Perpetuals / Derivatives

GMX

Arbitrum, Avalanche Data as of March 2026

GMX is a decentralized perpetual futures exchange on Arbitrum and Avalanche that uses a unique pool-based model instead of an order book. Traders open leveraged positions against a multi-asset liquidity pool (GM pools in V2), and LPs earn from trader losses and fees.

Fee per Transaction

0.10%

Open/close position fee

Round Trip Cost

$2.00

Buy + Sell on $1,000

TVL

~$600M

GLP/GM pool-based perps

How It Works

GMX V2 uses isolated GM pools for each market (e.g., ETH/USD, BTC/USD). Traders pay 0.05% to 0.10% to open and close positions. LPs deposit assets into GM pools and earn trading fees, borrowing fees, and net trader PnL.

Pricing uses Chainlink oracles with a composite price feed, reducing front-running risk. The protocol supports up to 100x leverage on major assets.

GMX token stakers earn 30% of all platform fees in ETH/AVAX. This has made GMX one of the highest real-yield tokens in DeFi.

Strengths

+Real yield. GMX stakers earn platform fees in ETH/AVAX, not inflationary token rewards.

+Zero price impact trades. Oracle-based pricing means large trades do not move the price, unlike AMM-based venues.

+Battle-tested on Arbitrum. Over two years of continuous operation with strong volume and no major exploit.

Risks

xLP exposure to trader PnL. If traders profit consistently, LPs lose. The pool is the counterparty to all trades.

!Oracle dependency. Chainlink oracle delays or failures could affect pricing and liquidations.

!Concentrated markets. Primarily BTC and ETH. Altcoin markets have less liquidity and higher risk.

Open GMX ↗ Compare Fees ↗

Disclosure: This profile is provided for informational purposes only. White & TT does not hold a position in GMX. Fee data reflects publicly documented parameters as of March 2026. Always verify current fees on the protocol. This is not financial advice.

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