QQQ/USD and SPY/USD perpetual markets are live on GMX on Arbitrum, and accessible from Ethereum, Base, and BNB Chain via Multichain. Traders on GMX can now long or short the two most widely traded US equity ETFs — the Invesco QQQ Trust Series 1 and the SPDR S&P 500 ETF Trust — 24 hours a day, seven days a week.

QQQ tracks the 100 largest non-financial companies listed on Nasdaq, weighting it heavily toward tech. SPY tracks the S&P 500, the standard benchmark for the US market as a whole. Both appear in the market dropdown under TradFi, in a new Indices group alongside Commodities.

How these markets trade

Both run on the same session schedule already live for SPCX/USD. Leverage is available up to 50x during US market hours and up to 25x outside them. The switchover changes which risk parameter set is active; it does not gate trading. Positions can be opened, adjusted and closed at any hour, including weekends and US market holidays, and neither market launches with a cap on open interest.

Pricing is powered by Chainlink’s perp-optimized Data Streams, the same low-latency oracle infrastructure behind GMX’s gold, silver, energy, and crypto markets.

Liquidity

Each market is backed by its own risk-isolated GM liquidity pool on Arbitrum:

• QQQ/USD [WETH-USDC]

• SPY/USD [WETH-USDC]

For these two markets, GLV [WETH-USDC] is the only supported route in; the GM tokens are not directly purchasable.

GLV is the GMX Liquidity Vault these markets share with GMX’s commodity markets; it rebalances liquidity across its constituent GM markets according to trader demand, so depositors earn from fee generation across the whole set rather than just a single market.

The benefits of continuous trading

Index exposure outside the bell is not new; futures on both indices trade nearly around the clock on weekdays. What they do not do is trade through the weekend, and getting to them means a futures account, margin held at a broker, and a position you cannot custody.

GMX’s perps have no expiry and no roll. They mark to an oracle price and use funding to keep it near the underlying, which lets the market stay open continuously while risk parameters tighten during the hours when the underlying is illiquid. That is what the on-hours/off-hours split achieves: it prices the risk of a thin session, rather than blocking users from trading.

QQQ and SPY are wave 1 of GMX’s TradFi expansion. They extend the RWA lineup GMX has been building since gold and silver launched in April — commodities, energy, pre-IPO equity, and now broad US equity exposure — on the same infrastructure and execution stack as our crypto perps.

Trade them permissionlessly at:

> app.gmx.io

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Disclaimer

QQQ/USD and SPY/USD are synthetic perp markets. They reflect the market-implied price of the underlying ETF and confer no ownership of the fund or its holdings, no voting rights, and no entitlement to dividends or distributions.

Balanced markets don't happen by accident. On every major GMX market, there are traders who consistently take the underweight side of the Open Interest. They provide the balancing flow that keeps the pools tight.

By doing so, they earn the positive price impact and funding that come with trading toward balance. It's an important service: leading to tighter pricing and more predictable execution for everyone on the platform.

Today we're launching the Balancer Program to provide additional rewards to the traders who do this — the active balancers — directly.

What you get:

A dedicated referral code that pays a higher direct reward than the standard referral program, straight to your own wallet. Designed specifically for balancers: added value, in recognition of the role you play.

Who it's for:

If you consistently trade to balance the pools — taking the underweighted side of the Long/Short balance and earning positive price impact and funding — this program is for you. Eligibility is based on consistent, meaningful balancing activity, reviewed on an ongoing basis.

How to apply:

Please reach out through @GMXPartners on Telegram.

We’ll confirm you qualify and help you get set up, and your rewards will start flowing directly to your wallet.

Launching today.

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GMX is streamlining its referral program on Arbitrum. The changes introduce a more sustainable reward structure for affiliates, automatic fee discounts for high-volume traders, and a new institutional tier.

The referral program on other networks is not affected.

Trader discounts remain unchanged

All traders referred via Tier-1 referral codes keep their existing 5% trading fee discount. Traders referred via a Tier 2 or Tier 3 code retain a 10% discount. Neither changes as a result of this update to the referral program, regardless of how long a referral code has been active.

What does change because of this program update is the affiliate reward side:

Affiliate reward step-down mechanism

Affiliate rewards for a given trader will be reduced to 0% after either of the following thresholds is reached on Arbitrum:

• 12 months have elapsed since the trader applied the referral code

• or $20,000 in affiliate rewards has been paid out for that one single trader’s activity

When this threshold is reached, the trader’s referral code is automatically replaced by a protocol-assigned discount code that preserves their existing fee discount. The trader’s discount is therefore unaffected. This mechanism applies per trader, and takes effect retroactively.

Organic VIP Tiers

GMX is also introducing organic VIP Tiers on Arbitrum: traders who reach $50M in lifetime trading volume will now automatically receive a 5% fee discount, with no manual referral code setup required.

At $250M in lifetime volume, that becomes a 10% discount. The protocol assigns these codes programmatically; traders receive the discount automatically.

Tier 4 Referral Codes

A new tier has been created for institutional participants, large-volume affiliates, and major GMX integrators on Arbitrum.

Further reading

For all the details of this update, please refer to the GMX DAO governance forum and the updated referral program documentation:

> https://gov.gmx.io/t/gmx-referral-program-update/5131/8

> https://docs.gmx.io/docs/referrals/

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Who, or what, uses DeFi protocols is changing. Autonomous AI agents are doing things humans used to do: scanning markets, assessing risk, executing trades, and managing positions around the clock. Simple trading bots have evolved into systems capable of multi-step reasoning, cross-protocol strategy, and real-time risk management. And they’re becoming a growing source of on-chain activity, our data shows.

For this to work at scale though, agents need more than permissionless access. There is a meaningful gap between a protocol that allows agent interaction and one that is genuinely built for it. Agents need clean interfaces, structured data, tooling that integrates with modern frameworks, and documentation written for programmatic consumption (not just human readers).

Most DeFi protocols weren’t designed with any of this in mind. GMX has spent the past several months addressing that. And today the core integration stack is ready.

What GMX Built — The Full Stack

Agent-Optimized Documentation

Documentation is the foundation. For a human developer, docs that are slightly ambiguous or inconsistently structured are an inconvenience. For an AI agent using documentation as runtime context, it can cause errors, hallucinations, and failed calls.

GMX has restructured its docs from the ground up with programmatic consumers in mind. Every function reference uses consistent naming conventions. Parameter definitions are precise, with explicit types and valid ranges. Return schemas are documented in full. Code examples are written to be useful to both a human reader and a language model.

The result is documentation that both a dev and their agent can rely on.

Native SDK

The GMX SDK gives developers a typed, structured interface to the protocol’s core functionality without needing to construct raw contract calls or manage ABIs manually. It is designed specifically around the workflows that matter to agent builders.

Because the SDK exposes clean, typed functions with predictable return shapes, it is straightforward to wrap in agent tools.

Structured API

The GMX API has been designed around the needs of agent use cases from the ground up. Endpoints follow consistent RESTful conventions. Responses are typed and schema-stable.

The endpoints most relevant to agent workflows include real-time market data (prices, funding rates, open interest), position reads and writes, fee estimation, and historical data for strategy backtesting and context.

Skills

Beyond API access, GMX has invested in a library of agent “skills”: pre-built, reusable action modules for common GMX operations. Skills allow agents to perform complex protocol interactions with minimal configuration: opening a leveraged position, setting a stop-loss, reading funding rates, etc.

Skills are designed to be composable. An agent can chain them together to execute multi-step strategies that would otherwise require significant engineering. They lower the barrier for developers who want to build sophisticated agent behavior on GMX quickly.

