Rewards Program
The GMX Rewards program lets traders earn esGMX and GT based on eligible trading activity.
The amount you earn depends on:
- Position fees generated by your trades
- Your active Rewards Multiplier
The higher your multiplier, the more rewards you earn for the same trading fee. The Rewards program is currently available for trading on Arbitrum.
Reward Epochs
Rewards are calculated in weekly epochs.
Each epoch:
- Starts on Wednesday at 00:00 UTC
- Ends the following Wednesday at 00:00 UTC
- Accumulates rewards throughout the week
Rewards displayed during an active epoch are provisional. After the epoch ends, the distribution is finalized before rewards become claimable.
How Rewards Are Calculated
For every eligible trade, GMX first determines the net eligible position fee.
This is the position fee remaining after subtracting:
- The trader's referral discount
- The affiliate reward associated with the trade
Other fees, including borrowing fees, funding fees, swap fees and separately identified liquidation fees, are not included in the reward calculation.
For every 1× of active multiplier, you receive rewards equal to 10% of the net eligible position fee.
Rewards are allocated as:
- 100% of the calculated reward value in esGMX
- An additional 20% of that value in GT
The esGMX and GT allocations are additive.
Example
Suppose you pay a $10 net eligible position fee and have a 4× multiplier.
Your reward calculation is:
$10 × 10% × 4 = $4
You receive approximately:
- $4 worth of esGMX
- $0.80 worth of GT
For a combined target reward value of $4.80.
At the maximum 10× multiplier, the combined target reward can reach up to 120% of the net eligible position fee:
- Up to 100% in esGMX
- An additional 20% in GT
Token amounts are calculated using the applicable GMX and GT prices.
Rewards Multiplier
There is no default multiplier.
If your multiplier is 0×, an ordinary trade does not generate rewards.
You can increase your multiplier through:
- Weekly trading volume
- GMX and esGMX staking
- Trading Featured Markets
- Balancing Trades
- Lifetime trading volume
- The Comeback Bonus
All applicable multiplier components are added together, up to a maximum total multiplier of 10×.
Volume Multiplier
Trading volume can unlock higher multiplier tiers.
| Adjusted weekly volume | Multiplier |
|---|---|
| $1 million | +1× |
| $10 million | +2× |
| $100 million | +3× |
| $500 million | +4× |
| $1 billion | +5× |
Your Rewards page shows your current tier and progress toward the next one.
Some markets may have a reduced coefficient for Volume Tier progress. For example, if a market has a 50% coefficient, a $2 million trade contributes $1 million toward your Volume Tier. This coefficient only affects your progress toward the tier. It does not reduce the rewards generated from the trade's eligible position fee.
| Market | Volume downgrading coefficient |
|---|---|
| GOLD / SILVER | 0.3x |
| WTI / BRENT | 0.3x |
| NATGAS | 0.6x |
| SPCX | 1.0x |
| QQQ / SPY | 0.3x |
Your achieved Volume Tier remains active for:
- The rest of the epoch in which you earned it
- The following four complete weekly epochs
After that, the tier expires unless you reach an eligible Volume Tier again.
Staking Multiplier
Staking GMX or esGMX can increase your multiplier.
Staked GMX and esGMX count equally toward your Staking Tier.
| Staked GMX + esGMX | Multiplier |
|---|---|
| 10 | +1× |
| 100 | +2× |
| 1,000 | +3× |
| 10,000 | +4× |
| 50,000 | +5× |
Increasing Your Staking Tier
If you stake enough during an epoch to reach a higher tier, the higher multiplier starts from the next epoch. Trades during the current epoch continue using your existing Staking Tier.
Decreasing Your Staking Tier
If you unstake enough GMX or esGMX to fall below your current tier, your multiplier decreases immediately.
Subsequent trades use the lower multiplier.
Featured Market Boost
Selected featured or newly launched markets can provide an additional:
+0.5× multiplier
The boost applies only to trades in the featured market. Featured markets are identified in the GMX interface.
Balancing Trade Boost
Certain trades that help improve the balance of a GMX liquidity pool receive an additional:
+1× multiplier
To qualify, the trade must:
- Be a position increase
- Increase the position by at least $1 million
- Improve the balance of the relevant liquidity pool
The boost applies only to the qualifying trade. Position decreases do not currently qualify for the Balancing Trade boost.
Lifetime Trading Boost
Traders who reach $200 million in lifetime trading volume receive a permanent:
+1× multiplier
Comeback Bonus
Some previous GMX traders may qualify for a temporary:
+2× Return Bonus
The Return Bonus is designed for eligible traders returning to GMX after an extended period of inactivity.
Eligibility requires:
- At least $10,000 in historical trading volume
- No positive-size executed trade during the 60 days before the Rewards program launch
The Return Bonus does not represent rewards that can be claimed immediately. It increases the rewards generated when you return and make eligible trades.
The additional rewards generated by the Return Bonus are limited based on your historical trading volume and vary from $50 to $25,000.
The +2× bonus remains active until your additional reward allocation has been fully used. Your Rewards page shows your total Return Bonus allocation and how much remains available.
Referral Rewards
If traders use your referral code, you can earn rewards based on the rewards they generate.
The affiliate receives:
50% of the referred trader's esGMX and GT reward amounts
For example, if a referred trader earns:
- 10 esGMX
- 2 GT
the affiliate receives an additional:
- 5 esGMX
- 1 GT
The affiliate reward is paid in addition to the trader's reward and does not reduce the amount received by the trader.
The 50% referral reward applies only to new referrals made after the Rewards program starts. A trader is considered a new referral if their wallet applies your referral code after the program launch.
Wallets that were already referred or had a referral code applied before the Rewards program started are not eligible to generate the additional 50% referral reward.
Referrals that have graduated are no longer eligible for the 50% referral rewards share. See the referral-code graduation rules.
Which Trades Are Eligible?
Position increases and position decreases can generate rewards.
A trade does not generate rewards if:
- It is executed outside Arbitrum
- The Rewards program is inactive
- The eligible position fee is zero
- Your total multiplier is 0×
- Required reward-price data is unavailable
A trade may still earn rewards without an active Volume or Staking Tier if it qualifies for another multiplier component, such as a Featured Market or Balancing Trade boost.
Tracking Your Rewards
The Rewards page shows information such as:
- Your current total multiplier
- The components making up your multiplier
- Your Volume Tier
- Progress toward your next Volume Tier
- Your Staking Tier
- Your projected Staking Tier for the next epoch
- Active boosts
- Trading volume during the current epoch
- esGMX earned
- GT earned
- Time remaining in the current epoch
You can also review your rewards from previous epochs.
Claiming Rewards
After an epoch ends, the distribution must be finalized before rewards become claimable.
For esGMX rewards, finalized distributions can currently be claimed through:
Earn Page → Distributions or Rewards Page → Rewards
GT allocations are displayed separately. GT has not yet completed its Token Generation Event, and it should not be considered liquid or transferable until the applicable GT distribution and transfer functionality becomes available.
esGMX Rewards
esGMX is a non-transferable reward token.
After receiving esGMX, you can:
- Stake it
- Use staked esGMX toward your Rewards Staking Tier
- Vest eligible esGMX into GMX
- Add esGMX to an existing vest
- Claim GMX as it vests
Staked esGMX counts the same as staked GMX when determining your Staking Tier.
Vesting esGMX
Vesting lets eligible esGMX gradually convert into GMX.
Your available vesting amount and required GMX collateral depend on your account.
The Rewards interface shows:
- Your available esGMX
- The maximum amount currently eligible for vesting
- Required GMX collateral
- Existing available collateral
- Any additional GMX that needs to be staked
- Estimated vesting completion date
There is no universal fixed collateral ratio that applies to every account.
The maximum amount you can vest is limited by both:
- Your available esGMX balance
- Your account's remaining onchain vesting allowance
Adding to an Existing Vest
You can add more eligible esGMX while vesting is already active.
Adding more esGMX extends the estimated vesting completion date. It does not automatically make vesting faster.
Stopping Vesting
You can stop an active vest.
When you do:
- GMX that has already vested remains yours
- Unvested esGMX is returned
- Pair collateral is released from the Vester
- Released collateral remains staked
You can claim vested GMX as it becomes available.
Once vesting is complete, any remaining vested GMX can be claimed and the remaining collateral can be unlocked.
Disclaimer
Rewards are not guaranteed. Eligibility depends on the applicable rules, network, multiplier, fees, and other program conditions.
Displayed rewards are estimates until finalized. Rewards shown during an epoch are provisional and may change before distribution.
Program terms can change. The Rewards program may modify multiplier tiers, eligible markets, reward rates, coefficients, caps, token allocations, eligibility requirements, epoch structure, or other program conditions.
Not every trade earns rewards. A user with a 0× multiplier normally earns no incentive rewards, and only eligible position fees are considered.
Rewards should not be treated as guaranteed USD value. esGMX and GT quantities are calculated using applicable prices, but token values may change.
Rewards may be reduced, paused, or discontinued at any time based on trading volume and program sustainability. Unclaimed rewards may also expire after the applicable claim period.
GT has additional uncertainty. GT has not completed its TGE and should not be represented as currently liquid, transferable, or immediately redeemable.
esGMX is subject to vesting restrictions. Receiving esGMX does not guarantee that the full amount can immediately be vested into GMX; vesting depends on the account's allowance and collateral.
Activity reasonably identified as manipulation, exploitation, wash trading, Sybil activity, or attempts to circumvent program rules may be excluded.
Rewards are promotional incentives and should not be represented as guaranteed yield, profit, APY, or return on trading/staking.
Frequently Asked Questions
Does every GMX trade earn rewards?
No. You need an active multiplier above 0×. This can come from a Volume Tier, Staking Tier, Lifetime Trading boost, Return Bonus or a trade-specific boost.
What is the maximum multiplier?
The maximum combined Rewards Multiplier is 10×.
Any additional multiplier components above 10× do not increase your reward further.
If I stake more GMX, does my multiplier increase immediately?
Generally, no. A higher Staking Tier earned during an epoch becomes active from the next epoch.
However, if you reduce your stake and fall below a tier threshold, the lower multiplier applies immediately.
Do markets with a 50% Volume Tier coefficient also earn 50% fewer rewards?
No, the coefficient affects only Volume Tier progress. Rewards are still calculated from the trade's full eligible position fee.
Does the Return Bonus give me tokens immediately?
The Return Bonus is a +2× multiplier that increases the rewards generated by eligible trades until your Return Bonus allocation is used.
Are referral rewards taken from the trader?
No. Affiliate rewards are paid in addition to the trader's reward.
Can I transfer my multiplier or accumulated rewards to another wallet?
No, trading volume, tiers, Return Bonus status and accumulated rewards remain associated with the original account.
Can all esGMX rewards always be vested?
Not necessarily. Vesting depends on your account's available vesting allowance and collateral. esGMX that cannot currently be vested can still be staked and can contribute toward your Staking Tier.