environment making it an Alternative to Centralized Exchanges.

BREAKDOWN
Product Maturity85/100
Company Stability75/100
Security & Compliance90/100
User Reviews80/100
Transparency85/100
Support Quality70/100
TRUST SIGNALS
Top DEX by TVL on ArbitrumChainlink oracle integrationNon-custodial wallet controlBattle-tested since 2021

What is the history of GMX and its key milestones?

2021

Platform Founded

This is a well-established DeFi Protocol that has a High TVL and Strong Security Features through Decentralized Oracles and Liquidity Pools.

2021

Mainnet Launch

Although this team is Anonymous, the Governance Uncertainty they introduce can be seen in some of their decisions.

2021

Avalanche Expansion

GMX was launched as a Decentralized Perpetual Exchange by an Anonymous Team and was initially called Gambit when it first came out on Binance Smart Chain (BNB Chain).

2022

Major VC Investments

It then migrated to Arbitrum in its current form.

2023

Top Derivatives DEX

In September, it was launched as a Decentralized Perpetual Exchange with Leverage options of Up to 50x on the Arbitrum Network.

What Are the Key Features of GMX?

📊
Perpetual Contracts Trading
Since then, it has expanded to other Blockchains including Avalanche for Multi-Chain Support.
✨
Liquidity Provider Pool (GLP)
Blocktower purchased Over 2,400 ETH in tokens, while Arthur Hayes bought over 200,000 GMX Tokens.
📊
Bookless Trading Model
GMX is currently recognized as the Most Popular Derivatives Exchange and has the Leading TVL on the Arbitrum Network.
✨
Chainlink Oracle Pricing
Users Can Trade Perpetual Futures for BTC, ETH, AVAX, etc., with Up To 50x Leverage Using Their Non-Custodial Wallets.
✨
Automatic Liquidation
Additionally, users can earn fees by providing liquidity to the GLP Pool which backs all trades, and dynamically balances the assets to protect traders.
💬
Multi-Chain Support
Trades are executed against the liquidity pool instead of Order Books to provide Deep Liquidity and Minimal Slippage.
✨
Floor Price Fund
The platform uses Decentralized Chainlink Oracles that aggregate prices from Centralized Exchanges (CEX) to prevent Manipulation and Ensure Accurate Pricing.

What Technology Stack and Infrastructure Does GMX Use?

Infrastructure

Arbitrum One and Avalanche C-Chain layer 2 blockchains

Technologies

SolidityArbitrumAvalancheChainlink

Integrations

Non-custodial wallets (MetaMask, WalletConnect)DeFi protocolsDEX aggregators

AI/ML Capabilities

No AI/ML components; relies on Chainlink decentralized oracles for price feeds and on-chain smart contracts for trading execution

Inferred from official documentation and DeFi protocol analysis

What Are the Best Use Cases for GMX?

Crypto Derivatives Traders
A risk-minimizing mechanism will automatically close a position when it reaches Liquidation Levels, and an emergency reserve mechanism is funded by Trading Fees to Maintain the Liquidity of the GLP Pool.
DeFi Liquidity Providers
Users can trade Perpetual Contracts with up to 50x leverage, deep liquidity, and low slippage on Arbitrum / Avalanche and avoid the Custody Risks associated with Centralized Exchanges, while earning Trading Fees by Depositing their Assets into the GLP Pool, which utilizes Dynamic Asset Balancing and Floor Price Protection Mechanisms.
High-Volume Perpetual Traders
Competitive fees, MEV protection and oracle-based pricing are available with this platform. The use of a decentralized platform limits access to the order books which are typical in DEX platforms.
NOT FORRetail Spot Traders
Spot trading for most cryptocurrencies is limited. This platform was developed to offer derivatives rather than simply to facilitate buy/sell spot transactions.
NOT FORRegulated Institutional Traders
Due to its decentralized nature, there is no regulatory compliance (e.g., Know Your Customer) that is expected by institutional customers.
NOT FORLow-Capital Beginner Traders
Liquidity and high-leveraged positions (up to 50x) create significant risks for un-experienced traders.

