GMX
GMX
Decentralized perpetual futures trading protocol
Performances
RD Popularity Index
RD Growth Index
| 1h | 24h | 7d | 30d | 60d | 90d |
|---|---|---|---|---|---|
| 0.39% | 4.54% | 0.24% | 8.59% | 32.21% | 2.73% |
Revenue & Burn
Protocol income
$3.12MBuyback funds
$2.82MBurn funds
--Buyback ratio
90.4%Protocol funds over time
Monthly amounts & ratios
| Period | Protocol income | Buyback funds | Burn funds | Buyback ratio |
|---|---|---|---|---|
| Oct 2026 | $3.12M | $2.82M | -- | 90.4% |
| Sep 2026 | $1.91M | $1.08M | -- | 56.7% |
| Aug 2026 | $1.46M | $491.77K | -- | 33.6% |
| Jul 2026 | $1.39M | $473.3K | -- | 34.0% |
| Jun 2026 | $1.42M | $545.08K | -- | 38.2% |
| May 2026 | $1.54M | $541.75K | -- | 35.0% |
Comparison
Tokenomics
Unlock Progress
On-chain Holding
| Holding Token | Price | Amount | Total Value |
|---|---|---|---|
| No Data | |||
Top Holders
| Address | Token | Quantity | 7d | Percentage | Value |
|---|---|---|---|---|---|
| 0x908c...9dd4 | GMX | 5,974,556.68 | 7,031.6+0.11% | 57.12% | $49.94M |
| 0x0298...f86b | GMX | 707,429.51 | -288.6-0.05% | 6.76% | $5.91M |
| Binance 8 (acec) | GMX | 576,217 | -- | 5.51% | $4.81M |
Open Markets
| # | Exchange | Pair | Price | +2% depth | -2% depth | Volume (24h) | volume % |
|---|---|---|---|---|---|---|---|
| 1 | HHTXCEX | GMX/USDT | $8.06 | $4,356 | $2,518 | $1,077,294 | 26.61% |
| 2 | PPhemexCEX | GMX/USDT | $8.12 | $1,692 | $1,927 | $396,089 | 9.78% |
| 3 | BBybitCEX | GMX/USDT | $8.05 | $9,108 | $9,744 | $90,307 | 2.23% |
| 4 | GMX/WETH | $8.1 | $3,598 | $3,587 | $82,575 | 2.04% | |
| 5 | BBingXCEX | GMX/USDT | $8.08 | $22,513 | $22,841 | $54,107 | 1.34% |
| 6 | OOKXCEX | GMX/USDT | $8.09 | $12,444 | $23,478 | $50,071 | 1.24% |
| 7 | KKrakenCEX | GMX/USD | $8.09 | $10,129 | $53,156 | $35,565 | 0.88% |
| 8 | USDC/GMX | $8.03 | $662 | $660 | $15,246 | 0.38% | |
| 9 | USDC/GMX | $8.03 | $662 | $660 | $15,246 | 0.38% | |
| 10 | BBitgetCEX | GMX/USDT | $8.07 | $34,242 | $35,397 | $13,532 | 0.33% |
Follow Updates
Follow Lists
People
About GMX
GMX is a decentralized spot and perpetual exchange running on Arbitrum, Avalanche, and Solana (beta). It allows users to trade directly from their wallets without an order book, instead using oracle-based pricing and pooled liquidity. GMX V2, the current main product, uses isolated GM pools to improve risk separation and supports up to 50x leverage. The protocol's core value proposition is zero price impact for large trades and deep liquidity sourced from LPs, with fees distributed among GMX stakers, the treasury, and liquidity providers.
GMX addresses the pain point of slippage and counterparty risk in traditional DEXs by acting as the counterparty itself. However, its market share has declined significantly, falling to roughly 0.5% of perp DEX volume, while competitors like Hyperliquid dominate with 70-80% share. In the past six months (March to September 2026), GMX's monthly trading volume dropped about 74% from its peak, and token buybacks have failed to reverse the trend. Three community votes to lower the threshold for resuming staker distributions were all rejected. The protocol's V1 was exploited in July 2025, losing $42 million, which was fully compensated, but V2 remained unaffected. GMX has also quietly shut down its deployment on one blockchain in July 2026. The team is now focusing on improving liquidity depth and user experience under new leadership, but faces an uphill battle against faster-moving competitors.
GMX launched in September 2021 on Arbitrum as a perpetual DEX with a peer-to-pool model, later expanding to Avalanche. In 2022, it integrated with Ethereum mainnet, allowing direct trading and liquidity provision. The protocol introduced a dual-token system (GLP for liquidity, GMX for governance and fee sharing) and pioneered low-latency oracles via Chainlink.
A critical turning point occurred in July 2025 when a cross-contract reentrancy vulnerability in GMX V1 on Arbitrum was exploited, resulting in approximately $40 million in losses. The team suspended V1 trading and GLP minting, offered a 10% white-hat bounty, and the hacker returned over $40 million in assets while retaining 1,700 ETH. GMX later completed a $44 million compensation plan for affected users, fully repaying liquidity providers—a rare recovery in DeFi.
Following the incident, GMX shifted focus to V2 with isolated GM pools, which remained unaffected. In 2026, the DAO spent $320,000 to repurchase 48,280 GMX tokens, and publicly recruited a CEO with a compensation package up to $700,000 annually, signaling governance and operational restructuring to regain competitiveness.
Publicly identifiable co-founder and core contributor info:
Vince F.: Co-founder of GMX.io DEX (since Jan 2020), based in Singapore/Hong Kong. Described as a DeFi angel investor. Previously worked as Manager at Gemini (2016-2020) and Derivatives Specialist at Kraken (2012-2015). Has MIT Professional Education.
coinflipcanada: Core contributor at GMX, focusing on strategy and ecosystem development. Also a founding advisor to Camelot DAO. Involved in investments across Berachain, Dolomite, Eigenpie, Movement, RedStone, SYNTHR, and TapiocaDAO.
No reliable public information found for other co-founders or current core executives.