Trading overview
GMX is a decentralized exchange that lets you trade without a username or password. The platform uses oracle-based pricing sourced from aggregated exchange data, which reduces the risk of liquidations from temporary wicks. For details on how pricing works, see Pricing on GMX.
GMX V2 uses linear, USD-based PnL with flexible collateral, so your overall exposure can differ from a standard stablecoin-margined linear perp. For a practical explanation, see Are GMX perps linear or inverse?.
Adding a wallet
If you don't have a wallet yet, you can use Rabby or create an integrated wallet from the GMX connection flow. The integrated wallet supports passkey setup with Face ID, Touch ID, Windows Hello, or Android biometrics, without requiring an email address or seed phrase for that setup path.
Connecting and funding your wallet
After you have a wallet, connect it by pressing the "Connect wallet" button on the Trade page. If your wallet app supports WalletConnect, you can use the WalletConnect option and scan the QR code from your wallet.
The account menu also provides in-app Send and Receive flows for your connected wallet. Receive displays your wallet address as text and a QR code that you can copy or scan. Send transfers supported tokens to an address and shows the estimated network fee before confirmation.
The Receive flow may also let you buy crypto with a debit or credit card, Apple Pay, or Google Pay, or transfer funds from another wallet, exchange, or chain. Availability depends on your region and the configured provider. These options fund your connected wallet; depositing into a GMX Account is a separate step.
You can also use the buying, bridging, and on-ramp options provided by your wallet. If you don't have the required gas token for the network, you can still trade using Express Trading.
Multichain trading
GMX lets you trade from multiple blockchain networks. The method you use depends on which chain your wallet is connected to: direct wallet trading on chains where GMX markets are deployed, or the GMX Account for cross-chain access from other supported networks.
| Connected network | Wallet funds | GMX Account funds |
|---|---|---|
| Arbitrum | ✅ Arbitrum markets | ✅ Arbitrum markets |
| Avalanche | ✅ Avalanche markets | ❌ Not available |
| Botanix | Withdrawals only | ❌ Not available |
| MegaETH | ✅ MegaETH markets | ❌ Not available |
| Other chains (Ethereum, Base, BNB) | ❌ No GMX markets | ✅ Arbitrum markets |
Wallet funds and GMX Account funds
When you open or increase a position, GMX can use funds from either your connected wallet or your GMX Account as the position margin, depending on which balance you select in the interface.
- Wallet funds are funds held directly in your connected wallet. Direct wallet trading uses these funds as margin.
- GMX Account funds are a separate trading balance linked to the same connected wallet. To use this balance as margin, first have funds in your connected wallet on a supported source chain, then deposit them into your GMX Account. If needed, the deposit flow bridges those funds to the GMX Account on Arbitrum.
These are two ways to provide funds for positions, not two separate position accounts. Positions belong to the connected wallet and are shown together, whether they were opened with wallet funds or GMX Account funds.
Direct wallet trading
Active GMX markets are available on Arbitrum, Avalanche, and MegaETH. When your wallet is connected to any of these chains, you can trade directly using the funds in your wallet — no additional setup required.
GMX Account (multichain)
The GMX Account lets you trade on GMX from chains that don't have GMX markets deployed, such as Ethereum, Base, or BNB. You can also use it when connected to Arbitrum. Arbitrum is the only supported settlement chain — all trades through the GMX Account execute on Arbitrum markets.
Here's how it works:
- Your GMX Account balance lives on Arbitrum.
- Deposit from your connected wallet on any supported source chain — funds are automatically bridged using Stargate (token transfers) and LayerZero (cross-chain messaging).
- Trade on Arbitrum markets using your GMX Account balance.
- Withdraw to any supported chain, regardless of where you originally deposited.
- Follow submitted deposits and withdrawals from Transfer history in the account menu.
Think of the GMX Account as a separate trading balance on Arbitrum that you can fund and withdraw to from anywhere.
The GMX Account is not available on Avalanche or MegaETH; direct wallet trading is used on those chains. Smart wallets (for example, Safe or other contract-based wallets) also can't use the GMX Account, because it requires Express Trading, which isn't compatible with smart wallets yet.
