GMX review

V2 uses linear USD profit/loss and market-specific collateral. Documented entry pricing takes maxPrice for longs and minPrice for shorts from the oracle. This is not simply crossing another user’s public book quote.

Open-interest imbalance impact is assessed on closing or reducing rather than opening in the described flow. It can be a charge or credit. The initial execution alone therefore does not describe the eventual exit.

A swap moves tokens between pool sides and has another charge. Supplying GM liquidity is another position again. Use the correct product before comparing percentages.

Most listed markets charge 0.04% when reducing the absolute long/short open-interest difference and 0.06% when increasing it. Opening, closing, increasing and reducing are charged actions. Market balance can differ between entry and exit.

On hypothetical USD 1,000 notional, an action costs USD 0.40 or USD 0.60. Two actions at 0.04% total USD 0.80; two at 0.06% total USD 1.20. These exclude financing, impact and network execution.

TradFi markets have other rates and trading-hour rules. Gold, silver, WTI and Brent list 0.01%/0.02% in hours and 0.04%/0.06% outside. Natural gas and certain indices have their own terms. A favourable in-hours rate cannot describe all GMX markets.

Classic, Express and Express + One-Click share the documented trading fee. Their transaction process does not eliminate network/execution charges or automatically change position pricing.

Standard swaps charge 0.05% if they reduce USD pool imbalance and 0.07% if they increase it: 0.50 or 0.70 units on 1,000 input units before other effects. This is not the position fee.

Arbitrum USDC/USDC.e and USDC/USDT list 0.005%/0.02%; USDC/USDG lists 0%/0.005%. Listed Avalanche USDC/USDT.e, USDC/USDC.e and USDT/USDT.e pairs use 0.01% in both cases. Exact token representation matters.

Atomic swaps have market-specific factors rather than one ordinary swap rate. These stablecoin tables are not extended to other GMX networks without matching evidence. Check whether the output representation is accepted by the next destination.

Borrowing applies to the side with greater open interest and changes with pool utilisation. Its calculation uses USD position size and the change in accumulated borrowing factor. It must be monitored throughout the holding period.

Funding is a separate component, without a fixed market-wide rate assigned here. The funding guide explains why duration and imbalance matter.

Hypothetical USD 5,000 exposure backed by USD 1,000 is five times the allocated capital. A 1% move is USD 50 before costs. Being able to open a position does not establish the account can support every subsequent move.

Use a compatible wallet and accepted market collateral on the correct network. Arbitrum and Avalanche swap conditions are specified here; a matching ticker elsewhere does not establish transfer compatibility. See the transfer guide.

Define direction, size and guarantee at entry. Track net value, borrowing and funding while holding. A connected wallet does not mean committed capital remains freely usable elsewhere.

The closing guide describes Market or TWAP in the position row, using amount or percentage and a receipt token. If the remainder would be under USD 1, the documented action becomes a full close. Verify remaining size after partial reductions.

Closing and moving the resulting funds are separate steps. Disconnecting does not close exposure or cancel every outstanding action. Check the final position state against the intended result.

Documented market slippage defaults to 1%, is adjustable up to 5%, and warns above 2%. It is a tolerance rather than a mandatory 1% protocol charge. Raising it broadens accepted execution outcomes.

Limit and trigger orders use a fixed acceptable price in the described behaviour. TWAP spreads execution without promising a better average price. The order guide separates intent, price and fills.

V2 integration examples include Express execution. External automation still needs permission review and retry-state handling; an API integration is not automatically an official bot.

The wallet-based overview does not require a username/password. That does not remove contract or key risk. Position collateral participates in the protocol rather than remaining unused outside it.

A strategy needs capital limits, access recovery and exposure monitoring. The security guide addresses access, while margin management requires position data. Secure keys alone do not manage an unattended leveraged trade.

Hyperliquid and Aster supply book-based comparisons; Variational Omni uses RFQ quotes and a different spread/commission relationship. GMX uses pools and oracles. Compare opening, holding and exit for the same objective.

For centralised derivative tools, consider Bybit or BTCC. For buying and withdrawing assets, Kraken is another route. GMX is useful when its position model and exit tools fit the exposure plan.