24h Change+1.21%
All Time HighApr 18, 2023$91.07
All Time LowJun 5, 2026$5.07
Market Cap$56.89m
Fully Diluted Valuation$72.4m
Circ. Supply10.41m GMX
Max Supply13.25m GMX
Outstanding FDV$72.4m
CEX Volume$3.5m
DEX Volume$2.38m
Uniswap V3 · Arbitrum$13.44m
Camelot V3 · Arbitrum$204,754
| Q2 2026* | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 | Q3 2021 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Gross Protocol Revenue | $5.04M | $8.71M | $7.47M | $16.31M | $29.78M | $22.50M | $27.72M | $17.98M | $27.40M | $37.84M | $28.41M | $13.31M | $38.91M | $51.62M | $34.49M | $30.20M | $23.81M | $27.72M | $9.91M | $1.02M |
| Margin Fees | $4.76M | $8.16M | $6.98M | $14.45M | $14.09M | $17.29M | $23.63M | $13.67M | $18.99M | $21.06M | $8.23M | $765.25K | ||||||||
| Token Swap Fees | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||
| Liquidation Fees | $282.11K | $546.78K | $495.84K | $909.16K | $1.24M | $1.94M | $125.19K | $0 | $0 | $0 | $0 | $0 | ||||||||
| Mint/Redeem Fees | $0 | $160 | ||||||||||||||||||
Cost of Revenue | $3.18M | $5.48M | $4.71M | $10.34M | $19.77M | $14.40M | $17.74M | $11.63M | $17.85M | $25.01M | $19.31M | $9.26M | $27.24M | $36.13M | $24.14M | $21.14M | $16.67M | $19.40M | $6.94M | $714.18K |
| Margin Fees | $3M | $5.14M | $4.39M | $9.10M | $8.88M | $10.89M | $14.89M | $8.61M | $11.96M | $13.27M | $5.18M | $482.10K | ||||||||
| Token Swap Fees | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||
| Liquidation Fees | $177.72K | $344.47K | $312.38K | $572.77K | $787.23K | $1.22M | $78.87K | $0 | $0 | $0 | $0 | $0 | ||||||||
| Mint/Redeem Fees | $0 | $33 | ||||||||||||||||||
Gross Profit | $1.86M | $3.22M | $2.76M | $5.97M | $10.01M | $8.09M | $9.98M | $6.35M | $9.55M | $12.82M | $9.10M | $4.04M | $11.67M | $15.48M | $10.34M | $9.06M | $7.14M | $8.31M | $2.97M | $306.07K |
| Margin Fees | $1.76M | $3.02M | $2.58M | $5.35M | $5.21M | $6.40M | $8.74M | $5.05M | $7.02M | $7.79M | $3.04M | $283.14K | ||||||||
| Token Swap Fees | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||
| Liquidation Fees | $104.37K | $202.31K | $183.45K | $336.39K | $462.34K | $721.17K | $46.32K | $0 | $0 | $0 | $0 | $0 | ||||||||
| Mint/Redeem Fees | $0 | $160 | ||||||||||||||||||
Incentives | $20.14K | $87.72K | $82.70K | $182.99K | $142.67K | $173.82K | $435.80K | $359.26K | $443.07K | $1.47M | $2.90M | $3.17M | $5.47M | $6.11M | $5.94M | $6.14M | $3.21M | $2.72M | $972K | $0 |
| GLP LP Vesting | $4.17K | $14.66K | $21.21K | $75.05K | $63.35K | $140.22K | $369.97K | $343.65K | $414.23K | $1.47M | $2.90M | $3.17M | $5.47M | $6.11M | $5.94M | $6.14M | $3.21M | $2.72M | $972K | $0 |
| Affiliate Vesting | $15.97K | $73.05K | $61.48K | $107.93K | $79.32K | $33.59K | $65.83K | $15.61K | $28.84K | $372.05 | ||||||||||
Earnings | $1.84M | $3.13M | $2.68M | $5.78M | $9.86M | $7.92M | $9.54M | $5.99M | $9.10M | $11.35M | $6.19M | $876.36K | $6.19M | $9.37M | $4.39M | $2.91M | $3.93M | $5.58M | $2M | $306.07K |
Token Holder Net Income | $1.36M | $2.35M | $2.01M | $4.43M | $8.47M | $6.17M | $7.60M | $4.98M | $7.65M | $10.72M | $8.27M | $3.97M | $11.67M | $15.48M | $10.34M | $9.06M | $7.14M | $8.31M | $2.97M | $306.07K |
| Margin Fees | $1.28M | $2.20M | $1.88M | $3.90M | $3.80M | $4.67M | $6.38M | $3.69M | $5.12M | $5.68M | $2.22M | $206.61K | ||||||||
| Token Swap Fees | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||
| Liquidation Fees | $76.16K | $147.63K | $133.87K | $245.46K | $337.39K | $526.25K | $33.80K | $0 | $0 | $0 | $0 | $0 | ||||||||
| Mint/Redeem Fees | $0 | $14 |
How much debt can be issued against GMX as collateral across lending protocols.
