GMX exchange profile

GMX combines spot swaps and perpetual contracts with liquidity supplied through pools. Its current main documentation covers Arbitrum One, Avalanche C-Chain and MegaETH, with more than one hundred crypto and traditional-market reference instruments and leverage up to 100x where the market permits it. Prices come from oracle-based execution rather than a conventional central limit order book. A liquidity-provider token, a perpetual position and a spot token holding give different rights and exposures.[1]

This profile’s trading rules concern that EVM service. DefiLlama also retains a GMX Solana category whose current description identifies GMTrade, its separate website and GT token. Its volume is excluded from the representative EVM figure below; the EVM fee, wallet and settlement rules should not be imported into that separate Solana product.[29]

These contracts trade continuously on the crypto venue while their underlying markets have sessions and holidays. The maximum shown for one session is not a standing leverage entitlement, and the reference exposure does not establish shareholder voting, dividends paid directly by an issuer, or delivery of the commodity.[5]

A US$10,000 opening that improves balance costs US$4; an unchanged-notional close that worsens it costs US$6. The US$10 total excludes funding, borrowing, price impact, network execution and price movement.[4]

Trader referral discounts are 5% or 10% of opening/closing fees and exclude funding and borrowing. Qualifying Arbitrum traders receive automatic 5% and 10% discounts at US$50 million and US$250 million lifetime volume. Affiliate rewards are a separate 5%–15% share under standard tiers. Referred traders graduate to protocol codes after twelve months or US$20,000 generated affiliate rewards; their discount remains but the previous affiliate stops earning from them.[25]

The referral guide also distinguishes fee reductions applied at execution from affiliate rebates accumulated in market collateral tokens and claimed separately. Combining rebates into another asset uses an external aggregator, adding its route, slippage and fee conditions. The old weekly esGMX affiliate bonus ended on 4 February 2026.[25]

Liquidity withdrawals are constrained by available pool assets. A GM or GLV holder may need to wait for positions to close or for new deposits when reserve capacity is exhausted. Selecting a single receiving asset can require conversion and price impact. Displayed token value is therefore not a promise of immediately withdrawable stablecoin cash. The current liquidity guide labels Botanix a legacy withdrawal-only deployment.[7]

The GMX token guide describes a separate seven-day waiting period for the canonical Arbitrum-to-Ethereum token bridge. That specific bridge delay must not be substituted for every GMX Account withdrawal or direct on-chain transaction.[27]

Direct contract integrations can read balances and requests through Reader contracts and submit authorised actions through the correct exchange router. A submitted withdrawal or trade can require both chain inclusion and later keeper execution. The presence of a transaction hash alone does not establish that the final asset transfer has completed.[9]

Assets committed to trading and liquidity sit in protocol bank contracts. The architecture separates funds and state from much of the execution logic, allowing approved handlers to change through RoleStore without migrating all balances. Configuration changes use privileged roles and timelock controls; approved risk-oracle settings have defined keys and ranges. Wallet signing therefore coexists with upgrade, keeper and oracle dependencies. It does not mean that every operational component is immutable or controlled by each individual trader.[8]

The security page lists technical reviews by Guardian, ABDK, Certora, Dedaub and Sherlock, and an Immunefi bounty programme, with work covering different versions and components. These are specific review and vulnerability-reporting arrangements. No inspected disclosure establishes a statutory deposit guarantee or a private per-client insurance limit for a trader or LP.[16]

The recovery measures concerned a defined historical pool and distribution process. They do not establish a standing promise that the DAO will compensate every future loss. Integrations with their own affected balances also required separate handling.[21]

The 20 August 2026 terms require legal capacity and exclude US persons and relevant sanctioned people and territories. Circumventing access restrictions is prohibited. The site can suspend interface access. Its wallet-key warning states that GMX cannot recover lost private keys.[14]

The main interface supports a connected wallet or an integrated passkey wallet using device authentication. A separately passworded central exchange account is not required. The inspected instructions do not establish cross-device passkey recovery or a fixed security-reset withdrawal hold.[2]

The reviewed protocol schedules do not establish an account-wide inactivity debit. Delegated access has a separate lifecycle: expiry, action allowance and owner revocation can stop a signer’s authority without closing already filled positions.[10]

The API troubleshooting guide explicitly publishes no public SLA. It distinguishes cached or indexed data from current chain state and requires unknown relay outcomes to remain unresolved until reconciled. Keep the request or task identifier and the X-Trace-Id for a support report. GMX’s two API peers do not share order tracking records; switching peers can return a missing record even after an accepted submission.[12]

