{"updatedAt":"2026-04-04T02:37:37.894Z","live":false,"chain":"Arbitrum","protocol":{"id":"gmx","name":"GMX","slug":"gmx","engine":"leverage","hybridEngines":["funding"],"defillamaSlug":"gmx","defillamaProject":["gmx"],"reframe":"Traders trade against the liquidity pool. LPs are the house. When traders net-lose, LPs earn.","mechanism":"GMX is a leverage counterparty engine where LP capital sits opposite leveraged flow and monetizes fees plus trader losses over time.","thrives":"Sustained high trading volume with consistent borrow demand and net-losing trader cohorts.","breaks":"Large directional trader wins, low-volume regimes, or oracle/composability failures.","risks":["Oracle failure","LP counterparty loss","Low volume collapse"],"arbitrumNative":false,"contractAddresses":{},"snapshot":{"protocolId":"gmx","apy":12.4,"tvlUsd":420000000,"symbol":"GLP"}}}