GMX Review
Imbalance-based fees, five named auditors
of 10
GMX V2 charges a position fee of 0.04% or 0.06% depending on whether a trade reduces or increases open-interest imbalance, accrues funding continuously, and publishes a tiered liquidation fee from 0.20% to 0.45%. Its core is BUSL until 2026, audited by five named firms.
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Position fee
0.04% reduces imbalance, 0.06% increases it
Funding
Continuous, per second, by long/short imbalance
Liquidation fee
0.20% standard, 0.30% synthetic, 0.45% high-volatility
Licence
BUSL-1.1, change date 31 Aug 2026 to GPL-2.0-compatible
Auditors
Guardian, ABDK, Certora, Dedaub, Sherlock
Scores
Each criterion carries equal weight. The overall score is the average of these 5 scores — (9.0 + 9.0 + 5.0 + 9.0 + 7.0) ÷ 5 = 7.8.
Pros
- Position fee published: 0.04% if it reduces imbalance, 0.06% if it increases it
- Funding accrues per second based on long/short imbalance
- Liquidation fee published by market type: 0.20%, 0.30% and 0.45%
- Five auditors named: Guardian, ABDK, Certora, Dedaub and Sherlock, with a bug bounty
Cons
- Business Source License 1.1 on the V2 core until the earlier of 31 August 2026 or four years
- No insurance fund is described; risk sits with the liquidity pool
- Minimum collateral thresholds vary by market
Fees that reward balancing the book
GMX charges 0.04% on a trade that reduces the long/short open-interest imbalance and 0.06% on one that increases it. Pricing the externality a trade imposes on the pool, rather than a flat rate, is a design choice worth understanding, and GMX documents it plainly along with reduced rates for its commodity markets.
Liquidation priced by volatility
The liquidation fee is published as 0.20% of position size for standard markets, 0.30% for single-token synthetic markets and 0.45% for high-volatility ones. A trader in a volatile market knows they pay more to be liquidated, and why.
Licence and backstop
The V2 core is Business Source License 1.1 converting to a GPL-compatible licence by 31 August 2026. No insurance fund is described — losses are borne by the liquidity pool — which is the main gap in an otherwise strong risk disclosure.
How it compares
Drift
Apache-2.0 core; live docs now serve a fork
Jupiter Perps
Fees documented, core program closed
Gains Network
Granular fee schedule, core licence unconfirmed
Paradex
Low maker fee published, wider docs unreachable
Aevo
Fees and liquidation tiers published, code unverified
Orderly Network
Apache-2.0 core with three named auditors
Ostium
MIT-licensed with six named audit reports
dYdX
AGPL-licensed core with a published liquidation cap
Hyperliquid
Hourly funding and liquidations documented in full
Sources
Scored from published primary sources rather than hands-on use. Every figure above comes from one of the pages below, on the date shown. Manufacturers change prices and specifications without notice — if something here no longer matches the source, tell us and we will correct it.
- 1.GMX — trading fees — checked
- 2.GMX — liquidations — checked
- 3.GMX synthetics — licence (BUSL-1.1) — checked
- 4.GMX — security and audits — checked
Frequently asked questions
What are GMX's trading fees?
A position fee of 0.04% if the trade reduces open-interest imbalance or 0.06% if it increases it, with reduced rates on commodity markets.
What is GMX's liquidation fee?
0.20% of position size on standard markets, 0.30% on single-token synthetic markets and 0.45% on high-volatility markets.
Nothing here is financial advice. Editorial policy · How we score · How we're funded.