What You Can Build

The combination of agent-optimized docs, a typed SDK, a structured API, and pre-built skills opens up a wide range of use cases for developers building on GMX:

• Autonomous trading agents that implement custom strategies, and execute on GMX’s deep markets

• Risk management bots that monitor open positions in real-time, and adjust leverage or tighten stop-losses when risk thresholds are crossed

• Portfolio rebalancing agents that use GMX perps as a hedging layer, automatically adjusting exposure

• Cross-protocol agents that combine GMX with lending protocols, yield optimizers, or other DeFi primitives to run strategies

• Alerting agents that monitor GMX market conditions (funding rates, open interest spikes, etc.) and surface insights or trigger actions based on them

Getting Started

Everything you need to also build on GMX is available for you:

• Agent-optimized documentation: https://docs.gmx.io/docs/ai-agents/overview/

• SDK repository and quickstart: https://docs.gmx.io/docs/category/sdk/

• Plugins and Skills: https://docs.gmx.io/docs/ai-agents/plugins-and-skills/

• Developer support: contact @GMXPartners on Telegram

One surface still on the roadmap is an MCP server; a native Model Context Protocol integration that will let agents built on Claude, Cursor, and compatible frameworks call GMX with zero custom integration work.

Quickstart: Agent Live in 3 Steps

• Step 1 — Connect: Install the SDK and configure your agent’s tool definitions using the GMX typed interfaces

• Step 2 — Query: Use the API or SDK to pull live market data, check funding rates, or read a position.

• Step 3 — Execute: Submit an order, manage a position, or automate a full strategy workflow autonomously, 24/7.

Come and Build With Us

GMX is committed to the builder community since 2021, and will continue investing in tooling, integrations, and developer support.

If you are building an autonomous agent and/or integrating GMX, we want to know about it. Share what you’re working on with us in the GMX Telegram channel.

The best integrations get amplified to the community, and the GMX team is here to help you ship.

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GMX has launched SPCX/USD, a perpetual futures market offering exposure to SpaceX — one of the most valuable private companies in the world — before any public listing.

The SPCX/USD market is available now at app.gmx.io, with up to 10x leverage and 24/7 trading hours. This is a new type of market for GMX, launching with limited initial OI capacity as GMX establishes the infrastructure for pre-IPO equity perps.

What is SPCX/USD

SPCX/USD is a synthetic perp designed to reflect the market-implied price per share of SpaceX. It is not SpaceX equity, nor does trading SPCX/USD provide shares, ownership, voting rights, dividends, an IPO allocation, or redemption rights.

SpaceX has never been publicly traded. GMX’s perp market gives traders the ability to take long or short positions on the market-implied valuation of the company, permissionlessly and at any time.

Start trading SPCX/USD: app.gmx.io

Note: This is an event-mode market built around the upcoming IPO. It launches with limited initial OI capacity. Caps and trading parameters may change around the IPO, and opening or increasing positions may be unavailable when caps are reached.

After the IPO, the market has transitioned to a standard On-Hours/Off-Hours schedule: still accessible at all times, but with enhanced risk controls outside of regular business hours.

How GMX’s Markets Work

SPCX/USD builds on the same infrastructure that powers all the perps on GMX:

1. Permissionless access, directly from your self-custody wallet on Arbitrum and with support for Ethereum Mainnet, Base, and BNB Chain via your GMX Account.

2. Transparent, aggregated price data via Chainlink’s low-latency Data Streams, tailor-made for GMX.

3. Deep pool-based liquidity, provided by 45,000+ users holding GM and GLV tokens.

4. Real-time risk parameters managed by GMX’s risk engine.

Part of GMX’s Real-World Asset Expansion

SPCX/USD is the latest addition to GMX’s growing suite of perp markets for TradFi assets, which includes commodities like Gold (XAU/USD), Silver (XAG/USD), WTI Crude Oil (WTIOIL/USD), Brent Crude (BRENTOIL/USD), and Natural Gas (NATGAS/USD).

GMX’s infrastructure is built to support any priceable global asset class (crypto, equities, commodities, indices, and beyond) with the same permissionless, on-chain execution that’s made it one of the most battle-tested decentralized trading platforms.

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Provide Liquidity: GM and GLV

Traders on GMX are matched against a pool of liquidity provided by GM and GLV token holders. Providing liquidity is peer-to-pool, permissionless, and open to anyone.

• GLV tokens offer 50/50 exposure to a diversified basket of GMX’s highest-utilized markets, with yield auto-compounded into the token price.

• GM tokens allow liquidity providers to take risk-isolated exposure to a single market of their choosing.

The synthetic SPCX/USD perp is backed by WETH-USDC liquidity and has been integrated into the GLV [WETH-USDC] vault, ensuring liquidity is dynamically allocated to the market to meet demand.

Anyone can supply WETH or USDC from Arbitrum, Ethereum, Base, or BNB Chain to the GLV [WETH-USDC] vault to become a liquidity provider and earn rewards (learn more about the yield mechanics). Providing liquidity directly to the GM: SPCX/USD pool is currently unsupported.

View the Earn opportunities for LPs: app.gmx.io/#/pools

SPCX/USD is a synthetic perpetual market. It is not SpaceX equity and does not confer shares, ownership, voting rights, dividends, IPO allocation, or any redemption rights. This market launches with limited initial OI capacity and is subject to parameter changes. Trading (pre-IPO) perpetual futures involves significant risk, including the potential loss of your entire position.

Join the community:

Twitter: https://x.com/GMX_IO

Telegram: https://t.me/GMX_IO

Announcements: https://t.me/GMX_Announcements

Discord: https://discord.gg/H5PeQru3Aa

Github: https://github.com/gmx-io

Documentation: https://docs.gmx.io/

Since a set of changes to GMX’s funding rate configuration was implemented in late April, traders on GMX are paying about 65% less in funding.

The main takeaways:

• Median rates on the funding-paying side are down over 65% versus the pre-update baseline

• 93 out of 109 markets saw lower funding rates

• The share of long-tail perp markets with funding above 50% has dropped to near-zero

Lower, more stable funding makes it much cheaper for traders to hold positions long-term. It also opens the door for GMX to easily and safely support larger, more liquid markets.

This is only the first round of improvements to the funding mechanism; further refinements are already in the pipeline.

Open the dapp and see the new rates for yourself:

→ app.gmx.io

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Executive Summary

• The CEO search has concluded: Q has been appointed as the first Chief Executive Officer of GMX Labs, following a structured selection process with 20 applicants

• Q is a long-standing community member, top GMX token holder, and the architect of GMTrade.xyz

• The Strategic Plan to Restore Price Discovery, passed by the GMX DAO in March, continues to advance

• Weekly $GMX buybacks are ongoing, with 168,500 tokens reacquired for approximately $1.1M since March.

GMX Labs Has Its First CEO

The search for a Chief Executive Officer for GMX Labs is complete. Twenty candidates applied, and following a thorough evaluation by the Interim Leadership Committee, a selection has been made:

Q has been appointed as the first CEO of GMX Labs.

Q needs little introduction, for most of you. A long-time community member, leading governance delegate, top GMX token holder, and the driving force behind GMTrade.xyz — the community-built GMX deployment on Solana — Q has been a consistent presence in the ecosystem across governance, product, and community. He has already started onboarding, meeting with contributors and reviewing active initiatives. The transition committee is supporting him through that process over the coming weeks.

In his own words, posted to the GMX governance forum upon his appointment:

This appointment gives GMX Labs a clear center of gravity for execution and a public-facing figurehead, accountable to both the DAO and the contributors building the protocol day to day.

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Strategic Plan Advances

The CEO appointment arrives alongside continued execution on the ‘Strategic Plan to Restore Price Discovery’, passed by the GMX DAO in early March. The plan targets the structural conditions that limit the effectiveness of the ongoing buyback program, specifically, CEX supply overhang and fragmented protocol liquidity.

Staking reward distribution remains suspended; buybacks continue. Effective 4 March 2026, all GMX staking rewards were redirected to the Treasury. The 27% of protocol fees previously distributed directly to stakers continues to accrue on their behalf, and is being deployed into open-market GMX purchases. These accumulated rewards will be distributed once GMX reaches the $90 price threshold established by governance.

The buyback program has deployed approximately $1.1M in protocol earnings since March 5. In total, 168,500 GMX tokens were repurchased, at a blended average of ~$6.50. The annualized run rate at current fee levels amounts to: $6–7M per year.

