GM Pools - GMX V2
GMX V2 replaces the monolithic GLP pool with isolated GM (GMX Market) pools. Each trading pair has its own liquidity pool - ETH/USDC, BTC/USDC, ARB/USDC, etc. This isolation means losses in one market don't affect liquidity providers in another. V2 also adds impact fees to prevent oracle manipulation, auto-deleveraging for extreme market conditions, and more sophisticated fee structures that reward balanced open interest.
GM Pool Simulator
Explore how an isolated GM pool works. Adjust pool parameters to see how open interest balance affects impact fees and LP exposure.
GLP vs GM: Architecture Comparison
Side-by-side visualization of how V1 (GLP) and V2 (GM) handle liquidity differently.
Impact Fee Curve
Impact fees scale with open interest imbalance. Trades that improve balance get a fee rebate; trades that worsen imbalance pay more.
* Auto-Deleveraging (ADL)
When profitable positions grow too large relative to pool liquidity, GMX V2 automatically deleverages the most profitable positions to protect the pool.
V1 GLP vs V2 GM - Feature Comparison
| Feature | V1 - GLP | V2 - GM |
|---|---|---|
| Liquidity Model | Single shared pool | Isolated per market |
| Risk Exposure | All markets combined | Per-market isolation |
| Fee Model | Fixed 0.1% + borrow | Dynamic impact fees |
| Oracle Protection | Basic Chainlink | Impact fees + signed prices |
| Extreme Events | No protection | Auto-deleveraging (ADL) |
| LP Token | GLP (multi-asset) | GM (per-market) |
Choosing a GM Pool
ETH/USDC, BTC/USDC - highest fee revenue but most competitive. Best for large LPs seeking consistent yield.
ARB/USDC, LINK/USDC - moderate volume with less LP competition. Good risk/reward balance for mid-size LPs.
SOL/USDC, DOGE/USDC - higher volatility = higher fees but more directional risk. For risk-tolerant LPs.