[Crypto projects](https://revain.org/projects/) › GMX # GMX: how it works, supply and reviews ## In short - **Type**: Decentralised perpetual and spot exchange made of smart contracts, not a separate blockchain - **Maximum supply**: Forecast maximum of 13.25 million GMX; minting beyond needs a token-holder governance vote - **Risks and caveats**: Smart contract code can contain undetected vulnerabilities even after audits; GMX V1 suffered one in July 2025 - **Checked**: 31 October 2026 ## Key facts - **Ticker**: GMX - **Official site**: [gmx.io](https://gmx.io/) Key facts checked on 31 October 2026 against official sources. ## What is GMX GMX is a decentralised spot and perpetual exchange on Arbitrum, Avalanche and MegaETH, offering leveraged trades of up to 100x on crypto and some commodity and equity-index markets. Trades are filled against GM and GLV liquidity pools at Chainlink oracle prices rather than an order book. GMX is the protocol's governance and staking token. ## Network and consensus | Parameter | Details | |---|---| | Type | Decentralised perpetual and spot exchange made of smart contracts, not a separate blockchain | | Pricing | Orders are routed against GM and GLV pools at the oracle index price, using Chainlink Data Streams | | Markets | 100+ markets including crypto, gold, silver, oil, natural gas and US equity indices, up to 100x leverage | | Liquidity providers | LPs earn 63% of fees from trading, liquidations, borrowing and swaps on Arbitrum and Avalanche | | V1 | GMX V1 trading and the GLP pool were phased out in July 2025; existing GLP can only be redeemed | ## Supply and issuance | Parameter | Details | |---|---| | Maximum supply | Forecast maximum of 13.25 million GMX; minting beyond needs a token-holder governance vote | | Initial distribution | 6 million GMX for the XVIX and Gambit migration; 2 million each for Uniswap liquidity, esGMX vesting and treasury; 1 million for integrations | | Buybacks | 27% of protocol fees buy back GMX; distribution to stakers has been suspended since 4 March 2026 and buybacks accrue in the treasury | | Unstaking | Unstaking GMX or esGMX on Arbitrum and Avalanche takes 180 days | ## What GMX is used for - Staking GMX earns a share of protocol-fee buybacks (distribution currently suspended) - GMX gives voting power in the GMX DAO on Tally - Escrowed GMX (esGMX) has been used as a staking and referral incentive ## Who develops and governs GMX - **Governance**: GMX DAO: proposals (GIPs) go to an on-chain Tally vote with a 5-day voting window - **Company**: GMX Labs appointed its first CEO in May 2026, accountable to the DAO - **Origin**: Formed by a merger of the XVIX and Gambit communities - **Open source**: Code is in the gmx-io GitHub organisation; V2 audits are in the gmx-synthetics repository ## History | Date | Event | |---|---| | 30 August 2021 | GMX published its launch plan for Arbitrum, with GLP initially made of ETH, WBTC and USDC | | 2 October 2023 | GMX V2 went live on Arbitrum mainnet with Chainlink Data Streams | | 9 July 2025 | A vulnerability in GMX V1 on Arbitrum let about $40 million of GLP liquidity be withdrawn; funds were returned and V1 was paused | | 4 March 2026 | Staking rewards redirected to the treasury under the DAO's strategic plan | | 8 May 2026 | GMX Labs appointed its first CEO | ## Security and audits - V2 audits: Guardian (8 engagements, October 2022 to September 2023, plus later updates), ABDK, Certora (November 2023), Dedaub and Sherlock - Bug bounty on Immunefi covering all gmx-io repositories - 9 July 2025: a GMX V1 vulnerability on Arbitrum let about $40 million of GLP liquidity be withdrawn; the funds were returned after negotiation, a $5 million bounty was paid and V2 was unaffected ## Security incidents | Date | What happened | Source | |---|---|---| | 9 July 2025 | Exploit: A live vulnerability in the GMX V1 deployment on Arbitrum allowed about $40 million of GLP liquidity to be withdrawn to an external wallet; GMX V2 was not affected. Funds returned: GMX says the funds were returned following its outreach and are held by the DAO awaiting distribution to Arbitrum GLP liquidity providers. | [gmxio.substack.com](https://gmxio.substack.com/p/glp-funds-on-arbitrum-fully-recovered) | Further incidents are reported by third parties (press, incident databases) but are not confirmed in the company’s own channels, so they are not listed here. ## Official GMX contracts | Network | Contract address | |---|---| | Arbitrum | [0xfc5A1A6EB076a2C7aD06eD22C90d7E710E35ad0a](https://arbiscan.io/token/0xfc5A1A6EB076a2C7aD06eD22C90d7E710E35ad0a) | | Avalanche | [0x62edc0692BD897D2295872a9FFCac5425011c661](https://snowtrace.io/address/0x62edc0692BD897D2295872a9FFCac5425011c661) | | Solana | [9wX6Qz1Y5YQe71dfnFYFfZYXZhKqjYKQwdqfrRkmYUSX](https://solscan.io/token/9wX6Qz1Y5YQe71dfnFYFfZYXZhKqjYKQwdqfrRkmYUSX) | GMX token addresses on Arbitrum, Avalanche and Solana, as listed in the GMX docs. ## Risks and caveats - Smart contract code can contain undetected vulnerabilities even after audits; GMX V1 suffered one in July 2025 - Leveraged positions can be liquidated - Staking reward distribution is suspended and unstaking takes 180 days ## Official links - Website: [gmx.io](https://gmx.io/) - Docs: [docs.gmx.io](https://docs.gmx.io/) - Source code: [github.com/gmx-io](https://github.com/gmx-io) - Blog: [gmxio.substack.com](https://gmxio.substack.com/) ## Questions and answers **What is GMX?** A decentralised perpetual and spot exchange on Arbitrum, Avalanche and MegaETH, with up to 100x leverage and trades filled against liquidity pools at oracle prices. **What is the maximum supply of GMX?** The forecast maximum is 13.25 million GMX; minting more requires a token-holder vote. **Was GMX hacked?** On 9 July 2025 a vulnerability in the old GMX V1 on Arbitrum let about $40 million of GLP liquidity be withdrawn; the funds were returned and V2 was not affected. **Is GMX V1 still available?** No. V1 trading and GLP were phased out in July 2025; existing GLP can only be redeemed. **Is GMX audited?** GMX V2 was audited by Guardian, ABDK, Certora, Dedaub and Sherlock, and a bug bounty runs on Immunefi. ## Sources - [GMX docs - Introduction](https://docs.gmx.io/docs/intro) - [GMX docs - Security](https://docs.gmx.io/docs/security) - [GMX docs - GMX token](https://docs.gmx.io/docs/tokenomics/gmx-token) - [GMX docs - Proposal process](https://docs.gmx.io/docs/governance/proposal-process) - [GMX docs - Trading on V1 (archived)](https://docs.gmx.io/docs/archived/trading-v1) - [GMX docs - Community](https://docs.gmx.io/docs/community) - [GMX News - GMX Launch Plan](https://gmxio.substack.com/p/gmx-launch-plan) - [GMX News - GMX V2 live on Arbitrum](https://gmxio.substack.com/p/gmx-v2-powered-by-chainlink-data) - [GMX News - GLP funds on Arbitrum fully recovered](https://gmxio.substack.com/p/glp-funds-on-arbitrum-fully-recovered) - [GMX News - GMX Labs CEO appointed](https://gmxio.substack.com/p/a-new-chapter-for-gmx-labs-ceo-appointed) ## More in this section - [Starknet (STRK)](https://revain.org/projects/starknet/) - [EigenLayer (EIGEN)](https://revain.org/projects/eigenlayer/) - [Axelar (AXL)](https://revain.org/projects/axelar/) - [Jito (JTO)](https://revain.org/projects/jito/) - [Linea (LINEA)](https://revain.org/projects/linea/) - [Monad (MON)](https://revain.org/projects/monad/) - [All Crypto projects →](https://revain.org/projects/) ## How voting works Votes are anonymous and carry no text. 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