Supported deposits and withdrawals
The following chains and tokens are available for deposits into and withdrawals from your GMX Account on Arbitrum.
| Chain | Deposit tokens | Withdrawal tokens |
|---|---|---|
| Arbitrum | USDC, USDT, ETH | USDC, USDT, ETH |
| Ethereum | USDC, USDT, ETH | USDC, USDT, ETH |
| Base | USDC, ETH | USDC, ETH |
| BNB | USDC, USDT | USDC, USDT |
Bridging for GMX Account deposits and withdrawals is limited by Stargate liquidity caps.
Transfers between your Arbitrum wallet and GMX Account remain on Arbitrum rather than using the cross-chain bridge. A GMX Account swap can't use native ETH directly; select WETH or withdraw the funds to your wallet first.
TradFi markets
GOLD/USD, SILVER/USD, WTIOIL/USD, BRENTOIL/USD, NATGAS/USD, and SPCX/USD are available under the TradFi category in the market dropdown. The commodity markets can be found under TradFi > Commodities and searched by common name (for example, "GOLD", "SILVER", "WTI", "BRENT", "NATGAS") or ticker symbol (for example, "XAU", "XAG", "CL", "BZ", "NG"). SPCX/USD is under TradFi > Stocks and can be found with "SPCX", "Space", or "X". Per-market leverage and fee parameters are listed below.
Trading hours
TradFi markets are tradeable 24/7, including weekends. However, risk parameters shift between on-hours and off-hours configurations.
Precious metals and energy commodities use the following schedule (all times UTC):
| Event | Time (UTC) | Config applied |
|---|---|---|
| Daily maintenance start | Mon–Thu 20:45 | Off-hours |
| Daily maintenance end | Mon–Thu 22:15 | On-hours |
| Weekly close | Fri 20:45 | Off-hours |
| Weekly open | Sun 22:15 | On-hours |
These windows include a 15-minute buffer before the CME close (21:00 UTC) and after the CME open (22:00 UTC). WTIOIL/USD, BRENTOIL/USD, and NATGAS/USD follow the same CME Globex schedule as GOLD/USD and SILVER/USD — identical cron job, identical buffers, identical holiday calendar.
SPCX/USD uses a separate US-equity risk window. Its on-hours window is Monday through Friday, 13:45-19:45 UTC while US markets observe daylight time. Outside that window, and on NYSE full-day holidays, SPCX/USD uses off-hours risk parameters.
Off-hours behavior
During off-hours, affected parameters are adjusted to account for reduced market liquidity:
- Commodity markets reduce max leverage, reduce open interest caps, and use higher price impact, position fee, and borrow fee settings
- GOLD/USD, SILVER/USD, WTIOIL/USD, and BRENTOIL/USD increase their liquidation factor from 0.5% to 0.8% during off-hours
- SPCX/USD reduces open interest caps and increases its position fees; its 10x max leverage does not change by session
Max leverage by market:
| Market | On-hours max leverage | Off-hours max leverage |
|---|---|---|
| GOLD/USD | 100x | 25x |
| SILVER/USD | 100x | 25x |
| WTIOIL/USD | 100x | 25x |
| BRENTOIL/USD | 100x | 25x |
| NATGAS/USD | 40x | 20x |
| SPCX/USD | 10x | 10x |
Trading remains fully available during off-hours, but with tighter risk limits.
TradFi markets use a linear borrow-rate model without a kink. The values below are annualized rates at 100% pool utilization; the live rate scales with utilization.
| Market | On-hours rate at 100% utilization | Off-hours rate at 100% utilization |
|---|---|---|
| GOLD/USD, SILVER/USD | 45% APR | 50% APR |
| WTIOIL/USD, BRENTOIL/USD | 45% APR | 50% APR |
| NATGAS/USD, SPCX/USD | 50% APR | 55% APR |
Liquidation factor by commodity market:
| Market | On-hours liquidation factor | Off-hours liquidation factor |
|---|---|---|
| GOLD/USD, SILVER/USD | 0.5% | 0.8% |
| WTIOIL/USD, BRENTOIL/USD | 0.5% | 0.8% |
| NATGAS/USD | 1% | 1% |
Existing positions remain open when off-hours begin. For GOLD/USD, SILVER/USD, WTIOIL/USD, and BRENTOIL/USD, the liquidation factor increases from 0.5% to 0.8%, so a position's liquidation price can move automatically when the market switches from on-hours to off-hours. Positions with high leverage are at increased risk of liquidation during off-hours. Traders cannot increase a commodity position above the off-hours max leverage shown in the table above — only decrease. When on-hours resume, the commodity liquidation factors and other session-based thresholds relax back to normal. For NATGAS/USD, the liquidation factor stays at 1% in both sessions. For SPCX/USD, off-hours changes open interest caps and position fees while the 10x max leverage remains unchanged.
