TradFi markets
Alongside crypto markets, GMX lists TradFi perpetual markets for precious metals (gold, silver), energy (WTI crude oil, Brent crude oil, natural gas) and US equities (SPCX, SPY, QQQ). They trade 24/7, including weekends, with up to 100x leverage, and use the same oracle-based pricing and GM and GLV liquidity as crypto markets. Risk parameters switch between on-hours and off-hours configurations, which this page describes in detail.
Market list and where to find them
GOLD/USD, SILVER/USD, WTIOIL/USD, BRENTOIL/USD, NATGAS/USD, SPCX/USD, QQQ/USD, and SPY/USD are available under the TradFi category in the market dropdown. The commodity markets can be found under TradFi > Commodities and searched by common name (for example, "GOLD", "SILVER", "WTI", "BRENT", "NATGAS") or ticker symbol (for example, "XAU", "XAG", "CL", "BZ", "NG"). SPCX/USD is under TradFi > Stocks and can be found with "SPCX", "Space", or "X". On Arbitrum, QQQ/USD and SPY/USD are 24/7 perpetual markets under TradFi > Indices. You can provide liquidity through GLV [WETH-USDC]; direct deposits into their GM pools are disabled. Search for QQQ/USD with "QQQ", "Nasdaq", "Nasdaq-100", "NDX", or "Invesco", and search for SPY/USD with "SPY", "S&P", "S&P 500", "SPX", or "SPDR".
Trading hours
TradFi markets are tradeable 24/7, including weekends. However, risk parameters shift between on-hours and off-hours configurations.
Precious metals and energy commodities use the following schedule (all times UTC):
| Event | Time (UTC) | Config applied |
|---|---|---|
| Daily maintenance start | Mon–Thu 20:45 | Off-hours |
| Daily maintenance end | Mon–Thu 22:15 | On-hours |
| Weekly close | Fri 20:45 | Off-hours |
| Weekly open | Sun 22:15 | On-hours |
These windows include a 15-minute buffer before the CME close (21:00 UTC) and after the CME open (22:00 UTC). WTIOIL/USD, BRENTOIL/USD, and NATGAS/USD follow the same CME Globex schedule as GOLD/USD and SILVER/USD — identical cron job, identical buffers, identical holiday calendar.
SPCX/USD, QQQ/USD, and SPY/USD use a separate US-equity risk window:
| Period | New York time | Current daylight-time UTC equivalent | Config applied |
|---|---|---|---|
| US-equity risk window | Mon–Fri 09:45–15:45 | Mon–Fri 13:45–19:45 | On-hours |
| Outside the window and NYSE full-day holidays | All other times | All other times | Off-hours |
The UTC equivalent changes when New York switches between daylight and standard time.
Off-hours behavior
During off-hours, affected parameters are adjusted to account for reduced market liquidity:
- Commodity markets reduce max leverage, reduce open interest caps, and use higher price impact, position fee, and borrow fee settings
- GOLD/USD, SILVER/USD, WTIOIL/USD, and BRENTOIL/USD increase their liquidation factor from 0.5% to 0.8% during off-hours
- SPCX/USD reduces open interest caps and increases its position fee and borrow fee settings; its 10x max leverage does not change by session
- The QQQ/USD and SPY/USD switchover reduces max leverage from 50x to 25x and increases their position fee and borrow fee settings; the GMX risk team manages their price impact and open interest caps separately from the schedule
Max leverage by market under the current configuration:
| Market | On-hours max leverage | Off-hours max leverage |
|---|---|---|
| GOLD/USD | 100x | 25x |
| SILVER/USD | 100x | 25x |
| WTIOIL/USD | 100x | 25x |
| BRENTOIL/USD | 100x | 25x |
| NATGAS/USD | 40x | 20x |
| SPCX/USD | 10x | 10x |
| QQQ/USD | 50x | 25x |
| SPY/USD | 50x | 25x |
The interface enforces the current max leverage when you open or increase a position. QQQ/USD and SPY/USD price impact and per-side open interest caps can change independently of the market-hours schedule; view the current open interest caps on the Monitor page.
