GMX risk score
Short answer: Perpd scores GMX 69/100 (Some known risks) as of 14 Nov 2026, ranking 7 of 10. Its weakest factor is volume quality (4/10): 93% of GMX's 30-day volume came from its Solana deployment (GMTrade, folded back into GMX on 23 Oct 2026), where DefiLlama's adapter maintainers flagged points-farming wallets, and that volume has since collapsed. Its strongest is liquidation & adl (10/10).
| Factor | Weight | Score | Why |
|---|---|---|---|
| Exit risk | 20% | 6/10 | Self-custody in contracts on Arbitrum, Avalanche and Solana, but order execution depends on GMX keepers. |
| Security record | 15% | 7/10 | Formula: 10, minus 3 for the $42M V1 exploit, where users were made whole. |
| Liquidation & ADL | 15% | 10/10 | Formula: 10. |
| Execution check | 15% | Not scored yet: needs 7 daily order-book snapshots. Preview in Perp DEX fees compared: what a $100K trade really costs. | |
| Volume quality | 10% | 4/10 | 93% of GMX's 30-day volume came from its Solana deployment (GMTrade, folded back into GMX on 23 Oct 2026), where DefiLlama's adapter maintainers flagged points-farming wallets, and that volume has since collapsed. |
| Access & legal | 10% | 7/10 | Its interface terms bar US persons (per a third-party reading on 23 Sep 2026), but no operating entity is named anywhere (-3). |
| Token, unlocks & team | 10% | 7/10 | GMX token is fully circulating (no unlock overhang). |
| Cost | 5% | 6/10 | 0.04-0.06% open and close, plus borrowing fees, adaptive funding and price impact on close. |
Weighted over the 7 scored factors: 69/100. Method: How Perpd scores perp DEXs.
Exit risk: 6/10
Self-custody in contracts on Arbitrum, Avalanche and Solana, but order execution depends on GMX keepers. The V1 contracts were drained in Jul 2025.
- DefiLlama splits GMX volume across Solana and Arbitrum deployments. (source, accessed 2026-11-09)
- Jul 9 2025 exploit of the GMX V1 GLP pool on Arbitrum ($42M). (source, 2025-08-14)
- Escape hatch or keeper-failure fallback: not found. Withdrawal pauses in the last 12 months: not found.
- L2BEAT (now ETHBEAT): not applicable (app on Arbitrum). Arbitrum's own L2BEAT (now ETHBEAT) stage was not checked.
Security record: 7/10
Formula: 10, minus 3 for the $42M V1 exploit, where users were made whole. Bounty is $5M and the protocol has been live since 2021.
- Jul 9 2025: $42M reentrancy exploit on the GMX V1 GLP pool (Arbitrum). The hacker accepted a 10% white-hat bounty and returned about 90%. GMX distributed about $44M in GLV (incl. $2M from treasury), 'making all impacted Arbitrum GLP holders whole'. (source, 2025-08-14)
- Sep 18 2022: $565K oracle/stale-price manipulation on V1. About $40M was returned in 2025, and the attacker kept a $5M bounty. (source, accessed 2026-11-09)
- Immunefi bounty maximum $5,000,000. Guardian audit reports are referenced (incl. a Gasless report dated 2025-02-27 and a V2.2 Crosschain report). (source, 2026-11-05)
Liquidation & ADL: 10/10
Formula: 10. Disclosed pool backstop (GM/GLV), multi-exchange oracle with Chainlink, ADL limited to synthetic markets, and no ADL or manipulation events found in the last 12 months.
- Oracle prices are 'based on an aggregate of exchanges', with Chainlink and Chainlink Data Streams used for stablecoin spreads. Liquidations use the oracle price without price impact. ADL applies to synthetic markets when pending profit exceeds a threshold. (source, accessed 2026-11-09)
- TVL $231.74M (Nov 1 2026). Pools act as counterparty and backstop. (source, 2026-11-01)
- Immunefi known-issues list references fix commits for an 'ADL price wipe' bug (release_2.2.1). (source, 2026-11-05)
- ADL events in the last 12 months: not found (not exhaustively searched).
