Glossary
GMX
A decentralized perpetuals exchange on Arbitrum and Avalanche where traders open positions against a multi-asset liquidity pool (GLP, later GM).
GMX is a perps DEX with a distinctive design: rather than match traders against each other, it lets them open leveraged positions against a shared multi-asset pool. Pool depositors are effectively the counterparty and earn fees plus the trader's PnL.
GMX v1 used the single GLP pool; v2 introduced isolated GM pools per market. The model has proven popular for its simplicity but exposes liquidity providers to net trader profitability — a real risk in trending markets.