QQQ/USD and SPY/USD perpetual markets are live on GMX on Arbitrum, and accessible from Ethereum, Base, and BNB Chain via Multichain. Traders on GMX can now long or short the two most widely traded US equity ETFs — the Invesco QQQ Trust Series 1 and the SPDR S&P 500 ETF Trust — 24 hours a day, seven days a week.
QQQ tracks the 100 largest non-financial companies listed on Nasdaq, weighting it heavily toward tech. SPY tracks the S&P 500, the standard benchmark for the US market as a whole. Both appear in the market dropdown under TradFi, in a new Indices group alongside Commodities.
How these markets trade
Both run on the same session schedule already live for SPCX/USD. Leverage is available up to 50x during US market hours and up to 25x outside them. The switchover changes which risk parameter set is active; it does not gate trading. Positions can be opened, adjusted and closed at any hour, including weekends and US market holidays, and neither market launches with a cap on open interest.
Trading fees follow GMX’s energy markets: just 1 or 2 basis points during on-hours and 4 or 6 bps during off-hours, the lower figure applying when a position improves the balance of open interest and the higher when it worsens it.
Pricing is powered by Chainlink’s perp-optimized Data Streams, the same low-latency oracle infrastructure behind GMX’s gold, silver, energy, and crypto markets.
Liquidity
Each market is backed by its own risk-isolated GM liquidity pool on Arbitrum:
QQQ/USD [WETH-USDC]
SPY/USD [WETH-USDC]
For these two markets, GLV [WETH-USDC] is the only supported route in; the GM tokens are not directly purchasable.
GLV is the GMX Liquidity Vault these markets share with GMX’s commodity markets; it rebalances liquidity across its constituent GM markets according to trader demand, so depositors earn from fee generation across the whole set rather than just a single market.
The benefits of continuous trading
Index exposure outside the bell is not new; futures on both indices trade nearly around the clock on weekdays. What they do not do is trade through the weekend, and getting to them means a futures account, margin held at a broker, and a position you cannot custody.
GMX’s perps have no expiry and no roll. They mark to an oracle price and use funding to keep it near the underlying, which lets the market stay open continuously while risk parameters tighten during the hours when the underlying is illiquid. That is what the on-hours/off-hours split achieves: it prices the risk of a thin session, rather than blocking users from trading.
QQQ and SPY are wave 1 of GMX’s TradFi expansion. They extend the RWA lineup GMX has been building since gold and silver launched in April — commodities, energy, pre-IPO equity, and now broad US equity exposure — on the same infrastructure and execution stack as our crypto perps.
Trade them permissionlessly at:
Disclaimer
QQQ/USD and SPY/USD are synthetic perp markets. They reflect the market-implied price of the underlying ETF and confer no ownership of the fund or its holdings, no voting rights, and no entitlement to dividends or distributions.
That's great news, I trade these a lot!