How Much Does GMX Cost and What Plans Are Available?

Pricing information with service tiers, costs, and details
☐Service$CostℹDetails🔗Source
Trading$0 entryNo platform fees to start. Costs via spreads, borrows, and GLP pool fees only.—
Liquidity Provision (GLP)VariableEarn 70% of platform fees from spreads and borrows. Rewards in ETH/AVAX.—
GMX StakingVariableEarn 30% of platform fees. Multiplier rewards for esGMX staking.Official documentation
Wallet Connection$0No KYC, no deposits required. Trade from self-custody wallet.gmx.io
Trading$0 entry
No platform fees to start. Costs via spreads, borrows, and GLP pool fees only.
Liquidity Provision (GLP)Variable
Earn 70% of platform fees from spreads and borrows. Rewards in ETH/AVAX.
GMX StakingVariable
Earn 30% of platform fees. Multiplier rewards for esGMX staking.
Official documentation
Wallet Connection$0
No KYC, no deposits required. Trade from self-custody wallet.
gmx.io

How Does GMX Compare to Competitors?

FeatureGMXdYdXPerpetual ProtocolSynthetix
Leverage TradingUp to 100xUp to 20xUp to 10xUp to 50x
Order BookNo (Pool-based)YesNo (VAM)No (sUSD pool)
SlippageMinimalHigh on large ordersLowVariable
Chains SupportedArbitrum, Avalanche, SolanaCosmos, StarkExOptimismOptimism
Tokens Traded70+30+10+20+
Custody ModelNon-custodialCustodial optionsNon-custodialNon-custodial
KYC RequiredNoYes (CEX)NoNo
Liquidity ModelGLP poolsOrder bookVirtual AMMSynth pools
OraclesChainlinkChainlinkChainlinkChainlink
API AccessYesYesYesYes
Leverage Trading
GMXUp to 100x
dYdXUp to 20x
Perpetual ProtocolUp to 10x
SynthetixUp to 50x
Order Book
GMXNo (Pool-based)
dYdXYes
Perpetual ProtocolNo (VAM)
SynthetixNo (sUSD pool)
Slippage
GMXMinimal
dYdXHigh on large orders
Perpetual ProtocolLow
SynthetixVariable
Chains Supported
GMXArbitrum, Avalanche, Solana
dYdXCosmos, StarkEx
Perpetual ProtocolOptimism
SynthetixOptimism
Tokens Traded
GMX70+
dYdX30+
Perpetual Protocol10+
Synthetix20+
Custody Model
GMXNon-custodial
dYdXCustodial options
Perpetual ProtocolNon-custodial
SynthetixNon-custodial
KYC Required
GMXNo
dYdXYes (CEX)
Perpetual ProtocolNo
SynthetixNo
Liquidity Model
GMXGLP pools
dYdXOrder book
Perpetual ProtocolVirtual AMM
SynthetixSynth pools
Oracles
GMXChainlink
dYdXChainlink
Perpetual ProtocolChainlink
SynthetixChainlink
API Access
GMXYes
dYdXYes
Perpetual ProtocolYes
SynthetixYes

How Does GMX Compare to Competitors?

vs dYdX

GMX is superior due to having much higher leverage (100x vs. 20x) and no order-book slippage due to its GLP-pool design. Additionally, dYdX is one of the largest platforms by market capitalization, however dYdX also uses a hybrid CEX/DEX design. dYdX may be a better choice for those who want to trade in a hybrid model.

For maximum leverage and deepest liquidity choose GMX. For advanced order type features choose dYdX.

vs Perpetual Protocol

Both of these platforms utilize a pool design. GMX, however, allows for trading over 70 different assets whereas Perpetual only allows for trading 10. Additionally, GMX is cross-chain compatible, whereas Perpetual is Optimism-only. Their fee models are very similar.