The buy-wall measure has concluded. A one-time, Treasury-backed buy-wall of 1,000,000 GMX was set at $5 on-chain for one week, shortly after the plan’s implementation. The $5 level was not reached during that window. The measure was fixed and non-extendable by design; it has now ended.

Phase 1 of Liquidity Restructuring is complete. GMX-controlled positions on Uniswap V2 and Trader Joe have been unwound, with the withdrawn liquidity redeployed into GMX’s own infrastructure.

Buybacks and Staking Power in the dApp

The most recent implementation milestone brought two major, related dApp upgrades:

GMX buyback data is now fully on-chain and verifiable. The dApp displays a weekly breakdown of GMX repurchased, a cumulative total, and an annualized buyback rate. These figures are all sourced directly from blockchain state and are double-checkable by anyone. Buyback accrual is also integrated into your portfolio card on the Earn page.

Staking Power is live. Staking Power determines your proportional share of future reward distributions. It accrues as a function of time staked multiplied by the amount staked. A loyalty threshold is in effect: dropping below 80% of your historical peak balance resets your accumulated Staking Power to zero.

The dApp shows your loyalty health indicator, warns clearly before any unstake that would trigger a reset, and displays your projected share of future distributions.

Staking Power and Staking Rewards begin to accumulate the second you stake any GMX tokens:

Start earning on GMX: app.gmx.io

GMX users can now trade the just-launched MegaETH token ($MEGA) on leverage on both the Arbitrum and MegaETH blockchains. Additionally, GMX is featured on Terminal, MegaETH’s points-driven ecosystem discovery portal that helps you explore key dapps.

MEGA/USD is Live on Arbitrum and MegaETH

MegaETH’s token-generation event has just taken place, making $MEGA tradable. On GMX, the MEGA/USD perpetual market is available in two configurations, each reflecting the liquidity infrastructure of its respective chain.

On Arbitrum, the MEGA/USD market is structured as a synthetic perpetual; the MEGA token has not yet been bridged to Arbitrum. The market is backed by the GLV [WETH-USDC] vault, and can be traded using WETH and USDC collateral. This gives Arbitrum-based traders direct exposure to MEGA price movements, allowing them to seamlessly go long or short with up to 40x leverage.

On MegaETH, the MEGA/USD market is backed by the existing GLV [USDM-USDM] vault, GMX’s stablecoin-only liquidity product. Traders on MegaETH can long or short MEGA, BTC, ETH, and SOL with up to 50x leverage, with all trades backed by USDM collateral.

All price data for the markets on GMX is provided by Chainlink’s decentralized, sub-second Data Streams.

Trade MEGA perps now at app.gmx.io

GMX is Featured on the MegaETH Terminal

GMX is now live on Terminal as well, MegaETH’s mainnet points program. Terminal maps the Mega ecosystem and enables users to explore it through a points-based engagement model. GMX is among the prominently highlighted protocols, and activity on GMX MegaETH contributes to your Terminal point allocations each epoch.

Activities on GMX MegaETH that users are recommended to explore include:

• Trading Perps

• Referring Friends

• Providing GLV Liquidity with $USDM

• And earning positive realized PnL

Each category carries a distinct weight in the overall allocation.

Connect your wallet at http://terminal.megaeth.com, explore the ecosystem map, find GMX, and start earning.

Please note: Users start with a base multiplier that grows as they explore the MegaETH ecosystem. Click the Apps button in Terminal and allocate your weekly multiplier to GMX to boost your points!

What’s Available to Traders

GMX has launched 24/7 perpetual markets for WTI Crude Oil (WTIOIL/USD), Brent Crude (BRENTOIL/USD), and Natural Gas (NATGAS/USD). All three are backed by and tradable using WETH and USDC on Arbitrum; there is no underlying spot asset. Market pricing for the energy commodities is powered by high-speed data from Chainlink Data Streams.

GMX removes three major constraints of traditional energy futures: the 49-hour weekend blackout, a daily one-hour gap, and a timezone problem that puts the most liquid sessions in the middle of the night for anyone outside the US or UK. Add a broker requirement, margin accounts, and a ~$90K minimum notional per WTI contract, and retail access effectively doesn’t exist.

Additional Market Specs:

• Availability: 24/7, continuous

• Trading fees: Starting at just 1 or 2 bps during CME market hours, and based on the Open Interest balance

• Maximum leverage: OIL: 100x during on-hours / 25x during off-hours; NATGAS: 40x during on-hours / 20x during off-hours

• Dynamic liquidity: The GM pools underlying these energy perps were added to the GLV [ETH-USDC] vault, so liquidity can dynamically meet demand

• Primary blockchain deployment: Arbitrum One

• Multichain access: Users on Base, BNB Chain, and Ethereum Mainnet can also seamlessly trade these energy markets via their GMX Account

Trade the energy markets at: app.gmx.io

Session-Based Parameters

Akin to the low-fee Gold and Silver markets launched last week, energy commodities have clear active trading sessions that affect liquidity depth and price stability. The parameters for these 24/7 GMX markets reflect that reality, with conditions adapting to on-hours and off-hours trading:

Energy commodity markets are technically open around the clock, but their liquidity profile is not uniform. WTI and Brent crude have benchmark pricing windows tied to major trading centers. Natural gas pricing is similarly concentrated during peak session hours.

Outside those windows, bid/ask spreads widen, order book depth thins, and price moves can be more abrupt. GMX’s on/off-hours parameters for fees, leverage, and open interest caps account for this directly.

GMX has adopted these primary markets while removing their traditional constraints, enabling traders to open, close, reduce, or adjust their positions even during the Friday-to-Sunday blackout or the daily one-hour maintenance gap.

Why Energy Commodities

WTI and Brent crude are the two primary global oil benchmarks and underpin the largest commodity derivatives markets. Natural gas is also one of the most actively traded energy instruments, with pricing that responds to supply dynamics, weather, and macro conditions.

Trading these instruments on leverage through traditional channels requires a futures account or a brokerage with commodities access; routes that introduce counterparty risk and other friction. GMX’s synthetic perps remove the custodian from the equation, and democratize access.

GMX’s Expanding Market Coverage

The launch of WTIOIL/USD, BRENTOIL/USD, and NATGAS/USD follows last week’s introduction of low-fee XAU/USD (Gold) and XAG/USD (Silver) markets, GMX’s first perps for real-world assets.

The expansion logic is consistent: we focus on globally traded instruments with the liquidity depth and pricing infrastructure needed to support synthetic perp markets without weakening risk parameters.

GMX’s objective is to be a leading permissionless trading platform for a broad range of globally traded instruments, including Forex and stock indices. The current RWA market lineup is the first phase of that ongoing expansion. Sign up to be notified when new markets go live:

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Chainlink Data Streams

All three markets are powered by the Chainlink data standard via Data Streams, which actively secures all of GMX’s existing 100+ perp markets.

For perpetuals, oracle quality has a direct bearing on execution integrity. The low-latency delivery window closes the gap between oracle price and market price, and the aggregated pricing is designed to make price manipulation significantly more difficult. These properties matter to all users, and are even more relevant during the off-hours when underlying liquidity is thinner.

About GMX:

GMX is the go-to permissionless exchange for trading Perps on a growing range of global financial instruments. Trade 100+ transparently fair markets across multiple asset classes, with up to 100x leverage, fast execution, and sub-second Chainlink oracle pricing—all from your wallet.

Over 45,000 liquidity providers on GMX earn from billions in weekly volume. Trusted by thousands of traders daily and integrated across 70+ DeFi protocols, GMX is a foundational layer for DeFi on public blockchains.

Join the GMX community:

Twitter: https://twitter.com/GMX_IO

Telegram: https://t.me/GMX_IO

TG Announcements: https://t.me/GMX_Announcements

Discord: https://discord.gg/H5PeQru3Aa

Github: https://github.com/gmx-io

Documentation: https://docs.gmx.io/

GMX has lowered the fees on its 24/7 GOLD/USD and SILVER/USD markets to 0.01% on the underweight side of open interest and 0.02% on the overweight side, during CME trading hours. When contributing to OI balance, the total cost for opening and closing a position is now only 2 basis points. When adding to the skew, it is 4 bps. Using a GMX referral code will make you eligible for an additional 5-10% discount on top.

