Latest GMX (GMX) News Update

Deep Dive

1. Hyperliquid Overtakes GMX in Open Interest (4 Dec 2025)

Overview
Hyperliquid’s open interest hit $10.6B, surpassing GMX’s $10M lows, driven by its high-throughput L1 chain offering centralized exchange-like execution. Traders are migrating due to GMX’s slippage issues and slower oracle-based pricing. Hyperliquid’s incentives (HYPE token buybacks) contrast with GMX’s stagnant volumes.

What this means
This signals a structural challenge for GMX: its liquidity pool model struggles against next-gen order book architectures. While GMX retains brand loyalty, failure to innovate could cede market share. However, Hyperliquid’s rapid growth introduces risks like liquidation cascades and speculative churn. (Bitrue)

2. DAO Votes on Committee Budgets (1 Dec 2025)

Overview
GMX DAO concluded a vote on funding allocations for its core committees (tech, growth, treasury). The proposal aimed to streamline development amid declining protocol revenue (-39% YTD) and competitive pressures.

What this means
Approval suggests confidence in focused resource allocation, but scrutiny remains over whether budget cuts (if any) align with R&D needs. With rivals like Hyperliquid scaling, efficient governance becomes critical for retaining developer talent and protocol upgrades. (CoinDesk)

Conclusion

GMX faces dual pressures: external competition from faster DEXs and internal governance decisions to sustain relevance. While its real-yield model and DAO structure provide foundational strengths, the protocol must address architectural limitations to regain momentum. Can GMX’s V2 upgrades and cross-chain expansions counter Hyperliquid’s rise, or will DeFi’s “speed wars” reshape the perpetuals landscape?

Deep Dive

1. @johnmorganFL: Exploit Triggers 25% Plunge 🐻

"Top perps DEX GMX suspectedly hacked in re-entrancy attack, $GMX token plunges"
– @johnmorganFL (35K followers · 49.8K impressions · 2025-07-09 15:12 UTC)
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What this means: Bearish short-term as the July 9 hack drained $40M from GMX V1’s GLP pool, crashing GMX to $10.40 (-25%). Protocol paused V1 operations but confirmed V2 safety.

2. CoinMarketCap Community: Bounty-Driven Recovery Rally 🐂

"The GMX hacker is returning $40M [...] after accepting a $5M white-hat bounty"
– CoinMarketCap Community post (2025-07-11 17:04 UTC)
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What this means: Bullish catalyst – the refund announcement lifted GMX 14% to $13.25 on July 11. Watch for DAO’s reimbursement plan to affected GLP holders.

3. @GMX_IO: Cross-Chain Liquidity Push 🌐

"Trade from @Base / @BNBChain / @Arbitrum [...] Zero-price-impact Pools"
– @GMX_IO (226K followers · Post date: 2025-11-11 11:12 UTC)
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What this means: Neutral-long term – GMX’s expansion to 5 chains and UX improvements aim to retain market share against rivals like Hyperliquid, but post-hack TVL recovery remains key.

4. CoinMarketCap Community: Traders Bet on Reversal 📈

"GMX now at $17.57 [...] Bollinger Bands tightening – volatility might be easing"
– CoinMarketCap Community post (2025-08-11 13:54 UTC)
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What this means: Cautiously bullish – August price action shows consolidation near $17–$18 resistance. A sustained break above $18 could target $20 (2025 high: $19.48).

Conclusion

The consensus on GMX is mixed, balancing July’s security crisis against August’s technical recovery and protocol upgrades. While the hacker’s fund return eased immediate sell pressure, GMX must prove V2’s resilience and GLP pool safety to regain trust. Watch the DAO’s reimbursement vote (expected late July) – a smooth process could reactivate staking demand for its 22% APR.

Deep Dive

1. Multichain Expansion (Q1 2026)

Overview:
GMX plans to expand beyond Arbitrum and Avalanche to Solana and other EVM chains (e.g., Binance Chain, Ethereum Mainnet). This leverages LayerZero’s interoperability protocol to unify liquidity, allowing users to trade from any supported chain without bridging assets.

What this means:
This is bullish for GMX because it broadens accessibility, taps into new user bases (e.g., Solana’s ecosystem), and deepens liquidity. Risks include technical complexity in cross-chain security and potential delays in deployment timelines.

2. Cross-Margin Support (Q2 2026)

Overview:
A v2.3 upgrade will let traders share collateral across positions, using unrealized profits from one trade as margin for others. This replaces isolated margin, reducing liquidation risks.

What this means:
This is bullish as it enhances capital efficiency for traders, potentially increasing platform activity. However, systemic risks could rise if multiple positions fail simultaneously during extreme volatility.

3. Aggregated Perp Markets (Q2 2026)

Overview:
GMX will group similar perpetual markets (e.g., ETH/USD across different pools) under a single interface, simplifying trading while letting LPs manage individual pools.

What this means:
This is neutral-to-bullish, improving UX by reducing fragmentation but requiring careful liquidity rebalancing. Success depends on seamless integration without diluting LP incentives.

Conclusion

GMX’s roadmap focuses on cross-chain scalability, trader efficiency, and UX refinement. While technical execution and market conditions pose risks, these upgrades could solidify GMX’s position as a DeFi perpetuals leader. Will multichain adoption offset competition from centralized alternatives?

Deep Dive

1. Security Patch & Bounty (11 July 2025)

Overview:
GMX resolved a re-entrancy attack vector in its V1 OrderBook contract that allowed hackers to drain $42M from the GLP pool. The team paused V1 operations, secured remaining funds, and initiated a $5M bounty negotiation.

The exploit manipulated BTC short positions to inflate GLP prices artificially. Post-fix, GMX confirmed V2 contracts were unaffected and implemented stricter validations for price calculations. Affected users can now close positions, and recovered funds ($37M) are held in a multisig wallet pending DAO-approved distribution.

What this means:
This is bullish for GMX because it demonstrates rapid vulnerability mitigation and proactive fund recovery, restoring user trust. However, the incident underscores lingering risks in older protocol versions. (Source)

2. Multichain Expansion (30 September 2025)

Overview:
GMX launched “Multichain” via LayerZero, enabling seamless trading across Base, Binance Chain, and other EVM networks. The update abstracts cross-chain bridging, allowing users to trade 90+ perpetuals directly from any supported chain.

The upgrade unifies liquidity pools and introduces sub-1-second execution via GMX Express. Liquidity providers can now earn yields across chains, while developers leverage composable infrastructure for cross-protocol integrations.

What this means:
This is bullish for GMX because it broadens accessibility and deepens liquidity, positioning the protocol as a cross-chain perpetuals leader. Traders benefit from lower latency and expanded asset coverage. (Source)

Conclusion

GMX’s codebase updates reflect a dual focus on security hardening and scalability. While the July exploit tested resilience, the protocol’s transparent recovery and multichain pivot signal long-term viability. How will DAO governance shape future upgrades as competition in decentralized derivatives intensifies?