GMX Q4 2025 Report

1) Executive summary

GMX $GMX is a decentralized perpetual exchange that launched on Arbitrum. GMX later expanded to Avalanche, and launched V2, introducing isolated GM pools for more capital-efficient liquidity provision. V2 also integrated Chainlink Data Streams for high-precision oracle pricing. GMX Liquidity Vaults (GLV) enable automated rebalancing across GM pools, while Chaos Labs' Risk Oracles provide real-time risk parameter adjustments. GMX operates on a peer-to-pool model where liquidity providers deposit assets into markets and earn rewards from trading activity. The project runs native deployments on Arbitrum, Avalanche, and Solana, and in 2025 launched its Multichain functionality, extending cross-chain trading access from Base, BNB Chain, and Ethereum Mainnet.

In Q4 2025, GMX saw declines across key metrics alongside the wider market. TVL, notional trading volume, fees, revenue, and monthly active users decreased both quarter-over-quarter and year-over-year, reflecting broader market conditions following a mass liquidation event in early October. Arbitrum One continued to dominate activity across all deployments, accounting for over 90% of TVL, volume, fees, and revenue. The Solana deployment (now rebranded to GMTrade.xyz) was a relative bright spot for TVL, with its share growing from 1.29% in Q3 to 1.74% in Q4. GMX continued expanding its Multichain rollout during Q4, adding BNB Chain and Ethereum Mainnet to the cross-chain access layer initially launched on Base in Q3.

🔑 Key metrics (Q4 2025)

• Total value locked: $383.33m (-16.03% QoQ, -21.13% YoY)

• Notional trading volume: $20.80b (-13.80% QoQ, -17.83% YoY)

• Fees: $13.06m (-45.31% QoQ, -54.43% YoY)

• Revenue: $4.85m (-35.54% QoQ, -52.35% YoY)

• Monthly active users: 10.0k (-39.02% QoQ, -45.86% YoY)

Metrics exclude deployments not yet tracked by Token Terminal, including Botanix and Ethereum.

👥 GMX team commentary

"Every day, more than 1,500 traders come to GMX for its predictable execution costs, transparently fair pricing, reliable liquidity, and effective trade execution at size. However, the mass liquidation event of October 10 set the tone for the entire crypto industry: Q4 was going to be challenging. Many traders experienced significant losses that day, and liquidity conditions deteriorated afterwards as market-makers reduced their activity.

As GMX operates on a 'peer-to-pool' model, with over 45,000 users earning rewards by providing liquidity to its markets, the trading platform was less impacted by this downturn than CEXes and most other DEXes. User-friendly liquidation and ADL mechanisms also helped mitigate the impact on traders. Nevertheless, the effects of the downturn were still apparent, and are clearly reflected in the data.

TVL decreased in Q4, mainly due to the significant price decline of Bitcoin and Ethereum, the primary assets making up the user-contributed liquidity on GMX. In absolute terms, the number of LPs remained fairly stable, highlighting the 'sticky' nature of GMX's liquidity. On a positive note, the GMX deployment on Solana (now rebranded to GMTrade.xyz) experienced increased traction alongside its pivot to RWA markets, resulting in a rise in both TVL and active users.

After the events of October 10, overall trading volume and Open Interest on Perp DEXs decreased significantly. GMX also saw a decline, though the quarter-over-quarter decrease of -13.80% illustrates its relatively moderate nature. By the end of Q4, meanwhile, GMX had successfully rolled out its Multichain functionality. This upgrade enables users to trade and provide liquidity directly from Ethereum Mainnet, Base, BNB Chain, and other EVM-compatible blockchains. The impact of this horizontal scaling solution is expected to be reflected in the 2026 metrics.

In Q1/Q2 2026, GMX will launch on MegaETH, introduce Forex and Commodities markets, expand its total addressable market, and continue realizing key UX improvements such as Cross-Collateral, Just-In-Time Liquidity, and Cross-Margin.”