Volume quality: 4/10
93% of GMX's 30-day volume came from its Solana deployment (GMTrade, folded back into GMX on 23 Oct 2026), where DefiLlama's adapter maintainers flagged points-farming wallets, and that volume has since collapsed. Arbitrum and Avalanche volume looks organic.
- DefiLlama GMX parent. 30d perp volume $25.758B: Solana $24.059B, Arbitrum $1.593B, Avalanche $105.76M, MegaETH $27.5K. 7d $2.995B (Solana $2.452B). 24h $54.8M (Arbitrum $37.69M, Solana $15.57M, Avalanche $1.53M). OI $248.59M. Tracked products include 'GMX EVM, GMX Solana, GMX V1 EVM, GMX V1 AMM, and GMX AMM'. (source, accessed 2026-11-14)
- DefiLlama GMTrade page shows the same volume figures. OI $186.61M; TVL $25.21M (1 Nov 2026), with an ATH of $46.12M on 4 Jun 2026. 'GT is GMTrade's own token, not GMX.' (source, 2026-11-01)
- GMTrade began as GMXSOL in Mar 2025, was rebranded as a standalone entity in Nov 2025, and has now been reintegrated under GMX branding, governance and token economics. The Solana deployment did about $27.88B over 30 days per DefiLlama. (source, 2026-10-23)
- DefiLlama adapter PR #8085 (author mkzung): 'GMTrade volume on GMX Solana includes wallets farming the GT points programme. This excludes them.' The flagged wallets are 'one operation rather than a population of traders'. The author says it is not wash trading, because the venue is pool-based. Reviewer bheluga cited about 1.5B volume on the latest day against about 50M OI. The author replied that the farmers have stopped and that the vol/OI issue 'is separate'. PR open/merge date was not shown. (source, accessed 2026-11-14)
- Wash-trading or points-farming allegations for GMX on Arbitrum or Avalanche: not found. (source, 2026-11-14)
- 30d perp volume $25.758B: Solana $24.059B, Arbitrum $1.593B. OI $248.59M. (source, accessed 2026-11-09)
- GMX-Solana appears as a separate Immunefi program, 'GMTrade'. (source, accessed 2026-11-09)
- Wash-trading allegations: not found.
Access & legal: 7/10
Its interface terms bar US persons (per a third-party reading on 23 Sep 2026), but no operating entity is named anywhere (-3). No regulator action found.
- GMX terms state that a user must not be a 'United States person'. UK, EU/EEA, Canada, Australia, Singapore and Norway are 'Not named'. India is not covered. KYC is 'Not stated'. No operating entity is named. No regulator actions. (source, 2026-09-23)
- gov.gmx.io/tos covers only the governance forum ('These terms apply only to use of the forum'). The operator field is an unfilled 'company_name' placeholder, and it was last updated 12 Jul 2018. These are not the trading-interface terms. (source, 2018-07-12)
- The primary interface terms could not be fetched: the gmx.io app is JavaScript-rendered, and the GitHub interface source returned an error or was blocked to the fetcher. (source, accessed 2026-11-14)
- Terms of service, restricted list (US/UK/India/Canada/EU), entity and KYC: not found.
- Regulator actions: not found.
Token, unlocks & team: 7/10
GMX token is fully circulating (no unlock overhang). Insider share and team identity were not found.
- GMX $8.01, mcap $85.64M. Circulating and total supply 10.69M, max 13.25M. About 91% below the ATH. (source, accessed 2026-11-09)
- Insider/team share, next unlock, team doxxed: not found.
Cost: 6/10
0.04-0.06% open and close, plus borrowing fees, adaptive funding and price impact on close.
- Open/close fee 0.04% or 0.06% depending on whether the trade improves the long/short balance. Borrowing fee is paid by the larger-OI side and varies with utilisation. Funding is adaptive (larger side pays smaller). Negative impact above 0.5% is rebated after 5 days. No zero-fee program. (source, accessed 2026-11-09)
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FAQ
Is GMX safe?
No perp DEX is risk-free. Perpd scores GMX 69/100 (Some known risks). Its main flag is volume quality (4/10).
How is GMX's score calculated?
Seven factors scored 0-10 from public sources (exit, security, liquidation, volume, access, token, cost), weighted and scaled to 100. The execution check joins once we have 7 daily snapshots.
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