# \[GMLabs-001\] Establishing a $10M GMX Market Making Fund **URL:** \ **Category:** Proposals\ **Tags:** governance\ **Created:** [September 16, 2026, 1:25pm UTC](https://gov.gmx.io/t/gmlabs-001-establishing-a-10m-gmx-market-making-fund/5154 "2026-09-16T13:25:21Z")\ **Posts on this page:** 15\ **Page:** 1
**Author:** ![gmsolq](https://sea2.discourse-cdn.com/flex020/user_avatar/gov.gmx.io/gmsolq/32/1307_2.png) [@gmsolq](https://gov.gmx.io/u/gmsolq)\ **Post date:** [September 16, 2026, 1:25pm UTC](https://gov.gmx.io/t/gmlabs-001-establishing-a-10m-gmx-market-making-fund/5154/1 "2026-09-16T13:25:21Z")
**Summary** GM Labs is establishing a $10M market making fund for the GMX token, funded from the treasury. The fund will use the protocol’s combined Open Interest across all chains as its reference: when GMX circulating market cap is below combined Open Interest, the fund will focus on buybacks; when circulating market cap is at or above combined Open Interest, it will focus on providing liquidity. **Background** Over the past quarter, the team completed a full restructuring. Resources are now deployed and managed centrally, cost control has been tightened, and GMX Solana has been fully integrated into GMX as a single unified protocol. One team, one protocol, one name. With the consolidation complete, we believe GMX is significantly undervalued relative to the activity the protocol supports. It is time to move to larger-scale buybacks and deeper liquidity. **The Fund** - Size: $10M (Phase 1) - Source: GMX treasury - Reference metric: combined Open Interest across all chains - Operating rule: **Roadmap** In parallel, GMX will continue expanding horizontally across the EVM ecosystem and vertically on SVM, pushing the boundaries of what the protocol can do. _Model_ - Cross-collateral and Cross-margin - Market Groups - Net Open Interest - RFQ _Incentives_ - GMX Incentive Program - GT Buyback _Expansion_ - Permissionless Market Listing - Robinhood Integration - New USDG LP Product Line **GT Buyback and Staker Airdrop** The GT buyback will launch shortly. GMX will continue directing Solana-side protocol fees into the GT points flywheel. To further align community interests, GMX stakers will receive a GT airdrop; details will be published in the next proposal. ---
**Author:** ![Jonezee](https://sea2.discourse-cdn.com/flex020/user_avatar/gov.gmx.io/jonezee/32/1238_2.png) [@Jonezee](https://gov.gmx.io/u/Jonezee)\ **Post date:** [September 16, 2026, 2:00pm UTC](https://gov.gmx.io/t/gmlabs-001-establishing-a-10m-gmx-market-making-fund/5154/2 "2026-09-16T14:00:56Z")
This feels worth emphasizing: > [@gmsolq](#): > > _ **Model** _ > > - Cross-collateral and Cross-margin > > - Market Groups > > - Net Open Interest > > - RFQ > > _ **Expansion** _ > > - Permissionless Market Listing > > - Robinhood Integration > > - New USDG LP Product Line ---
**Author:** ![brawlaphant](https://sea2.discourse-cdn.com/flex020/user_avatar/gov.gmx.io/brawlaphant/32/354_2.png) [@brawlaphant](https://gov.gmx.io/u/brawlaphant)\ **Post date:** [September 17, 2026, 7:31pm UTC](https://gov.gmx.io/t/gmlabs-001-establishing-a-10m-gmx-market-making-fund/5154/3 "2026-09-17T19:31:40Z")
great work, Q marketing of gmtrade is awesome aesthetic, gmx next please centering trade around GMX is a solid move ---
**Author:** ![DeftFinch88](https://avatars.discourse-cdn.com/v4/letter/d/51bf81/32.png) [@DeftFinch88](https://gov.gmx.io/u/DeftFinch88)\ **Post date:** [September 18, 2026, 2:16am UTC](https://gov.gmx.io/t/gmlabs-001-establishing-a-10m-gmx-market-making-fund/5154/4 "2026-09-18T02:16:14Z")
需要投票吗？尽快实施吧，趁着市场有热度。 ---
