GMX Traders

Introduction

In this Dashboard, You will read about GMX traders. GMX is very popular these days and everyone is talking about GMX in Crypto World. I went through GMX on Arbitrum and analyzed these parameters:
Weekly Swap Users and Transactions
Weekly Swap Volume
Profitable Users
Losers
Profitable Pairs
Profitable and Unprofitable Tokens
Top Profitable and Unprofitable User’s Activity

Right now, GMX supports some limited tokens.

Analyzed By Hess - Reading Time Almost 12 Min

Method

We don’t have an exact Swap table on Arbitrum tables. So I made a custom swap table for GMX. But How?
I made a swap transaction on GMX.
Then I looked up the transaction on Arbiscan. I found all swaps have interacted with this contract address 0xabbc5f99639c9b6bcb58544ddf04efa6802f4064. I read GMX documents and found this is GMX Router on Arbitrum.
I used the Fact event table and put this address as the contract address with swap event name.
From the Event_inputs column I extracted the below data:

EVENT_INPUTS:inputToken as token_in, EVENT_INPUTS:inputValue as amount_in, EVENT_INPUTS:outputToken as token_out, EVENT_INPUTS:outputValue as amount_out
I mentioned that we don’t have a swap table on Arbitrum tables. Also, We don’t have token labels, Prices and decimals on Arbitrum. I found that GMX supports some tokens. I found their addresses and decimals. Then, I hard-coded those tokens. Then Joined my custom swap table. Now I have their symbols. I joined to Ethereum Hourly price table and extracted their Prices over time.
After all, I calculate Users, Pairs, Token Profit and Loss.

The highest profit was 335K US dollars made by a user. This user made this amount in 13 transactions!
The second highest profit had a huge difference from the top trader. The second user made 72K US dollars in 15 transactions.
The average volume of profit users was 269K US dollars.

GMX has 40 Unique Traders. These traders swapped 223M US dollars in more than 98K transactions.
Top Profitable trader made nearly 300K US dollars.
The average swap volume of the Top 15 profitable traders was 269K US dollars.
The Top loser loses about 27K US dollars.
The average swap volume of the Top 15 losers was 49K US dollars.
GMX has 29K Profitable traders and 18K losers.
The Top profitable pairs were USDC → WETH and The top unprofitable pairs were USDC → UNI.
The First Week of September was the best profitable week.
WETH had the highest profit.

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FULL ANALYSIS:

The total number of users, swaps and swap volumes increased over time. However there were some ups and downs but overall, All parameters increased.
A huge volume swapped in GMX on the Arbitrum chain. The swap volume was about 223M US dollars.

The top pairs based on Volume:
USDC → WETH with 101M US dollars
WETH → USDC with 53M US Dollars
USDC → WBTC with 13M US dollars

The daily number of losers and gainers shows that more users gained in comparison to losses. 29K Users were gainers and 18K of users were losers.

Top Profitable and Unprofitable Pairs and tokens

What are the below charts mean? It shows the swap volume of users that users gained and loses. For example, 13K of profitable users swapped between 10 and 100 US dollars.

I tried to understand top profitable and non-profitable traders’ activity. What parameter made a user profitable and made another user unprofitable? The total number of swaps didn’t impact gaining or losing. Because the number of swaps of top traders was similar to losers.
It is true that a large number of profitable users and unprofitable users swapped between 10-100$ but The average swap volume of top profitable users was 249K US dollars. Maybe the volume of swaps made a user profitable or a loser. But in my opinion, the combination of good pair and swap volume and timing made a user profitable and unprofitable.

ALL CODES AND CONTENTS WERE WRITTEN BY HESS

Twitter: hessaminanloo - DISCORD: hess#0890

ANALYZE DATE: 2022/SEP/20