Research corpus MarketsBLC-STUDY-0186

GMX: A Decentralised Perpetual Exchange

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.

Official external source only
Design paper
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Record

Authors: GMX
Date: 2021
Publisher: GMX
Version: Source cited by the 2021 study. The study is the reading. This page does not add a second essay.
Document ID: BLC-STUDY-0186
DOI: None recorded
Last reviewed: 1 October 2026
Licence: No licence recorded. Rights status under review.

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.

Direct answer

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.

Where to read

Official source — GMX docs
Blockchain Lab study, the canonical readingOriginal commentary. Not a transcription of the paper.

Metadata and commentary only. The reading is the study page.

Full text

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.

What changed

A reading of the public document. Not a copy of it, and not a claim about a later network that reused the name.

Relationships

Canonical readingGMX study
Related paperChainlink
Related paperFlash Boys 2.0

Cite this record

These citations point at the source document. They are not a licence to copy it.

Author–date

GMX (2021). GMX: A Decentralised Perpetual Exchange. GMX. https://docs.gmx.io/docs/intro

BibTeX

@techreport{gmxv12021,
  title = {GMX: A Decentralised Perpetual Exchange},
  author = {GMX},
  year = {2021},
  institution = {GMX},
  url = {https://docs.gmx.io/docs/intro},
  note = {Rights status: Official external source only. Blockchain Lab record: https://blockchainlab.com/research/corpus/papers/gmx-v1}
}

RIS

TY  - RPRT
TI  - GMX: A Decentralised Perpetual Exchange
AU  - GMX
PY  - 2021
PB  - GMX
UR  - https://docs.gmx.io/docs/intro
N1  - Rights status: Official external source only
ER  -

CSL-JSON

[
  {
    "type": "report",
    "id": "BLC-STUDY-0186",
    "title": "GMX: A Decentralised Perpetual Exchange",
    "author": [
      {
        "literal": "GMX"
      }
    ],
    "issued": {
      "date-parts": [
        [
          2021
        ]
      ]
    },
    "publisher": "GMX",
    "URL": "https://docs.gmx.io/docs/intro",
    "note": "Rights status: Official external source only. Not a licence to republish the paper."
  }
]

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Rights record

Source status: Official source
Use status: Metadata and commentary only. The reading is the study page.
Rights: Official external source only
Training and retrieval: Not permitted from this site. There is no rights-cleared full text to retrieve or to train on.

Rights and licensing Corrections