The fee reduction on Gold and Silver applies during on-hours, which are based on CME trading sessions: Sunday 22:15 UTC through Friday 20:45 UTC, with a short daily maintenance period (see the clear visual overview below). Outside of these hours, GMX’s standard rates apply: 4 bps if your trade reduces the OI skew, and 6 bps if it increases it.

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Why Low Fees on Gold & Silver?

Gold recently reached an all-time high. Trader interest in precious metals exposure has grown vastly in 2025 and into 2026, and various CEXes and DEXes have launched commodity perps in response. Fee structure is a meaningful differentiator for active traders, particularly on an asset like gold, and GMX aims to offer traders institutional-grade rates onchain.

CME gold futures round-trip costs for retail traders are typically in the range of 1–3 bps in raw fees, before spread. However, those come with expiry, margin calls via brokers, counterparty risk, and restricted hours. GMX’s on-hours rate now sits in the same range, with self-custody, decentralized Chainlink oracle pricing, and 24/7 availability.

For additional context, GMX’s closest onchain competitors currently charge between 4 and 9 bps at base taker rates to open and close a position on gold (or use a so-called ‘zero fees’ model where the large bid-ask spread is the effective cost traders pay).

Note: this is not a promotional rate or a temporary incentive. 1 or 2 basis points on open and close is, as of now, the standard on-hours fee structure for GOLD/USD and SILVER/USD on GMX.

> Start trading precious metals on GMX

Market Structure and Trading Hours

GOLD/USD and SILVER/USD trade 24/7 on GMX, including on weekends (read the launch announcement to learn more). The on-hours and off-hours configurations are designed around CME trading sessions, with a 15-minute buffer applied before CME close and after the open:

During on-hours: maximum leverage of 100x, very low fees, and standard open interest caps.

During off-hours: maximum leverage goes down to 25x, open interest caps are reduced, and price impact is higher to account for thinner underlying market liquidity.

Existing positions will remain open when off-hours begin. However, the liquidation threshold tightens from 200x to 100x, meaning positions held at leverage close to 100x are at elevated risk of liquidation during off-hours. Traders cannot increase a position above 25x during off-hours; they can only decrease its leverage. When on-hours resume, all thresholds return to the on-hours parameters.

This structure reflects the interplay between GMX’s oracle pricing via low-latency Chainlink Data Streams and the way commodity markets work. Tighter risk parameters during off-hours are not a limitation imposed on traders; they are a consequence of reduced price discovery in the underlying market when the CME is closed.

Trade the Gold & Silver Markets

GOLD/USD and SILVER/USD are listed under the RWA (real-world assets) category in the GMX market dropdown. Both are searchable by common name (GOLD, SILVER) and ticker (XAU, XAG).

Open the Trading Interface

The two precious metals markets are deployed on Arbitrum, where they can be traded directly from your self-custody wallet.

Gold and Silver are also available for trading on Ethereum, Base, or BNB Chain via your GMX Account. Think of your GMX Account as a multichain trading wallet you can easily fund from anywhere and withdraw from at any time.

Join the GMX community:

• Website: https://gmx.io/

• Twitter: https://twitter.com/GMX_IO

• Telegram: https://t.me/GMX_IO

• Announcements: https://t.me/GMX_Announcements

• Discord: https://discord.gg/H5PeQru3Aa

• Github: https://github.com/gmx-io

• Documentation: https://docs.gmx.io/

What Is Available

GMX now offers perpetual swaps on the two most popular precious metals: Gold (XAU/USD) and Silver (XAG/USD). Both markets are frictionless synthetic perps: positions are opened and settled onchain using WETH-USDC liquidity, with pricing secured via Chainlink’s low-latency Data Streams.

Specifications:

• Market names: XAU/USD and XAG/USD

• Availability: 24/7, continuous

• Market type: Synthetic perpetuals (no spot asset)

• Maximum leverage: 100x during on-hours / 25x during off-hours

• Pricing: Chainlink Data Streams

• Collateral backing: WETH-USDC GM liquidity pools

• Dynamic GLV liquidity: Both GM pools are included in GLV [ETH-USDC]; GLV holders earn fee revenue from these markets, and liquidity automatically rebalances to these markets based on trader demand

• Trading fees: 4 bps for the underweight side of open interest; 6 bps for the overweight side Now just 1 or 2 bps during market hours!

• Primary deployment: Arbitrum One

• Multichain access: Traders on Base, BNB Chain, and Ethereum Mainnet can also frictionlessly access these markets on GMX

Why Gold and Silver Perps

Gold and Silver are two of the most liquid financial instruments globally, with daily turnover in the hundreds of billions across spot and futures markets. Gold (as seen again very recently) serves as a global pricing reference for inflation expectations, currency strength, geopolitical risk, and real interest rates.

Unlike equity markets, these commodities do not have exchange hours that create structural gaps in pricing or forced position closures. Both metals trade continuously across global futures and OTC markets. Traders are generally not heavily exposed to overnight risk from closed markets or to the spread distortions that follow a market re-open.

These properties make XAU/USD and XAG/USD very suitable for 24/7 on-chain perp trading. Moreover, the industry has shown significant demand for trading real-world assets lately, and GMX has been eager to offer access to these markets.

Chainlink Data Streams

Both XAU/USD and XAG/USD markets leverage Chainlink Data Streams to ensure secure, reliable price data, operating on the same decentralized oracle infrastructure that underpins GMX’s more than 100 existing perps.

Chainlink Data Streams provide fast, reliable, and rich onchain data delivery, enabling decentralized applications to access high-frequency, real-time data on demand with cryptographic verification, powering latency-sensitive onchain financial products.

A sub-second delivery oracle that draws on global liquidity is an essential condition for running these GMX markets at acceptable risk parameters, for both traders and liquidity providers that depend on accurate real-time pricing for their positions.

GMX’s Move Into RWA Markets

The launch of XAU/USD and XAG/USD highlights GMX’s expansion into perps for commodities and other real-world assets. This reflects a broader assessment of where our permissionless derivatives trading infrastructure can meaningfully extend.

Crypto assets have been the natural starting point. But the architecture that supports those GMX markets — synthetic structure, oracle pricing, 24/7 settlement, permissionless access — is not specific to crypto. It applies equally to any globally traded financial instrument where continuous pricing exists, and deep underlying liquidity prevents manipulation.

Gold and silver markets are the opening position in that RWA direction. The required decentralized infrastructure is now increasingly available. Future expansion into other precious metals and asset classes is coming, evaluated on the same criteria: pricing availability, underlying market depth, and oracle coverage.

GMX’s objective is to be the go-to permissionless, composable, open platform for a broad range of financial markets — trade any leading asset, from any leading public blockchain.

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“Gold and silver perps on GMX are the first step in a broader move into real-world assets. The infrastructure — synthetic markets, oracle pricing, 24/7 settlement — doesn’t care whether the underlying is a crypto token or a commodity. Chainlink Data Streams give us the pricing reliability these markets require. More asset classes are coming.” — Jone Zee, Communications Coordinator at GMX

“We’re excited to see GMX adopt Chainlink to power its newly launched gold and silver perpetual markets. Through Chainlink, GMX is establishing advanced markets where commodities are accessible to everyone and traded 24/7. This is how we enter a new era where the world’s largest commodities are traded onchain at a massive scale.” — Johann Eid, Chief Business Officer, Chainlink Labs

Start Trading

XAU/USD (Gold) and XAG/USD (Silver) perpetuals are live now; you can start trading the new 24/7 markets here:

> app.gmx.io

Executive Summary

• GMX has successfully expanded to MegaETH, launching 3 blue-chip markets backed by GLV liquidity infrastructure and the Chainlink data standard for asset pricing

• This initial deployment prioritizes reliability, leveraging GMX’s time-tested architecture that has processed over $360 billion in volume

• MegaETH-specific optimizations will roll out progressively, unlocking the full potential of real-time onchain execution for Perp trading

• Users can start trading BTC, ETH, and SOL perpetuals or provide liquidity through the incentivized USDm-stablecoin GLV vault. Additional markets to follow soon.

