Trading overview
GMX is a decentralized exchange that lets you trade without a username or password. The platform uses oracle-based pricing sourced from aggregated exchange data, which reduces the risk of liquidations from temporary wicks. For details on how pricing works, see Pricing on GMX.
GMX V2 uses linear, USD-based PnL with flexible collateral, so your overall exposure can differ from a standard stablecoin-margined linear perp. For a practical explanation, see Are GMX perps linear or inverse?.
Adding a wallet
If you don't have a wallet yet, you can use Rabby or create an integrated wallet from the GMX connection flow. The integrated wallet supports passkey setup with Face ID, Touch ID, Windows Hello, or Android biometrics, without requiring an email address or seed phrase for that setup path.
Connecting and funding your wallet
After you have a wallet, connect it by pressing the "Connect wallet" button on the Trade page. If your wallet app supports WalletConnect, you can use the WalletConnect option and scan the QR code from your wallet.
The account menu also provides in-app Send and Receive flows for your connected wallet. Receive displays your wallet address as text and a QR code that you can copy or scan. Send transfers supported tokens to an address and shows the estimated network fee before confirmation.
The Receive flow may also let you buy crypto with a debit or credit card, Apple Pay, or Google Pay, or transfer funds from another wallet, exchange, or chain. Availability depends on your region and the configured provider. These options fund your connected wallet; depositing into a GMX Account is a separate step.
You can also use the buying, bridging, and on-ramp options provided by your wallet. If you don't have the required gas token for the network, you can still trade using Express Trading.
Multichain trading
GMX lets you trade from multiple blockchain networks. The method you use depends on which chain your wallet is connected to: direct wallet trading on chains where GMX markets are deployed, or the GMX Account for cross-chain access from other supported networks.
| Connected network | Wallet funds | GMX Account funds |
|---|---|---|
| Arbitrum | ✅ Arbitrum markets | ✅ Arbitrum markets |
| Avalanche | ✅ Avalanche markets | ❌ Not available |
| MegaETH | ✅ MegaETH markets | ❌ Not available |
| Other chains (Ethereum, Base, BNB) | ❌ No GMX markets | ✅ Arbitrum markets |
Wallet funds and GMX Account funds
When you open or increase a position, GMX can use funds from either your connected wallet or your GMX Account as the position margin, depending on which balance you select in the interface.
- Wallet funds are funds held directly in your connected wallet. Direct wallet trading uses these funds as margin.
- GMX Account funds are a separate trading balance linked to the same connected wallet. To use this balance as margin, first have funds in your connected wallet on a supported source chain, then deposit them into your GMX Account. If needed, the deposit flow bridges those funds to the GMX Account on Arbitrum.
These are two ways to provide funds for positions, not two separate position accounts. Positions belong to the connected wallet and are shown together, whether they were opened with wallet funds or GMX Account funds.
Direct wallet trading
Active GMX markets are available on Arbitrum, Avalanche, and MegaETH. When your wallet is connected to any of these chains, you can trade directly using the funds in your wallet — no additional setup required.
GMX Account (multichain)
The GMX Account lets you trade on GMX from chains that don't have GMX markets deployed, such as Ethereum, Base, or BNB. You can also use it when connected to Arbitrum. Arbitrum is the only supported settlement chain — all trades through the GMX Account execute on Arbitrum markets.
Here's how it works:
- Your GMX Account balance lives on Arbitrum.
- Deposit from your connected wallet on any supported source chain — funds are automatically bridged using Stargate (token transfers) and LayerZero (cross-chain messaging).
- Trade on Arbitrum markets using your GMX Account balance.
- Withdraw to any supported chain, regardless of where you originally deposited.
- Follow submitted deposits and withdrawals from Transfer history in the account menu.
Think of the GMX Account as a separate trading balance on Arbitrum that you can fund and withdraw to from anywhere.
The GMX Account is not available on Avalanche or MegaETH; direct wallet trading is used on those chains. Compatible smart wallets, including supported Safe and Coinbase Smart Wallet setups, can use Express Trading, One-Click Trading, and GMX Account flows. Compatibility depends on the wallet's typed-data signing support and deployment state on the required chain, so it isn't universal across contract accounts.
Supported deposits and withdrawals
The following chains and tokens are available for deposits into and withdrawals from your GMX Account on Arbitrum.
| Chain | Deposit tokens | Withdrawal tokens |
|---|---|---|
| Arbitrum | Any asset held in your wallet that the GMX Account can hold, including USDC, USDT, ETH, and GMX | USDC, USDT, ETH |
| Ethereum | USDC, USDT, ETH | USDC, USDT, ETH |
| Base | USDC, ETH | USDC, ETH |
| BNB | USDC, USDT | USDC, USDT |
Bridging for GMX Account deposits and withdrawals is limited by Stargate liquidity caps.
Transfers between your Arbitrum wallet and GMX Account remain on Arbitrum rather than using the cross-chain bridge. A GMX Account swap can't use native ETH directly; select WETH or withdraw the funds to your wallet first.
Same-chain transfers pay gas in ETH from your wallet, so a same-chain withdrawal from your GMX Account is blocked with Insufficient ETH in Wallet if your wallet can't cover the network fee. A cross-chain withdrawal can fail if the bridge fee increases before it executes. In that case, the interface shows "Bridge fee increased. Funds remain in your GMX Account. Try again", and your funds stay in your GMX Account. If the amount you'd receive after bridge fees is already below the minimum before you submit, the button reads Receive amount below minimum.
TradFi markets
Alongside crypto, GMX lists TradFi perpetual markets for gold, silver, WTI and Brent crude oil, natural gas, and US equities (SPCX, SPY, QQQ). They trade 24/7 under the TradFi category in the market dropdown, with risk parameters that switch between on-hours and off-hours configurations.
See TradFi markets for the market list, search names, trading hours, off-hours behavior, and per-market fees.
Express Trading and One-Click Trading
GMX provides different modes to suit trader preferences: Classic Trading, Express Trading, and Express + One-Click Trading. We recommend using Express or Express + One-Click, as they provide the best experience, and trading fees are the same on all modes.
| Mode | Signing method | RPC infrastructure | Gas payments |
|---|---|---|---|
| Classic Trading | On-chain: wallet signing popup for each trade | Uses your own wallet's RPC | ETH on Arbitrum and MegaETH, AVAX on Avalanche |
| Express Trading | Off-chain: you sign messages locally; GMX Relay broadcasts on-chain | Relay-managed submission infrastructure | USDC, USDT, or WETH on Arbitrum; USDC, USDT, or WAVAX on Avalanche; USDM or WETH on MegaETH |
| Express + One-Click Trading | Off-chain: auto-signed with a locally stored sub-account key (no manual confirmations) | Relay-managed submission infrastructure | USDC, USDT, or WETH on Arbitrum; USDC, USDT, or WAVAX on Avalanche; USDM or WETH on MegaETH |
Express Trading and Express + One-Click Trading submit through GMX Relay, GMX's self-hosted relay. GMX no longer uses Gelato Relay.
Compatible smart wallets can use Express Trading and One-Click Trading through adaptive typed-data signing. Support depends on the contract wallet and its deployment state on the required chain. If the interface can't verify or complete the required signature flow, use Classic Trading instead; GMX Account flows require Express Trading.
Gas payment token
Express Trading and One-Click Trading fees are paid in your gas payment token. As the settings put it: "Fees are paid in your gas payment token from the balance the action uses." Settings has a gas payment token for your Wallet and one for your GMX Account. An action funded from your wallet pays its Express fee in the Wallet gas payment token, and an action funded from your GMX Account pays it in the GMX Account gas payment token.
The gas payment token is used for Express and One-Click fees only. Classic transactions, same-chain GMX Account transfers, and bridges pay gas in the network's native token from your wallet, for example ETH on Arbitrum. For network fee details, see Network fee.
- Approval: If your Wallet gas payment token needs a one-time approval before it can pay Express fees, the approve button names it, for example Approve USDC for Express fees.
- Insufficient balance: When a balance can't cover the fee, the interface names the token and where it's held, for example Insufficient USDC in Wallet, Insufficient USDC in GMX Account, or Insufficient ETH on Base. If your wallet doesn't hold enough of your gas payment token, the interface shows "Insufficient USDC in your Wallet for Express fees. Express and One-Click Trading are unavailable."
- Max and Keep gas: When you enter an amount, Max holds back this action's fee if the fee is paid from the same token. When the token you pay with is also your gas payment token, Keep gas also keeps a reserve in that balance for future Express fees.
Enabling One-Click Trading
One-Click Trading can be enabled through the settings menu in the top right of the interface. Enabling this feature lets you trade instantly without a wallet signing popup for each trade.
If you are building a delegated trading or one-click trading integration on top of GMX, see Delegated trading integration.
Safety features
- Funds from decreasing positions, closing positions, or swaps can only be sent back to your wallet.
- Trades executed without signing popups are limited by the maximum number you authorize. For instance, if you authorize 10 actions, after 10 trades, a wallet signing popup appears to re-authorize further trades.
Risks
- This feature uses a sub-account key stored locally in your browser. If your browser is compromised, the key could potentially leak, allowing trades to be executed.
- The previously authorized trade limit acts as a safeguard. Even if compromised, a malicious actor can only execute trades up to the authorized limit.
RPC URLs
GMX uses different RPC URLs for querying (reading data) and submitting transactions (writing data).
-
Reading RPCs are set automatically by the GMX interface and selected from a curated list to ensure fast and reliable data loading.
-
Writing RPCs:
- Classic Trading: Set by your wallet.
- Express Trading and Express + One-Click Trading: Submitted through GMX Relay; you don't select a writing RPC.
If you're experiencing issues while trading in Classic Trading, consider switching to Express or Express + One-Click Trading through the settings menu. Alternatively, you can manually select another RPC URL via your wallet from options provided on Chainlist.