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

website

Derivative exchanges

# GMX Average revenue per user (ARPU) Methodology

## 1. Overview

Average revenue per user (ARPU) is calculated as the daily revenue generated per active user over a fixed 24-hour window. This metric is utilized to evaluate the monetization efficiency of GMX V1, GMX V2, and GMX Solana. The relationship between protocol fee generation and user engagement is represented by this ratio. Insights into the economic value extracted from each active participant are provided by this metric.

## 2. Data sources

- **Revenue**: Derived from the Revenue metric, which is calculated for Arbitrum, Avalanche, Solana, and MegaETH
- **Active users (daily)**: Derived from the Active users (daily) metric, which is aggregated for Arbitrum, Avalanche, Solana, and MegaETH

## 3. Step-by-step calculation

### Component A: GMX V1 active user and revenue tracking

- **Purpose**: Active users and protocol revenue are tracked daily for GMX V1.
- **Logic**: For GMX V1, user addresses are extracted from `IncreasePosition`, `DecreasePosition`, and `LiquidatePosition` events from `Vault` contracts on Arbitrum and Avalanche. Additionally, swappers are identified by joining `Swap`, `SellUSDG`, and `BuyUSDG` events from `Vault` contracts with transaction sender data. Perpetual trading fees are collected from `CollectMarginFees` events, and spot trading fees are collected from `CollectSwapFees` events from `Vault` contracts. All collected fee amounts are normalized by decimal precision and converted to USD using end-of-day price feeds. A revenue percentage of 50% (prior to November 1, 2021) or 30% (on or after November 1, 2021) is applied to these fees to determine GMX V1 revenue.
- **Key fields**: `block_timestamp`, `user_address`, `amount`, `token_address`

### Component B: GMX V2 active user and revenue tracking

- **Purpose**: Active users and protocol revenue are tracked daily for GMX V2.
- **Logic**: For GMX V2, traders are identified from `PositionIncrease` and `PositionDecrease` events from `EventEmitter` contracts on Arbitrum, Avalanche, and MegaETH, with source chains resolved via `OrderCreated` events. Swappers on GMX V2 are identified from swap fee events, with user addresses mapped from `OrderCreated`, `DepositCreated`, and `WithdrawalCreated` events from `EventEmitter` contracts. Perpetual trading fees, borrowing fees, and liquidation fees are extracted from `EventEmitter` contracts, while spot swap fees are extracted from swap fee events from `EventEmitter` contracts. A revenue percentage of 37% is applied to these GMX V2 fees, whereas price impact fees are excluded from revenue.
- **Key fields**: `block_timestamp`, `user_address`, `amount`, `token_address`

### Component C: GMX Solana active user and revenue tracking

- **Purpose**: Active users and protocol revenue are tracked daily for GMX Solana.
- **Logic**: For GMX Solana, traders are extracted from `TradeEvent` from the `GMSol` program, and liquidity providers are identified from `ExecuteDeposit` and `ExecuteWithdrawal` from the `GMSol` program. Protocol fees are extracted from `TradeEvent` from the `GMSol` program, representing the receiver share of order fees, borrowing fees, and liquidation fees. Funding fees and position impact pool distributions are excluded. 100% of these protocol fees are allocated to revenue.
- **Key fields**: `block_timestamp`, `user_address`, `order_fee_receiver`, `borrowing_fee_receiver`, `liquidation_fee_receiver`

### Component D: Average revenue per user calculation

- **Purpose**: The final average revenue per user is calculated daily.
- **Logic**: The total daily revenue from GMX V1, GMX V2, and GMX Solana is divided by the total active users (daily) across all products for each 24-hour window. This calculation is performed on a daily basis to produce the final average revenue per user (ARPU) metric. In cases where no activity is recorded, the metric is populated with zero.
- **Key fields**: `revenue`, `user_dau`

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

GMXGMX

Average revenue per user (ARPU)

Average revenue per user (ARPU)

Competitive landscape