GMX introduces DYDX and INJ perpetual swaps
Users can now trade the INJ/USD and DYDX/USD pairs with up to 50x leverage. Whether you’re an experienced trader or new to perpetual futures, GMX offers a user-friendly platform to trade these tokens.
GMX announces the introduction of two new trading pairs: INJ/USD (Injective) and DYDX/USD. Users can now go Long or Short the INJ and dYdX tokens with leverage, while enjoying the GMX experience of transparently fair pricing, self-custody, and split-second onchain execution.
The launch of these perpetual swaps is part of GMX’s ongoing effort to expand its market offerings. More than 60 assets are currently available for trading, and the GMX Listing Committee introduces additional markets weekly based on community feedback and popular demand.
Exec Summary
GMX lists perpetual swaps for DYDX and INJ
Synthetic DYDX/USD and INJ/USD markets are backed by BTC-USDC pools, which have been included in GLV [BTC-USDC]
The GLV vault will dynamically allocate BTC-USDC liquidity to these markets, based on utilisation and trader demand
GM Markets
The DYDX and INJ markets are synthetic perpetual swaps, supported by GM liquidity pools that contain BTC-USDC.
Pricing for these markets is reliably facilitated through Chainlink’s low-latency Data Streams feeds. Data Streams are high-frequency, pull-based oracles that source market data from various sources in a decentralised and transparent way. GMX is the exclusive launch partner for these data feeds, which are uniquely optimised for Perpetual DEXs.
These markets are supported by assets other than those traded, making them synthetic perpetual futures. The core smart contracts of GMX V2 support a wide variety of assets, collateral types, and market structures, including synthetic markets like these.
GM Liquidity and GLV
The DYDX/USD and INJ/USD markets are both facilitated by BTC-USDC liquidity pools, which, like all GMX liquidity pools, are accessible to all users. Liquidity is being dynamically allocated to these pools by the GLV [BTC-USDC] vault at the same time. GLV Vaults include multiple GM Tokens and automatically rebalance their liquidity between them.
As a liquidity provider, this means you have the option to:
Purchase GM tokens to provide liquidity directly to the DYDX or INJ pool, using WBTC or USDC, and earn pool fees
Purchase GLV [BTC-USDC] to provide dynamic liquidity across all synthetic markets based on BTC-USDC liquidity, including the DYDX and INJ markets.
How GLV auto-optimises Liquidity
GLV [BTC-USDC] currently backs 17 synthetic markets based on BTC-USDC liquidity pools, with the composition optimised daily based on market utilisation.
GMX also offers a GLV [WETH-USDC] Liquidity Vault, which similarly backs 21 synthetic markets supported by WETH-USDC liquidity pools. Users can choose to provide liquidity to either vault, based on their preferred asset exposure.
The GLV vaults automatically optimise the liquidity deposited in them, by periodically rebalancing it towards the highest-performing synthetic markets on GMX. GLV can be considered an improved version of GLP, dynamically reallocating your liquidity and maximising your capital efficiency.
Providing Liquidity to GLV or a GM Pool
Choose your desired liquidity pool in the drop-down menu under Buy GM or under ‘Pools’. Alternatively, select GLV to provide liquidity to GMX’s new auto-optimising liquidity vaults, which offer balanced exposure to an index of GM pools
Click the Buy button
Enter the amount you would like to supply to support trading on GMX and earn rewards with
Click the blue Buy button and confirm the token allowance and onchain transaction
Exposure as an LP
As a liquidity provider in the innovative GLV vaults, or in any of GMX’s GM liquidity pools, you are:
exposed to price movements of the underlying asset(s)
subject to trader PnL, as long as the pool is not exactly 50:50 balanced between Longs and Shorts. Adaptive funding rates typically bring the pool back to balanced Open Interest, resulting in only a slight (and generally positive) effect on LPs from trader PnL in the long term.
earning fees from market-making and trading activity at the pool’s listed rate (estimates are based on the performance of the past seven days). These fees are auto-compounded into the pool, automatically increasing the value of your GM tokens.
There are no lock-up periods for providing liquidity on GMX; you can exit your GM position whenever you choose.
For a comparison of the performance of the GM pools against other benchmark LP positions, refer to the GMX Dune Dashboard.
Join the GMX community:
Website: https://gmx.io/
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Announcements: https://t.me/GMX_Announcements
Discord: https://discord.gg/H5PeQru3Aa
Github: https://github.com/gmx-io
Documentation: https://docs.gmx.io/