{"document_id":"BLC-STUDY-0186","slug":"gmx-v1","title":"GMX: A Decentralised Perpetual Exchange","authors":"GMX","year":2021,"date_label":"2021","publisher":"GMX","paper_type":"Design paper","category":"Markets","topics":["Markets"],"source_url":"https://docs.gmx.io/docs/intro","source_label":"GMX docs","legacy_pdf_path":null,"sha256":null,"sha256_note":"No hash is published. This build does not store those PDF bytes, so a checksum would be invented. Where a legacy path exists, it points at the Internet Archive copy of the old library.","version":"Source cited by the 2021 study. The study is the reading. This page does not add a second essay.","doi":null,"rights_status":"Official external source only","source_status":"Official source","use_status":"Metadata and commentary only. The reading is the study page.","licence":null,"licence_label":"No licence recorded. Rights status under review.","full_text":null,"full_text_reason":"Full text is not published on this page. Public availability is not a licence to republish a document. Blockchain Lab has not recorded a licence that permits an HTML transcription, a training set, or a retrieval corpus of the paper. Text on this page is Blockchain Lab's own wording, or a pointer to a study that is also Blockchain Lab's wording.","editorial_line":"GMX v1 pools liquidity provider assets into a vault that takes the other side of leveraged trades. Prices come from an oracle. Traders pay fees to the pool.","canonical_url":"https://blockchainlab.com/whitepaper/gmx-v1","record_url":"https://blockchainlab.com/research/corpus/papers/gmx-v1","study_url":"https://blockchainlab.com/whitepaper/gmx-v1","last_reviewed":"2026-10-01","last_checked":"2026-10-01","relationships":[{"rel":"Canonical reading","label":"GMX study","href":"/whitepaper/gmx-v1"},{"rel":"Related paper","label":"Chainlink","href":"/whitepaper/chainlink"},{"rel":"Related paper","label":"Flash Boys 2.0","href":"/whitepaper/flash-boys-2"}]}