GMX is a decentralized perpetual exchange on Arbitrum and Avalanche that supports low swap fees and zero-price impact trades. It was created by an anonymous team. GMX launched on Arbitrum on September 1, 2021, and went live on Avalanche on January 5, 2022. GMX currently supports spot swap and perpetual contract trading up to 50x leverage. Supporting orders include market orders, limit orders, and trigger orders (take profit/stop loss orders).
The core mechanism of GMX is its GLP liquidity pool, which consists of a basket of assets. GLP exists as the counterparty to traders in trades and provides liquidity for all trades on the platform. Moreover, GMX uses a dynamic pricing mechanism to execute trades with zero slippage by feeding prices through the dynamic aggregation oracle provided by Chainlink.
GMX has two native tokens. One of them is $GMX. $GMX is the utility and governance token of GMX. Holders of $GMX can participate in governance voting and stake tokens for rewards. Another token is $GLP. $GLP is GMX's liquidity provider token. Holders of $GLP, known as LP, can receive a certain percentage of the platform's trading fees as a reward for their liquidity provision.
- Innovative trading mechanism: GLP Pool for liquidity and Chainlink for dynamic pricing
- 0 slippage & 0 impermanent loss
- High on-chain composability: GMX can also be integrated with other DeFi products and provide underlying liquidity, e.g., Umami Finance ($UMAMI), DeCommas, Yield Yak ($YAK), Vesta Finance ($VSTA), Nexus Mutual ($NXM), etc.
GMX is created by an anonymous team.