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

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Derivative exchanges

# GMX Total value locked Methodology

## 1. Overview

Total value locked (TVL) measures the total value of assets deposited into GMX liquidity pools and vaults. This metric is used as a leading indicator for the protocol's capacity to facilitate leveraged trading and generate fees. Assets deposited across GMX V1, GMX V2, and GMX Solana are aggregated to represent the total liquidity available to the protocol.

## 2. Data sources

- **Blockchain events**: `EventLog1` events from `EventEmitter` contracts, token and native asset transfers, and Solana token balance changes, covering Arbitrum, Avalanche, Solana, and MegaETH
- **External data**: End-of-day price feeds and asset metadata

## 3. Step-by-step calculation

### Component A: GMX V1 portfolio tracking

- **Purpose**: Calculate the balance of assets held in GMX V1 liquidity pools
- **Logic**: Token and native asset transfers are tracked for the GMX V1 Vault contracts on Arbitrum and Avalanche. Daily net flows are calculated by summing incoming and outgoing transfers. Cumulative balances are computed over time, normalized by decimal precision, and converted to USD using end-of-day price feeds.
- **Key fields**: `account_address`, `token_address`, `amount`, `price_usd`

### Component B: GMX V2 liquidity pool tracking

- **Purpose**: Calculate the balance of assets held in GMX V2 liquidity pools
- **Logic**: `EventLog1` events from `EventEmitter` contracts are parsed to extract liquidity pool updates. The delta amount and asset address are extracted from the event data. Daily net changes are aggregated, and a cumulative sum is calculated to determine the total asset balances. Amounts are normalized by decimal precision and converted to USD using end-of-day price feeds.
- **Key fields**: `delta`, `token`, `amount`, `price_usd`

### Component C: GMX Solana vault tracking

- **Purpose**: Calculate the balance of assets held in GMX Solana vaults
- **Logic**: Token balance changes are tracked for the GMX Solana vault authority account. Post-balances are aggregated daily, filled forward to maintain balances on days without changes, and converted to USD using end-of-day price feeds.
- **Key fields**: `owner`, `mint`, `post_balance`, `price_usd`

### Component D: Aggregation and finalization

- **Purpose**: Combine TVL across all products and chains
- **Logic**: USD-denominated balances from GMX V1, GMX V2, and GMX Solana are aggregated by day, chain, and product. Missing days are zero-filled, and the final values are output as the total value locked.
- **Key fields**: `timestamp`, `chain_id`, `product_id`, `tvl`

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

Total value locked (TVL)

Total value locked (TVL) — value deposited into the project's applications.

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Total value locked

Total value locked

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