MegaETH community, meet GMX!

GMX’s popular Perp trading platform is officially live on the MegaETH blockchain. Right now, all MegaETH users can:

• Trade perpetual swaps for BTC/USD, ETH/USD, and SOL/USD with up to 50x leverage, enjoying competitive fees, deep liquidity, and high-speed onchain execution

• Buy GLV: [USDM/USDM] liquidity tokens from GMX’s new single-sided stablecoin vault, and earn from every single trade on GMX <> MegaETH

• Benefit from GMX’s proven model: permissionless access, transparently fair markets, and sticky pool-based liquidity, all powered by decentralized supporting infrastructure

• Register their GMX referral code, invite friends, and immediately start earning passive income

Try it now:

Launch GMX on MegaETH

A Phased Deployment Strategy

GMX’s launch on MegaETH follows a structured, gradual approach that prioritizes stability and good user experience:

Phase 1: Proven Infrastructure First

The initial deployment leverages GMX’s most battle-tested components exactly as they function across 7 other chains:

• Secure, decentralized Chainlink oracle infrastructure with proven price feeds

• User-deposited pooled liquidity through the GLV system

• Familiar risk parameters based on GMX’s billions in processed volume

• Smart contracts with an extensive audit history

Phase 2: MegaETH-Optimized Features

Once this initial deployment demonstrates its performance, GMX will progressively introduce optimizations based on MegaETH’s unique real-time capabilities. Think of:

• Order execution in under a few hundred milliseconds, leveraging the 10ms block times

• Enhanced price update mechanisms utilizing the chain’s advanced sequencer-level integration of Chainlink Data Streams oracles

• Advanced trading features enabled by MegaETH’s computational throughput

This measured rollout safeguards users while allowing GMX to fully unlock MegaETH’s added value.

Why GMX on MegaETH can be Perps’ Next Frontier

With its unprecedented 10-millisecond block generation, streamlined low-latency infrastructure, and sequencer-level integration of Chainlink Data Streams, MegaETH enables GMX to trial unique technical innovations. Once validated, these innovations can significantly speed up development cycles, helping realize the vast potential of real-time onchain Perps.

MegaETH and its ecosystem protocols are also keen to collaborate, leveraging GMX as both a powerful yield-generation platform and a trading venue.

To date, GMX has enabled over $360 billion in notional volume from more than 740,000 traders (across Arbitrum, Avalanche, Botanix, Solana, Base, BNB Chain, and Ethereum Mainnet). MegaETH is now the 8th blockchain whose users can trade Perps seamlessly on GMX.

This launch builds on the successful Multichain scaling strategy, which has enabled horizontal expansion across leading EVM chains through deployments leveraging Arbitrum’s liquidity infrastructure. Today, we bring all GMX’s proven trading infrastructure to a chain purpose-built for real-time execution.

Seamless Trading Experience

GMX provides numerous UX advantages for traders, including:

• Optimized onchain execution speeds

• Permissionlessness, self-custody, and data-transparency

• Aggregated Oracle-based pricing, which reduces liquidation risk

• Trader-friendly liquidation and ADL mechanisms

• Excellent price execution on blue-chip assets like BTC/ETH/SOL due to capped price impact: 0.5% max (50 basis points), regardless of your order size

• TWAP orders for smooth execution of large positions.

• 1-Click Trading Express for interruption-free, flow-state execution

Additionally, the GMX Referral System is live directly at launch, enabling anyone to earn commission by sharing their ref link with their trading community.

Connect your wallet, select MegaETH, and get started: app.gmx.io

Buy GLV and Provide Liquidity on MegaETH

MegaETH users can provide liquidity and earn fees by simply buying the GLV: [USDM/USDM] token with USDm (the chain’s native stablecoin).

This enables you to generate auto-compounded yield from three distinct GMX revenue sources:

• Perp trading fees (open/close/borrowing/liquidations)

• Swap fees

• Buy/sell fees on the liquidity tokens themselves

View the underlying Pools and purchase GLV here:

Provide Liquidity and Earn

GLV offers dynamically optimized yield, automatically rebalancing your liquidity across multiple markets in response to trader demand. The higher the market’s utilization, the more liquidity GLV allocates.

Please note: This is the first time GMX introduces a stablecoin-only liquidity vault, creating new earning opportunities. The USDm vault may also be eligible for chain-specific points incentives.

What’s Next

GMX is driven to make Perps accessible to all traders on all popular public blockchains: Trade Anywhere, GMX Everywhere. The MegaETH deployment represents both a continuation of this mission and the beginning of a new chapter.

As GMX on MegaETH further matures, expect progressive optimizations that fully leverage the chain’s real-time capabilities.

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About GMX:

GMX is the go-to non-custodial exchange for trading Perps and Spot on public blockchains. Trade 100+ transparently fair markets across multiple asset classes, with up to 100x leverage, fast execution, and sub-second Chainlink oracle pricing—all from your wallet.

Over 45,000 liquidity providers earn from billions in weekly volume. Trusted by thousands of traders daily and integrated across 70+ DeFi protocols, GMX is a foundational layer for multichain DeFi.

Join the GMX community:

Twitter: https://twitter.com/GMX_IO

Telegram: https://t.me/GMX_IO

TG Announcements: https://t.me/GMX_Announcements

Discord: https://discord.gg/H5PeQru3Aa

Github: https://github.com/gmx-io

Documentation: https://docs.gmx.io/

Today marks the start of a new weekly epoch and the next step in the Strategic Plan to Restore Price Discovery.

Two major upgrades are now live in the GMX dApp: full on-chain buyback transparency and the Staking Power system. Let’s explain what these changes mean for you:

Buyback Transparency

The $GMX buyback program has already been running. As of today, you can see all of it in the dApp, verifiably on-chain:

Every buyback figure in the interface is sourced directly from blockchain state. You can double-check every number yourself. Displayed are:

• Weekly breakdown — exactly how much was added each week, so the buyback cadence speaks for itself

• Cumulative total — the full amount of GMX bought back and accumulated for stakers

• Buyback rate — the Annualized Rate of repurchases as a percentage return (extrapolated from the weekly figures)

• Portfolio integration — your buyback reward accrual also appears directly on your staking card on the Earn page, alongside your other positions

Important note: the buyback now replaces APR as the primary staker metric. APR is a forward-looking projection. The number of GMX tokens repurchased is a backward-looking fact.

Staking Power

Staking Power should be seen as a new reward primitive: the mechanism that determines your share of future buyback distributions.

Your Staking Power = duration × amount of GMX staked. It accrues continuously, using the same time-weighted math already powering GMX’s existing reward contracts. It’s straightforward: the longer you’ve been staked, and the more you have staked, the greater your share.

The 80% threshold: Dropping below 80% of your historical peak stake resets your accumulated power to zero. This is the new GMX loyalty mechanism, effective as of today (the 80% threshold is based on your max staked GMX + esGMX calculated on Wednesday, 25 March at 00:00 UTC). The mechanism is designed to reward long-term holders and make short-term extraction strategies by mercenary capital unviable.

Note that a reset is not a lockout. Staking Power accrual resumes immediately from your new balance. You just lose the seniority you built, but you start building your Power up again right away.

What you can see in the dApp interface:

• Your projected portion of future staking reward distributions from the Treasury

• A real-time ‘loyalty health’ indicator showing exactly how close your current stake is to the 80% threshold

• Clear warnings before any unstake action that would trigger a reset, so that users can’t accidentally lose their accumulated Staking Power

• Post-reset explanations, if a reset has occurred: what happened, your new starting point, and confirmation that accrual has resumed

A few edge cases that have been handled correctly:

• Account transfers include a mandatory acknowledgment that staking power resets on the receiving address, preventing accidental loss

• esGMX vesting completions are handled atomically, so routine vesting events never accidentally breach the loyalty threshold

All projected rewards and distribution estimates are clearly labeled as best-effort estimations subject to DAO governance.

