GMX
GMX · Perp DEX
Key facts
- Circulating 10.7M, 81%
- Not yet issued 2.6M, 19%
- Max 13.3M
Market data: CoinGecko, Oct 24, 2026. Scores reviewed Oct 23, 2026.
Assessment
GMX's buyback now feeds the treasury: since Mar 4, 2026 the 27% of fees that buys GMX accumulates there and is distributed only once GMX trades above $90 (it trades near $8), on revenue of ~$18M a year, down ~47%. Issuance is zero and all 10.7M minted GMX circulates, but a 3-of-4 Safe behind a 1-day timelock governs the token and can reassign its gov role, an uncapped mint path. There was no VC round; contributors, the dev fund and the treasury came to 24.4% of max supply. The small Safe's hold on the token is what keeps supply discipline at zero.
How value reaches holders
Since Mar 4, 2026 the 27% of fees that buys GMX accumulates in the treasury and is distributed only once GMX trades above $90 (it trades near $8); revenue ~$18M trailing year, down ~47%
Score anatomy
Demand
6 / 45: the stronger of two routes, plus adoptionWhy would anyone hold it: does value reach the token, and is the network or product used today?
Since Mar 4, 2026 bought GMX accumulates in the treasury and is distributed only above $90 (it trades near $8)
Small or discretionary flows, plumbing under 25%, or buy-and-hold into a treasuryHow this is scored
$5-25M/yr
Staking and buyback exposure only; ~$0.3M at lenders.
Trading onlyhigh confidenceHow this is scored
GMX fees $49M TTM (-49% YoY) and OI ~$0.29B, about 4% of Hyperliquid
Niche: real but small use, far behind its category leadershigh confidenceHow this is scored
Two routes, the stronger counts
Soundness
10 / 40Can a long-term holder trust the rules: supply, float, distribution and control?
10.7M of a 13.25M max with zero issuance, but a 3-of-4 Safe behind a 1-day timelock governs the token and can reassign its gov role: an uncapped mint path (read Oct 23, 2026).
Over 15%/yr, or a key, company, committee or multisig can mint without limit or redirect issuancemedium confidenceHow this is scored
All 10.7M issued GMX circulates; the headroom to 13.25M is unminted.
Small tails only, or 85%+ of supply liquidhigh confidenceHow this is scored
No VC: contributors 250K (1.9%), integration/dev fund 1M (7.5%), treasury 2M (15%) held across multisigs; 6M migrated from XVIX/Gambit holders, 2M sold as Uniswap liquidity
Insiders received 10-25%, or one organization directs 3-10%medium confidenceHow this is scored
The GMX v1 vault was exploited for ~$42M on Jul 9, 2025 (mostly returned for a bounty); GMX governance runs through a team-administered timelock with a 1-day buffer (read Oct 23, 2026), on Arbitrum (2)
A halt, rollback or exploited consensus bug in the last 24 months, attack cost under $10M, or a foundation-selected validator set or small multisig can halt or upgrade with no meaningful exit windowhigh confidenceHow this is scored
Durability
6 / 15Is it big, proven and reachable by institutions?
$85.7M market cap (band 2), $3.6M/day median volume (band 2), no flags.
Small: $50-250M market cap and $1M/day+How this is scored
Launched Sep 2021 (5.1 years); fell 96% ($91 Apr 2023 to $3.66 Oct 2025); the Jul 9, 2025 GMX v1 exploit was $42M, under the $50M line.
5-8 years and survived an 80%+ drawdownmedium confidenceHow this is scored
Spot on Binance, Kraken, OKX and Bybit; no ETP or US filing found.
Top-tier exchanges only, or delisting pressuremedium confidenceHow this is scored
What would move it up
To reach T4 Speculative, one gate is still open:
- Supply 0needs 1(open)
Tier outlook
Could move up ↑low likelihood
- Supply rises if the token's gov role moves behind a binding holder vote or the Safe loses the power to reassign it
- Routing rises if treasury-held GMX is distributed or burned without waiting for the $90 trigger
- Revenue falls a band if trailing fees drop under $5M/yr (~$18M now, down ~47%)
- Security rises if governance moves from the team-administered 1-day timelock to a 7-day exit window
Compare with
How the ranking works and how GMX compares: see the full ranking. This entry as JSON:
GET https://tokens.10102.io/api/v1/tokenomics?symbol=GMX