Choose GMX for the broadest range of markets. Choose Perpetual for the simplest interface.

vs Synthetix

GMX is focused on direct cryptocurrency perpetuals. However, Synthetix is focused on creating synthetic assets. GMX has deeper liquidity levels, however, Synthetix has stronger mechanisms around their debt pools.

Choose GMX for crypto perps. Choose Synthetix for synthetic indices.

vs Binance Futures

A centralized exchange (CEX) versus a decentralized exchange (DEX). While Binance is offering 125x leverage in addition to being a custodian, GMX will provide self-custody, transparent, but increased counter-party risk through pools.

Choose GMX if you're a DeFi trader wanting to avoid a CEX. Choose Binance for maximum liquidity.

What are the strengths and limitations of GMX?

Pros

  • 300-400M USD in liquidity pools — large orders can be made without experiencing slippage.
  • High leverage available — up to 100x on major pairs.
  • No KYC required — permissionless wallet trading.
  • Assets are always held in your own wallet — self-custodial.
  • Multi-chain compatibility — Arbitrum, Avalanche, Solana.
  • Pricing is always transparent — Chainlink oracles prevent manipulation.
  • Traders and LPs earn revenue — dual-revenue model.

Cons

  • There is a risk of smart-contract failure — although audits are performed, DeFi hacks remain possible.
  • Liquidation risk associated with leverage — losses can be amplified 50-100x.
  • Impermanent loss of LPs — when traders win, LPs lose.
  • Only the top cryptocurrencies are available for trading — limited asset selection.
  • The network will charge you gas fees on Arbitrum/Avalanche
  • Some order types are limited by the pool model and lack precision in the stop loss feature
  • There is no information available about the anonymous team behind this project. They have no public founders or accountability for their actions

Who Is GMX Best For?

Best For

  • Experienced leverage traders — Perfect for professional traders: leverage of 100x, deep liquidity and little slippage
  • DeFi maximalists — Non-custodial, permissionless trading and you can use self-custody
  • Liquidity providers seeking yield — The GLP pools receive 70% of the fees earned by winning traders
  • Multi-chain DeFi users — Arbitrum, Avalanche, and Solana offer seamless trading options
  • CEX alternatives seekers — Same leverage as before but now without having to go through KYC or custodian

Not Suitable For

  • Beginner retail traders — Too much risk involved with high leverage (100x) for inexperienced traders. Try spot trading at DEXs.
  • Low-risk conservative investors — Leverage trading and smart contracts have inherent risks. Instead, try using stablecoin lending.
  • High-frequency scalpers — Pool model slower than CEX order books. Try using Binance or Bybit.
  • Institutional funds needing OTC — GMX does not have a dedicated OTC desk or prime brokerage. Try using regulated CEXs.

Are There Usage Limits or Geographic Restrictions for GMX?

Max Leverage
100x on select pairs, typically 50x
Supported Chains
Arbitrum, Avalanche, Solana
Liquidation Threshold
Automatic at maintenance margin
KYC Requirements
None required
Custody Model
Non-custodial wallet only
Oracle Source
Chainlink exclusively
Trading Pairs
70+ major cryptocurrencies
Wallet Support
EVM-compatible wallets

Is GMX Secure and Compliant?

Non-Custodial ArchitectureNo platform holds user funds. All trades from self-custody wallets.
Chainlink OraclesDecentralized price feeds protect against manipulation and bad pricing.
Smart Contract AuditsMultiple audits with code verified on Etherscan/Arbitrum explorers.
Immunefi Bug BountyActive program for critical protocol vulnerabilities.
Multi-Sig GovernanceProtocol upgrades require multi-signature approvals.
Permissionless AccessNo KYC, no blacklisting, fully decentralized access.
Transparent On-Chain DataAll trades, liquidations, and pool balances fully on-chain.

What Customer Support Options Does GMX Offer?

