What is GMX (GMX)?
GMX is the utility and governance token of the GMX decentralized exchange, a platform for spot and perpetual futures trading. It went live on Arbitrum in September 2021, around the time Arbitrum One opened, and the exchange later expanded to Avalanche and other networks.
- Type
- DeFi governance and utility token
- Launched
- 2021
- Consensus
- Runs on Arbitrum
- Max supply
- 13.25 million GMX (forecast, governance can raise it)
- Swap network
- Arbitrum
- Sector (Messari)
- Exchange
How GMX works
Traders open leveraged positions against pools of liquidity instead of an order book, with prices taken from oracles. Liquidity providers earn the bulk of trading and borrowing fees, while a share of protocol fees buys back GMX for stakers, held in the treasury since March 2026 until the token reaches a price target set by the DAO, and holders vote on how the protocol evolves.
What GMX is used for
GMX is staked to build staking power for a share of bought-back GMX, whose distribution the DAO paused in March 2026, and it gives holders a vote in GMX governance. It is also traded on Arbitrum DEXs and centralized exchanges.
GMX supply
GMX has a forecast maximum supply of 13.25 million tokens, and minting beyond that needs a governance vote. Escrowed GMX (esGMX) was paid out as a staking reward in the past and still has to vest before it converts into regular GMX.
Before you swap GMX
GMX is delivered as an ERC-20 on Arbitrum, so the destination must be an Arbitrum address and you will want some ETH on Arbitrum for gas. Staked GMX has to be unstaked on the GMX app before it can be swapped.