GMX is the liquidity layer for platforms that build on top of it: permissionless, composable, and peer-to-pool.
Welcome to the ecosystem, Foxify.
GMX
Oracle-priced perpetual DEX with 100+ markets across Arbitrum, Avalanche, MegaETH and Solana
3.2/ 5
Our score
Fair
Chains
ArbitrumAvalancheSolanaOther
Type
AMMPerpetuals
Perpetual futures
Yes
Audited
Yes
Governance token
GMX
What is GMX?
GMX is a decentralized exchange for perpetual and spot trading from a self-custody wallet. Its current product covers more than 100 markets across crypto, gold, silver, energy and US equity indices, with leverage of up to 100x. Liquidity providers act as the counterparty to traders through GM and GLV pools.
How GMX works
Trading is available on Arbitrum, Avalanche, MegaETH and Solana. GMX Account accepts deposits from Ethereum, Base and BNB Chain without manual bridging. Prices use oracle-based market data rather than a traditional central limit order book. Traders open perpetual positions against pooled liquidity, while liquidity providers deposit into GM and GLV pools that earn fees from trading, swaps and borrowing.
The product includes crypto markets alongside XAU, XAG, WTI, Brent, natural gas, SPCX, SPY and QQQ. GMX also has a Dollar Vault that spreads USDG deposits across GM liquidity pools behind its deeper perpetual markets. Its launch announcement gave the vault an estimated 7% to 12% base APR and an 8% or higher boost for the first eight weeks.
Fees and token economics
GMX EVM generated $1.19 million in fees during the 30 days covered by October 2026 data, with $439,720 in protocol revenue. The EVM revenue model sends 37% of collected fees to the protocol treasury and GMX token holders, split into 10% and 27% shares. GMX V1 sends 30% of collected fees to GMX stakers.
Availability and track record
GMX was founded in 2021 and migrated to V2 in August 2023. EVM total value locked was $212.78 million on October 17, 2026, while combined GMX TVL was $242.39 million in October 2026. The exchange recorded $191.136 billion in cumulative perpetual volume on EVM networks.
On July 9, 2025, a reentrancy vulnerability in the V1 GLP pool on Arbitrum led to approximately $42 million in stolen assets. GMX halted V1 trading and GLP minting and redemption on Arbitrum and Avalanche. The attacker returned most funds within 48 hours and received a $5 million bounty. GMX said V2 contracts, GMX tokens and Avalanche liquidity pools were unaffected. An April 2021 ABDK audit covered the earlier Gambit version and did not cover the exploited keeper flows or GLP mechanisms.
Main risks
Perpetual trading adds liquidation risk, and leverage can magnify losses. Liquidity providers face trader-counterparty exposure and smart contract risk. The 2025 V1 exploit also shows that older contracts and liquidity pools can retain risk after a protocol migration.
Best for:On-chain perpetual tradersMulti-chain wallet usersLiquidity pool providersCommodity and equity market traders
Pros and cons
Pros
- 100+ markets include crypto, metals, energy and US equity indices
- Supports trading across Arbitrum, Avalanche, MegaETH and Solana
- Self-custody wallet trading avoids depositing funds with a centralized exchange
- GM and GLV pools give liquidity providers trading, swap and borrowing fee exposure
- GMX Account accepts deposits from Ethereum, Base and BNB Chain
Cons
- Up to 100x leverage increases liquidation and loss risk
- Liquidity providers act as counterparties to perpetual traders
- V1 GLP pool lost approximately $42 million in the July 2025 exploit
- April 2021 ABDK audit did not cover the exploited GLP mechanisms
- Oracle and smart contract risks remain
Our review
3.2/5
Fair
GMX combines deep perpetual markets with self-custody trading, but the $42 million 2025 V1 exploit remains a serious security and liquidity-provider risk.
GMX is a self-custody perpetual and spot exchange with more than 100 markets covering crypto, gold, silver, energy and US equities. Its listed trading chains are Arbitrum, Avalanche, MegaETH and Solana, while GMX Account accepts deposits from Ethereum, Base and BNB Chain without manual bridging.
Liquidity comes from GM and GLV pools rather than a conventional order book. Liquidity providers take the other side of trades and earn fees from trading activity and borrowing, including swaps. This can support the low-price-impact execution GMX advertises, but it also transfers trader exposure and pricing risk to pool depositors. Perpetual traders get up to 100x leverage and more than 100 markets.
GMX EVM recorded about $1.19 million in fees over the 30 days covered by October 2026 data, with $212.78 million in total value locked on October 17, 2026. The combined figure was about $242.39 million in locked value.
On July 9, 2025, a reentrancy vulnerability in the GMX V1 GLP pool on Arbitrum enabled the theft of more than $42 million. GMX halted V1 trading and GLP minting and redemption on Arbitrum and Avalanche. The attacker returned most of the funds and received a $5 million bounty. GMX said V2 contracts, GMX tokens and Avalanche liquidity pools were unaffected, but the incident exposed weaknesses in an unaudited fix and the scope of earlier audits.
Specs
| Type | AMM, Perpetuals · unverified |
|---|---|
| Chains | Arbitrum, Avalanche, Solana, Other |
| Audited | Yes · unverified |
| Governance token | GMX · unverified |
| Perpetual futures | Yes · unverified |
| Max leverage (x) | 100 · unverified |
| Points or rewards program | Yes · unverified |
Not disclosed by the provider: KYC required, Swap fee, Limit orders, Cross-chain swaps, Open source, Routes across other DEXs, MEV protection, Mobile app.
Data from the provider's website and public sources. Fees and availability change; confirm on the official site before you sign up.
Key features
Perpetual markets
Trades more than 100 markets covering crypto, gold, silver, energy and US equity indices, with up to 100x leverage.
