Rewards

Staking GMX earns you a share of protocol fees. 27% of fees from leverage trading, liquidations, borrowing fees, and swaps are used to buy back GMX on the open market — a mechanism approved by the DAO Tally vote. Staking also grants voting power in protocol governance. You can stake and manage rewards on the Earn page. For more on the GMX token, see GMX token.

note

GMX staking rewards are accumulating in the Treasury. Bought-back GMX will be distributed to stakers when GMX reaches $90. Your share of accumulated rewards is based on staking power. The APR display on the Earn page shows "Accumulating" while distribution is suspended.

Staking Power

Staking power determines each staker's share of accumulated Treasury rewards. It accrues continuously based on the amount staked and the duration of staking.

How Power Accrues

The system computes staking power as a continuous time-weighted integral of your staked balance (both GMX and esGMX in the StakedGmxTracker). Power accrues every second rather than through periodic snapshots.

On each stake or unstake event, the system updates your accumulated power:

accumulatedPower += currentBalance × (eventTimestamp − lastUpdateTimestamp)

A user who stakes 1,000 GMX for 90 days without changes accumulates power equal to 1,000 × 90 days of staking. Your share of Treasury rewards equals your cumulative power divided by the total network power across all stakers.

Power accrual began on March 4, 2026, when the last bought-back GMX reward distribution ended.

Loyalty Threshold

A loyalty system protects against large unstaking events. After an initial grace period ends (date to be announced), the system begins tracking each address's peak staked balance. If the staked balance drops below 80% of this peak, all accumulated power resets to zero. The address's historical peak is then reset to its new staked balance, and power begins accruing again from zero from that point.

Key details:

• During the grace period before loyalty tracking activates, staking positions can be adjusted freely without risk of a power reset
• After a reset, previous accumulation is lost and is not restored. This means the address loses the previously accumulated share of the GMX-at-$90 distribution and starts rebuilding from zero
• After a reset, the address's current balance becomes its new historical peak
• Staking additional tokens raises the historical peak and the 80% threshold accordingly
• Unstaking esGMX to deposit it into a vesting vault lowers the tracked staked balance. After the grace period, if that drop puts the address below 80% of its historical peak, accumulated power resets to zero
• Staking power and loyalty tracking are independent per address; accumulated power and historical peak do not carry across wallets
• Vesting completion (esGMX converting to GMX within a single transaction) does not trigger false resets

Escrowed GMX

Escrowed GMX (esGMX) is a non-transferable token that was historically awarded as an incentive for GMX staking, GLP, referrals, and other programs. Stakers now receive GMX directly through the buyback mechanism rather than esGMX. Existing esGMX can be used in two ways:

• Staked for staking power — each staked esGMX token contributes to staking power the same way as a staked GMX token
• Vested to become GMX tokens over a period of one year (365 days)

esGMX is not transferrable unless you are doing a full account transfer. The amount of GMX or GLP required to vest esGMX is unique per account, and the maximum amount of esGMX that can be vested is capped to the esGMX rewards received by that account.

note

GLP is a legacy liquidity token that preceded GM and GLV pools. While GLP is no longer available for new minting, GLP vesting vaults remain active for users with existing esGMX earned through GLP staking.

Vesting

Escrowed GMX (esGMX) tokens can be converted into GMX tokens through vesting on the Earn page. There are two separate vesting vaults — one for esGMX earned from GMX staking (GMX Vault) and one for esGMX earned from GLP staking (GLP Vault). Each vault tracks its own balances, reserved tokens, and vesting progress independently. The v1 Earn page displays both vaults as separate cards, so you can see the breakdown of your esGMX by source.

When vesting is initiated, the average amount of GMX or GLP tokens used to earn the esGMX rewards is reserved. For example, if you staked 1,000 GMX and earned 100 esGMX tokens, then to vest 100 esGMX tokens, 1,000 GMX tokens are reserved. To vest 50 esGMX, 500 GMX tokens are reserved. The actual ratio depends on the average staked amount and rewards earned for your account.

Key details:

• esGMX tokens that have been unstaked and deposited for vesting stop counting toward staking power. Staked GMX or esGMX tokens that are reserved for vesting remain in the staked balance and continue to count toward staking power and the GMX-at-$90 Treasury distribution.
• If you unstake esGMX to start vesting it, those unstaked tokens stop counting toward staking power. After the grace period, if that change brings the address below 80% of its historical peak staked balance, accumulated power resets to zero.
• After initiating vesting, esGMX tokens are converted into GMX every second and fully vest over 365 days. Vested GMX tokens are claimable at any time.
• If you sell GMX or GLP tokens and want to vest your esGMX rewards later, you need to re-buy the GMX or GLP tokens.
• GMX and esGMX can be used interchangeably for the required reserve amount.
• Depositing into the vesting vault while existing vesting is ongoing is supported.

Withdrawing from vesting

Tokens reserved for vesting can't be unstaked or sold. To unreserve them, use the "Withdraw" button on the Earn page. Partial withdrawals are not supported — withdrawing unreserves all tokens and pauses vesting. Any esGMX tokens that had already vested into GMX remain as GMX tokens.

Next steps

• GMX token — Token addresses, supply, and staking details.
• Voting power — Participate in protocol governance.
• Earn page — Stake GMX and manage rewards.