GMX Review

How GMX scores in perpetual DEXs

This entry rates GMX V2 (GMX Synthetics) in our perpetual DEX ranking. On GMX, every trade is filled against a liquidity pool at a Chainlink oracle price rather than matched on an order book. The basis is desk research of the GMX documentation and the gmx-synthetics GitHub repository, checked on November 1, 2026. No positions were opened. The category uses five criteria, each marked 0 to 10 and weighted equally, as described in our ratings methodology.

The overall score is the plain average: (9 + 9 + 8 + 9 + 7) ÷ 5 = 42 ÷ 5 = 8.4. On the current peer scores, GMX is third of nine, behind dYdX and Ostium at 8.6. One mark changed at this check. Licence & code openness rose from 5 to 8 because the licence's change date has passed, so by the file's own terms the V2 code is now granted under GPL v2.0 or later.

Strongest criteria: fees, funding and audits

Fee transparency (9)

The fees page states the position fee and when each rate applies. A trade pays 0.04% of size if it reduces the absolute difference between long and short open interest and 0.06% if it widens it, on opens, closes and size changes. TradFi markets have their own on-hours and off-hours rates. Gold, silver and both oils pay 0.01% or 0.02% during market hours and the standard rates outside them. In a worked case, opening a $10,000 long on a long-heavy market costs $6, and the close costs $4 or $6 depending on the book at that time. Two factors keep the mark at 9. The rate a trader pays depends on market balance at the moment of the trade. Price impact is charged on close, capped at 0.5% on majors and up to 10% on thin markets, and is also a moving figure.

Funding & liquidation clarity (9)

Funding is adaptive, and GMX publishes the mechanism. The imbalance is computed as [abs(long OI − short OI) ÷ total OI] raised to a funding exponent. The rate rises, holds or decays depending on where that imbalance sits against two named thresholds. Borrow fees use a published per-market kink, linear or power model. A typical kink configuration sets 75% optimal utilization and a base factor of 45% to 55% a year. On liquidation, the page gives the threshold (remaining collateral below 0.25% to 1% of position size, or a fixed minimum-collateral floor) and an example of how that floor tightens small positions. The fee is 0.20% of size on standard markets, 0.30% on single-token and synthetic markets and 0.45% on high-volatility, newly listed markets. The mark falls short of 10 only because the live funding and borrow parameters vary by market and are shown in the interface rather than tabled.

Audit disclosure (9)

The Security page names five firms and points to the reports in the gmx-synthetics repository. Guardian is the primary auditor, with eight engagements from October 2022 to September 2023 and further reviews through 2024, 2025 and 2026. ABDK, Certora (November 2023), Dedaub and Sherlock are also listed. An Immunefi bug bounty covers all gmx-io repositories. Not every firm's review is dated on the page.

Weaker criteria: backstop and licence

Licence & code openness (8): converted, but not restated

The repository's LICENSE file is the Business Source License 1.1, which is not open source while it lasts. The rubric places that kind of delayed-open licence mid-table, and this was the basis of the earlier 5. The file sets the change date as "the earlier of 31 August 2026" or a date published by the licensor, with "GNU General Public License v2.0 or later" as the change licence. That date has passed. By the file's own terms, the licensor now grants rights under GPL v2.0 or later, a recognized open-source licence, which supports a high mark. It stops at 8, short of the 9 and 10 given to peers with a plainly stated open licence. The file still displays the BUSL text, GitHub reports the licence as unrecognized, and a reader has to work out the conversion from the dates.

Risk documentation (7): explained, but no separate backstop

The liquidations page explains auto-deleveraging (ADL). When pending profit relative to pool value passes a market's configured threshold, profitable positions can be closed without the trader acting. The page adds that this is most likely in synthetic markets, where the index asset can outrun the pool's collateral. It also explains how liquidation thresholds tighten off-hours on commodity markets. What it does not describe is any insurance fund or reserve beyond the pools. Liquidity providers and, through ADL, winning traders carry the shortfall. The disclosure is clear, but the backstop is thin, and the mark reflects that.

What the score does not cover

• GMX V1. V1 was exploited on July 9, 2025, when about $40 million of GLP liquidity was withdrawn. GMX reported that the funds were returned and that V2 was unaffected. V1 is closed to new trading and is not rated here.
• Liquidity provision. GM pool and GLV vault returns are not scored.
• Access. The gmx.io terms bar US persons from perpetuals. Availability is not a criterion.
• Execution. Keeper latency, oracle behavior and realized price impact were not measured.

For how fees and leverage move a liquidation price over time, see our guide to crypto risk management.

GMX vs dYdX and Ostium

dYdX and Ostium both score 8.6, after dYdX's own re-scoring. GMX is 0.2 behind. Against dYdX, GMX is stronger on audits (9 against 7) and weaker on licence (8 against 10), and it marks 7 against 8 for risk documentation. Against Ostium, GMX beats it on fees and on funding and liquidation (9 against 8), but trails on licence (8 against 9), audits (9 against 10) and risk documentation (7 against 8).

Who this rating suits

The score suits traders who want a pool-based venue with documented fees, funding mechanics and a long, named audit history. Anyone who needs an independent insurance fund behind the pools should weigh the risk mark of 7. The rating covers published documentation and is not a recommendation to trade with leverage.