GMX is a decentralized exchange allowing trading without the need for a username or password. The platform uses an aggregate price feed which reduces the risk of liquidations from temporary wicks.

Adding a wallet

If you do not have a wallet yet, you can use MetaMask:

Connecting your wallet

After you have a wallet, you can connect your wallet by pressing the "Connect Wallet" button on the GMX Trade page:
If you see the message below, click on "Add Arbitrum" to add the Arbitrum network to your wallet.
Alternatively, you can manually add the Arbitrum network:

Backup RPC URLs

Since GMX is a decentralized exchange, querying of data and submitting of transactions go through an RPC URL. The default setting is to have as the RPC URL.
There may be times when this RPC URL is not as responsive as it should be, during these times you may notice data being slow to load or not loading on your page.
To continue using the exchange during these times you can get a backup URL from, switch the RPC URL for the Arbitrum network to the backup URL in your wallet settings and the page should work better after.

Sending tokens

You will need to have some ETH in your Arbitrum account in order to start trading.
After you have ETH you can then transfer tokens from Ethereum to Arbitrum.
The transfer will take a few minutes and you will be able to transfer out of Arbitrum within a few minutes as well using any of the below options. Do compare rates between options, as you can sometimes get more ETH when doing a transfer.
Note that you must transfer ETH to Arbitrum in order to pay transaction fees.

Opening a position

Click on "Long" or "Short" depending on which side you would like to open a position on.
  • Long position
    • Earns a profit if the token's price goes up
    • Makes a loss if the token's price goes down
  • Short position
    • Earns a profit if the token's price goes down
    • Makes a loss if the token's price goes up
After selecting your side, key in the amount you want to pay and the leverage you want to use, in the below example 0.1 ETH worth 352.33 USD is being used to buy a 5x ETH (Ethereum) long position of size 1752.89 USD
The "Entry Price" is $3541.17 and the Liquidation Price is $2903.76. Below the swap box you would also see the "Exit Price", which is the price that would be used to calculate profits if you open and then immediately close a position. The exit price will change with the price of the token you are longing or shorting.
The trading fee to open a position is 0.1% of the position size, similarly there is a 0.1% fee when closing the position.
There is also a "Borrow Fee" that is deducted at the start of every hour. This is the fee paid to the counter-party of your trade. The fee per hour will vary based on utilization, it is calculated as (assets borrowed) / (total assets in pool) * 0.01%. The "Borrow Fee" for longing or shorting is shown below the swap box.
While there are no price impacts for trades, there can be slippage due to price movements between when your trade transaction is submitted and when it is confirmed on the blockchain. Slippage is the difference between the expected price of the trade and the execution price, this can be customised by clicking on the "..." icon next to your address at the top right of the page.

Minimum Price Change

GLP holders act as liquidity providers and are the counter-party to traders on the platform. Trades are priced based on the values provided by Chainlink, and there can be a small delay in pricing compared to regular exchanges. To prevent bots from taking advantage of this delay, there is a minimum price change of 1.5% required for a position to be in profit.
This means that the mark price must move by more than 1.5% from the entry price for a position to be closed with a profit. Profits below this 1.5% price movement will be shown as a pending profit.
Note that this applies for increasing of an existing position as well. For example, if you open a position and the price has changed by less than 1.5%, increasing your position size during this time will forfeit any pending profits, the interface will show a warning for this case.
This requirement only lasts for 12 hours after a position is opened or increased.

Managing Positions

After opening a trade, you would be able to view it under your Positions list, you can also click on "Edit" to deposit or withdraw collateral, this allows you to manage your leverage and liquidation price.
The amount of profit and loss you make will be proportional to your position size. In this example, 352.33 USD has been used to buy 1752.89 USD of ETH. If the price of ETH increases by 10%, the position would have a profit of 175.29 USD, if the price of ETH decreases by 10%, the position would have a loss of 175.29 USD.
If a short position was opened instead, then if the price of ETH decreased by 10% the position would have a profit of 175.29 USD, if the price of ETH increased by 10%, the position would have a loss of 175.29 USD.
Leverage for a position is displayed as (position size) / (position collateral). If you'd like to display the leverage as (position size + PnL) / (position collateral), you can customise this by clicking on the "..." button next to your address.

Closing a position

You can close a position partially or completely by clicking on the "Close" button.
For long positions, profits are paid in the asset you are longing, e.g. if you long ETH you would get your profits as ETH.
For short positions, profits will be paid out in the same stablecoin that you used to open the position, e.g. USDC or USDT.

Trigger Orders

You can also set stop-loss and take-profit orders by clicking on the "Close" button and selecting the "Trigger" tab.
After creating a trigger order, it will appear in your position's row as well as under the "Orders" tab, you can edit it the order and change the trigger price if needed.
Note that if you close a position manually, the associated trigger orders will remain open, you would need to cancel them manually if you do not want the order to be active when opening future positions.

Partial Liquidations

In the example, since only 352.33 USD worth of tokens is used as collateral to open the position, there will be a price at which the loss amount is very close to the collateral amount.
This is the Liquidation Price and is calculated as the price at which the (collateral - losses - borrow fee) is less than 1% of your position's size. If the token's price crosses this point then the position will be automatically closed.
Due to the borrow fee your liquidation price will change over time, especially if you use a leverage that is more than 10x and have the position open for more than a few days, so it is important to monitor your liquidation price.
If there is any collateral remaining after deducting losses and fees, then the corresponding amount would be returned to your account.


There is no price impact for trades on GMX, so you can execute large trades exactly at the mark price. Since the protocol serves as the counter-party, there is a small spread for entering and exiting trades.
The mark prices are displayed next to the market name, long positions will be opened at the higher price and closed at the lower price while short positions will be opened at the lower price and closed at the higher price.
The chart will indicate the average of the two mark prices.
Last modified 4d ago