what's gmx?
GMX is a decentralized perpetual exchange protocol that enables users to trade spot and perpetual futures for cryptocurrencies like BTC, ETH, and others with up to 100x leverage directly from their wallets on blockchains such as Arbitrum, Avalanche, and Solana. It features liquidity provision through pools like GLP and GM, where providers earn fees from trading, borrowing, and swaps. The platform emphasizes security, transparency, and community governance, with decisions on asset listings and incentives made via Snapshot proposals. GMX has expanded to support multichain trading from various EVM-compatible networks, reducing friction and enhancing accessibility for DeFi users.
GMX is an anticipated Arbitrum perpetuals project for 2026, following a 2025 hack.
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Listed among anticipated perpetuals projects on Arbitrum for 2026 in a visibility-focused tweet highlighting the ecosystem.
Experienced one of the 10 biggest crypto hacks in 2025.
updates open interest calculation method on December 22nd, altering funding and borrow dynamics at the contract level
A proposal to deploy on MegaETH has been submitted.
GMX ranks #10 among top crypto projects by revenue generation with -13% price performance over the past 30 days, compared alongside projects like Hyperliquid, Jupiter, Aave, and Lido during a market rotation toward revenue-generating protocols.
Period 2 rewards distributed for Botanix x GMX competition, which concludes on Monday December 15th.
GMX accelerates horizontal multichain scaling to Base, BNB Chain, and Ethereum Mainnet in Q4 with further UX optimizations.
GMX traders are whitelisted for 75% fee discounts on gTrade and can compete in the Naughty or Nice trading competition with $300k+ in prizes.
18,600 GMX tokens were repurchased last week under the Buyback & Distribute program that rewards GMX stakers, with a new epoch beginning on Wednesday.
GMX generated $10.5 million in fees and $3.88 million in revenue in Q4 2025, managing 121 pools at 4.84% APY on Arbitrum.
GMX is one of the top advertisers on Base network's new advertising model, which has generated $57K in revenue so far.
The GMTrade mobile app launches and is now available for users to trade on the Solana network.
Second round winners announced for Botanix partnership competition, with 40 qualified traders sharing 4,000 USD equivalent in stBTC rewards.
34,500 GMX tokens were repurchased in the past week under the Buyback & Distribute model, with current staking APR at 22.14%.
Period 1 rewards distributed for Botanix partnership program, with Period 2 snapshot scheduled for Monday.
Current weekly trading volume reaches $2.1B, and token unlocks near completion.
GMXSOL officially rebrands to GMTrade and announces the upcoming launch of its mobile app for Solana-based trading.
MUX platform integration enables unified trading interface for routing trades to GMX v2, demonstrated by a user routing $353k in ETH through GMX v2 while managing other positions from a single window.
$500K retention bonus distribution completes for users who held GLV tokens throughout the 3-month GLP Distribution Plan retention period, now claimable in the dApp. The bonus distributes in GLV [WETH-USDC] and GLV [BTC-USDC] tokens on Arbitrum.
US Equities & ETF markets are now live on GMX-Solana platform. A mobile app for trading on Solana is in development.
Over 41,700 GMX tokens were repurchased this week through the Buyback & Distribute program, with current staking APR at 31.52%.
Whale activity on the platform enables opening a $52M BTC long position with negative fees. Botanix competition first round concludes with top 40 traders sharing $4,000 USD in stBTC rewards.
GMX integrates with Botanix platform, enabling users to mint exclusive Botanix Pioneer Trader NFTs with perks by making a trade.
GLP assets under management near $2.5M with a maximum cap set at $5M.
GMX users with substantial perpetual trading volume qualify for Infinex crate allocations, which contain vouchers redeemable for INX tokens during the upcoming Infinex TGE.
New platform Stimpak integrates with GMX to offer competitive perpetual trading through gamified Duels and Deathmatch tournaments with prizes.
Senate Agriculture Committee releases Boozman-Booker Bill draft that explicitly names GMX as a protocol benefiting from the new CFTC oversight framework, clarifying that smart-contract revenue sharing is not broker-dealer activity and protocol-level fee switches can operate under CFTC rules rather than SEC enforcement.
GMX's single-sided ETH liquidity pool integrates with Pendle Finance yield trading platform, allowing users to trade Yield Tokens representing fees and Principal Tokens redeemable for GM tokens at maturity.
