HYPE and JUP are now available for trading
Traders can trade these tokens with up to 50x leverage, while liquidity providers can earn fees by depositing to GLV or the isolated GM pools
GMX is introducing new perpetual swap markets for HYPE (Hyperliquid) and JUP (Jupiter). These markets are on Arbitrum and offer DeFi traders the opportunity to trade these tokens with leverage of up to 50x. Liquidity providers can earn rewards by depositing to the GM pools or the GLV [BTC-USDC] vault supporting these two new markets.
Exec Summary
GMX has created a market for HYPE/USD on Arbitrum, the native token from HyperLiquid
GMX has also created a market for JUP/USD, from the Solana DeFi protocol Jupiter
The two markets are synthetic perpetual swaps; HYPE/USD and JUP/USD are each supported by a WBTC-USDC liquidity pool
These two GM pools have been added to GLV [WBTC-USDC], facilitating automatic liquidity allocation for the HYPE and JUP markets
Upgraded Analytics Dashboards for GMX LPs are now available
HYPE Market Details
The synthetic HYPE/USD market is a perpetual swap for the Hyperliquid token. This market reliably tracks a volume-weighted price average of HYPE/USD using a low-latency Chainlink Data Streams feed, enabling users to trade the Hyperliquid token with up to 50x leverage.
The market is supported by a GM liquidity pool that holds BTC and USDC. You can provide liquidity to this GM pool using either BTC or USDC on Arbitrum, to earn fees from trading activity and market-making.
Users can also provide dynamic liquidity to a group of synthetic markets through GLV. See the Liquidity segment below for more details about GLV and the opportunities available as an LP on GMX.
JUP Market Details
The market for JUP/USD offers traders the opportunity to long or short the Jupiter token with up to 50x leverage. As with all GMX markets, Chainlink Data Streams facilitates pricing in a decentralised way.
JUP/USD is supported by a liquidity pool holding BTC and USDC. Liquidity can be provided to this GM pool using either BTC or USDC on Arbitrum, to earn pool fees.
For further information about the different market types on GMX and how synthetics facilitate efficient leveraged trading of a wide range of tokens, please refer to the GMX documentation.
GLV and GM Liquidity Pools
The synthetic HYPE/USD and JUP/USD markets are each supported by an isolated BTC-USDC liquidity pool. Like all GM liquidity pools and GLV, these are open for deposits from users. You can provide liquidity on the Earn page of the GMX dApp.
There are two different opportunities available for liquidity providers on GMX:
Purchase GM tokens to provide liquidity to a single isolated pool, allowing you to earn 63% of all the pool's trading fees (these fees are auto-compounded into the GM token price for you).
Alternatively, purchase GLV tokens to provide liquidity across all synthetic GMX markets based on the relevant liquidity pair (BTC-USDC or WETH-USDC).
GLV represents a straightforward way to provide liquidity, similar to GLP from GMX V1. It is an innovative vault solution built on top of the individual GM liquidity pools.
The GLV vaults hold multiple GM tokens, and automatically rebalance their liquidity towards the best-performing pools. This model maximises capital efficiency for liquidity providers, while ensuring liquidity is directed toward the markets traders actively use.
Note that there is no lock-up period for providing liquidity on GMX; you can exit your GM or GLV position whenever you want.
Performance analytics for GLV and GM Pools
Insightful data dashboards are available to assist users providing liquidity on GMX. To evaluate the base performance of the GLV vaults on Arbitrum and Avalanche, see:
https://dune.com/gmx-io/gmx-analytics#v2-glv-pools
This section of the main GMX Analytics Dashboard displays the long-term price trends of the two GLV vaults, as well as GLV’s performance compared to a standard Uniswap V2 LP position with the same two assets (the Benchmark Comparison).
To see the long-term development in the prices of GM, and how GM pools perform against a standard Uniswap V2 LP position with the same assets, see this segment:
https://dune.com/gmx-io/gmx-analytics#v2-gm-pools
For detailed performance data on the isolated GM pools, as well as GLV [BTC-USDC] and GLV [WETH-USDC], please visit the upgraded V2 LP Dashboard here:
https://dune.com/gmx-io/v2-lp-dashboard
This Dashboard allows you to compare the performance of GM and GLV against each other, as well as against any of the following benchmarks, across multiple timeframes:
Uni V2 Positions (Long-Short)
The Long Token
The Short Token
Any other GM pool or GLV
How to Provide Liquidity on GMX
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 on GMX:
As a liquidity provider in any of GMX V2’s GM liquidity pools, you:
hold a roughly 50/50 mix of the stablecoin USDC and a volatile crypto asset, typically ETH or BTC.
have exposure to the price movements of these underlying assets
earn fees from market-making and trading activity at the pool’s indicated rate, which is based on performance over the past seven days. These fees are auto-compounded into the pool, increasing the value of your GM tokens.
can be subject to trader Profit & Loss in the short term, at times when the pool is not perfectly balanced between Longs and Shorts. However, GMX’s adaptive funding fees typically restore balance to Open Interest, resulting in only slight and generally positive effects on liquidity providers from trader PnL in the long term.
Connect with the GMX community:
Over 6,000 traders utilise GMX weekly, entrusting the protocol with billions in trading volume. Join the community and support permissionless onchain trading:
Website: https://gmx.io/
Twitter: https://twitter.com/GMX_IO
Telegram: https://t.me/GMX_IO
Announcements: https://t.me/GMX_Announcements
Discord: https://discord.gg/H5PeQru3Aa
Github: https://github.com/gmx-io
Documentation: https://docs.gmx.io/