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 supports trading of more than 70 assets with leverage of up to 100 times and operates on the Arbitrum, Avalanche, and Solana networks. The protocol is aimed at traders who want the leverage and asset variety typically found on centralized platforms while retaining control of their own funds.

Trading on GMX is facilitated through isolated GM pools, where liquidity providers deposit assets that act as the counterparty to leveraged trades, and through GLV vaults that aggregate that liquidity more capital-efficiently. The GMX token exists within this system and entitles holders to a share of protocol revenue; the data records holder revenue of 494,205 USD over the trailing 30 days. The protocol runs on Arbitrum and Avalanche, both of which use their own consensus mechanisms, so GMX itself has no consensus algorithm — it is an application layer rather than a base-layer network.

Fees are generated when traders open, close, or are liquidated on leveraged positions, with the fee stream totalling 466,214 USD over the trailing 7 days, 1,830,382 USD over the trailing 30 days, and 31,207,649 USD over the trailing 12 months. Of the fees collected in the trailing 30 days, the protocol retained roughly 37 percent as revenue — amounting to 677,240 USD over that period — while liquidity providers received 1,153,142 USD and GMX token holders received 494,205 USD. The annualized fee figure derived from the trailing 30 days stands at 22,269,647.67 USD, and fee volume grew approximately 35.89 percent over the most recent 30-day window.