GMX (GMX)

I've seen many people possibly misunderstand the non‑orderbook perp DEX Jupiter/GMX. They think that centralized contracts without KYC like Hyperliquid, which correspond to "AMM exchanges," are generational replacements. But that's completely wrong. 1. First, the execution logic of Jupiter/GMX is not an "AMM curve" (that belongs to the older @perpprotocol). Instead, an oracle pulls prices from a price source, and the LP pool acts as the counterparty for trades. In theory, this type of exchange can align with the price source without slippage. For example, CME gold futures; oracle‑based perp DEXs can directly match its quotes. Whether it's an order book like Hyperliquid or a CFD model like @variational_io, they all need to "arbitrage" prices over, essentially acting as intermediaries moving price differences. However, GMX adds a "price impact" to guard against timing differences caused by price propagation and block times, preventing arbitrage. 2. What truly makes GMX/Jupiter impressive is their ability to create assets. Many people don't realize that, in the realm of contract trading, so‑called "real‑world assets" essentially don't exist. Your opening and liquidation prices have no relation to the liquidity of the underlying assets in the real world; they are provided by the contract's pricing mechanism (order book/oracle, etc.). So if you like to criticize "lack of underlying value support" as gambling, you can now fire at order book exchanges. But GMX/Jupiter are different; their liquidity comes from LP pools. LPs, acting as counterparties for all trades, collect all client losses and trading fees and redistribute them proportionally – essentially the house edge of a Macau casino. This is a truly yield‑generating asset. Moreover, these pools can be used as counterpart‑risk‑free structured finance, collateral for DeFi nesting, and arbitrage trades. Jupiter's JLP used to be the largest source of arbitrage trades and profits on Solana. When @DriftProtocol had issues, many didn't understand its purpose—it was then one of the biggest providers of JLP neutral arbitrage strategies. Such capability is unavailable to order book exchanges. Centralized exchange vaults, including HLP, are essentially active market‑making strategies—like handing your funds to a centralized black box. Using HLP as collateral essentially transfers counterparty risk. 3. Irreplaceable business logic based on the binary nature of "betting against the pool". Uniswap has already shown that the LP pool mechanism provides an irreplaceable efficiency advantage for issuing long‑tail assets—no order book to date can replace the same mechanism as Uniswap/pump/fourmeme. This is not an efficiency issue; it's a market‑making cost issue, and I'm not just talking about cold starts—how can an order book exchange recover all counterparty P&L and trading frictions? If you didn't understand, you can go back and check my tweets on polymarket and propAMM. The real issue with GMX and Jupiter may be that they consider only the traders' perspective, not the upstream market demand—a fundamental difference from Hyperliquid. Nevertheless, you can check the DefiLlama rankings; regardless of how top‑ranked order books game the rankings, GMX/Jupiter's volume and revenue are barely affected. If they were more aggressive, their performance would improve, but this already proves they are irreplaceable.

Fixed. https://t.co/DkaDH9A6QQ

War? In this economy? https://t.co/l9lmyXrmZH

got 10 points this week for megaeth - i am washed asf I have $5000 in total across 3 dapps (world market, gtrade and gmx), and i boosted all 3 of em also sitting on a 75% multiplier. bruh, who the hell did I offend in the team? 🤣 https://t.co/e737o8yt1z

GMTrade = actually a GMX Solana rebranding Recent volume/TVL/OI surge Pool liquidity is $36M, with top pair available liquidity around $10~20M, which is very solid FX trading available at 200~500x leverage. XAG/XAU and other RWA trading volumes are exploding. Accordingly, the pool APR is also rising, more liquidity is flowing into the pool, slippage is decreasing, and the flywheel is accelerating. Consequently, GT token minting continues, and buybacks are accelerating. It doesn’t seem bad to put it into LP, though GMX was hacked for $42M back in July last year while in V1, and is now on V2. Also, I recall GMX Solana was very slow and had poor UX when it launched in March last year, as it was also V1 then; I’ll test later to see if it’s improved and report. 파구퍼럴 https://t.co/WR7kqskCBz

