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Swap venues where you never hand over your keys.
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7.2/10
Perpetual DEXs
Company file: GMX, owners, incidents →
GMX
You trade against liquidity pools at an oracle price rather than into an order book. V2 splits liquidity into isolated GM pools and charges price impact on most markets under a published formula. The old V1 was drained of about $42M on 9 Jul 2025 through an unreviewed 2022 fix and shut down; recovered funds were returned to GLP holders as claimable GLV.
Best for: Oracle-priced execution against pooled liquidity, with published fees
Company file: GMX, owners, incidents →How this score was reached
7.2 is the weighted average of the five pillar findings below. Dependable, with trade-offs a reader should know about first.
- Custody & Security25%
- 6.6
- Cost & Fee Transparency25%
- 7.4
- Regulation & Legal Standing5%
- 5.6
- Performance & Reliability35%
- 7.6
- Access & Support10%
- 7.9
Non-custodial, and V2 is a separate, heavily audited codebase. On 9 Jul 2025 a reentrancy bug in V1, introduced by a 2022 fix that was never reviewed, let an attacker take about $42M of the ~$46M in Arbitrum GLP. Most was returned for a bounty and GLP holders were offered roughly full value as GLV; we found no independent tally of claims.
Position fee of 0.04% or 0.06% depending on whether the trade narrows or widens the long/short imbalance, plus price impact and borrowing fees. Borrowing on held positions is the real expense and is less prominent than the entry fee.
Unlicensed, with front-end geographic restrictions only.
Oracle pricing means no order book to walk, but V2 charges price impact on most markets, so size is paid for through a formula; only the single-token BTC and ETH pools have it set to zero. Execution depends on oracle integrity, which was exploited on V1 in 2022.
Clear interface and honest documentation about how the pool model transfers risk to liquidity providers.
Strengths
- Size is priced by a published formula rather than by whatever depth is on a book
- V2 isolates liquidity per market in GM pools
- Recovered V1 funds were returned to GLP holders under a published plan
Against it
- V1 was drained of about $42M on 9 Jul 2025 through a fix that never went through review
- Borrowing costs on held positions are the real expense and are underplayed
- Liquidity providers are the counterparty to every trader, which is not obvious to newcomers
Oracle pricing, and a V1 lesson about patches
GMX prices trades against liquidity pools at an oracle price instead of an order book. V2 charges price impact on most markets under a published formula, so large orders do pay for size; only the single-token BTC and ETH pools have it set to zero. The old "zero price impact" promise belonged to V1.
V1 was drained of about $42M on 9 Jul 2025 through a reentrancy bug introduced by a 2022 fix that was never reviewed, and it was shut down. Most of the money came back for a bounty and GLP holders were offered roughly full value as GLV, which is why no fund-loss penalty applies. V2 is a separate, heavily audited codebase; the lesson about patch discipline applies to it too.
Frequently asked questions
Does GMX have slippage?+
Not in the order-book sense, since trades fill at an oracle price. But V2 charges price impact on most markets depending on how your trade moves pool balance, so size still costs something. The single-token BTC and ETH pools have price impact set to zero.
What is the real cost of a GMX position?+
A 0.04% or 0.06% position fee, price impact, and borrowing fees accrued while the position is open. For anything held more than briefly, borrowing exceeds the entry cost, and it is less prominent than the headline fee.
What happened to GMX V1?+
On 9 Jul 2025 an attacker used a reentrancy flaw to take about $42M of the ~$46M in Arbitrum GLP. Most was returned for a bounty of roughly $5M, V1 was shut down, and GLP holders could claim GLV under a plan the DAO says restores roughly full value.
Assessed by
Blockchain Security Researcher · September 27, 2026
◆ Disclosure
CoinRadar Daily is a non-commercial project. We have no commercial relationship with GMX, earn nothing from any link on this page, and carry no advertising or sponsorship anywhere on the site. Findings rest on public sources; we did not open an account or transact.
Rubric v2.0How we score →
The rest of the perpetual dexs table
- 01GMX — you are hereOracle-priced execution against pooled liquidity, with published fees7.2
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