What is the current price of GMX?
The current price of GMX is $7.46 with a 1.48% change in the last 24 hours.
GMX is a decentralized exchange for spot swaps and perpetual futures that lets traders open leveraged positions directly from a self-custody wallet. Instead of matching buyers and sellers on an order book, it executes every trade against shared liquidity pools and prices those trades with external oracle feeds. Its long-standing deployments are on Arbitrum and Avalanche, and the protocol documentation also describes additional deployments and cross-chain account access from networks including Ethereum, Base and BNB Chain. GMX is the protocol's governance and utility token.
Official resources:
GMX did not begin as a single launch. Its predecessor, Gambit Financial, ran on BNB Chain during 2021, and the protocol relaunched under the GMX name on Arbitrum in the second half of 2021 before adding an Avalanche deployment in January 2022. The contributors behind the protocol have never published legal identities and are known publicly only by pseudonyms, so GMX is best understood as a project with an anonymous founding team. That is a documented characteristic of how it has always operated rather than a gap in reporting. Direction since launch has come through GMX DAO governance, with a treasury and a multisignature setup controlling protocol parameters and upgrades.
Orders route against pooled liquidity rather than against other traders. In GMX V2 that liquidity sits in isolated GM pools, each backing one market with a designated long collateral token and short collateral token, so losses in one market do not automatically reach liquidity in another. GLV vaults sit above the GM pools and spread a single deposit across several of them, which is the more passive way to provide liquidity.
Pricing is the second half of the design. The documentation states that GMX "routes every order against these pools and quotes the oracle index price," using Chainlink Data Streams. Because the price comes from outside the pool, a large trade does not slide along an internal curve the way it would on a constant-product automated market maker, and liquidations reference an external index rather than a local quote. Orders are submitted in one transaction and executed in a second step by keeper infrastructure, which is how the protocol enforces oracle pricing at the moment of execution. Traders pay opening and closing fees, price impact, borrowing fees and funding.
GMX is used for governance voting and for fee participation. The documentation describes a buyback mechanism in which 27% of fees from leverage trading, liquidations, borrowing fees and swaps is used to purchase GMX, while liquidity providers capture 63% of those fees on Arbitrum and Avalanche. Escrowed GMX, written as esGMX, has historically been distributed as a staking and referral incentive and vests into liquid GMX over time. Multiplier Points reward uninterrupted staking. Maximum forecast supply is capped at 13.25 million tokens, and any increase requires governance approval.
The exact distribution schedule is not fixed. Governance has changed how and when fee proceeds reach stakers, so the current mechanism is best read directly from the official documentation rather than assumed.
The defining choice is that liquidity providers, not other traders, are the counterparty, and that prices come from an oracle rather than from the pool's own reserve ratio. This gives traders execution at the index price with no order book depth to consume, and gives liquidity providers a position that behaves like the other side of the aggregate trader book. GMX V2's isolated GM pools then addressed the main weakness of that model, which is that a single shared pool exposes every liquidity provider to every listed market.
Most large perpetuals venues have moved toward order books. Hyperliquid runs a central limit order book on its own chain, and dYdX operates an order book on a dedicated appchain. GMX kept the pooled counterparty model and improved it, which produces a different risk profile: there is no depth-based slippage for the trader, but liquidity providers absorb aggregate trader profit and loss, and the venue depends on oracle quality rather than on market maker competition. Compared with newer pool-based or hybrid perps venues such as Aster or Avantis, GMX has the longer operating history and a more established liquidity provider base, along with the accumulated audit coverage that comes with it.
GMX V2 has had substantial third-party review. The documentation names Guardian as primary auditor across eight engagements totaling 88 person-weeks and 365 findings, with additional work by ABDK, Certora, Dedaub and Sherlock, and continuing coverage for protocol updates. A bug bounty covering the repositories at github.com/gmx-io runs through Immunefi. Execution safety leans on Chainlink Data Streams so that liquidations track a fair external price rather than a local wick.
The protocol has also been exploited. In July 2025 an attacker used a re-entrancy flaw in GMX V1's order handling on Arbitrum to manipulate the valuation of the V1 liquidity token and extract roughly 42 million dollars. The attacker subsequently returned the funds after a bounty was agreed. V2 contracts were not the subject of that attack, but the incident is a real part of the protocol's record and worth knowing before depositing.
Liquidity providers are the counterparty to leveraged traders and can lose money when traders collectively win. The model depends on oracle availability and correctness, so an oracle failure is a protocol-level risk, not just a pricing inconvenience. Leveraged positions can be liquidated quickly, and auto-deleveraging can close profitable positions when a pool reaches its limits. Smart contract risk remains despite the audit history, as the 2025 V1 incident demonstrated. Fee distribution to token holders is set by governance and has changed before, so it should not be treated as a fixed entitlement. Competition in perpetuals is intense and liquidity can migrate quickly.
GMX was one of the first venues to show that leveraged perpetual trading could run entirely on-chain at meaningful scale with pooled liquidity providers rather than professional market makers. That design was copied widely across other chains, and the fee-sharing token model it popularized influenced a generation of DeFi tokenomics. For anyone studying how on-chain derivatives evolved, GMX is a reference implementation of the pool-based approach and of the trade-offs it carries.
GMX trades on a range of centralized exchanges and on decentralized exchanges on Arbitrum and Avalanche, and the protocol's own Earn page provides a route to acquire and stake it. Because the token is deployed on more than one network, confirm which chain a given venue delivers to before withdrawing, and bridge deliberately rather than assuming addresses are interchangeable. When swapping on-chain, verify the contract address against the official documentation, since tokens with similar names and tickers exist.
GMX is a standard token on EVM networks, so any wallet supporting Arbitrum or Avalanche can hold it. A hardware wallet is the sensible choice for balances you do not trade often, with a separate hot wallet used for interacting with applications. Staked GMX and esGMX sit in protocol contracts rather than idle in your wallet, which means staking carries contract risk and, in the case of esGMX, a vesting period before it becomes liquid. Leaving tokens on an exchange keeps custody with that exchange and removes your ability to vote or stake directly.
Track GMX live price, chart, market cap, and volume in real time. Practice mock trading and demo trading for GMX on CoinRithm before using real money.
Use a crypto paper trading account to demo trade GMX with real-time prices, AI trade feedback, and trading leagues. Test strategies, learn risk management, and build confidence before trading GMX with real money.
Read the complete paper trading guideThe current price of GMX is $7.46 with a 1.48% change in the last 24 hours.
The daily trading volume is $50,948.29 representing a 61.18% change in the past 24 hours.
The market capitalization of GMX is $77,950,032, ranking #234 globally.
The fully diluted valuation (FDV) of GMX is $98,785,426, calculated assuming the maximum supply of 13,250,000 GMX is in circulation.
Circulating: 10,455,368. Total: 10,455,368. Max: 13,250,000.
In the last 24 hours, GMX traded between a low of $7.20 and a high of $7.47.
GMX/USDTTether USDT7.46 USDT
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