Oracle-priced trading
Perpetual positions use oracle-based pricing and pooled liquidity instead of a conventional central limit order book.
Four trading chains
Trading is available on Arbitrum, Avalanche, MegaETH and Solana.
Cross-chain deposits
GMX Account accepts deposits from Ethereum, Base and BNB Chain without manual bridging.
GM and GLV pools
Liquidity providers deposit into GM and GLV pools that earn fees from trading, swaps and borrowing.
Spot markets
The exchange supports spot trading alongside perpetuals across its supported on-chain markets.
Dollar Vault
The USDG Dollar Vault spreads deposits across GM liquidity pools behind deeper perpetual markets.
Inside GMX
GMX perpetual exchange
The perpetual exchange supports on-chain trading across more than 100 crypto, gold, silver, energy and US equity markets. Traders use a self-custody wallet and can access leverage of up to 100x.
GMX Account
GMX Account lets users trade from Ethereum, Base and BNB Chain without manual bridging. Trading is available on Arbitrum, Avalanche, MegaETH and Solana.
GM and GLV pools
GM and GLV pools let users provide liquidity and earn fees from trading, swaps and borrowing. These pools provide liquidity behind GMX markets.
GMX Dollar Vault
The GMX Dollar Vault spreads USDG deposits across the GM liquidity pools behind GMX's deepest perpetual markets. Its October 2026 launch offered an estimated 7% to 12% base APR and an 8% or higher launch boost for the first eight weeks.
GMX screenshots
What users say about GMX
Users repeatedly praise GMX for fee-based staking rewards, while the limited product-specific criticism focuses on fees. Other positive points, such as reliability, control of funds, and low price impact, are mentioned by only one author each.
In their own words
“You can find real yield on gmx.io Real yield as in, they earn fees from traders and return the fees back to stakers No token inflation”
“I’ll check out those with real yields, earning real fees protects like gmx.io or hyperliquid Been staking these real yield tokens”
“Onchain trading platforms compared — what actually works for active traders in 2026 Been jumping between platforms trying to find something that doesn't feel like a compromise. Here's where I landed: dYdX — solid perps, but the UX is still clunky for anyone coming from TradingView.”
Based on 9 Reddit posts and comments from the last 12 months, checked Oct 18, 2026. These are posts by users on other sites, not reviews submitted on CryptoReview.
User reviews
No user reviews yet. Have you used GMX? Share your experience below.
FAQ
What is GMX?
GMX is a decentralized perpetual and spot exchange using GM and GLV liquidity pools as the trading counterparty. It offers more than 100 markets across crypto, commodities, energy and US equities, with up to 100x leverage.
Which chains does GMX support?
GMX trading is available on Arbitrum, Avalanche, MegaETH and Solana. GMX Account supports deposits from Ethereum, Base and BNB Chain without manual bridging.
Does GMX require KYC?
GMX is described as a permissionless exchange that operates from a self-custody wallet.
Is GMX safe?
GMX V1's GLP pool on Arbitrum was exploited for more than $42 million on July 9, 2025, after a reentrancy vulnerability. Trading and GLP minting and redemption were suspended on Arbitrum and Avalanche, while GMX said V2 contracts, GMX tokens and Avalanche liquidity pools were unaffected.
Does GMX have a token?
GMX has a governance token called GMX. The EVM fee model allocates 27% of collected fees to GMX token holders, while GMX V1 allocates 30% of collected fees to GMX stakers.
How does liquidity work on GMX?
GM and GLV pools provide liquidity and act as the counterparty to trades. Liquidity providers can earn fees from trading, swaps and borrowing, while taking exposure to pool pricing and trader performance.
Latest from GMX on X
Looking forward to working with @falconfinance as part of GMX’s treasury management strategy.
Oct 29, 8:30 AM ET: Q3 GDP and September PCE drop together.
Consensus: GDP ~3.2% annualized, core PCE ~0.3% m/m and ~3.1% y/y.
The Fed held at 3.75–4.00% in a 10–2 vote. Both dissents wanted a hike. This is the first major data to come after, and it will shape December. https://t.co/EvupQO7gyZ
Consensus: GDP ~3.2% annualized, core PCE ~0.3% m/m and ~3.1% y/y.
The Fed held at 3.75–4.00% in a 10–2 vote. Both dissents wanted a hike. This is the first major data to come after, and it will shape December. https://t.co/EvupQO7gyZ
Big tech earnings week:
Oct 28: $MSFT, $GOOGL after the close, hours after the Fed decision
Oct 29: $AMZN, $MSTR after the close
Nov 2: $AAPL, John Ternus’ first call as CEO
Watch cloud growth, AI spend, and holiday guidance. All five trade as Solana perps. https://t.co/3AJOQ1rZTk
Oct 28: $MSFT, $GOOGL after the close, hours after the Fed decision
Oct 29: $AMZN, $MSTR after the close
Nov 2: $AAPL, John Ternus’ first call as CEO
Watch cloud growth, AI spend, and holiday guidance. All five trade as Solana perps. https://t.co/3AJOQ1rZTk
FOMC decision: Oct 28, 2 PM ET; Warsh presser at 2:30.
Markets see ~90% odds of a hold at 3.75–4.00%, and ~80% for a December hike.
Oil pulled back, but energy-driven inflation persists. A firm December stance typically lifts the dollar and yields, pressuring gold (now at ~$4K).
Markets see ~90% odds of a hold at 3.75–4.00%, and ~80% for a December hike.
Oil pulled back, but energy-driven inflation persists. A firm December stance typically lifts the dollar and yields, pressuring gold (now at ~$4K).
Recent public posts from @GMX_IO, shown as published. Not reviewed or endorsed by CryptoReview.
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