Where Things Stand

27% of all generated platform fees are allocated to GMX buybacks, distributed as staking rewards. These GMX buybacks have been redirecting to the Treasury since the beginning of March.

Distribution to stakers begins once the GMX price exceeds $90, with distributions proportional to individual Staking Power. The buyback program has been ongoing. Both the buybacks and accumulating rewards are now fully visible in-dapp.

If you’re staking, you’re already accumulating power. Keep your balance above the 80% threshold and let the clock run.

If you’re not staked yet, there’s no special window; Staking Power accrual starts from whenever you stake.

The full context for these changes can be found in the blog post about the Strategic Plan.

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Users can now get real-time assistance without leaving the GMX interface. Whether you have a question about a position, collateral management, rewards for stakers or liquidity providers, or how to navigate a new feature, live support is directly available. Simply use the chat widget located in the bottom corner of the dApp.

How it works

To start, click the Support icon in the main menu to open a chat session. From there, you can directly connect with a GMX contributor without interrupting your workflow:

This support integration is powered by a leading customer communications platform trusted across various industries.

Professional support matters

Fast, in-app support has long been a significant gap in DeFi, where customer support via social media platforms like Telegram and Discord has long been the norm. This, however, comes with many pitfalls for users.

With this new integration, GMX users can resolve issues, provide feedback, and get answers in real time — the standard expected of any best-in-class platform.

Users should always feel free to join the Telegram community for support, and opening a formal Support Ticket also remains possible on Discord.

However, it is recommended to try the Live Chat Support: app.gmx.io

To be notified of upcoming announcements, development milestones, and feature releases:

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The GMX DAO has approved a plan to address the limited effectiveness of the ongoing buyback activity and the CEX supply overhang that contributes to it. Starting this week, staking rewards will be diverted to the Treasury, and protocol liquidity will be consolidated onto GMX’s own infrastructure.

What is changing, and what it means for you as a staker, liquidity provider, or trader, is summarized below:

The problem this aims to solve

The Buy Back & Distribute (BB&D) program has repurchased over 2 million GMX tokens since the end of 2024, roughly equal to the total CEX + DEX circulating supply at the program’s inception. The limited effectiveness of this buyback activity points to liquidity and structural CEX dynamics as significant underlying causes. This plan is designed to address those directly.

What is changing

Liquidity consolidation. Approximately 600,000 GMX will be withdrawn from Treasury-controlled Uniswap and Trader Joe liquidity pools. Those tokens will be redeployed into GMX’s GMX-USDC pool and GMTrade.xyz (the rebranded GMX-Solana). Liquidity for the GMX token primarily belongs on GMX.

Staking rewards are locked; no longer distributed directly. Effective Wednesday 4 March 2026, all GMX staking rewards will be redirected to the Treasury and held, reducing the circulating supply. This 27% of protocol fees accumulating in the Treasury will still be used for GMX buybacks on the open market. However, rewards will only be distributed to stakers once the GMX price exceeds $90, with distribution proportional to your staking power (duration × amount staked). Governance will determine the exact schedule for releasing rewards once that price point is reached.

The goal is to build up a large reward pool, strongly reward long-term stakers’ loyalty, and avoid distributing repurchased tokens into a structurally suppressed market. GMX is a robust, revenue-generating business. This adjustment is one element of a broader set of changes that will strengthen the relationship between the business and the token. To be notified of upcoming changes, sign up for announcements:

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Staking Power and the 80% rule. To remain eligible for these accumulated rewards, your staked GMX balance must never fall below 80% of your peak staked amount. A breach of this threshold at any point results in the forfeiture of accumulated rewards and a reset of staking power, with no exceptions. Please monitor your position carefully.

User Examples:

• A new user can purchase and stake GMX at any time, will begin accumulating Staking Power, and will become eligible for future rewards.

• A user can stake more GMX tokens at any time, in which case the new total becomes the peak staked amount.

• A user can freely unstake and sell their GMX at any time, but will forfeit their accumulating staking rewards.

• And a user can freely unstake up to 20% of their peak-staked GMX amount, but no more, without forfeiting future staking rewards.

Dashboard updates. The Portfolio dashboard in the GMX dApp currently highlights that staking rewards are accumulating in the Treasury. It will be further updated to display your Staking Power, your share of the total pool, total pending rewards in the Treasury, and your estimated payout at the $90 trigger. GMX aims for full transparency.

Exchange buy-wall. A treasury-backed buy-wall of 1,000,000 GMX will be placed at the $5 level on onchain exchanges for one week following implementation. This is a fixed, one-time measure to absorb any extreme overhang and accumulate tokens in the Treasury; it will not be adjusted upward or extended. After that window, future buybacks will follow a weekly Deposit-Buy-Withdraw cycle, keeping Treasury assets off exchanges between executions.

What you need to do

If you are currently staking GMX, your rewards will, as of today, accumulate in the Treasury on your behalf. To remain eligible, maintain at least 80% of your peak staked balance from that day forward. You do not need to take any other action.

If you are not yet staking, the window to establish your balance and begin accumulating Staking and Voting Power is open now.

> Check your position: gmx.io/earn

> View the governance proposal: Snapshot

Follow GMX on Socials:

Twitter: https://twitter.com/GMX_IO

Telegram: https://t.me/GMX_IO

TG Announcements: https://t.me/GMX_Announcements

Discord: https://discord.gg/H5PeQru3Aa

Github: https://github.com/gmx-io

Documentation: https://docs.gmx.io/

This week, GMX has introduced a redesigned Trade panel to simplify and enhance the trading experience. These updates align the interface with common industry standards, and prepare the platform for the upcoming Cross-Margin functionality.

Leverage Controls Relocated to the Header

Users now adjust their desired leverage with the Leverage Selector in the header, at the top-left of the trade box. The leverage slider has been moved inside this Leverage Selector; click the box to reveal it. The multiplier numbers under the slider are clickable, for easy fine-tuning.

The field previously labeled “Pay” has been renamed to “Margin”. It serves the same purpose as before — specifying the collateral amount used to open a position — but the new terminology better matches industry standards and reduces confusion.

Instead of indirectly adjusting position size through leverage, the trade panel now features a Size slider. The Size slider lets you choose your position size as a percentage of your margin, making the sizing process clearer and more intuitive.

You can also toggle the Size display between USD value and token amount, depending on your preferred view.

Enhanced Take-Profit and Stop-Loss Controls

Setting a Take-Profit (TP) or Stop-Loss (SL) order when opening a position has become more flexible. You can set your profit or loss targets as percentages of the position’s value, which makes risk management easier and more transparent.

Multiple TP/SL Management

Managing multiple Take-Profit or Stop-Loss orders is now more straightforward thanks to a dedicated TP/SL column and modal, accessible from the Positions tab.

Here, you can click the circled plus (⊕) to add, edit, or review multiple TP/SL levels for an open position:

Improvements to the Positions Table

Users can now toggle between displaying their position’s size in either USD value or token amount directly in the positions table.

Additionally, the previous “Close” button has been replaced with two distinct actions:

• Market — close immediately at the market price

• TWAP — close gradually using time-weighted execution

Both options include a size percentage slider, allowing you to easily close part or all of a position.

Receive Live Support

Live chat support is now available for you at any time in the GMX dapp.

If you have questions, need assistance, or want to learn more about a feature, simply send us a message by clicking the Support button in the main menu.

Your feedback is valuable and helps us further improve the product for everyone.

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Two new perpetual contracts have been launched on GMX today: CC/USD (Canton Network) and MET/USD (Meteora). They follow the recent introduction of markets for XAUT/USD (Tether Gold), LIT/USD (Lighter), and IP/USD (Story Protocol).

Users can now permissionlessly trade all these assets with up to 25x leverage on GMX’s transparent, decentralized markets. The new Perps are available to anyone on Ethereum, Arbitrum, Base, and BNB Chain.

