GMX is a decentralized perpetual and spot exchange on Arbitrum, Avalanche, MegaETH and Solana. Trade crypto, commodities, forex, equities and indices with up to 100x leverage directly from your wallet, with deep liquidity, one-click trading and sub-second Chainlink pricing. Liquidity comes from GM pools and GLV vaults, which anyone can supply to and earn trading fees from all the on-chain trading activities. GMX is the protocol’s utility and governance token.
GMX is a decentralized perpetual and spot exchange that launched on Arbitrum in September 2021 as that network opened to the public. The GMX token launched without an ICO or venture round. The protocol is governed by the GMX DAO, and development is led by pseudonymous core contributors.
GMX V1 introduced GLP, a single multi-asset liquidity pool of blue-chip assets and stablecoins that acted as the counterparty to traders, with trades executed at oracle prices rather than against an order book. Liquidity providers and GMX stakers shared protocol fees paid in each chain's native asset (ETH on Arbitrum, AVAX on Avalanche). GMX V2, launched in August 2023, replaced the shared GLP pool with isolated GM pools for each market, added synthetic markets for assets not held in the pools, and introduced funding fees and price impact to keep long and short open interest balanced. V2 pricing runs on Chainlink Data Streams, for which GMX was the launch partner. Protocol updates and market listings are published on the GMX blog and documented in the GMX docs.
Other significant events in the protocol's history include:
