LibraryMarkets2021Design paperCorpus record
GMX: A Decentralised Perpetual Exchange
GMX. GMX.
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.
A reading of the public document. Not a copy of it, and not a claim about a later network that reused the name.
A perpetual that says 'no order book' still has a counterparty. Name it, and name the price.
- Evidence
- Primary paper
- Re-measured
- No
- Assumptions
- 3
- Records linked
- 4
Code
Source, repository, and what is actually hosted
- GMX docshttps://docs.gmx.io/docs/intro
- The source URL is not a GitHub repository. No code remote is invented.
- Full text is not mirrored. Public availability is not a licence to copy the file onto this site.
- Add to a reading list
01 Claim ledger
What the paper is allowed to say
Each row is a sentence already in the study. The status is the same on every row: a model claim, not a live measurement.
Claim 01 · Paper model
The defect
A perpetual future needs a counterparty. An order book of professionals does not appear just because a chain exists.
Claim 02 · Paper model
The rule
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.
Claim 03 · Paper model
How it is put together
The pool is the counterparty, not another trader. Oracle prices, not an on-pool curve, mark the position. Leverage is a loan against the pooled assets.
Claim 04 · Paper model
Where the claim stops
The docs are a product description, not a proof that the pool cannot be drained.
02 Three cuts
Observation, model, falsifier
A desk does not stop at the summary. Each claim is cut three ways, using only this study's own assumptions and checks. Nothing here is a new figure.
01 The defect
Observation
What the study says
A perpetual future needs a counterparty. An order book of professionals does not appear just because a chain exists.
Model
What has to hold
The docs are a product description, not a proof that the pool cannot be drained.
Falsifier
What would retire it
Who loses when a trader wins?
02 The rule
03 How it is put together
04 Where the claim stops
Observation
What the study says
The docs are a product description, not a proof that the pool cannot be drained.
Model
What has to hold
The docs are a product description, not a proof that the pool cannot be drained.
Falsifier
What would retire it
What stops one trade from taking the whole pool?
03 Sequence
One action, as an operating tape
- 01A trader posts margin.
- 02The position's profit and loss is computed from oracle moves.
- 03Funding and fees are paid to the pool that warehouse the risk.
- 04Who loses when a trader wins?
04 Load-bearing
The argument, and where a pitch drops it
Why it is still on the desk
The cut
A perpetual that says 'no order book' still has a counterparty. Name it, and name the price.
Why it carries weight
If this cut is skipped, the paper's name is being used without the mechanism that makes the name mean anything.
Where it is dropped
A later client, parameter or reward formula is a different object from this paragraph.
After the text
The cut
Later GMX versions split markets. The v1 idea, a pooled warehouse plus an oracle, is the citation.
Why it carries weight
If this cut is skipped, the paper's name is being used without the mechanism that makes the name mean anything.
Where it is dropped
Oracle failure is the market's failure.
05 Register
What has to be true
Cryptography · Not re-measured
The docs are a product description, not a proof that the pool cannot be drained.
Model · Not re-measured
Oracle failure is the market's failure.
Model · Not re-measured
v2 changed the liquidity structure. Do not cite v1 for v2.
06 Divergence
What happened after the paper
Later GMX versions split markets. The v1 idea, a pooled warehouse plus an oracle, is the citation.
A later client, parameter set, or reward formula is a different object. Cite this paper for the mechanism. Cite a primary release for the network. This desk has not re-run the proof.
07 Pre-mortem
What to check before you use the idea
- 0 of 3 marked on this browser. A mark is a reading note, not a pass, a rating, or a recommendation.
08 Anatomy
The paper, in the order a builder needs
The problem it names
A perpetual future needs a counterparty. An order book of professionals does not appear just because a chain exists.
What the design proposes
How the mechanism is specified
- A trader posts margin.
- The position's profit and loss is computed from oracle moves.
- Funding and fees are paid to the pool that warehouse the risk.
What this page does not treat as proven
- The docs are a product description, not a proof that the pool cannot be drained.
- Oracle failure is the market's failure.
- v2 changed the liquidity structure. Do not cite v1 for v2.
Why the desk still reads it
A perpetual that says 'no order book' still has a counterparty. Name it, and name the price.
09 Lexicon
Terms, opened into the record
- Warehouse
- The pool that takes the other side of every trade.
10 Repository
Every linked record on this page
Underlined words open a page that already exists: a concept, a protocol profile, a failure record, or another paper. If a word is not underlined, this desk does not have a record for it.
Concepts
This is Blockchain Lab's reading of a public design paper. It is not the paper, not a copy of it, and not an offer of tokens, equity, custody or a partnership. Later network behaviour can diverge from the text. Nothing here is investment, legal or technical advice.
Research status: Design paper. Last reviewed: 1 October 2026. This is a reading of a public paper, not investment, legal or security advice.