GMTrade and GMX Solana: markets, fees and data scope

What is GMTrade?

GMTrade describes leveraged trading on Solana inspired by GMX V2. Its design uses liquidity pools rather than a matched central order book. The current public GMX Solana pairs feed returned perpetual markets on 2 November 2026. Feed presence does not establish executable liquidity for every order size.

Sources: GMTrade official documentation ↗ · GMX Solana public pairs feed ↗

Is GMTrade the same as GMX?

The original GMSOL team proposal on the GMX governance forum described an independent project closely connected to GMX. A January 2026 clarification discusses the GMTrade branding and GT token. These are attributed statements; historical proposals do not guarantee every original economic term is still active.

DefiLlama currently labels ID 7297 GMX Solana, records GMTrade in previousNames and groups it under parent#gmx. The product docs still say GMTrade. That parent label does not merge contracts, tokens or execution systems. Both names map to one provider listing, not two venues.

Sources: GMSOL team proposal on GMX governance ↗ · GMX governance: clarification on GMX Solana ↗ · DefiLlama listing identity 7297 ↗

Which metrics belong to Solana?

The provider OI adapter sums long and short open interest from Perpetual rows in the Solana pairs feed. For pool-backed positions, it treats each position as a separate contract and does not halve the total. The fee adapter includes trading and swap fees, so that total must not be labelled perp-only trading fees.

The current directory GMX row is pinned to EVM listing 3365; Solana is listing 7297. Before expansion, one consistent aggregation boundary must cover OI, fees and volume. A parent aggregate and its components must never both contribute to combined totals. This profile does not alter the ranked directory.

Sources: DefiLlama Solana OI calculation ↗ · DefiLlama Solana fee calculation ↗ · DefiLlama listing identity 7297 ↗

Do Solana fees automatically benefit GMX holders?

GT and GMX are separate instruments. The January clarification describes treasury participation and strategy; it does not establish an unconditional payment of all Solana fees to each GMX holder. The provider fee methodology identifies GT-related buybacks separately. Current terms and executed transfers are needed for a token-holder income claim. Token price, supply and unconditional revenue rights remain unverified here.

Sources: GMX governance: clarification on GMX Solana ↗ · DefiLlama Solana fee calculation ↗

Coverage decision

The current project registry placed GMTrade on hold on 2 November while reviewing its GMX relationship. This profile supplies additional primary evidence. Ranking admission stays separate until EVM/Solana aggregation and aligned volume/fee scopes are reviewed together. No partial merged total or invented token mapping is published.

Sources: GMTrade official documentation ↗ · GMSOL team proposal on GMX governance ↗ · DefiLlama listing identity 7297 ↗

What we monitor next

• Reconcile EVM and Solana components without parent/component double counting.
• Verify a current product-specific volume feed and fee scope before ranking admission.
• Check current GT terms separately from historical governance statements.

Frequently asked questions

Are GMTrade and GMX Solana separate provider listings?

The current DefiLlama identity maps both names to listing 7297. They must not be counted twice.

Is GT the GMX token?

No. GT and GMX have separate identities and terms; no automatic GMX-holder fee entitlement is inferred here.

Compare the evidence

Related research

• GMX V2 perps: active networks, token rights and data boundaries →

Source register

1. GMTrade official documentation · checked 2026-11-02
2. GMX Solana public pairs feed · checked 2026-11-02
3. GMSOL team proposal on GMX governance · checked 2026-11-02
4. GMX governance: clarification on GMX Solana · checked 2026-11-02
5. DefiLlama listing identity 7297 · checked 2026-11-02
6. DefiLlama Solana OI calculation · checked 2026-11-02
7. DefiLlama Solana fee calculation · checked 2026-11-02