Trading remains fully available during off-hours, but with tighter risk limits.
TradFi markets use a linear borrow-rate model without a kink. The values below are annualized rates at 100% pool utilization; the live rate scales with utilization.
| Market | On-hours rate at 100% utilization | Off-hours rate at 100% utilization |
|---|---|---|
| GOLD/USD, SILVER/USD | 45% APR | 50% APR |
| WTIOIL/USD, BRENTOIL/USD | 45% APR | 50% APR |
| NATGAS/USD, SPCX/USD | 50% APR | 55% APR |
| QQQ/USD, SPY/USD | 45% APR | 50% APR |
Liquidation factor by TradFi market under the current configuration:
| Market | On-hours liquidation factor | Off-hours liquidation factor |
|---|---|---|
| GOLD/USD, SILVER/USD | 0.5% | 0.8% |
| WTIOIL/USD, BRENTOIL/USD | 0.5% | 0.8% |
| NATGAS/USD | 1% | 1% |
| SPCX/USD | 1% | 1% |
| QQQ/USD, SPY/USD | 1% | 1% |
Existing positions remain open when off-hours begin. For GOLD/USD, SILVER/USD, WTIOIL/USD, and BRENTOIL/USD, the liquidation factor increases from 0.5% to 0.8%, so a position's liquidation price can move automatically when the market switches from on-hours to off-hours. Positions with high leverage are at increased risk of liquidation during off-hours. Traders cannot increase a commodity position above the off-hours max leverage shown in the table above — only decrease. When on-hours resume, the commodity liquidation factors and other session-based thresholds relax back to normal. For NATGAS/USD, the liquidation factor stays at 1% in both sessions. For SPCX/USD, off-hours reduces open interest caps and increases position fee and borrow fee settings, while its 10x max leverage and 1% liquidation factor remain unchanged. For QQQ/USD and SPY/USD, max leverage decreases from 50x to 25x during off-hours, while their 1% liquidation factor remains unchanged and their position fee and borrow fee settings increase.
The interface warns when a new trade or existing position could become close to liquidation after a commodity market switches to off-hours risk parameters. Position rows can also show an estimated off-hours liquidation price so traders can add margin or reduce leverage before the off-hours change takes effect.
The oracle keeper also applies token-specific freshness thresholds when matching realtime feed reports. Off-hours thresholds remain in effect for 10 minutes after a market reopens, which avoids immediately rejecting reports around the session transition.
| Market | On-hours maximum staleness difference | Off-hours maximum staleness difference |
|---|---|---|
| GOLD/USD | 20 seconds | 20 seconds |
| SILVER/USD | 20 seconds | 20 seconds |
| WTIOIL/USD | 25 seconds | 50 seconds |
| BRENTOIL/USD | 40 seconds | 65 seconds |
| NATGAS/USD | 115 seconds | 280 seconds |
| SPCX/USD | 15 seconds | 90 seconds |
| QQQ/USD | 15 seconds | 90 seconds |
| SPY/USD | 15 seconds | 90 seconds |
Fees
TradFi markets use different position fees from crypto. Rates are shown as positive impact / negative impact (matching the crypto 0.04% / 0.06% format).
| Market | On-hours fees | Off-hours fees |
|---|---|---|
| GOLD/USD, SILVER/USD | 0.01% / 0.02% | 0.04% / 0.06% |
| WTIOIL/USD, BRENTOIL/USD | 0.01% / 0.02% | 0.04% / 0.06% |
| NATGAS/USD | 0.02% / 0.04% | 0.04% / 0.08% |
| SPCX/USD | 0.05% / 0.06% | 0.06% / 0.08% |
| QQQ/USD, SPY/USD | 0.01% / 0.02% | 0.04% / 0.06% |
See Fees for details.