Oracle-priced perpetuals backed by GM and GLV pools. GMX combines trading and liquidity provision, with multichain funding through its account interface.
Sources checked 23 Sept 2026
01 / THE PROJECT
What it does
GMX matches a trader with protocol liquidity rather than a conventional order book. GM pools and GLV vaults supply the capital behind positions, while oracle prices anchor execution. The documentation currently lists Arbitrum, Avalanche and MegaETH deployments.
Trading and supplying liquidity are different decisions. A trader pays execution and holding costs; a liquidity provider takes exposure to pool assets and trader results. Compare the specific pool composition and withdrawal mechanics before treating a quoted yield as interest on a stable deposit.
Where it stands out
Oracle-based execution offers an alternative to orderbook trading.
Separate GM pools and GLV vaults make the liquidity model visible to users.
02 / IN PRACTICE
What you can do
01Leveraged perpetuals and swaps
02GM and GLV liquidity products
03GMX Account funding from supported external chains
03 / THE PEOPLE
Who’s behind it
GMX is maintained through contributors and token-holder governance. Official documentation links the public governance process rather than presenting a single centralized exchange operator.
Fees & availability
Fees and costs
Costs include trading, borrowing, funding and execution components. Pool and market parameters differ; use the live order preview and official trading documentation.
Eligibility and availability
Liquidity providers can lose money through market exposure and trader PnL. Interface eligibility and supported-chain rules apply.
GMX buybacks currently accumulate in the treasury rather than paying out immediately. The documentation ties a future distribution to a price trigger and staking-power rules.
Deferred staking rewardsAccumulating GMX; distributions suspendedEnd date not confirmedOfficial terms