Channels
Community support available 24/7Self-service knowledge base at docs.gmx.ioOfficial announcements and support queries
Hours
Community support 24/7 via Discord
Response Time
Variable; community-dependent, no guaranteed SLAs
Satisfaction
No formal ratings available; user reviews note self-service limitations
Support Limitations
•No live chat, email, or phone support
•Relies primarily on community-driven assistance
•No dedicated support team or ticketing system

What APIs and Integrations Does GMX Support?

API Type
Subgraph APIs via The Graph for querying on-chain data (Arbitrum, Avalanche)
Authentication
No authentication required for public subgraphs
Webhooks
Not natively supported; use indexer services or on-chain event listeners
SDKs
Community SDKs available on GitHub (ethers.js, web3.js compatible)
Documentation
Good - subgraph schemas and queries documented at thegraph.com
Sandbox
Test on Arbitrum Goerli or Avalanche Fuji testnets
SLA
No official API SLA; depends on blockchain and The Graph indexing
Rate Limits
The Graph hosted service: 100 queries/sec; decentralized varies
Use Cases
Analytics dashboards, trading bots, portfolio trackers, position monitoring

What Are Common Questions About GMX?

GMX is a decentralized exchange for spot trading and perpetuals that use liquidity pools (GLP/GM) instead of order books. Traders provide collateral from their wallets to create leveraged long/short positions of up to 50x and utilize price feeds from Chainlink oracles. Liquidity providers earn fees from the trades they make and maintain self-custody over funds.

Trading fees for GMX are 0.1%, for both opening/closing of positions, which vary dynamically based on the amount of utilization; there is no slippage because it is a pool-based system. Liquidity providers also earn rewards in addition to the fees they receive for providing liquidity. Both fees and rewards are paid by GMX. Additionally, there is a small gas fee charged when making trades on Arbitrum and/or Avalanche. This cost should be less than $1.

Unlike order book systems where spreads can be different depending on the trade size, the single-sided liquidity pools used by GMX enable users to obtain deep liquidity and zero slippage on trades regardless of the trade size. GMX is a fully non-custodial platform that allows for spot and perps trading and is built on low-fee Layer 2 chains such as Arbitrum.

Yes, GMX is non-custodial and your funds remain in your wallet. GMX utilizes Chainlink oracles to generate manipulation-resistant price feeds, has undergone numerous audits and has a 300-400M USD bug bounty on Immunefi. All trades and liquidations are transparent on-chain.

The answer to this question is yes. As a permissionless protocol, GMX is able to compose with wallets, aggregators, and analytics tools. You can trade directly through your wallet's integration, or you can query the data through subgraphs. GMX also supports trading through liquidity pools on Arbitrum, Avalanche, and Solana.

Liquidation will occur when the value of the collateral in your open position falls below the Maintenance Margin (this usually ranges between 2-4% of the value of the collateral). Your positions will be closed at the price that was determined by an Oracle to limit the amount of loss incurred. To help prevent liquidation you should consider using Stop-Loss Orders, or monitoring the Funding Rates associated with your position.

There are no sign-up or trials required—you can simply connect your wallet and start trading. The minimum position size is dependent upon the market you are trading in (usually $10-$100 worth of collateral), but there are no requirements for opening an account or completing Know Your Customer (KYC).

High Leverage (as much as 50x) increases the risks of liquidation; however, there is no customer service team available to assist with problems—GMX has a community-only approach to addressing issues. Additionally, GMX is limited to supporting the specific blockchain(s) and token(s) listed (~70 total tokens).

Is GMX Worth It?

GMX is a leading decentralized Perpetual Exchange providing deep liquidity, very low fees, and high leverage (up to 50x) in a completely non-custodial manner. GMX utilizes a Pool-Based model which allows it to eliminate Slippage and Order Books, and thus makes it ideal for large trades on Arbitrum and Avalanche. Although GMX still presents many of the same risks as other DeFi platforms (such as liquidation and volatility), it provides a unique alternative to traditional CEX platforms for more experienced DeFi traders.

