GMX
GMX
GMX is a perpetuals DEX on Arbitrum built on the GLP model, with competitive fees and no KYC. Its main drawbacks are the counterparty risk tied to the GLP pool and lower liquidity than Hyperliquid, alongside the usual liquidation risk.
Data & conditions
| Liquidity model | AMM |
|---|---|
| Maker / Taker fee | 0.1% / 0.1% |
| Markets | Spot + Perp |
| Supported chains | Arbitrum, Avalanche |
| TVL (as of Jun 13) | $152M |
| 24h volume | $2.8B |
| Native token | GMX |
| Fund custody | Non-custodial (funds in your wallet) |
| Supported wallets | MetaMask, WalletConnect, Rabby, Coinbase Wallet, Trust Wallet, OKX Wallet, Ledger |
| Audits | Guardian Audits (primary auditor, multiple engagements 2022-2026), ABDK Consulting (GMX Synthetics), Certora (Nov 2023), Dedaub (GMX Synthetics), Sherlock (GMX Synthetics updates) |
| Governance | DAO + GMX token (Snapshot governance + multi-sig execution) |
| KYC | Full |
| Supported countries | US, EEA, APAC, LATAM, MENA, AFRICA · 200+ countries |
| Regulator | None |
| Segment | B2C |
| MiCA / License status | None (decentralized protocol) |
Strengths
- Perpetual DEX Arbitrum; GLP model; fee competitive; zero KYC.
- Self-custody: funds stay in your wallet — the platform cannot touch them.
- Permissionless and decentralized: no approval needed to operate.
- Public security audits.
Weaknesses
- GLP counter-party risk; less liquidità vs Hyperliquid.
- Full KYC required: verified identity, zero pseudonymity.
Verdict
For the average user the limits are clear: no regulator, no guarantees and the counterparty risk tied to the GLP pool stacking onto perpetual liquidation risk. Liquidity below Hyperliquid can mean worse execution, and with keys always in the user's hands formal protection is non-existent. The high grade rewards the model, not the protection.
From a crypto-native angle GMX holds up well: a non-custodial perpetuals DEX on Arbitrum and Avalanche using the GLP model, competitive fees and no KYC, with on-chain settlement and full fund control. The GLP pool as counterparty is a design choice that stays trustless but carries a specific risk; liquidity below Hyperliquid is what keeps it just behind the top.
Promp's editorial rating based on real fees and net annual cost. Promp reviews third-party products independently.
"Sovereignty" rating: score computed on privacy/anonymity (30%), fund control (20%), censorship resistance (20%), trustless/auditability (20%) and costs (10%). Same data, different weights.
FAQ
Is GMX truly decentralized?
GMX is a non-custodial decentralized exchange: funds stay in your wallet. Liquidity model: AMM (GLP pool). Governance token: GMX.
Which blockchains does GMX support?
GMX is available on Arbitrum and Avalanche.
What is GMX's TVL?
GMX's Total Value Locked is about $152M (snapshot 2026-06-13). The figure is dynamic: check the live value on DefiLlama.
What are GMX's fees?
GMX's trading fees range 0.1%. On top of these there are on-chain gas fees, which vary with network congestion.
Does GMX support perpetuals and leverage?
GMX offers perpetual contracts, with up to 50x leverage. It supports spot token swaps.
Sources
- Official service page Liquidity model · TVL · Blockchain · Fees · +5 Data verified on Jun 14, 2026
- coingecko.com Legal name · Company type · Stock ticker · Stock listing · +1 Data verified on Jun 14, 2026
- docs.gmx.io Security audit Data verified on Jun 14, 2026
- halborn.com Data verified on Jun 14, 2026
Show 5 more sources
- onekey.so Supported wallets Data verified on Jun 14, 2026
- trustpilot.com Trustpilot reviews Data verified on Jun 14, 2026
- bitvixo.com 24h volume Data verified on Jun 13, 2026
- crawlux.com Past incidents · Bug bounty Data verified on Jun 13, 2026
- thestandard.io Founders · Governance · Third-party audit Data verified on Jun 13, 2026