GMX
6.7/10 total
A perpetuals and spot venue where trades execute against pooled liquidity at an oracle price rather than against an order book, so there is no slippage from a book, only an explicit price impact charge. Positions and collateral are held by contracts, never by an operator. On 9 July 2025 a reentrancy-style flaw in V1's executeDecreaseOrder and GLP pricing let an attacker take about $42M from the Arbitrum GLP pool; the attacker accepted a whitehat deal, kept roughly $5M and returned the rest, and V1 was wound down.
Scores
Weights are published in the method and applied identically to every entry.
For
- No account, no email, no identity verification
- Non-custodial: collateral and positions live in contracts controlled by your wallet
- Fee schedule is explicit and directional, 0.05% when you balance open interest and 0.07% when you do not, so the incentive is visible rather than hidden in a spread
- Oracle pricing means large trades do not walk a thin order book, only pay a stated price impact
- Contracts, subgraphs and the front end are open source and the exchange router is callable directly
Against
- July 2025 V1 exploit: about $42M drained from the Arbitrum GLP pool via a reentrancy flaw in position decrease execution. Nearly all funds came back under a whitehat arrangement, but the attacker kept roughly $5M and V1 was retired
- Oracle-priced execution means you are exposed to the oracle's correctness, not just to pool depth, which is a different and less transparent risk than an AMM curve
- Borrowing and funding fees on leveraged positions usually exceed the entry fee for anything held more than a few hours
- Narrow asset list: majors and a handful of alts, so it is not a venue for long-tail tokens
- Positions, collateral and liquidation prices are publicly visible per address, which makes targeted liquidation hunting possible; front end sees your IP, no onion service, no no-JavaScript path
Agent access 9/10
Public REST and subgraph endpoints for prices, markets and positions, and the exchange router is callable directly from a funded wallet. No account or API key exists.
Reported separately and not counted in the total. It measures what an autonomous agent can do unattended, not whether the service is safe to use.
Fees
0.05%-0.07% open/close plus price impact
V2 position open and close fees are 0.05% when your trade balances long and short open interest and 0.07% when it worsens the imbalance, down from a flat 0.1% in V1. Plain swaps are the same 0.05% or 0.07% depending on whether they improve pool balance, and stablecoin swaps are 0.005% or 0.02%. Leveraged positions additionally accrue borrowing and funding fees over time, and a separate price impact charge scales with size against pool depth, so holding cost, not the entry fee, usually dominates.
Specification
- Type
- On-chain DEX
- KYC policy
- No KYC
- Custody model
- onchain
- Account required
- no
- Assets
- dozens
- Chains
- 2+
- Operating since
- 2021
- Jurisdiction
- none
- Onion service
- no
- Works without JS
- no
- Open source
- yes
- Facts checked
- 2026-07-31
Links
Plain links, no referral parameters. Verify the domain yourself; phishing clones of every service in this table exist.