Keepers can cancel stale market requests after the documented expiry and buffer, but resting limit and stop instructions follow different rules. Frozen orders may need updating, cancellation or a later successful retry. Direct contracts offer another interaction path, yet do not eliminate keeper or oracle dependence and do not authorise support staff to act for the wallet.[8]

The terms require written notice through an official channel, then sixty days from the claimant’s email for informal resolution. They specify CIMA arbitration in Madrid, Bahamas law, a one-year filing deadline from when the claim arose and aggregate liability capped at SGD1,000, subject to applicable law.[14]

GMX.io’s terms expressly disclaim registration or licensing by a regulatory authority. They do not identify a complete incorporated counterparty. The profile records that disclosure, not a verified regulated-entity permission.[14]

Token governance can authorise protocol changes but is not a financial regulator. The documented process separates forum discussion, Snapshot signalling and executable on-chain proposals; an approved discussion is not automatically an executed contract change. The on-chain route includes voting and execution delays.[17]

GMX’s token history traces the project to the XVIX and Gambit communities. Its treasury and governance token should be distinguished from the assets inside each customer-funded liquidity pool. A token’s supply, buyback activity or market capitalisation is not evidence of a segregated customer cash reserve.[27]

GMX Labs’ January 2026 funding proposal describes a DAO mandate established in October 2022 to develop and maintain code, administer delegated tasks, hold intellectual property and contract with contributors and service providers. This establishes a development and administrative role; the inspected proposal does not establish a complete legal registration record or a regulated brokerage counterparty for every protocol user.[19]

Voting power derives from staked GMX and esGMX through the documented governance token and delegation system. Staking, unstaking and delegation change governance rights, while the exchange’s orders and collateral remain subject to their own contracts. Voting weight is not a customer compensation entitlement or authority to retrieve another wallet’s keys.[18]

DefiLlama’s GMX EVM page showed approximately US$1.488 billion in trailing thirty-day perpetual notional on 20 October 2026, including US$1.372 billion on Arbitrum and US$115.81 million on Avalanche. Its twenty-four-hour total was approximately US$54 million and open interest US$58.13 million. These rounded, time-sensitive figures exclude the separately grouped Solana product. Notional turnover and active wallet addresses cannot establish a verified count of registered individual traders.[28]

Operator

GMX.io interface; GMX Labs is a development service provider

Exchange model

Decentralised

Service scope

EVM pool-based spot and perpetual trading; separate Solana service excluded from these terms.

Client types

Not established

Pricing publication

Public pricing

Pricing scope

Pool-balance execution fees plus variable funding, borrowing and network costs.

Funding scope

Direct wallets and Arbitrum-settled GMX Account; supported cross-chain assets vary.

Custody and asset handling

Wallet-authorised protocol balances with keeper, oracle and privileged-role dependencies.

Client eligibility

US-person and sanctions exclusions; legal capacity required.

Support

Official Discord and technical announcements; public API SLA not established.

Authorisation and registration scope

GMX.io disclaims regulatory registration or licensing; exact incorporated counterparty unestablished.

Exchange metadata checked 20 Oct 2026Source 1Source 2Source 14Source 19Source 8Source 4Source 15

Current GMX token documentation says bought-back staking rewards are accumulating in the treasury and distribution is suspended until GMX reaches US$90. The advertised fee buyback mechanism therefore does not currently mean a regular withdrawable reward payment. A displayed estimate is not a guaranteed yield or a commitment that the price condition will be reached.[27]

GraphQL provides indexed trade, funding, claim and liquidity information. Its 2026 schema additions distinguish swap fees, impact, discounts and funding settlements; some older fields can be null rather than zero. These records help reconcile account activity, but no complete jurisdiction-specific tax statement or certified annual report was established. Indexed history can lag a newly confirmed transaction.[11]

The API distinguishes public reads, oracle snapshots, historical indexing and signed writes. SDK v1 interacts through RPC and contracts; SDK v2 also prepares and tracks API-relayed orders and supports GMX Account helpers. A public market-data endpoint does not itself authorise trading, and not every surface is available on every network.[13]

An owner can delegate trading with an expiry and action cap, then revoke it. The documented scope covers creating, updating and cancelling orders; it does not delegate liquidity deposits, withdrawals, shifts or claims. Outputs remain tied to the main account, but a delegate can still spend collateral and gas through permitted trades. Revocation changes future signing authority and does not unwind fills or settle all outstanding exposure.[10]

GMX publishes AI plugins and skills with actual execution reach: they can prepare perpetual trades, swaps and liquidity actions through the SDK or contracts when given signing authority. This goes beyond displaying analysis, so the authorised wallet or subaccount defines what the tool can do. The AI overview separately labels its MCP server as coming soon; that integration was not established as a live service.[23][24]