2) Total value locked

Total value locked (TVL) measures the total USD value of assets deposited into GMX's liquidity pools across V1 and V2. Q4 TVL averaged $383.33m, down from $456.53m in Q3 (-16.03% QoQ) and $486.04m in Q4 2024 (-21.13% YoY).

Arbitrum One accounted for 92.52% of Q4 TVL, followed by Avalanche at 5.74% and Solana at 1.74%. Arbitrum One's share grew from 91.69% in Q3 to 92.52%, while Avalanche's share declined from 7.02% to 5.74% and Solana's share grew from 1.29% to 1.74%.

3) Notional trading volume

Notional trading volume measures the total USD value of all trading activity across GMX's decentralized exchange, including perpetual futures trading, spot token swaps, and the minting and burning of liquidity tokens. Q4 trading volume totaled $20.80b, down from $24.13b in Q3 (-13.80% QoQ) and $25.31b in Q4 2024 (-17.83% YoY), bringing the 2025 cumulative total to $98.90b.

Arbitrum One accounted for 94.41% of Q4 volume, followed by Avalanche at 5.00%, Solana at 0.58%, and Base at 0.01%. Avalanche's share grew from 4.32% in Q3 to 5.00%, while Solana's share declined from 1.98% to 0.58%.

4) Fees

Fees measure the total USD value of fees paid by users across GMX's decentralized exchange, including perpetual trading fees, spot trading fees, and price impact mechanisms. Q4 fees totaled $13.06m, down from $23.88m in Q3 (-45.31% QoQ) and $28.66m in Q4 2024 (-54.43% YoY), bringing the 2025 cumulative total to $98.24m.

Arbitrum One accounted for 90.29% of Q4 fees, followed by Avalanche at 7.07%, Solana at 1.24%, and Base at 1.17%. Base's share grew from 0.01% in Q3 to 1.17%, while Arbitrum One's share declined from 93.56% to 90.29%.

5) Revenue

Revenue measures the total USD value of trading fees retained by GMX. Q4 revenue totaled $4.85m, down from $7.52m in Q3 (-35.54% QoQ) and $10.17m in Q4 2024 (-52.35% YoY), bringing the 2025 cumulative total to $35.30m.

Arbitrum One accounted for 90.02% of Q4 revenue, followed by Avalanche at 6.26%, Solana at 2.33%, and Base at 1.17%. Base's share grew from 0.01% in Q3 to 1.17%, while Arbitrum One's share declined from 93.08% to 90.02%.

6) Monthly active users

Monthly active users (MAU) measures the count of unique wallet addresses that interact with GMX's decentralized exchange within any 30-day rolling window. Q4 MAU averaged 10.0k, down from 16.4k in Q3 (-39.02% QoQ) and 18.47k in Q4 2024 (-45.86% YoY).

Arbitrum One accounted for 86.70% of Q4 MAU, followed by Avalanche at 9.61%, Solana at 1.73%, Base at 1.51%, and BNB Chain at 0.44%. Base's share grew from 0.10% in Q3 to 1.51%, while Arbitrum One's share declined from 91.96% to 86.70% and Avalanche's share grew from 6.97% to 9.61%.

7) Definitions

Metrics:

• Total value locked: measures the total USD value of assets deposited into GMX's liquidity pools across V1 and V2.

• Notional trading volume: measures the total USD value of all trading activity across GMX's decentralized exchange, including perpetual futures trading, spot token swaps, and the minting/burning of liquidity tokens.

• Fees: measure the total USD value of fees paid by users across GMX's decentralized exchange.

• Revenue: measures the total USD value of trading fees retained by GMX.

• Monthly active users: measures the count of unique wallet addresses that interact with GMX's decentralized exchange within any 30-day rolling window.

8) About this report

This report is published quarterly and produced leveraging Token Terminal's end-to-end onchain data infrastructure. All metrics are sourced directly from blockchain data. Charts and datasets referenced in this report can be viewed on the corresponding GMX Q4 2025 Report dashboard on Token Terminal.