The three-month GLV retention phase concludes on November 14, with a $500,000 retention bonus to be distributed to eligible holders who maintained their allocation. GLP from V1 is fully deprecated.
New DAO proposal outlines distribution of funds stuck in Archi Finance related to the July GLP V1 vulnerability affecting users.
Trading competition announced in partnership with Botanix offering $12,000 in stBTC rewards over 6 weeks across 3 rounds for BTC perpetuals trading.
GMX goes live on Botanix, a Bitcoin-based DeFi platform, offering perpetual and spot trading functionality.
Solana beta UI goes live, enabling user interface access for trading on the Solana chain.
Arbitrum holds more than 90% of total TVL.
DAO approved proposal to buy $110,000 worth of GT from GMXSOL monthly to support ecosystem growth and accelerate GT issuance. GMXSOL produced 1,751,592 GT in September with minting costs increasing 18%.
New Multichain functionality launches, expanding trading infrastructure to all major EVM chains without fragmenting liquidity.
Token bridging goes live on Stargate Finance, enabling cross-chain transfers to Solana and other future chains.
Botanix ecosystem integration now includes the protocol in its first batch of supported protocols alongside Bitzy, Arch Swap, and Morpho Labs.
Daily fees reached a record high exceeding $1M.
Integration with Chaos Risk Oracles enables real-time monitoring of open-interest caps, funding rates, and price impact parameters across 126 assets, securing over $500M in TVL.
The platform bought back 13% of total token supply year-to-date, representing the largest buyback percentage across 28 projects studied, with portions redistributed to holders.
Platform is one of the primary destinations for the $137.5B in stablecoin transfer volume processed on Arbitrum last month, as the network's stablecoin market cap hits $4.8B (up 31% in 30 days).
Gold market (XAUT/USD) is now live on the platform, with Tether Gold available for both perpetual and spot trading.
Integration with Dolomite lending market on Arbitrum provides looping and delta-neutral strategies for GM and GLV tokens with DRIP incentives.
Integration with Botanix now enables Bitcoin yield generation on the platform.
Risk Oracle systems now power automated parameter adjustments on the platform during volatility events, successfully preventing liquidation cascades during Friday's market stress as part of $10B in secured positions across multiple protocols.
V2 open interest has recovered to above $500M, indicating increased trading activity on the platform.
The platform has launched on BNB Chain, providing access to perpetual and spot trading markets for BNB Chain's 4.5 million daily active users.
MorphoLabs lending market integration now allows GLV [WETH-USDC] and GLV [WBTC-USDC] liquidity products to be used as collateral for borrowing on Arbitrum, enabling enhanced capital efficiency for liquidity providers.
Token price has dropped to single digits (below $10), marking a significant price level.
A major protocol upgrade featuring a 100% Stablecoin pool is coming soon to address current liquidity constraints and enable increased whale trading activity.
A new LINEA/USD perpetual trading market is now active, marking the 4th new perp market launch.
Multi-chain expansion planned for the coming weeks will enable trading from Binance Chain, Ethereum Mainnet, Berachain, Linea, and Plasma networks, with liquidity provision from these chains to be unlocked for horizontal scaling.
stBTC integration enables yield-bearing collateral functionality on the platform, allowing users to earn yields on their margin while trading in BTC.
Bitcoin Finance launches with GMX integration on Botanix blockchain, marking expansion into the Bitcoin Layer 2 ecosystem.
New Multichain dApp launches with Base blockchain integration, providing 1.3 million Base users access to 90+ Perpetual and 23 Spot markets with cross-chain trades executing in under one second.
Governance proposal for Season 3 Listing Committee Election is active on Snapshot, where community will vote for three members responsible for streamlining new asset listings.
The plvGLP chapter closes after July exploit repayment coordination via GLV partnership, transitioning value to new plvLOOP vault on Arbitrum.
The platform has been overtaken by Hyperliquid in the perpetual DEX market after previously competing with dYdX for the top position, indicating a shift in market dominance within the sector.
Six GMX assets including GLV tokens, GM tokens, and GMX can now be used as collateral for borrowing in Radiant's money market on Arbitrum.
