Markets for ONDO and FET are now available
Traders can now trade these two assets on leverage, while liquidity providers can earn rewards by contributing to the GM pools or the GLV vault.
GMX is launching new markets for FET/USD and ONDO/USD, providing fresh opportunities to DeFi traders and liquidity providers. Both perpetual swap markets are on Arbitrum, and allow users to go Long or Short with up to 50x leverage. Traders benefit from GMX’s self-custody, transparent pricing, and lightning-fast onchain execution.
Exec Summary
GMX lists a perpetual swap market for ONDO/USD on Arbitrum, the token from institutional finance protocol Ondo Finance.
GMX has also listed a perpetual swap market for FET/USD, the token from the Artificial Superintelligence Alliance.
The two new markets are synthetic perp swaps, supported by WETH-USDC liquidity pools. These two new GM pools have been included in GLV [WETH-USDC], ensuring liquidity is dynamically rebalanced to these pools as trader demand increases.
ONDO Market Overview
The ONDO/USD market operates a synthetic perpetual swap, facilitated by a GM liquidity pool containing WETH and USDC. This market effectively tracks the price of the ONDO token via a decentralised Chainlink Data Streams feed, allowing users to easily take Long or Short positions on the ONDO token with up to 50x leverage.
The ONDO/USD liquidity pool is open for deposits from all users. Users can provide liquidity to this GM pool using either WETH or USDC, to earn fees from trading activity and market-making. For more details about the opportunities available as an LP on GMX, see the Liquidity segment at the bottom of this article.
Ondo Finance was established to bring institutional financial products on-chain, such as tokens backed by U.S. Treasuries and other real-world assets. The ONDO token serves as the native currency of the Ondo Chain, governing the DAO and ONDO’s Flux Finance protocol.
FET Market Overview
The FET/USD market is a synthetic perpetual swap, enabling traders to Long or Short with up to 50x leverage. Similar to the synthetic ONDO market, the underlying GM liquidity pool that supports this market contains WETH and USDC. Spot trading is not available on synthetic markets.
To learn more about GMX’s various market types, and how synthetics enable efficient leverage trading of numerous tokens, please consult the GMX documentation.
FET is the token from the Artificial Superintelligence Alliance (ASI), a collective formed by the three protocols Fetch.ai, SingularityNET, and Ocean Protocol.
GM Liquidity Pools and GLV
The synthetic ONDO and FET markets are both backed by WETH-USDC liquidity pools. Like all GMX liquidity products, these pools are open for user deposits. Users can provide liquidity to either liquidity pool to earn fees from trading and market-making activity on that single market. Alternatively, users can provide liquidity through GLV, an innovative solution built on top of the GM pools.
GLV Vaults hold many GM pool tokens and periodically rebalance their liquidity towards the top-performing pools. GLV can be seen as an enhanced version of GLP that maximises capital efficiency for LPs.
As a liquidity provider on GMX, you have two opportunities:
Purchase GM tokens to provide liquidity directly to just the ONDO or FET pool, using WETH or USDC, and earn fees from that pool only
Or purchase GLV [WETH-USDC] to provide liquidity across all synthetic GMX markets based on WETH-USDC liquidity pools, including both these new markets.
For a comparison of the performance of the GM pools and GLV against other benchmark LP positions, view the main GMX Dune Dashboard.
A new LP dashboard has also just been introduced, allowing you to analyse the robust performance of single pools in granular detail: https://dune.com/gmx-io/v2-lp-dashboard
How to Provide 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 a liquidity provider on GMX
As a liquidity provider in any of GMX’s GM liquidity pools, you are:
holding a 50/50 mix of stablecoins and volatile crypto assets (generally ETH or BTC)
exposed to price movements of the underlying asset(s)
subject to trader PnL, as long as the pool is not precisely 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 position whenever you choose.
Still have some questions? Connect with the GMX community on Telegram or Discord:
Join the GMX community:
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/