GMX Rewards provide benefits for long term users of the protocol, these rewards come in the form of Escrowed GMX and Multiplier Points.

Compounding vs Claiming

There are two options for rewards on "Compound" and "Claim".
Compounding will stake your pending Multiplier Points and Escrowed GMX rewards, this will increase the amount of rewards you receive.
Claiming will transfer any pending Escrowed GMX rewards and ETH / AVAX rewards to your wallet.
If you compound or stake your Escrowed GMX tokens, you can unstake them for vesting at anytime later on.

Escrowed GMX

Escrowed GMX (esGMX) can be used in two ways:
  1. 1.
    Staked for rewards similar to regular GMX tokens
  2. 2.
    Vested to become actual GMX tokens over a period of one year
Each staked Escrowed GMX token will earn the same amount of Escrowed GMX and ETH / AVAX rewards as a regular GMX token.
Note that Escrowed GMX (esGMX) is not meant to be transferrable unless you are doing a full account transfer. The amount of GMX or GLP required to vest esGMX is unique per account and capped to the rewards received by that account. Please do not buy esGMX off the market or OTC as you will not be able to vest them.


Escrowed GMX (esGMX) tokens can be converted into GMX tokens through vesting, this can be accessed on the Earn page.
When vesting is initiated, the average amount of GMX or GLP tokens that was used to earn the esGMX rewards will be reserved.
For example, if you staked 1000 GMX and earned 100 esGMX tokens, then to vest 100 esGMX tokens, 1000 GMX tokens will be reserved. To vest 50 esGMX, 500 GMX tokens will be reserved. Note that this is an example and the actual ratio depends on the average staked amount and rewards earned for your account.
esGMX tokens that have been unstaked and deposited for vesting will not earn rewards. Staked tokens that are reserved for vesting will continue to earn rewards.
After initiating vesting, the esGMX tokens will be converted into GMX every second and will fully vest over 365 days. esGMX tokens that have been converted into GMX are claimable at anytime.
If a user sells GMX or GLP tokens and would like to vest their esGMX rewards later on, they would need to re-buy the GMX or GLP tokens. GMX, esGMX and Multiplier Points can be used interchangeably for the required reserve amount.
Depositing into the vesting vault while existing vesting is ongoing is supported.
Tokens that are reserved for vesting cannot be unstaked or sold. To unreserve the tokens, use the "Withdraw" button on the Earn page. Partial withdrawals are not supported, so withdrawing will withdraw and unreserve all tokens as well as pause vesting. All esGMX tokens that had been vested into GMX will remain as GMX tokens.

Multiplier Points

Multiplier Points reward long term holders without inflation.
When you stake GMX, you receive Multiplier Points every second at a fixed rate of 100% APR. 1000 GMX staked for one year would earn 1000 Multiplier Points.
Multiplier points can be staked for fee rewards by pressing the "Compound" button on the Earn page, each multiplier point will boost ETH / AVAX APRs at the same rate as a regular GMX token.
When GMX or Escrowed GMX tokens are unstaked, the proportional amount of Multiplier Points are burnt. For example, if 1000 GMX is staked and 500 Multiplier Points have been earned so far, then unstaking 300 GMX would burn 150 (300 / 1000 * 500) Multiplier Points. The burn will apply to the total amount of Multiplier Points which includes both staked and unstaked Multiplier Points.
To transfer staked tokens without burning Multiplier Points, use the Transfer button on
The "Boost Percentage" shown on the Earn page shows your individual boost amount from Multiplier Points. For example, if the ETH APR is 10% and you have $10,000 worth of GMX and esGMX, then your rewards would be $1000 annualized, if you additionally have an amount of Multiplier Points equivalent to 20% of your total amount of GMX and Escrowed GMX, your "Boost Percentage" would display as 20%, and you would get an extra $200 of ETH rewards annualized. The “Boost Percentage” is calculated from the ratio of Multiplier Points to your total amount of staked GMX:
Boost Percentage = 100 * (Staked Multiplier Points) / (Staked GMX + Staked esGMX)
An example:
100 * (4.5656) / (7.54 + 2.00) = 47.85%

Distribution Rate

Escrowed GMX will be distributed to staked GMX and GLP according to the schedule in the latest snapshot votes.
Rewards are distributed every second to staked tokens.
Reward rates will be evaluated each month and may be subjected to changes. Any modifications will be announced at least 7 days in advance before being implemented.


A summary of rewards and mechanics:
  • GMX: earns ETH / AVAX, esGMX, Multiplier Points when staked
  • esGMX: earns ETH / AVAX, esGMX, Multiplier Points when staked
  • Multiplier Points: boost ETH / AVAX APRs when staked
  • GLP: earns ETH / AVAX, esGMX, automatically staked on mint
Last modified 1yr ago