How GMX’s Markets Work

The newly introduced perpetual swaps build on GMX’s robust smart contracts and onchain infrastructure, which enable seamless perps for crypto as well as other asset classes:

1. Highly flexible, permissionless markets that are accessible from multiple leading blockchains

2. Transparent, aggregated price data from Chainlink Data Streams — the industry-standard

3. Deep pool-based liquidity, courtesy of 45,000+ users holding GM and GLV tokens

4. Real-time market parameters adjusted to current market conditions by the Chaos Labs’ Edge Risk Oracle

Provide Liquidity: GM and GLV

Providing liquidity to the markets that power trading on GMX is straightforward and permissionless. Interested in earning yield? Here’s how to earn as an LP:

1. Purchase GLV with WBTC, WETH, and/or USDC to enjoy 50/50 exposure to a basic crypto index. This product is an improved version of GLP, with your liquidity automatically rebalanced to GMX’s highest-utilized markets and your yield auto-compounded.

2. Alternatively, purchase GM tokens to provide liquidity for one specific market. This will give you 50/50 risk-isolated exposure to that market only.

View the Earn opportunities: https://app.gmx.io/#/pools

For a detailed explanation of GM and GLV’s yield mechanics, read the next segment. For easy step-by-step instructions for providing liquidity, please click here.

GLV and GM Reward Mechanics

All liquidity providers on GMX benefit from a tried-and-tested model, built for long-term profitability. As an LP on GMX, you:

• Hold a ~50/50 mix of stablecoins and volatile assets (except in the single-asset pools)

• Earn fees from multiple revenue sources (which are auto-compounded into the token price):

  • Perp trading fees (open/close/borrowing/liquidations)

  • Swap fees

  • GM minting/redeeming fees

  • And, potentially, trader losses as well

• You benefit from adaptive funding rates and incentive mechanisms that stimulate balanced Open Interest.

Liquidity providers are the counterparty to the traders on GMX, but are exposed to traders’ profits and losses only at times that a market’s Open Interest is unbalanced.

Thanks to the abovementioned mechanics, GMX’s liquidity pools and vaults tend to outperform benchmark LP positions. View the Pools page, as well as these data dashboards on Dune Analytics, to analyze their performance:

• Granular V2 LP Dashboard

• GMX Analytics Dashboard

Join the GMX community:

Website: https://gmx.io/

Twitter: https://twitter.com/GMX_IO

Telegram: https://t.me/GMX_IO

Announcements: https://t.me/GMX_Announcements

Discord: https://discord.gg/H5PeQru3Aa

Github: https://github.com/gmx-io

Documentation: https://docs.gmx.io/

Key Highlights

• GMX will launch on MegaETH, initially offering three blue-chip Perp markets: BTC/USD, ETH/USD, and SOL/USD

• Liquidity facilitated by a new stablecoin-only GLV vault backed by USDm; users will be able to earn yield in GMX’s first single-sided stablecoin vault

• MegaETH blockchain is uniquely fast and offers native Chainlink Data Streams oracle integration

• Full GMX deployment from day one: Perp trading, infrastructure integrations, GLV liquidity provision, leaderboard, and referral system

GMX is set to launch on MegaETH, the first real-time blockchain capable of achieving sub-10-millisecond latency and over 100,000 transactions per second. This deployment will bring GMX’s proven Perp trading infrastructure to an EVM chain purpose-built for high-frequency onchain execution.

MegaETH’s public Mainnet is expected to launch soon, either at the end of January or in the early days of February 2026. GMX aims to go live on Mainnet right after, once final testing is completed.

What MegaETH Enables

Unlike most traditional L2s optimized for throughput, MegaETH prioritizes real-time responsiveness through node specialization and in-memory compute:

• Orders execute near-instantly, similar to the speed of a CEX

• The 100,000+ TPS capacity makes high-frequency Perp trading strategies viable onchain

• The blockchain has demonstrated a block time of ~10 milliseconds, enabling near-instant finality

• Chainlink Data Streams, the low-latency oracles that GMX uses to price markets, are integrated directly in the chain’s execution environment

These characteristics make MegaETH highly suited to GMX’s permissionless, onchain Perp trading infrastructure.

GMX x MegaETH: What Traders Get

GMX will launch on MegaETH with a lean, native deployment, featuring three core Perp markets backed by USDm stablecoin liquidity:

Markets:

• BTC/USD, ETH/USD, and SOL/USD with up to 100x leverage

• Additional markets expected post-launch

Trading Features:

• Unmatched onchain execution speed

• Aggregated Oracle-based pricing, eliminating front-running risk and reducing liquidation risk

• Capped price impact at 0.5% maximum, regardless of order size

• TWAP orders for optimal execution of large positions

• GMX Express: gas fees paid automatically (network fees on MegaETH are extremely low, paid in ETH).

• 1-Click Trading for uninterrupted, flow-state execution

• GMX Referral System: earn commission by referring traders

The GLV Opportunity: Single-Sided Stablecoin Liquidity

Liquidity for GMX’s perpetual markets on MegaETH will be facilitated by a new GLV vault. At launch, anyone can buy GLV: [USDM/USDM] on MegaETH to provide liquidity. This single-sided vault is backed entirely by USDm, the chain’s native yield-bearing stablecoin.

Note: This marks the first time that GMX is deploying a stablecoin-only liquidity vault, creating new opportunities to earn.

The permissionless GLV vault enables you to earn yield from three separate GMX revenue sources:

1. Perp trading fees (open/close/borrowing/liquidations)

2. Passive AMM market-making

3. Fees on buying and selling GLV

Early LPs will benefit from being the first to provide liquidity on a new chain with institutional-grade infrastructure, as well as from any incentives GMX provides for GLV and MegaETH provides for USDM.

What to Expect

GMX on MegaETH is a full deployment. Features available from day one include: perp trading, GLV liquidity, a chain-specific Leaderboard, and the GMX Referral System opportunity. The Staking feature will remain on Arbitrum and Avalanche.

Core infrastructure supporting GMX’s decentralized trading platform—such as RPC servers, Chainlink Oracle price feeds, bridges, relays, and self-custody wallets—will also be available on MegaETH.

We’ll share more detailed information as the launch approaches. Follow @GMX_IO on X and subscribe to GMX News for updates:

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Join GMX on Socials:

Website: https://gmx.io/

Twitter: https://twitter.com/GMX_IO

Telegram: https://t.me/GMX_IO

Announcements: https://t.me/GMX_Announcements

Discord: https://discord.gg/H5PeQru3Aa

Github: https://github.com/gmx-io

Documentation: https://docs.gmx.io/

Five new perpetual contracts have been launched on GMX today: SYRUP/USD (Maple Finance), CHZ/USD (Chiliz), JTO/USD (Jito), AR/USD (Arweave), and DASH/USD. They follow the recent introduction of ZEC/USD (Zcash), MON/USD (Monad), and SKY/USD (formerly Maker).

Users can now trade these 8 assets with leverage on GMX’s transparently fair, decentralized markets. The new Perps are available to anyone on Ethereum, Arbitrum, Base, and BNB Chain. Earn LP fees by minting the underlying GM or GLV tokens on Arbitrum.

Understanding GMX’s Markets

GMX’s battle-tested onchain infrastructure facilitates these newly introduced markets:

1. Transparent, aggregated price data through lightning-fast Chainlink Data Streams — the industry-standard decentralized oracle solution tailored to Perp DEXs.

2. Reliable Pool-based liquidity, provided by 40,000+ users to the permissionless GM pools and yield-optimising GLV vaults

3. Robust market parameters optimised in real time by Chaos Labs’ Edge Risk Oracle to adjust to actual market conditions

4. Permissionless leverage with straightforward risk-isolation, and excellent execution at size thanks to capped price impact

5. Users can trade Perps and Spot markets from any leading EVM blockchain, seamlessly cross-chain

Mint GLV & GM to Provide Liquidity

Providing liquidity to the markets that power trading on GMX is straightforward and permissionless. Users can simply buy GM or GLV tokens and skip the complexity.