Maximum possible exposure to GMX
$320,845
$316,064 (max additional borrows against GMX) + $4,782 (bad debt if GMX was hacked now)
Compound V3
$320,845 at-risk exposure = $4,782 bad debt if hacked + $316,064 additional borrowable against GMX
Showing collateral exposure for GMX on Arbitrum. Max Borrowable uses the backend's liquidity-bounded borrow-capacity metric (`collateralMaxBorrowUsdLiquidity`) for the maximum additional USD debt that can be issued against the asset right now. Bad Debt at $0 is the minimum known bad debt if the collateral asset price goes to zero; null rows are excluded from this total rather than treated as zero, so totals may remain lower bounds.
Each row is one protocol-chain exposure for GMX as collateral. Bad debt at $0 totals remain lower bounds when a row is marked partial.
Protocol | Chain | |||
|---|---|---|---|---|
gmx0xfc5a1a6eb076a2c7ad06ed22c90d7e710e35ad0a | $316,064 | $4,782 |
Risk-management actions published about GMX by tracked risk managers and governance contributors, newest first.
GMX utilization varies but is low in some Comets like Arbitrum USDC.e (<1%), leading to cap set to 0 for dormant markets, while active ones are buffered ~30% above supply to align with demand and minimize unused risk amid exploit concerns.
GMX has shown extremely low user demand in the Arbitrum USDC.e market, with average supply cap utilization at 0.05% over the past 30 days. The recommendation to halve the supply cap aims to minimize protocol risk from underutilized assets.
The GMX market has exhibited very low utilization, averaging 0.05% on USDC.e and 0.96% on USDT over the past 30 days, necessitating lower caps to decrease overall risk.
GMX market on Arbitrum USDT has demonstrated low user demand, with supply cap utilization reaching a maximum of 0.44% over the past 30 days. Lowering the cap reduces protocol risk exposure without impacting open positions.
GMX in the Arbitrum USDC.e market has low utilization of 0.02% over the past 30 days, driving a proposal to cut the supply cap in half and lower overall exposure.
GMX's volatile profile as a DeFi token necessitates optimized parameters from Monte Carlo simulations, focusing on liquidity impact curves to ensure liquidators can act without triggering broader insolvency in the LLAMMA system.
Reduced sampling identifies A=29 and 10% liquidation discount to minimize losses in volatile GMX markets; however, Arbitrum Uniswap pools paired with stables lack sufficient liquidity for reliable TWAP, preferring Chainlink feeds despite occasional update lags.
GMX supply on Arbitrum USDC Comet has grown with one user holding 92% of the current cap at ~$3.8M, and higher liquidity supports raising the supply cap to 120,000 while increasing the collateral factor to 60% and liquidation factor to 75% to boost capital efficiency without elevating insolvency risk. On the USDC.e Comet, the liquidation penalty rises to 15% as a risk-off measure amid USDC.e's planned deprecation by Circle.