Recommended For

  • Traders with significant experience in leverage trading who want access to large amounts of liquidity without being impacted by Slippage
  • DeFi users who prefer self-custody and do not want to complete Know Your Customer (KYC)
  • Liquidity Providers looking for a way to earn passive income from trading fees
  • Users who utilize Layer 2 blockchains on Arbitrum and/or Avalanche

!
Use With Caution

  • Newcomers to leveraging trading—they face extreme liquidation risk
  • Users with lower volume positions — best suited for larger positions
  • Users who require assistance from customer support or need to be able to move fiat on-ramps

Not Recommended For

  • Investors who prefer to take less risk and are uneasy about the Volatility inherent in DeFi
  • Spot Retail Traders looking for a simple way to swap one asset for another
  • Users who require Advanced Order Types beyond those offered by perpetual contracts
Expert's Conclusion

GMX is the top choice for advanced DeFi traders who wish to have a CEX-like experience with Perpetual Contracts, while retaining true Decentralization and Self-Custody.

Best For
Traders with significant experience in leverage trading who want access to large amounts of liquidity without being impacted by SlippageDeFi users who prefer self-custody and do not want to complete Know Your Customer (KYC)Liquidity Providers looking for a way to earn passive income from trading fees

What do expert reviews and research say about GMX?

Key Findings

GMX currently leads DeFi derivatives in terms of both depth of liquidity (300-400M USD liquidity pools) and leverage (50x leverage perpetuals). GMX also offers zero slippage trading on Arbitrum & Avalanche. GMX is fully non-custodial which means you can use Chainlink oracles, and your contracts will always be audited by an independent auditor. Furthermore, GMX is community-driven and was founded anonymously; it also has strong adoption as a CEX alternative, but this may also create risks for inexperienced users due to the high levels of leverage available.

Data Quality

Good - detailed analysis from official site, Arbitrum blog, OKX/Gate guides, and DeFi analytics. No pricing/support pages as expected for DeFi protocol; relies on public on-chain data and community sources.

Risk Factors

!
High leverage trading carries significant risk of liquidation and loss.
!
Despite audits, there remains a possibility of smart contract vulnerabilities.
!
GMX relies on Chainlink for its oracles.
!
Because GMX's team is anonymous, it raises governance concerns.
!
Market volatility negatively affects liquidity providers.
Last updated: February 2026

What Additional Information Is Available for GMX?

Community

GMX has active Discord and Twitter communities for traders and LPs. GMX uses real-time analytics dashboards to track pool performance, fees, and positions for all of their users. GMX uses GMX token staking for governance.

Bug Bounty & Security

GMX has a 300-400 million dollar Immunefi program to find critical vulnerabilities. In addition to having a 300-400 million dollar Immunefi program, GMX also has multiple smart contract audits. GMX also has transparent on-chain liquidations and positions.

Liquidity Model

GLP/GM pools and GLV vaults allow for yield-optimizing liquidity provision. GMX uses dynamic allocation to ensure capital efficiency across 70+ markets.

Multi-Chain Support

GMX is deployed on Arbitrum, Avalanche, and Solana for low fees and interoperability. GMX uses single-sided pools for BTC/USD and ETH/USD allowing for zero price impact trades.

Analytics

GMX provides public dashboards that display real time TVL (300-400M USD), trading volume, fees, and LP yields outperforming benchmarks.

What Are the Best Alternatives to GMX?

