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- Reading time
- 4 minutes
- Last source check
- July 26, 2026
- Published by
- GMX Referral Codes Editorial Desk
GMX V2 explained
GMX V2 is the current perpetual and liquidity system described in GMX documentation. It replaces the broad legacy GLP liquidity model for new activity with market-specific GM pools and GLV vaults that can allocate across eligible GM markets.
V2 also uses adaptive funding, balance-dependent position fees, Chainlink Data Streams, keeper execution and expanded APIs. Historical V1 pages should not be used as the primary source for current fees or liquidity.
In this guide
Key takeaways
- 01V2 uses market-specific GM pools instead of new GLP minting.
- 02GLV can allocate liquidity across eligible GM markets.
- 03Fees, price impact, funding and borrowing respond to market state.
- 04Oracle data and keeper execution remain separate parts of the order flow.
- 05Current V2 data is available through several official API surfaces.
From legacy GLP to GM markets
Legacy GLP represented one broad basket of assets and trader exposure. New GLP minting is no longer available. Existing vesting and legacy claims remain relevant to holders who already have GLP-related positions.
A V2 GM token represents liquidity in a specific market. The market defines an index token and long and short backing tokens. Liquidity, open interest, rates and risk controls are therefore set per market rather than inherited from one global basket.
| Feature | Legacy V1 model | Current V2 model |
|---|---|---|
| Liquidity token | GLP basket | Market-specific GM tokens |
| Diversification | One broad basket | Per-market exposure plus optional GLV allocation |
| New minting | GLP no longer available for new minting | GM and eligible GLV deposits |
| Risk controls | Legacy parameters | Per-market OI, liquidity, impact and rate controls |
| Data access | Legacy interfaces | Current Oracle API, GMX API, GraphQL and SDK |
GM pools and GLV vaults
Each GM market holds specified long and short tokens. Traders use that pool as the liquidity source, while LP value changes with token prices, fees, trader PnL and market utilization.
GLV is a vault token that can allocate across eligible GM markets sharing a common long-token or short-token structure. It adds automated allocation and another contract layer. A GLV headline APY does not remove underlying GM-market risk.
V2 position fees and price impact
Most V2 position operations currently charge 0.04% when they improve long/short open-interest balance and 0.06% when they worsen it. Some market families can use different schedules.
Net price impact is a separate adjustment tied to open-interest balance. Positive impact improves execution for a balancing trade; negative impact worsens execution for an imbalancing trade. Entry impact is stored and combined with the close-side amount when the position is reduced.
Adaptive funding and borrowing
V2 adaptive funding moves value between long and short positions and changes gradually with open-interest imbalance. A signed positive rate means longs pay shorts; a negative rate means shorts pay longs.
Only the side with larger open interest currently pays the separate borrow fee. The live rate depends on market utilization and can change throughout a position.
Oracle and keeper execution
Chainlink Data Streams provide a minPrice and maxPrice. The side used depends on whether the order opens or closes a long or short. A midpoint shown as mark price is not itself the guaranteed execution price.
Orders use a two-step flow: creation followed by keeper execution. A keeper validates signed prices, acceptable price, liquidity, leverage and other contract rules. A trigger can be crossed without producing a successful fill.
V2 accounts and supported networks
Direct V2 markets are available on Arbitrum, Avalanche and MegaETH. GMX Account provides a separate Arbitrum balance that can be funded from supported source chains.
Classic, Express and One-Click modes change signing and gas handling, not the underlying market risk. Positions opened with wallet or GMX Account funds still belong to the connected wallet.
V2 APIs for builders
GMX publishes an Oracle API for prices and market snapshots, a broader GMX API, GraphQL indexed data, direct contracts and TypeScript SDK surfaces. Different endpoints have different cache windows and units.
Near-live funding and open interest come from markets/info. Historical hourly rates come from the rates endpoint. Builders should use official fallback hosts, timeouts and explicit fixed-point decoding.
Primary sources
These sources were checked on July 26, 2026. Protocol parameters can change.
Read our verification methodology →Referral disclosure
10% off eligible GMX position fees
Code PRO maps to GMX's tier-2 discount on eligible opening and closing position fees. The link is sponsored; the discount and protocol risks are unchanged.
Frequently asked questions
What is GMX V2?
GMX V2 is the current market and liquidity design using GM pools, GLV vaults, adaptive rates, oracle pricing, keeper execution and current API surfaces.
Is GLP still used in GMX V2?
GLP is a legacy token and is no longer available for new minting. Existing vesting and claim functions remain relevant to prior holders.
What replaced GLP?
Market-specific GM pools provide V2 liquidity, while GLV vaults can allocate across eligible GM markets.
Are GMX V2 fees always 0.04%?
No. Most position operations use 0.04% when improving open-interest balance and 0.06% when worsening it. Some markets have different schedules, and other costs remain separate.
Where can developers get GMX V2 data?
GMX documents Oracle API, GMX API, GraphQL, contracts and SDK options. The correct surface depends on freshness, history and whether the integration submits transactions.
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