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

Which GMX networks are active for V2 perps?

GMX's current API overview lists V2 on Arbitrum One, Avalanche C-Chain and MegaETH. Its trading guide says wallet-funded trades can execute on those networks. The same guide says Botanix is withdrawals only. The GraphQL documentation calls Botanix a frozen historical endpoint, so an old Botanix market or indexed trade cannot establish current trading there.

GMX Account lets a user fund trading from other chains, including Ethereum, Base and BNB, but GMX says those trades execute on Arbitrum markets. A deposit's source chain is therefore not a fourth or fifth V2 trading deployment. This distinction matters when counting volume or market share: one routed trade must not be attributed twice. Product identity, execution network and funding route belong in separate fields.

Sources: GMX API overview and supported networks ↗ · GMX trading and multichain routing overview ↗ · GMX GraphQL and Botanix historical status ↗

Not every GMX market row is a perp

GMX's GM pools can support leverage trading and swaps. The official liquidity guide says markets marked SWAP-ONLY or SPOT-ONLY do not support leverage trading. A pool deposit, token swap or spot-only trade should not enter a V2 perpetual-position volume series. That is also why a provider's separate GMX V2 Perps and V2 AMM rows are candidates for different product scopes rather than numbers to add together without a transaction-level bridge.

Open interest measures positions still open at an observation time; volume adds trade notional over a period. Repeated entry and exit can raise volume while leaving low ending open interest. Neither a high volume-to-OI ratio nor a provider row alone proves volume quality or misconduct. The metric definition, included market types, network coverage and day boundary must be recorded before comparison with another venue.

Sources: GMX pools, market types and fee split ↗ · GMX API overview and supported networks ↗ · DefiLlama GMX V2 Perps candidate row ↗ · DefiLlama GMX V2 AMM candidate row ↗

What is needed for a defensible 30-day series?

GMX provides different read surfaces for different questions. Its Oracle API supplies chain-specific market and liquidity snapshots; the developing GMX API supplies positions, orders and trades; GraphQL indexes historical on-chain data. A current open-interest snapshot cannot reconstruct 30 days of completed trade volume. Repeating snapshots would produce a different measure altogether.

GMX explicitly says its /v1/stats endpoints are protocol-wide across all its networks, including Solana. The /v1 path is an API version, not proof that a statistic belongs to GMX V1 or V2. Before PerpsAtlas can rank a GMX V2 30-day figure, a captured result must specify product version, included networks, trade-action definition, window, UTC boundary, unit and source revision. A live version-filtered response and comparable historic rows were not reconciled in this review, so this page publishes no V2 volume, OI or revenue number.

Sources: GMX API overview and supported networks ↗ · GMX API scope and protocol-wide statistics ↗ · GMX integration guide ↗ · GMX GraphQL and Botanix historical status ↗

GMX token terms are not executed holder income

GMX is the platform's existing governance and utility token; it is not a future V2-only token. Its current token documentation describes using 27% of specified protocol fees for open-market GMX buybacks and says the DAO approved the mechanism. The liquidity guide says 63% of collected fees on Arbitrum and Avalanche go to pools and 37% to the protocol. The token page also describes a 10% allocation for Chainlink, treasury and keeper costs. These statements provide an allocation map for those networks, not a verified ledger of every purchase.

Crucially, GMX says distribution of bought-back tokens to stakers is currently suspended: the purchased tokens accumulate in Treasury, with distribution described for when GMX reaches $90. That is a stated future condition, not cash or tokens already received by a holder and not a valuation conclusion from PerpsAtlas. The same page calls 13.25 million GMX a forecast maximum subject to a governance vote for minting above it; it is neither current circulating supply nor an absolute hard cap. A holder-benefit series requires dates, covered addresses, purchases, treasury movements and actual distributions to be reconciled separately.

Sources: GMX token terms, buybacks and supply ↗ · GMX pools, market types and fee split ↗

Coverage decision and next verification

The official documents support GMX V2 as an active perpetual venue on three networks. PerpsAtlas can therefore keep GMX V2 in its verified expansion queue. It will not silently promote a third-party directory row into the ranked cohort, or treat GMX parent-wide data as V2-only activity. Botanix is historical, route-origin chains are access paths, and swap-only markets are separate products.

The next step is to retain a raw, source-hashed, version-filtered official history response and compare it with a product-matched provider row. Only then can a 30-day figure carry a source, scope, basis and observation time on the same terms as existing venues. A separate token-flow audit must compare documented buyback rules with executed purchases and suspended staker distributions. Until those checks pass, numerical growth and holder-benefit conclusions remain unknown, not zero.

Sources: GMX API overview and supported networks ↗ · GMX API scope and protocol-wide statistics ↗ · GMX token terms, buybacks and supply ↗ · DefiLlama GMX V2 Perps candidate row ↗

What we monitor next

• Capture a product-version-filtered trade history with exact included networks and UTC window before publishing GMX V2 ranking metrics.
• Reconcile provider perp and swap scopes without adding parent and child rows.
• Keep stated GMX buyback allocation, actual purchases, treasury accumulation and staker distribution as separate evidence steps.

Frequently asked questions

Is GMX V2 an active perp DEX?

Yes. GMX documents active V2 markets on Arbitrum, Avalanche and MegaETH; its former Botanix trading surface is historical and withdrawals only.

Does funding a GMX Account from Base create a Base GMX market?

No. GMX says account-funded trades from Base execute on Arbitrum markets.

Do GMX buybacks currently pay stakers?

GMX documents buybacks but says staker distributions are suspended and bought-back tokens accumulate in Treasury. Actual purchases and future distributions require separate verification.

Compare the evidence

Related research

• Lighter Core and Robinhood Chain: two perp instances, one data trap →

Source register

1. GMX API overview and supported networks · checked 2026-09-30
2. GMX trading and multichain routing overview · checked 2026-09-30
3. GMX GraphQL and Botanix historical status · checked 2026-09-30
4. GMX pools, market types and fee split · checked 2026-09-30
5. GMX API scope and protocol-wide statistics · checked 2026-09-30
6. GMX integration guide · checked 2026-09-30
7. GMX token terms, buybacks and supply · checked 2026-09-30
8. DefiLlama GMX V2 Perps candidate row · checked 2026-09-30
9. DefiLlama GMX V2 AMM candidate row · checked 2026-09-30