Mechanism
GMX is a leverage counterparty engine where LP capital sits opposite leveraged flow and monetizes fees plus trader losses over time.
Acerite
Protocol Brief
Arbitrum•Fallback demo data•Last updated Apr 4, 12:33 AM
Back to engine mapGMX
Traders trade against the liquidity pool. LPs are the house. When traders net-lose, LPs earn.
This page is designed for quick scanning: what the protocol does, when it works, what breaks it, and which risks deserve attention.
Indicative APY
12.4%
Indicative only. Useful for framing, not prediction.
TVL
$420.0M
Size helps show where capital is currently concentrated.
Symbol
GLP
The token or pool label surfaced by the data source.
Data Status
Fallback
Fallback keeps the demo usable if the upstream API pauses.
Plain-English Summary
Traders trade against the liquidity pool. LPs are the house. When traders net-lose, LPs earn.
When It Works
Sustained high trading volume with consistent borrow demand and net-losing trader cohorts.
What Breaks It
Large directional trader wins, low-volume regimes, or oracle/composability failures.
Failure Modes
Oracle failure
A condition that can make the protocol behave worse or fail.
LP counterparty loss
A condition that can make the protocol behave worse or fail.
Low volume collapse
A condition that can make the protocol behave worse or fail.
Structure
Primary engine: Leverage
Hybrid engines: Funding
Arbitrum native: No
Source Notes
Metrics are surfaced from DefiLlama where available and wrapped in the protocol framing defined in Acerite. The point is to understand behavior, not to rank products.