GMX protocol
Overview
GMX is a decentralized spot and perpetual exchange on Arbitrum and Avalanche. Its original V1 design used a single multi-asset liquidity pool (GLP) to back trades with up to 30x leverage; the protocol is governed by GMX token holders who earn a share of protocol fees. In July 2025, GMX V1 suffered a ~$42M reentrancy exploit: GLP minting, redeeming, and trading were halted on Arbitrum and Avalanche, affected GLP holders were compensated (~$44M in GLV), and protocol liquidity is now centered on GMX V2 (as of 2026-07-15).
Within the DeFi Intel graph, GMX connects to 19 tracked entities, most strongly to Arbitrum, Avalanche, esGMX.
Relations
Top connections in the DeFi Intel knowledge graph (confidence-weighted, 8 of 19 total).
| Relation | Connected entity | Confidence |
|---|---|---|
deployed_on | Arbitrum | 95% |
deployed_on | Avalanche | 95% |
issued_by | GMX | 95% |
supports_token | esGMX | 95% |
integrates | Pyth Network | 90% |
launched | GMX v2 | 90% |
integrates | Chainlink Data Feeds | 90% |
risk_managed_by | Chaos Labs | 90% |
Frequently asked questions
What is GMX?
GMX is a decentralized spot and perpetual exchange on Arbitrum and Avalanche. It uses a multi-asset liquidity pool (GLP) to facilitate trading with zero slippage and up to 30x leverage.
What chains does GMX run on?
GMX is deployed on Arbitrum and Avalanche.
Who governs GMX?
GMX is governed by GMX token holders who earn fees from protocol revenue.
Sources
Live news feed, full graph, and search.