He has not been trading on GMX but I do love GMX. I just like to tell the truth. Onchain depth/liquidity is horrible now. https://t.co/L6LOG1twrJ https://t.co/98h11S3NAj

$gmx looking like its bottomed for the moment https://t.co/810FxwECvR

➥ Which protocols offer Commodity Perps onchain? Commodity Perps onchain have gone parabolic with Polymarket and Kalshi went live with leveraged gold/oil/silver perps Just dropped my thoughts here as a signal if you are paying attention to find rare oppotunity in niche market Real-time proof this is exploding: - Hyperliquid’s HIP-3 markets just hit a record $2.38B open interest last week and are sitting at $2.1B now → up 580% year-to-date from ~$280M at the start of 2026. - Oil & metals alone made up over 67% of HIP-3 volume in Q1, with non-crypto pairs dominating many of the top 10 markets - Total Hyperliquid perp OI sits at $7.59B with $2.1B 24h volume - Ostium shows $251M+ OI with 97% in RWAs/commodities and $45B+ cumulative volume, with gold alone carrying tens of millions in OI Overall onchain perp DEX OI has climbed to $14.31B, and RWA/commodity share regularly hits 40-67% of daily flow, fueled by 24/7 hedging during geopolitical spikes that traditional markets can’t touch The math, oracles, and contracts just work and the numbers prove traders are voting with their capital I found the main ones performing as of now: [1] @HyperliquidX | custom L1 with onchain order book - The dominant player in onchain commodity perps - Its HIP-3 upgrade enables permissionless deployment of perpetual markets tied to external price feeds - It supports commodities like gold, silver, copper, WTI/Brent crude oil, and more - It offers high throughput, tight liquidity for RWAs, and 24/7 trading Many HIP-3 markets e.g., via builders like @tradexyz or @Markets_xyz also focus heavily on commodities alongside equities/indices [2] @Polymarket | with perps launch - Now offers heavily leveraged perpetual futures across crypto, equities, and commodities including gold - Fully onchain settlement for its core platform; new perps allow 24/7 long/short exposure without expiry - Early access is live, traders can hold positions indefinitely with funding-rate mechanics - This makes it one of the few truly onchain options blending prediction-market liquidity with traditional commodity perps [3] @Kalshi | CFTC-regulated, fiat-first with crypto commodity perps expansion - Preparing phased U.S. launch of perpetual futures with codename “Timeless”, starting with crypto such as Bitcoin etc. and explicitly planning commodities next - Uses its FCM license for margin trading. Not fully onchain/DeFi, but brings compliant, 24/7 commodity perps access to U.S. users, bridging TradFi and crypto [4] @OstiumLabs - Purpose-built for RWA perpetuals with the broadest commodity coverage among dedicated perps DEXes - It offers synthetic perps on 7+ commodities including Gold, Silver, WTI Crude, Brent Crude, Copper, Platinum, and Palladium, plus forex and indices - Uses a Pool-RFQ model with oracle pricing called Stork Network for deep RWA liquidity, institutional-grade execution, low minimums, and up to high leverage [5] @Mettalex - powered decentralized derivatives DEX: - Focuses specifically on bringing traditional commodities onchain - It provides perpetual-style derivative exposure to tokenized commodities and RWAs with no expiry, banded price ranges for capped risk, and full collateralization - It’s more of a specialized commodity derivatives platform than a standard funding-rate perp DEX but enables onchain hedging/trading for the ~$20T commodities market [6] @GMX_IO | AMM-style with GLP pools - Primarily crypto perps but supports some tokenized commodity exposure, notably XAUT perps where available - Oracle-based pricing with low slippage. Not as broad or liquid for direct commodity indexes as Hyperliquid/Ostium [7] @GainsNetwork_io - Offers perps on a range of commodities alongside equities/forex but restricts trading to traditional market hours - Onchain but less 24/7-focused than the leaders above So commodity perps volume has exploded because of 24/7 access and real hedging demand Polymarket’s onchain push + Kalshi’s regulated entry are the biggest developments I’ve seen in months, blurring lines between prediction markets and full derivatives