GMX 

GMX Price

What is GMX crypto?

GMX is the utility and governance token of GMX, a decentralized spot and perpetual exchange that launched on Arbitrum One in September 2021 and later expanded to Avalanche. The protocol gives self-custody traders on-chain leverage of up to about 100x across crypto, commodities and stock indices. The GMX token accrues 30% of protocol-generated fees and gives holders governance rights over the platform.

How does GMX perpetual trading work?

GMX offers leverage trading of up to about 100x on major assets. The platform lists 100+ markets spanning crypto, gold, silver, oil, natural gas and stock indices. Traders keep self-custody of funds throughout, and liquidity providers supply the collateral that backs open positions. Trading activity generates the protocol fees, of which 30% flow to GMX stakers.

What is the GMX token used for?

GMX serves three functions on the platform. Staking lets holders accrue 30% of the fees the exchange generates. Holders participate in governance of the protocol. The token is also used within the platform itself. This fee-sharing model ties the token's economics directly to exchange trading volume.

How many GMX tokens will ever exist?

Per DropsTab data, the maximum supply is capped at 13,250,000 GMX. Allocation splits across six buckets: XVIX & Gambit Migration 45.3%, Floor Price Fund 15.1%, Reserve 15.1%, Liquidity 15.1%, Marketing & Partnerships 7.54% and Contributors 1.88%. No inflationary emission exists, so supply only approaches the fixed cap. The largest bucket stems from the token migration of legacy holder positions, with no new insider issuance.

What does GMX's vesting structure mean for sell pressure?

The token generation event took place on September 13, 2021, and about 83% of the maximum supply (11,000,000 GMX) unlocked in full at that point. Only the Contributors bucket, 250,000 GMX or 1.88%, vested linearly, completing around September 2022. Scheduled unlock risk is therefore minimal: nearly all supply entered circulation in 2021, so the unlock calendar adds little further sell pressure.

Who backed GMX and how much did it raise?

Per DropsTab fundraising data, GMX raised $900,000 in a presale on March 4, 2021. The round sold 1,097,000 GMX, 8.27% of supply, at about $0.82 per token with no lock-up. In November 2022, the Avalanche Foundation backed a $4M Avalanche Rush trading-rewards program for the platform. No venture-capital round with a token allocation is documented.

Did GMX launch with an airdrop?

GMX did not launch through an airdrop. Token distribution came through the public presale and a migration in which holders of two earlier tokens exchanged their positions for GMX. DropsTab lists no active airdrop, points program or earning campaign for GMX, so the token's history holds no retroactive airdrop claim to pursue.

Is GMX safe to use?

GMX carries the risk profile of an on-chain derivatives protocol: traders interact directly with smart contracts, and the regulatory treatment of on-chain leverage trading varies by jurisdiction. In July 2025, the protocol suffered an exploit of roughly $40M and subsequently recovered. The Arbitrum One contract 0xfc5a1a6eb076a2c7ad06ed22c90d7e710e35ad0a can be verified on Arbiscan, with further deployments on Avalanche C-chain and Solana. Self-custody means each trader also manages key security personally.

Where can GMX be traded?

Per DropsTab data, GMX trades on 40+ markets across three venue types: centralized spot exchanges, perpetual futures and DEX pools. Tier-1 venues carry both formats: Binance, Bybit, OKX and KuCoin list spot GMX, while Binance Futures, Bybit Futures and Hyperliquid run perpetual markets. On-chain liquidity runs through Uniswap V3 and V4 and Camelot on Arbitrum, the token's home chain. Fiat pairs add depth, including GMX/USD on Kraken and GMX/EUR on Bitvavo.

What does GMX stand for?

The name GMX is not an official acronym. Per the project's documentation and governance forum, it originates from the merger of the XVIX and Gambit communities, whose holders migrated their positions into the GMX token.