Analysis of Compound’s liquidation mechanism and DEX liquidity shows that even at a doubled supply cap and higher utilization, liquidations would face only 4% slippage, allowing for increased collateral and liquidation factors to boost capital efficiency without elevating insolvency risk.
v3 allows the largest relative hikes for GMX due to its current conservative settings, with the absorption process's upside potential offsetting risks based on observed low liquidity and demand on Arbitrum.
GMX is the platform's utility and governance token. GM tokens represent shares in a liquidity pool for a single GMX market. GLV (GMX Liquidity Vault) holds various GM tokens as an auto-rebalancing vault of liquidity pools.
The GMX DAO owns protocol-owned liquidity in the form of Uniswap V3 NFT LP tokens. Current revenue split was set by DAO vote
GMX holders vote on treasury-related proposals. The GMX DAO owns the protocol-owned liquidity in the form of Uniswap V3 NFT LP tokens.
Holders vote on revenue-related parameters, such as fee adustments & incentive distributions
Protocol fees are shared with LPs, GMX stakers and GMX treasury
Value accrues through buybacks and distribution of platform fees
GMX Labs was created by the DAO as its service provider. Labs operates fully under DAO oversight and direction. A recent funding proposal requesting 250,000 GMX from the treasury passed, granting two years of operational runway for Labs, with a $9,000,000 annual spend ceiling.
Protocol fees are automatically split: 63% to GM LPs, 27% to GMX stakers, 10% to GMX treasury
GMX stakers earn 27% of platform revenue
No burn mechanism is currently active
An is required to view token usage.
An is required to view token unlocks.
Showing 10 of 18 pools
Pool | Project | Chain | 30d APY Chart | ||||||
|---|---|---|---|---|---|---|---|---|---|
| open in new tabWGMX-USDC | 🪂 | $276,828 | 52.22% | 52.22% | 24.21% | ||||
| open in new tabGMX-USDC | $236,234 | 136% | 136% | 26.24% | |||||
| open in new tabWGMX-USDC | 🪂 | $209,887 | 55.12% | 55.12% | 32.74% | ||||
| open in new tabWGMX-USDC | 🪂 | $107,747 | 181% | 181% | 49.30% | ||||
| open in new tabWGMX-USDC | 🪂 | $100,603 | 50.86% | 50.86% | 19.36% | ||||
| open in new tabWETH-GMX0.3% | $92,156 | 53.52% | 53.52% | 59.24% | |||||
| open in new tabWGMX-USDC | 🪂 | $52,255 | 146% | 146% | 36.54% | ||||
| open in new tabWETH-GMX | $43,541 | 86.79% | 86.79% | 119% | |||||
| open in new tabGMX-WETHCamelot | $13,094 | 69.98% | 48.00% | ||||||
| open in new tabGMX-WETHUniswap | $10,114 | 59.61% | 23.81% |
Showing 10 of 76 routes
Pool | Project | Chain | |||||||
|---|---|---|---|---|---|---|---|---|---|
| open in new tabGMX ➞ WBTC | $12.28m | 0% | 0% | 0% | 80% | $516,276 | $0 | ||
| open in new tabGMX ➞ WBTC | $12.28m | 0% | 0% | 0% | 60% | $11,410 | |||
| open in new tabGMX ➞ WBTC | $12.27m | 0% | 0% | 0% | 80% | $516,276 | $0 | ||
| open in new tabGMX ➞ WBTC | $12.27m | 0% | 0% | 0% | 60% | $11,410 | |||
| open in new tabGMX ➞ WSTETH | $5.91m | 0% | 0% | 0% | 80% | $516,276 | $0 | ||
| open in new tabGMX ➞ WSTETH | $5.91m | 0% | 0% | 0% | 60% | $11,410 | |||
| open in new tabGMX ➞ WSTETH | $5.09m | 0% | 0% | 0% | 80% | $516,276 | $0 | ||
| open in new tabGMX ➞ WSTETH | $5.09m | 0% | 0% | 0% | 60% | $11,410 | |||
| open in new tabGMX ➞ WETH | $4.62m | 0% | 0% | 0% | 80% | $516,276 | $0 | ||
| open in new tabGMX ➞ WETH | $4.62m | 0% | 0% | 0% | 60% | $11,410 |
