GMX
TradingActive

GMX

Seven chains, pure crypto-collateral. No RWA perps. While Lighter and Ostium move toward real-world derivatives, GMX stays in its lane. The GLP model is proven but narrowing.

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Brief

Decentralized perpetual exchange across Arbitrum, Avalanche, Base, BNB Chain, and Ethereum. Major 2026 pivot to RWA derivatives: 24/7 perpetual markets for WTI crude, Brent crude, Natural Gas, gold, silver, via Chainlink Data Streams. GLP/GLV liquidity model. v2.2 (Q3 2026) adds multichain access + gasless trading.

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Snapshot

Key terms and identifiers.

Asset classes
Commodities
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Connections

Who they build with, build on, integrate with.

Tension

Direct competition or overlapping market position.