Here’s how to Earn as an LP:

1. Deposit WBTC, WETH, and/or USDC into one of the GLV vaults to enjoy 50/50 exposure to a crypto index. This product is similar to GLP, with the added bonus that your liquidity is automatically rebalanced to GMX’s highest-utilised markets, optimizing your yield.

2. Deposit funds into one of the isolated GM pools. This will give you 50/50 risk-isolated exposure to only that market.

Start earning: https://app.gmx.io/#/pools

Two different GLV vaults are available on Arbitrum, allowing liquidity providers to earn rewards using either Bitcoin or Ether:

• GLV [WETH-USDC] – (50% WETH and 50% USDC exposure)

• GLV [BTC-USDC] – (50% BTC and 50% USDC exposure)

On Avalanche, users can also purchase GLV [AVAX-USDC] tokens from the liquidity vault backing all markets on that chain. (Offering 50% AVAX and 50% USDC exposure and high yield)

Every GLV vault supports multiple GM markets, and allocates its liquidity dynamically across those markets depending on trader demand. This liquidity rebalancing mechanism reduces the need for manual management and boosts capital efficiency.

For Step-by-Step instructions for providing liquidity, click here.

Yield Mechanics & LP Exposure

All liquidity providers on GMX benefit from a model that started with GLP, has been further refined over years, and optimizes for long-term profitability:

• You hold a ~50/50 mix of stablecoins and volatile assets

• You earn fees from multiple revenue sources, which are automatically compounded for you:

  • Leverage trading fees (open/close/borrowing/liquidations)

  • Swap fees

  • Fees on GM minting/redeeming

  • And, potentially, trader losses

• You benefit from adaptive funding rates and incentive mechanisms that stimulate balanced Open Interest.

On GMX, liquidity providers are the counterparty to traders, but are exposed only to traders’ profits and losses as long as a market’s Open Interest is unbalanced.

GMX’s liquidity pools and vaults tend to outperform benchmark LP positions. To analyze their performance, view the Pools page in the dApp, as well as these detailed data dashboards:

• Granular V2 LP Dashboard

• GMX Analytics Dashboard

Join the GMX community:

Subscribe now

Website: https://gmx.io/

Twitter: https://twitter.com/GMX_IO

Telegram: https://t.me/GMX_IO

Announcements: https://t.me/GMX_Announcements

Discord: https://discord.gg/H5PeQru3Aa

Github: https://github.com/gmx-io

Documentation: https://docs.gmx.io/

GMX has now integrated Ethereum Mainnet, connecting the protocol to DeFi’s largest and most liquid ecosystem. Any user on Ethereum can now access GMX’s suite of perpetual and spot markets, along with its high-yield liquidity products, without leaving their favourite blockchain.

Ethereum users can now:

• Trade 100+ Perp markets with deep liquidity, competitive fees, and optimized onchain execution. Permissionless and seamless.

• Swap tokens on 23 Spot markets, including BTC, ETH, SOL, LINK, AAVE, AVAX, UNI, and other top altcoins.

• Purchase GM or GLV liquidity tokens and securely hold them in your self-custody wallet on Mainnet, while earning returns that significantly outperform those of benchmark DEXes.

• Execute trades cross-chain frictionlessly, powered by LayerZero and the premium RPC infrastructure of Gelato Network and GMX Express.

All traders benefit from GMX’s proven infrastructure: permissionless access, reliable liquidity provided by 40,000+ users, and transparently fair onchain markets that use Chainlink’s low-latency Data Streams for price execution.

> Trade Perps or LP from ETH Mainnet now

Why Unlocking Ethereum Matters

Ethereum is the bedrock of DeFi; decentralized, credibly neutral, and built on open access. ETH Mainnet has over $69 billion in TVL locked, millions of active users, and the deepest liquidity across many leading protocols.

Integrating Ethereum connects GMX to the epicenter of DeFi activity. The Ethereum trader base gains access to more than $330 million in unified liquidity across GMX’s 100+ Perp and Spot markets. With low gas fees on Mainnet, trading Perpetuals on Ethereum has nowadays become feasible…

And yield farmers on Mainnet can now earn Perp-driven rewards on their ETH, BTC, and more by holding GLV or GM tokens, offering a highly competitive alternative to using platforms like Aave, Lido, Uniswap, Ether.fi, or Curve.

To date, GMX has facilitated over $345 billion in volume from more than 735,000 traders across Arbitrum, Avalanche, Botanix, Solana, Base, and BNB Chain. Unlocking Ethereum is key to further growth.

Frictionless Cross-Chain Trading

GMX has eliminated the complexity of cross-chain Perp trading:

• No bridging required — deposit and trade directly from Ethereum, or six other leading chains

• GMX Account — your familiar self-custody EVM wallet holds assets across chains, while your GMX Account provides a unified balance for seamless multichain trading

• Gas abstraction — trade on secure, decentralized blockchains with gas fees automatically paid in USDC, USDT, or ETH thanks to GMX Express

• True multichain flexibility — deposit from any leading blockchain, trade Perps, then withdraw to any network supported by LayerZero

• 1-Click Trading Express — enable GMX’s fastest execution mode for an interruption-free, ‘flow-state’ onchain trading experience

Connect your wallet, select Ethereum, deposit collateral, and start trading in seconds:

> app.gmx.io

Liquidity Provision from ETH Mainnet

ETH users can provide liquidity and earn rewards by simply buying GM or GLV tokens directly from Mainnet. This enables seamless yield generation from three GMX revenue sources: Perp trading fees (open/close/borrowing/liquidations), Swap fees, and buy/sell fees on the GM liquidity tokens.

Enabled cross-chain liquidity tokens currently include GM: BTC/USDC, GM: ETH/USDC, and GLV [BTC-USDC] and GLV [WETH-USDC]. The single-token Bitcoin and Ethereum pools (offering pure, single-sided liquidity) will soon be available as well.

The GM Pools offer risk-isolated exposure to a single market pair, while the GMX Liquidity Vaults (GLV) offer dynamically optimized yield. GLV rebalances its liquidity across multiple GM markets based on trader demand.

View the Pools and purchase GM or GLV tokens here, or learn more about your GMX Account and how to provide cross-chain liquidity in this recent announcement (includes a step-by-step explainer video).

A detailed Dashboard comparing GM and GLV performance to benchmark LP positions is available here on Dune.

GMX Everywhere

Ethereum marks another major milestone in GMX’s horizontal scaling roadmap, bringing permissionless perpetual trading to every major public blockchain ecosystem.

The goal is to make GMX the go-to Perp trading platform for users on any decentralized chain: Trade Anywhere, GMX Everywhere.

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Join the GMX community:

• Website: https://gmx.io/

• X: https://x.com/GMX_IO

• Telegram: https://t.me/GMX_IO

• Announcements: https://t.me/GMX_Announcements

• Discord: https://discord.gg/H5PeQru3Aa

• GitHub: https://github.com/gmx-io

• Documentation: https://docs.gmx.io/

About LayerZero:

LayerZero connects 140+ blockchains and has processed over 150 million cross-chain messages. Leading DeFi protocols like GMX, EtherFi ($6B staked ETH), Pendle ($5B yield trading), and Stargate ($70B+ transferred) rely on LayerZero’s immutable endpoints and configurable verification to reach users across every chain.

About GMX:

GMX is the go-to non-custodial exchange for trading Perps and Spot onchain. The permissionless multichain DEX enables users to trade 100+ top cryptocurrencies with up to 100x leverage from their self-custody wallet. Traders benefit from deep liquidity, 1-click trading, reduced liquidation risk, multiple collateral types, a comprehensive suite of trading alerts, and next-gen execution speed.

Trading is powered by isolated and multi-asset pools, enabling anyone to provide liquidity and earn fees from swaps, leverage trading, and market making. With its composable liquidity pools and 80+ ecosystem integrations, GMX serves as foundational infrastructure for multichain DeFi.