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GMX v2
GMX pioneered the pool-backed perp model: traders take positions against a shared liquidity pool at an oracle price with zero slippage. v2 replaced the single GLP basket with isolated GM markets, so a long-tail asset blowing up cannot drain the pool backing BTC.
$62.72M
Open interest
-
24h volume
103
Live markets
1m ago
Last refresh
polled live
Mechanics
How it works
Each GM market pairs a long token and a short token backing one index asset. Traders open positions at a Chainlink low-latency oracle price and pay a borrowing fee proportional to pool utilisation plus a price-impact fee that pushes open interest toward balance.
Risk
What to watch
Because fills happen at an oracle price rather than against a book, GMX is structurally exposed to oracle latency and manipulation on thin assets. LPs are the counterparty to trader PnL and lose when traders win.
Incentives
Points and tokens
GMX (post-TGE)token live
GMX has a live token; there is no points programme. Value accrues to GMX and GM liquidity providers via fee share.
How to earn Stake GMX or provide GM pool liquidity to earn a share of trading fees in ETH.
Markets
What GMX lists
Deepest first.