Value in GM pools
USDValue held in every GM pool and GLV vault at the latest day's last block, from the pools' token amounts at oracle prices.
Dashboard · VantagePlanned
GMX v2: GM Pool Returns, Open Interest and Fees
What have GMX v2 GM pools earned, and how much open interest and fees do they carry?
GMX v2's GM pools and GLV vaults on Arbitrum and Avalanche: what they earned, the open interest they back, funding, borrowing and fees.
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Blueprint
What the dashboard will show.
The dashboard as it will open in Vantage. Each figure is named here and arrives with its receipt; until its data is published, its place stays empty.
Pools
What GM pools and GLV vaults hold and what they earned.
Open interest
USDLong plus short open interest across every v2 market at the latest read; in GMX both sides trade against the pools.
Median GM pool return, 30 days
%The median thirty-day change in GM token price across pools, annualized, as a realized figure.
Fees, 30 days
USDPosition, borrowing, swap and price-impact fees collected over the last thirty days.
Every GM pool and GLV vault
Each pool or vault with its tokens, value, return over seven and thirty days, share of the pool in use, open interest by side and funding.
Value by pool
USDValue held in GM pools at each day's end, stacked by market.
Markets
Open interest, funding and liquidations by market.
Long share of open interest
%Long open interest as a share of all open interest at the latest read.
Liquidations, last 24 hours
USDSize of positions liquidated across v2 markets over the trailing day.
Funding by market
%Each market's current funding rate, annualized, positive where longs pay shorts.
Open interest by market
USDOpen interest at each day's end, stacked by market, with longs and shorts available as separate views.
- Chain
- Arbitrum, Avalanche or both
- Period
- Last 7, 30 or 90 days
About
What it answers, and for whom.
GMX is a perpetual exchange where traders trade against liquidity pools instead of an order book. In v2 each market has its own GM pool holding a long-side token and a short-side token, such as ETH and USDC for the ETH market, so a pool's providers take the other side of that market's traders. GLV vaults spread one deposit across several GM pools that share the same tokens and shift liquidity toward the markets that use it.
Prices come from signed oracle reports that keepers submit when they execute each order. Positions pay a borrowing fee for the pool liquidity they reserve and a funding rate that pushes longs and shorts toward balance. This dashboard reads GM pool values, open interest by side, funding and borrowing rates and fees from GMX's contracts, so a provider can see what each pool earned, from fees and from traders' losses or gains, and what it is exposed to. GMX v1 and its GLP pool, exploited in July 2025 and then closed, are kept apart as history.
Method
How it will be measured.
Every figure will be read at a block, kept with its source and its exact read, and open a receipt anyone can re-check.
How receipts work →- Market and pool state is read from GMX v2's Reader and DataStore contracts at each day's last block: pool token amounts, GM token supply and price, open interest by side and the funding and borrowing factors.
- Trades, fees and liquidations come from the EventEmitter's PositionIncrease, PositionDecrease and PositionFeesCollected events, with prices from the oracle values recorded with each order.
- A GM pool's return is the change in its GM token price between two pinned blocks, split into fees earned and the pool's net result against traders, and shown as a realized return, never an expected one.
- GLV vaults are read from their own Reader views: the GM pools each vault holds, its share of each and the vault token price at the same blocks.
The data it needs
Read from chain state and history
- perps_markets_dailyTo buildOn-chain perpetualsVolume, open interest, funding rates and fees per market on on-chain perpetual exchanges, per day.
- yield_rates_dailyTo buildYields and ratesSupply rates, staking yields and vault share-price growth per pool and vault per day, in one comparable table.
- liquidationsTo buildLiquidationsEvery liquidation on major lending markets and perp venues: collateral seized, debt repaid, liquidator, and the price at the time.
- protocol_revenue_dailyTo buildProtocol fees, revenue and buybacksFees users paid to each protocol and the part kept by the protocol or its token holders, per protocol and day, including buybacks.
- native_prices_dailyTo buildOracle prices by dayReference prices of major assets read from on-chain oracle feeds (Chainlink latestRoundData) at each day's last block, with each round's update time.
- GMX v2 Reader and DataStore reads at day-end blocks: pool amounts, GM supply and price, open interest, funding and borrowing factors
- EventEmitter PositionIncrease, PositionDecrease and PositionFeesCollected events
- Oracle prices recorded with each executed order
- GLV Reader views: the GM pools each vault holds and the vault token price
- Fee distribution transactions to stakers and the treasury
Questions
Questions people ask.
What is a GM pool on GMX?
A liquidity pool for one GMX v2 market. It holds the market's long-side token and short-side token, backs traders' positions in that market and earns their fees. Providers receive GM tokens, whose price rises with fees and with traders' losses and falls when traders win.
How do GMX funding and borrowing fees work?
Borrowing fees are paid by positions for the pool liquidity they reserve, at a rate that rises with how much of the pool is in use. Funding is paid by the larger side of open interest to the smaller side, at a rate that adapts over time while the imbalance lasts.
Where does GM pool yield come from?
From fees: opening and closing fees, borrowing fees, swap fees and price impact charged on trades that unbalance the market. And from trading results, because the pool is the counterparty, so its return also moves with traders' net profit or loss.
What is GLV?
GMX Liquidity Vault: one deposit spread across several GM pools that share the same long and short tokens. The vault moves liquidity between them according to use, so a provider gets diversified exposure without choosing each market.
What happened to GMX v1 and GLP?
In July 2025 an attacker drained the v1 GLP pool on Arbitrum through a flaw in v1's contracts. Most of the funds were returned under a bounty agreement and distributed to GLP holders, and v1 was closed. GMX v2's markets and GM pools were not affected.
How do GMX stakers earn?
A share of protocol fees goes to GMX stakers and the treasury rather than to pool providers. The fees tile shows how each day's fees were split between providers, stakers and the treasury.
- GM pool
- A GMX v2 pool for one market, holding a long-side and a short-side token and minting GM tokens to its providers.
- GLV
- GMX Liquidity Vault: a vault that holds several GM pools sharing the same tokens and rebalances between them.
- Borrowing fee
- A fee positions pay over time for the pool liquidity they reserve, rising as more of the pool is in use.
- Price impact
- A charge on trades that widen the gap between longs and shorts, and a rebate on trades that narrow it.
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