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Perps DEXArbitrumAvalanche

GMX: Decentralized Perpetuals Exchange Guide 2026

Trade BTC, ETH, SOL with up to 100× leverage on-chain · +150 XP · 13 min read

Cumul. Volume

$200B+

Open Interest

$800M+

Max Leverage

100×

Token

$GMX

GLP / GM

LP tokens

Rating

⭐ 4.7

What is GMX?

GMX is the leading decentralized perpetual futures exchange, allowing traders to go long or short on BTC, ETH, SOL, AVAX, LINK, and other assets with up to 100× leverage — directly from their wallet, with no KYC. Unlike CEX perps, GMX uses an on-chain liquidity pool (GLP/GM) as the counterparty to trades, meaning liquidity providers earn fees from traders' losses and pay out winners.

🌐Ecosystem Watch

Ecosystem strength is the best leading indicator of L1/L2 value. We track developer activity, unique addresses, and TVL growth — not just token price.

GMX V2 introduced isolated markets (GM pools), oracle pricing from Chainlink + custom feeds, and reduced price impact, making it more capital-efficient for large trades.

GMX Tokens: $GMX, GLP & GM

$GMX (Governance + Utility)

Stake $GMX to earn 30% of protocol fees in ETH/AVAX + esGMX rewards. Voting rights on protocol upgrades via GMX DAO.

GLP (V1 Liquidity Pool Token)

Index of assets (BTC, ETH, stablecoins). LPs earn 70% of all trading fees. Minting/redeeming has a dynamic fee based on target weights.

GM Tokens (V2 Isolated Markets)

Each trading market has its own GM pool. More risk-isolated — a single market's losses don't affect other pools. Higher yield for volatile pairs.

How to Trade Perps on GMX

1. Connect Wallet

Go to gmx.io → connect MetaMask or any WalletConnect wallet on Arbitrum or Avalanche.

2. Deposit Collateral

Deposit ETH, USDC, or WBTC as collateral. Collateral stays in your wallet — no withdrawal delay.

3. Open a Position

Select asset, choose Long/Short, set your leverage (1×–100×). GMX uses oracle prices — no spread, just a borrow fee on open positions.

4. Set Stop-Loss / Take-Profit

GMX V2 supports native SL/TP orders on-chain. Set liquidation protection at the trade entry screen.

5. Monitor Health

Track your liquidation price live on the positions dashboard. Add collateral at any time to stay healthy.

Trade perps on GMX

Complete the GMX quiz and earn +150 XP

Open GMX ↗Take Quiz +150 XP

Live Price Chart