Liquidity providers deposit funds into GMX and receive trading fees from traders (supply-side fees).

GMX is a non-custodial exchange for spot and perpetual contracts, live on Arbitrum, Avalanche, MegaETH and Solana. GMX was founded by an anonymous team and launched in 2021.

GMX token holders own and govern the protocol. On the EVM deployments they take a cut of the total trading fees paid by traders (revenue), split between GMX buybacks and the treasury. On Solana the protocol's share accrues to that deployment's treasury rather than to GMX token holders.

governance

github

twitter

discord

etherscan

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# GMX Average fees per user (AFPU) Methodology

## 1. Overview

Average fees per user (AFPU) is calculated as the ratio of total daily fees to active users (daily) over a fixed 24-hour window. The average amount of fees paid by an individual active user on a daily basis is represented by this metric. Financial activity and user engagement are reflected across both GMX V1 and GMX V2. Insights into the economic value generated per user are provided for institutional analysis.

## 2. Data sources

- **Fees**: Derived from the Fees metric
- **Active users (daily)**: Derived from the Active users (daily) metric

## 3. Step-by-step calculation

### Component A: Daily fees aggregation

- **Purpose**: Aggregation of total fees generated across the protocol on a daily basis.
- **Logic**: Daily fees are extracted from the upstream Fees metric. The fees generated across all supported chains and product versions (including GMX V1 and GMX V2) are summed for each UTC day to produce a single daily fee value.
- **Key fields**: `timestamp`, `fees`

### Component B: active users (daily) retrieval

- **Purpose**: Retrieval of the active users (daily) count at the project level.
- **Logic**: active users (daily) are retrieved from the upstream Active users (daily) metric. The user count is filtered specifically for the project-level dimension (`project_dbt_tag`) to represent the unique active users (daily) across the entire GMX protocol.
- **Key fields**: `timestamp`, `user_dau`, `dimensions`

### Component C: Average fees per user calculation

- **Purpose**: Calculation of the final average fees paid per user.
- **Logic**: The total daily fee value is divided by the active users (daily) count using a safe division function to prevent division-by-zero errors. The resulting average fees per user (AFPU) value is generated for each daily timestamp. Missing values are filled with zeros as part of the finalization process.
- **Key fields**: `timestamp`, `fees`, `user_dau`, `afpu`

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

GMXGMX

Average fees per user (AFPU)

Average fees per user (AFPU)

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