  • •
    dYdX: dydx.exchange is a leading on-chain perpetuals DEX that uses order books and allows for up to 20x leverage. dydx.exchange also offers more advanced order types, however large trades could potentially experience slippage. dydx.exchange is best suited for sophisticated traders who need limit orders.
  • •
    Perpetual Protocol (PERP): vBeta is an AMM-based perps DEX on Optimism that uses 10x leverage. vBeta is a simpler model than GMX, however vBeta has shallower liquidity than GMX. vBeta is best for Optimism users looking for easy leverage.
  • •
    Aevo: aevo.xyz is a custom Ethereum L2 based perps DEX that uses orderbooks for pre-launch token trading. While aevo.xyz has deeper order book liquidity than GMX, aevo.xyz has higher complexity than GMX. aevo.xyz is best for options/pre-market traders. :
  • •
    Hyperliquid: A high-performance, L1, perpetual DEX that uses 50x leverage and executes trades at a speed of less than one second. Has a centralized sequencer; but is still very fast. Best suited for HFT style trading of DeFi. (https://www.hyperliquid.com/)
  • •
    Drift Protocol: Perpetual DEX based on the Solana blockchain utilizing an order book and cross margining to execute trades quickly. However, due to congestion on the Solana network there are risks involved. Best suited for Solana maximalists. (http://drift.trade/)

What Are GMX's Trading Metrics?

100x
Max Leverage
BTC, ETH, AVAX, LINK and others
Supported Assets
Spot and Perpetual Futures
Trading Types

How Does GMX's Supported Markets Compare?

AssetContract TypeMax Leverage
BTCPerpetual100x
ETHPerpetual100x
AVAXPerpetual100x
LINKPerpetual100x

GMX V1 supported up to 50x leverage; V2 increased to 100x. Trading is limited to assets included in the GLP pool.

How Are Fees Structured for GMX?

Opening Fee
Varies by asset
Closing Fee
Varies by asset
Borrowing Fee
Charged for leveraged positions borrowed from GLP pool
Execution Fee
Paid to keepers for order execution; excess repaid to user
Liquidation Fee
Automated liquidation when collateral insufficient
Withdrawal Fee
Gas fees only (varies by chain)

What Is GMX's Leverage Margin?

Max Leverage
100x (up to 50x commonly used)
Margin Mode
Isolated margin with adjustable collateral
Collateral Types
USDC, USDT, ETH, and other GLP pool assets
Liquidation Mechanism
Automated liquidation when position losses approach collateral value
Collateral Pricing
Fixed snapshot in USD at position opening, unchanged by price fluctuations

How Does GMX Manage and Mitigate Risk?

Stop-Loss Orders

Users may specify stop loss limits prior to opening a position

Take-Profit Orders

Users may specify profit targets prior to opening a position

Automated Liquidation

Account balances will be monitored by a system that automatically closes positions when they fall below predetermined levels.

Price Oracle Verification

Keeper price information is verified via watcher nodes, which also enforce spread requirements when differences are identified

Stablecoin Depeg Protection

Spreads are applied to prevent unfair treatment of counterparties during times of stablecoin depegging

Two-Transaction Execution

Separate order entry and trade execution mechanisms have been implemented to mitigate MEV (Maximum Extractable Value).

What Is GMX's Security Audits Status?

On-Chain TransparencyAll positions, swaps, and liquidations handled by smart contracts; fully auditable
Non-Custodial TradingUsers maintain full control of funds; no sign-ups or manual KYC required
Oracle-Based PricingChainlink oracles provide reliable market prices; reduces slippage and price manipulation
Watcher NodesIndependent verification of price accuracy prevents keeper manipulation

What Is GMX's Governance Token?

Token Symbol
GMX
Token Name
GMX
Governance Rights
Protocol governance and participation
Staking Rewards
Staked GMX tokens earn AVAX, esGMX, and Multiplier Points
Trading Fee Share
GLP token holders earn 70% of GMX V1 protocol fees
Liquidity Token
GLP represents tokenized assets in the liquidity pool; staking GLP earns AVAX and esGMX

Which Blockchains Does GMX Support?

ArbitrumAvalancheSolana

GMX operates as a multi-chain protocol, originally launched on Arbitrum and later expanded to Avalanche and Solana with decentralized liquidity pools.

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