GMX V2 Perps

GMX is a decentralized spot and perpetuals exchange on Arbitrum and Avalanche. Its hallmark is the multi-asset pool: liquidity sits in a single basket that positions open against. Providers to that pool earn fees, and since the price comes from an oracle, an order has no price impact.

The second version changed exactly that. Markets were split: each pair got its own pool, and losses on one asset no longer spill into the rest of the basket. For a trader that means predictable entry cost even on size; for a liquidity provider, income depends on whether traders win in aggregate.