The interface warns when a new trade or existing position could become close to liquidation after a commodity market switches to off-hours risk parameters. Position rows can also show an estimated off-hours liquidation price so traders can add margin or reduce leverage before the off-hours change takes effect.
The oracle keeper also applies token-specific freshness thresholds when matching realtime feed reports. Off-hours thresholds remain in effect for 10 minutes after a market reopens, which avoids immediately rejecting reports around the session transition.
| Market | On-hours maximum staleness difference | Off-hours maximum staleness difference |
|---|---|---|
| GOLD/USD | 20 seconds | 20 seconds |
| SILVER/USD | 20 seconds | 20 seconds |
| WTIOIL/USD | 25 seconds | 50 seconds |
| BRENTOIL/USD | 40 seconds | 65 seconds |
| NATGAS/USD | 115 seconds | 280 seconds |
| SPCX/USD | 15 seconds | 90 seconds |
Fees
TradFi markets use different position fees from crypto. Rates are shown as positive impact / negative impact (matching the crypto 0.04% / 0.06% format).
| Market | On-hours fees | Off-hours fees |
|---|---|---|
| GOLD/USD, SILVER/USD | 0.01% / 0.02% | 0.04% / 0.06% |
| WTIOIL/USD, BRENTOIL/USD | 0.01% / 0.02% | 0.04% / 0.06% |
| NATGAS/USD | 0.02% / 0.04% | 0.04% / 0.08% |
| SPCX/USD | 0.05% / 0.06% | 0.06% / 0.08% |
See Fees for details.
Express Trading and One-Click Trading
GMX provides different modes to suit trader preferences: Classic Trading, Express Trading, and Express + One-Click Trading. We recommend using Express or Express + One-Click, as they provide the best experience, and trading fees are the same on all modes.
| Mode | Signing method | RPC infrastructure | Gas payments |
|---|---|---|---|
| Classic Trading | On-chain: wallet signing popup for each trade | Uses your own wallet's RPC | ETH on Arbitrum and MegaETH, AVAX on Avalanche |
| Express Trading | Off-chain: you sign messages locally; GMX broadcasts on-chain via Gelato Relay | GMX-sponsored premium RPCs (high reliability) | USDC or WETH on Arbitrum, USDC or WAVAX on Avalanche, USDM or WETH on MegaETH |
| Express + One-Click Trading | Off-chain: auto-signed with a locally stored sub-account key (no manual confirmations) | GMX-sponsored premium RPCs (high reliability) | USDC or WETH on Arbitrum, USDC or WAVAX on Avalanche, USDM or WETH on MegaETH |
Smart wallets (for example, Safe or other contract-based wallets) don't support Express Trading or One-Click Trading. If you're using a smart wallet, only Classic Trading is available. Because the GMX Account requires Express Trading, smart wallets can't trade through the GMX Account yet.
Enabling One-Click Trading
One-Click Trading can be enabled through the settings menu in the top right of the interface. Enabling this feature lets you trade instantly without a wallet signing popup for each trade.
If you are building a delegated trading or one-click trading integration on top of GMX, see Delegated trading integration.
Safety features
- Funds from decreasing positions, closing positions, or swaps can only be sent back to your wallet.
- Trades executed without signing popups are limited by the maximum number you authorize. For instance, if you authorize 10 actions, after 10 trades, a wallet signing popup appears to re-authorize further trades.
Risks
- This feature uses a sub-account key stored locally in your browser. If your browser is compromised, the key could potentially leak, allowing trades to be executed.
- The previously authorized trade limit acts as a safeguard. Even if compromised, a malicious actor can only execute trades up to the authorized limit.
RPC URLs
GMX uses different RPC URLs for querying (reading data) and submitting transactions (writing data).
-
Reading RPCs are set automatically by the GMX interface and selected from a curated list to ensure fast and reliable data loading.
-
Writing RPCs:
- Classic Trading: Set by your wallet.
- Express Trading and Express + One-Click Trading: Automatically set to GMX-sponsored premium RPCs (via Gelato) for superior reliability and speed.
If you're experiencing issues while trading in Classic Trading, consider switching to Express or Express + One-Click Trading through the settings menu. Alternatively, you can manually select another RPC URL via your wallet from options provided on Chainlist.