GMX v1 product
Overview
GMX v1 is a decentralized spot and perpetual exchange built on Arbitrum and Avalanche. It uses a multi-asset liquidity pool (GLP) and Chainlink oracles for pricing, enabling leveraged trading with up to 30x leverage. The protocol features a funding rate mechanism and oracle-priced swaps for supported assets. In July 2025, GMX v1 was exploited for roughly $42 million via a reentrancy attack on Arbitrum; GMX halted GLP minting, trading and redemption on Arbitrum and Avalanche and reimbursed affected GLP holders (~$44 million, partly in GLV tokens). As of 2026-07-16, GMX v1 is effectively deprecated in favour of GMX v2.
Within the DeFi Intel graph, GMX v1 connects to 2 tracked entities, most strongly to GMX, GMX v2.
Relations
Top connections in the DeFi Intel knowledge graph (confidence-weighted, 2 of 2 total).
| Relation | Connected entity | Confidence |
|---|---|---|
launched | GMX | 90% |
replaced_by | GMX v2 | 90% |
Frequently asked questions
What is GMX v1?
GMX v1 is the original version of the GMX protocol, a decentralized exchange that offered spot and perpetual trading with leverage, supported by the GLP liquidity pool. Following a ~$42M reentrancy exploit in July 2025, it has been effectively deprecated in favour of GMX v2.
How does GMX v1's pricing work?
Pricing is determined by Chainlink oracles combined with a dynamic funding rate that incentivizes traders to balance long and short positions.
What assets can be traded on GMX v1?
GMX v1 supports trading of major cryptocurrencies such as ETH, BTC, and several others, with the GLP pool containing a basket of these assets.
What is GMX v1 connected to?
In the DeFi Intel knowledge graph, GMX v1 is linked to 2 other tracked entities, most strongly to GMX, GMX v2.
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