24h Volume
$95.2M
+40.5% 24hOpen Interest
$56.9M
Fee
Mar 2026 — May 2026 · 82 days
V2 of the pioneering oracle-based perp DEX. Uses isolated GM pools for capital efficiency. Now also live on MegaETH (10ms blocks).
$GMX
Launched (Sep 2021)
GMX token live since Sep 2021. esGMX and MP rewards active for staked GMX. Fee sharing via staked GMX/GLP. Note: some staking features may be paused during V2 transition.
GMX v2 is the second iteration of GMX, one of the pioneering decentralized perpetual exchanges that helped define the oracle-based trading model. Operating on Arbitrum since August 2023, it introduced isolated GM pools that significantly improved capital efficiency and risk management over the original GLP model.
The platform offers 113 markets with up to 100x leverage, using Chainlink oracle pricing for execution. Fees are 0.04% for makers and 0.06% for takers — higher than orderbook competitors but offset by zero-slippage execution within pool capacity limits. GMX v2's standout feature is multi-collateral support: traders can use USDC, USDT, ETH, or BTC as margin, providing exceptional flexibility.
Each GM pool operates independently with its own risk parameters, meaning issues in one market don't cascade to others. This isolated architecture was a key improvement over V1's shared GLP pool. LPs choose which specific markets to provide liquidity for, allowing them to manage exposure to individual assets.
The GMX token has been live since September 2021, with esGMX and Multiplier Point rewards active for stakers. Protocol fees are shared with staked GMX and GM pool depositors, creating a sustainable yield model. The broader GMX brand carries significant recognition as a DeFi blue chip, audited by ABDK and Sherlock.
GMX v2 suits traders and LPs who value the oracle-based execution model, want multi-asset collateral options, and seek deep integration with Arbitrum's mature DeFi ecosystem.
Hyperliquid and GMX v2 embody the two dominant perp DEX architectures: orderbook versus oracle-based pools. Hyperliquid runs a CLOB on its own L1, while GMX v2 uses isolated GM pools with Chainlink oracles on Arbitrum.
Aster and GMX v2 represent the orderbook versus oracle-pool divide. Aster offers 302 markets with extreme leverage on BNB Chain, while GMX v2 provides battle-tested oracle pools with multi-collateral support on Arbitrum.
edgeX and GMX v2 trade off between execution models: edgeX runs a fast off-chain orderbook on Ethereum L2, while GMX v2 uses oracle-based isolated pools on Arbitrum with multi-collateral support.
Lighter and GMX v2 represent fundamentally different perp DEX designs. Lighter is a fee-free on-chain orderbook on Ethereum L2, while GMX v2 is an oracle-based pool system on Arbitrum with multi-collateral support.
Jupiter Perps and GMX v2 are both oracle-based perp platforms, but they operate on different chains with different pool models. Jupiter uses JLP on Solana, GMX v2 uses isolated GM pools on Arbitrum.
dYdX and GMX v2 are two of the most established perp DEXes, representing the orderbook vs oracle-pool paradigm. dYdX runs its own chain with maker rebates, while GMX v2 offers multi-collateral oracle pools on Arbitrum.
GMX v2 and Drift represent oracle-based Arbitrum pools versus a hybrid Solana orderbook. GMX v2 excels in collateral flexibility, while Drift provides a full DeFi suite with maker rebates.
GMX v2 and SynFutures are both non-orderbook perp DEXes, but GMX v2 uses oracle-priced isolated pools on Arbitrum while SynFutures runs a concentrated liquidity AMM on Base.
GMX v2 and ApeX represent the oracle-pool and orderbook approaches within the Ethereum ecosystem. GMX v2 offers multi-collateral Arbitrum pools, while ApeX provides a StarkEx-powered orderbook.
GMX v2 and Gains Network are both established oracle-based perp platforms on Arbitrum, but they differ in asset coverage, leverage, and pool design.
