Introduction

GMX is a decentralized spot and perpetual exchange that supports swap and margin trading. Currently GMX’s Swap supports 9 tokens while GMX’s Trading supports 4 pairs.

Name	Link
website
docs
github
twitter
medium
technical overview

Note

• The oldest record in Flipside’s arbitrum.core.fact_transactions about GMX core activities (Swap, Margin Trading, Liquidation, Mint/Burn GLP) was on Apr 18, 2022.
• Analysis time: ==Apr 18 - Sep 17, 2022==.

Approach

Calculate volume, unique users, fee from GMX core activities:

• Swap,
• Margin Trading (open/increase, decrease/close, liquidate position),
• Mint/burn GLP.

Then compare numbers at 3 snapshots to see how have GMX performed overtime:

• Jun 17, 2022
• Aug 17, 2022
• Sep 17, 2022

Structure

• Volume, users, and compare with 1 & 3 months ago
• Fee
• Key highlights

Volume, users, and compare with 1 & 3 months ago

Highlights

From Apr 18 to Sep 17, 2022:

• ==Total volume from swap, margin trading, & mint/burn LGP is $18.9B, doubled from 1 month ago ($9.4B), & increased >100 folds from 3 months ago ($17.3M)==.
• ==Total unique users is 55.4K.==
• Last 2 months, daily volume increased a lot with some big surges in Aug & Sep 2022, majority comes from margin trading. Caveat: margin trading data before Jun 6, 2022 looks odd (cross check with GMX data here).
• Total margin trading volume is $18.1B, and growth rate is similar to total volume as it accounts for almost of total volume.
• Total swap volume is $223M, almost 2x from 1 month ago, and >10 folds from 3 months ago.
• Total mint/burn GLP volumes are $299M & $192M respectively, and growth rates are quite similar to swap volume.

Fee

Caveat: I cannot get correct swap fee from not-stablecoin swaps so I only show stablecoins swap fee in this section. I also have the same issue with trading fee. below are links to query for reference:

**

**

Highlights

• ==Total swap fee is $1.8M.==
• ==Daily swap fee has been increasing since early Jul 2022.==

Key highlights

• Total volume from swap, margin trading, & mint/burn LGP is $18.9B, doubled from 1 month ago ($9.4B), & increased >100 folds from 3 months ago ($17.3M).
• Total unique users is 55.4K.
• Total swap fee is $1.8M.
• Daily swap fee has been increasing since early Jul 2022.

Ps: I finished this dashboard in a rush after struggling to fixing issues with swap and trading fee data.

Thanks for reading!