GMX is a decentralized perpetual and spot exchange platform that initially launched on Arbitrum One.

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GMX allows users to trade bitcoin, ether, avalanche, and other cryptocurrencies with up to 100 times leverage. The platform initially launched on Arbitrum One in 2021 and has since amassed $305. 5 billion in total volume and over $229 million in open interest across 714,348 users, according to the platform's website.

On July 9, on-chain perpetual and spot exchange GMX confirmed that its V1 GLP pool on Arbitrum had been exploited, with over $40 million worth of assorted tokens siphoned into an unknown wallet in a single transaction.