GMX Review 2026
About GMX
GMX is a decentralized spot and perpetual exchange that enables low-fee leverage trading with up to 100x leverage directly from a user's wallet. Operating across Arbitrum, Avalanche, Ethereum, Base, BNB Chain, Solana, Botanix, and MegaETH, GMX has facilitated over $355 billion in cumulative trading volume since its September 2021 launch, serving more than 758,000 users. GMX V2 uses oracle-based pricing sourced from aggregated exchange data, which reduces the chance of liquidations triggered by temporary price wicks. Liquidity is provided through market-specific GM Pools, where each pool backs a specific trading pair using a long token and a short token. Trading fees are dynamic, ranging from 0.04% to 0.06% depending on whether a trade improves or worsens the balance between longs and shorts. The protocol has undergone 17 security audits by Guardian, Dedaub, Zellic, and Sec3, with 351 findings remediated including 80 critical and high-severity issues. GMX token holders can stake their tokens to earn protocol revenue in ETH/AVAX plus escrowed GMX rewards, creating a sustainable yield model backed by real trading fees.
KEY FACTS
- CUSTODY
- non-custodial
- TAKER FEE
- 0.06%
- MAX LEVERAGE
- 100x
- NETWORKS
- Arbitrum, Avalanche, Ethereum
- KYC REQUIRED
- No
- FOUNDED
- 2021
Fee Structure
| MARKET | TAKER | MAKER |
|---|---|---|
| Perpetuals | 0.06% | 0.04% |
| Spot | 0.07% | 0.05% |
| Best Tier | 0.054% | 0.036% |
Leverage & Margin
Security
Pros & Cons
PROS
- + Low dynamic perpetual trading fees starting at 0.04% for balance-improving trades, reduced from 0.05% in January 2025
- + Up to 100x leverage on BTC, ETH, and other major perpetual pairs with isolated margin
- + Multichain deployment across 8 networks including Arbitrum, Avalanche, Ethereum, Base, and Solana
- + Oracle-based pricing from aggregated exchange data reduces liquidation risk from temporary price wicks
- + Extensively audited with 17 security reviews by Guardian, Dedaub, Zellic, and Sec3 covering 351 findings
CONS
- − US users are geo-restricted at the frontend level, along with several sanctioned countries
- − No native mobile app — requires third-party wallet dApp browsers for mobile trading
- − Dynamic fee model (0.04%-0.06%) can be less predictable than fixed-fee exchanges
- − Only isolated margin mode available — no cross-margin support for portfolio-level risk management
Frequently Asked Questions
Is GMX safe to use?
GMX is a non-custodial DEX where users retain control of funds via their own wallets. The protocol has undergone 17 security audits by Guardian, Dedaub, Zellic, and Sec3, resolving 80 critical and high-severity findings. As with any DeFi protocol, smart contract risks exist, but its extensive audit history and oracle-based pricing provide strong security foundations.
What are GMX trading fees?
GMX charges dynamic perpetual trading fees of 0.04% for balance-improving trades and 0.06% for balance-worsening trades, reduced from 0.05%/0.07% in January 2025. Swap fees range from 0.2% to 0.8% depending on pool balance impact. Referral program users receive an additional 5% fee discount at Tier 1.
Does GMX require KYC verification?
No, GMX does not require KYC verification. Users can trade by connecting any compatible Web3 wallet such as MetaMask or Rabby. However, GMX geo-restricts access from the US, Iran, Cuba, North Korea, Syria, and several other countries at the frontend level per its Terms of Service.
What leverage does GMX offer?
GMX offers up to 100x leverage on perpetual trading pairs including BTC, ETH, AVAX, and over 80 other assets. The platform uses isolated margin mode where each position has its own collateral. Maximum open interest per market is limited based on available pool liquidity to manage protocol risk.
What blockchains does GMX support?
GMX operates on eight blockchain networks: Arbitrum, Avalanche, Ethereum mainnet, Base, BNB Chain, Solana (under the GMTrade brand), Botanix, and MegaETH. Arbitrum remains the primary chain with the deepest liquidity and most trading pairs. Cross-chain deposits are supported via native bridges.
How does GMX staking work?
Staking GMX tokens earns protocol revenue paid in ETH or AVAX plus escrowed GMX (esGMX). Stakers also earn Multiplier Points at 100% APR, which can be staked for additional fee rewards. Rewards are distributed continuously and claimable at any time from the GMX Earn page.
What is the GMX referral program?
GMX offers a three-tier referral program. Tier 1 provides 5% fee rebate to referrers and 5% discount to referred traders. Tier 2 requires 15 weekly active users and $5M volume for 10%/10%. Tier 3 requires 30 users and $25M volume for 15% rebate plus 5% esGMX and 10% trader discount.
Official documentation (docs.gmx.io) · GMX governance forum (gov.gmx.io) · CoinGecko · DeFiLlama · CoinMarketCap · BitDegree review · CoinBureau review · Guardian Audits case study · Arbitrum blog