Boosted gmETH pool goes live on Penpie, enabling users to earn 25% APY and enhanced PENDLE rewards through LP token deposits.
gmETH integrates with Equilibria platform on Arbitrum, offering 210% vePENDLE boost for single-token ETH liquidity provision without impermanent loss risk.
The platform integrates with Chaos Risk Oracles for automated real-time parameter updates, part of a broader $12B initiative across major DeFi protocols.
KTA/USD perpetual market goes live on the platform, and GMX ranks among current leaders in FDV/Revenue ratio indicating strong revenue performance relative to valuation.
GMX is identified as a potential short candidate based on mindshare ATH distance metrics, which show current social mindshare is significantly below historical peaks.
gmETH launches on January 29, 2026, enabling users to earn and trade fees from the ETH/USD market.
GLV liquidity tokens for WETH-USDC and BTC-USDC pairs are now accepted as collateral in Radiant's money market, unlocking approximately $60 million in liquidity and boosting capital efficiency for V2 LPs.
APE token deposits are now live on the Solana platform, enabling users to earn rewards and yield from trading activity.
V2.2 upgrade launches with major dApp interface revamp and improved price impact mechanism that applies impact only at position close, caps negative impact at 0.5%, and reduces rebate processing time from 10 days to 5 days.
Four new perpetual markets launch featuring MorphoLabs, MoonwellDeFi, AskVenice, and Chainlink tokens, expanding total tradable assets to 87.
Perpetual futures now live on Coinbase International Exchange with full trading features including limit, market, and stop orders.
gmETH liquidity token achieves $100M+ in liquidity and gains eligibility for new yield incentives through Arbitrum DRIP program on Morpho, with additional rewards coming on Dolomite.
New aggregated positions feature enables single-trade execution across multiple venues with $100M+ daily volume.
Chaos Risk Oracles integration goes live, securing $10B in assets across multiple protocols.
New BTC/USD liquidity pool launches on Botanix blockchain with pBTC integration and native BTC redemption capability.
MUX aggregator integrates with v2 platform, enabling PENGU trading with up to 50x leverage.
LINK/USD market on Arbitrum shows 25.23% Fee APR with $11.2M liquidity at 90% utilization, offering additional 6.72% APR versus benchmark.
New governance proposal launches for Solana blockchain expansion and monthly GT token treasury swap program.
Engine support ends September 8, 2025; all positions must be closed before deadline.
Former BitMEX CEO suggests Hyperliquid could outperform in perpetuals trading space, presenting direct competition.
New WIF/USD synthetic liquidity pool launches, backed by BTC-USDC, complementing existing WIF-backed pool.
Risk Oracle integration now secures protocol with real-time parameter updates as part of $10B multi-protocol security enhancement.
Launching multichain expansion starting with Base chain, implementing new trading interface, and capping price impact at 0.5% for all trade sizes within next few weeks.
GLP redemptions functionality restored, allowing holders to sell positions through the platform interface.
Three new trading pairs CVX, OKB, and KAS added to trading platform.
Security incident on July 9 affects 132,729 GLP units; compensation planned in USDC for affected users.
Large whale triggers short squeeze, pushing price back into trading channel with potential upside continuation.
New RWA markets launch on Solana network, expanding cross-chain presence.
New GLV compensation includes $500k loyalty pool and enhanced trading capabilities through Dolomite
New ALGO/USD perpetual trading pair launches with 100x leverage on Arbitrum network
Two new perpetual swap markets launched: HBAR/USD and CRO/USD, expanding trading options with self-custody features.
Compensation distribution begins for July 9 exploit victims, including $2M from treasury.
$44M compensation plan finalized for GLP holders affected by recent hack
Governance proposes $19M price impact revenue allocation to DAO for safety reserves and liquidity incentives.
Suspicious trading pattern reveals possible API leak enabling coordinated cross-platform manipulation between Hyperliquid and Binance.
Spot market experiences 100% price surge due to single TWAP order execution, revealing significant liquidity vulnerability.
Protocol expands to Solana blockchain with V2 architecture and launches enhanced GT reward system incorporating borrowing fees for traders.
Large trader opens $26.36M ETH short position at $3809 with $475K collateral, liquidation at $3854.
Protocol generates $130.18M total revenue with $14.12M monthly growth and 91.6% user revenue distribution.