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Perps DEXArbitrumAvalanche
GMX: Decentralized Perpetuals Exchange Guide 2026
Trade BTC, ETH, SOL with up to 100× leverage on-chain · +150 XP · 13 min read
Cumul. Volume
$200B+
Open Interest
$800M+
Max Leverage
100×
Token
$GMX
GLP / GM
LP tokens
Rating
⭐ 4.7
What is GMX?
GMX is the leading decentralized perpetual futures exchange, allowing traders to go long or short on BTC, ETH, SOL, AVAX, LINK, and other assets with up to 100× leverage — directly from their wallet, with no KYC. Unlike CEX perps, GMX uses an on-chain liquidity pool (GLP/GM) as the counterparty to trades, meaning liquidity providers earn fees from traders' losses and pay out winners.
GMX V2 introduced isolated markets (GM pools), oracle pricing from Chainlink + custom feeds, and reduced price impact, making it more capital-efficient for large trades.
GMX Tokens: $GMX, GLP & GM
$GMX (Governance + Utility)
Stake $GMX to earn 30% of protocol fees in ETH/AVAX + esGMX rewards. Voting rights on protocol upgrades via GMX DAO.
GLP (V1 Liquidity Pool Token)
Index of assets (BTC, ETH, stablecoins). LPs earn 70% of all trading fees. Minting/redeeming has a dynamic fee based on target weights.
GM Tokens (V2 Isolated Markets)
Each trading market has its own GM pool. More risk-isolated — a single market's losses don't affect other pools. Higher yield for volatile pairs.
How to Trade Perps on GMX
1. Connect Wallet
Go to gmx.io → connect MetaMask or any WalletConnect wallet on Arbitrum or Avalanche.
2. Deposit Collateral
Deposit ETH, USDC, or WBTC as collateral. Collateral stays in your wallet — no withdrawal delay.
3. Open a Position
Select asset, choose Long/Short, set your leverage (1×–100×). GMX uses oracle prices — no spread, just a borrow fee on open positions.
4. Set Stop-Loss / Take-Profit
GMX V2 supports native SL/TP orders on-chain. Set liquidation protection at the trade entry screen.
5. Monitor Health
Track your liquidation price live on the positions dashboard. Add collateral at any time to stay healthy.
Trade perps on GMX
Complete the GMX quiz and earn +150 XP