Full GMX ecosystem breakdown
For traders and LPs: We analyze impermanent loss risks in v2 pools, explain the price-manipulation protection mechanics via oracles and assess the real yield on Arbitrum and Avalanche.
DEX · GMX
Decentralized Exchange Review: GMX (v1 & v2)
A full audit of the protocol that revolutionized DeFi with its "Real Yield" concept. We break down the GM liquidity pool architecture, the Chainlink data-streams integration and trading with zero price impact.
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The GMX ecosystem and tokenomics
Unlike classic AMMs, GMX uses a synthetic architecture where liquidity providers act as the direct counterparty to traders, earning up to 70% of protocol fees.
Explore the GMX ecosystem →
Smart Contracts
A breakdown of the GMX V2 architecture. The shift from the single GLP pool to isolated markets (GM pools) for risk management. A registry of Router contracts and GMX/GLP tokens.
Security Audits
The complete archive of V1 and V2 security reports from Guardian Audits, Dedaub and ABDK. MEV protection analysis, lessons from the V1 incident and details of one of the largest bug bounty programs on Immunefi.
Statistics & Analytics
Key on-chain metrics of this "Real Yield" protocol. Analysis of TVL, open interest and the fees generated for liquidity providers (LPs).
API Documentation
A Web3 integration guide for developers. How to interact directly with V2 smart contracts and fetch historical data via The Graph (GraphQL).
Comparing GMX with competitors
An objective comparison of GMX with the leading DEX platforms.
GMX vs competitors
We compare GMX with dYdX, Hyperliquid and AsterDex. The zero-slippage peer-to-pool model, isolated GM pools and Chainlink Data Streams with RWA commodities.
Ratings & DEX table
A consolidated comparison of GMX with all top DEX platforms: TVL, maker/taker fees, maximum leverage, MEV protection and capital efficiency.