GMX

GMX is a decentralized exchange built for trading perpetual futures and other derivatives directly from a self-custody wallet, without requiring a centralized intermediary. It is designed for traders who want leveraged exposure to more than 70 assets — up to 100 times their deposited collateral — while retaining control of their own funds. The protocol operates on Arbitrum, Avalanche, and Solana, and is working toward access from other EVM-compatible blockchains.

Trading on GMX is supported by two liquidity structures: isolated GM pools, each tied to specific asset pairs, and GLV vaults that aggregate liquidity across multiple pools for greater capital efficiency. Liquidity providers deposit assets into these structures and, in doing so, act as the counterparty to traders; in return they receive a share of the fees the protocol generates. The GMX token itself functions as a governance and fee-sharing instrument, with token holders receiving a portion of protocol revenue as recorded in the holders_revenue_30d figure of 4,026,531 USD over the trailing 30 days.

GMX generates fees from trading activity — primarily the spreads and borrowing costs paid by leveraged traders using the platform. Over the trailing 24 hours fees totaled 244,200 USD, over the trailing 7 days 1,220,564 USD, and over the trailing 30 days 6,770,460 USD, with the trailing 12-month figure standing at 75,236,928 USD. The protocol retains a meaningful share: its take rate over the trailing 30 days was 70.23%, meaning roughly 70 cents of every fee dollar is classified as protocol revenue, with the remainder going to liquidity providers as supply-side revenue — 2,015,514 USD in the trailing 30 days. Of the revenue the protocol recognizes, token holders received 4,026,531 USD over the same 30-day period, while the annualized revenue figure extrapolated from the trailing 30 days stands at 57,851,843 USD.