GMX

GMX is a decentralized exchange where users can trade leveraged perpetual futures and make spot swaps. The protocol runs on more than one network, chiefly Arbitrum and Avalanche. The GMX token, which shares the platform's name, is its governance and utility token; it has no chain of its own and exists as a token on these networks.

On GMX, the counterparty to trades is the pools into which liquidity providers deposit assets. Pool participants receive a share of trading fees and of traders' losses, while profitable positions are paid out from the pool when they close. Because prices are taken from external oracle networks, orders are executed without being tied to an automated market maker's price curve. Part of the fees the platform generates is directed to the GMX economy; token holders can stake GMX to share in this distribution and take part in governance votes. The fee distribution model may be changed over time by DAO decisions.

The GMX price may depend on trading volume and fee income on the platform, the risk the pools carry as counterparty, oracle and smart contract security, and competing derivatives DEXs. Losses suffered by an older version of the protocol in 2025 due to a security vulnerability are a concrete example of such risks. On the GMX page on Lzzo.com, the price is taken from the GMX/USDT pair on Binance, converted into dollars at Coinbase Exchange's USDT/USD rate and presented in the chart with this series.