GMX
Derivatives · Perp DEX · GMX
GMX uses multi-asset liquidity pools (GLP V1, GM V2) where LPs are the counterparty to traders; oracle-based pricing means zero price-impact trades up to pool depth. V2 added isolated-market GM pools.
Multi-asset pool-backed perpetuals with zero price impact.
GMX price
$6.01
+4.7% 24h
Latest data · 15 min delay
Risks identified
- Oracle
GMX prices trades from external oracle feeds with historically zero price impact on V1. If the referenced spot price is manipulated (as in the Sept 2022 AVAX incident), traders can extract value from LPs at the manipulated oracle price.
- Counterparty
GLP and GM liquidity providers are the direct counterparty to all traders. When traders are net profitable, LPs bear those losses, so LP returns depend on aggregate trader performance rather than being purely fee-driven.
- Smart Contract
GMX's contracts hold large pooled liquidity. The July 2025 V1 exploit (~$40M+) abused a re-entrancy / GLP accounting desynchronization, demonstrating that complex pool-accounting logic remains an attack surface despite multiple audits.
- Collateral
GLP concentrates multiple assets in one pool (V1) and GM pools hold specific collateral tokens (V2). Sharp moves or depeg in an underlying pool asset directly impair LP value and the backing behind open positions.
- Governance
Protocol parameters, treasury and emergency actions (e.g. halting V1 trading after the 2025 hack) are controlled by the core team and a multisig / DAO. Concentrated control over pausing and upgrades is a trust and centralization risk.