**Author:** ![Saulius](https://sea2.discourse-cdn.com/flex020/user_avatar/gov.gmx.io/saulius/32/455_2.png) [@Saulius](https://gov.gmx.io/u/Saulius)\ **Post date:** [September 18, 2026, 8:31am UTC](https://gov.gmx.io/t/gmlabs-001-establishing-a-10m-gmx-market-making-fund/5154/6 "2026-09-18T08:31:47Z")
> [@gmsolq](#): > > **The Fund** > > - Size: $10M (Phase 1) > > - Source: GMX treasury > > - Reference metric: combined Open Interest across all chains > > - Operating rule: The MM Fund proposal lack details. And I seriously doubt that we have the $10M required for such a BB campaign. The treasury is depleting fast, so we need to save for the future rather than spending recklessly. At the current level of fee revenue, we won’t have the money to pay developers in just 1-2 years. Isn’t the creation of this MM fund just a publicity stunt? ---
**Author:** ![Jonezee](https://sea2.discourse-cdn.com/flex020/user_avatar/gov.gmx.io/jonezee/32/1238_2.png) [@Jonezee](https://gov.gmx.io/u/Jonezee)\ **Post date:** [September 19, 2026, 9:59am UTC](https://gov.gmx.io/t/gmlabs-001-establishing-a-10m-gmx-market-making-fund/5154/7 "2026-09-19T09:59:33Z")
I don’t disagree with financial prudence, but GMX has been building up a very healthy treasury for years. There’s 30 million in it, while costs have been cut meticulously over the last half-year. The savings have been achieved; the focus is now on growth - where it should be. ---
**Author:** ![0xjunwei](https://avatars.discourse-cdn.com/v4/letter/0/e95f7d/32.png) [@0xjunwei](https://gov.gmx.io/u/0xjunwei)\ **Post date:** [September 20, 2026, 7:06am UTC](https://gov.gmx.io/t/gmlabs-001-establishing-a-10m-gmx-market-making-fund/5154/8 "2026-09-20T07:06:48Z")
Just like to say with regards to the incentives program it was approved in Q1 now it is the end of Q3 despite a redesign of the program, i did not foresee such a delay. Making me question how long this be implemented. Been a strong supporter of gmx but the execution speed has been really disappointing on all fronts. Volume and fees have dropped significantly. Hope this proposal isnt just another “post” but actually see it happening asap to improve volume. ---
**Author:** ![thewhitewhalewife](https://avatars.discourse-cdn.com/v4/letter/t/3e96dc/32.png) [@thewhitewhalewife](https://gov.gmx.io/u/thewhitewhalewife)\ **Post date:** [September 22, 2026, 1:49am UTC](https://gov.gmx.io/t/gmlabs-001-establishing-a-10m-gmx-market-making-fund/5154/9 "2026-09-22T01:49:14Z")
@gmsolq to my untrained eyes, it seems like GMX is not really concerned abt the slow death of GMX. trading volume declining and seems like no plan adding on to 0xjunwei, where are the trader incentives in the last 6-8 months execution speed is not of a startup, don’t be a Nike. ---
**Author:** ![Jonezee](https://sea2.discourse-cdn.com/flex020/user_avatar/gov.gmx.io/jonezee/32/1238_2.png) [@Jonezee](https://gov.gmx.io/u/Jonezee)\ **Post date:** [September 22, 2026, 11:52am UTC](https://gov.gmx.io/t/gmlabs-001-establishing-a-10m-gmx-market-making-fund/5154/10 "2026-09-22T11:52:54Z")
Not only is there a plan, it’s also already being brutally executed on. The incentive program needed to be revamped due to fundamental organisational changes, which unfortunately did cause delays; it’s now on the verge. ---
**Author:** ![Saulius](https://sea2.discourse-cdn.com/flex020/user_avatar/gov.gmx.io/saulius/32/455_2.png) [@Saulius](https://gov.gmx.io/u/Saulius)\ **Post date:** [September 22, 2026, 12:04pm UTC](https://gov.gmx.io/t/gmlabs-001-establishing-a-10m-gmx-market-making-fund/5154/11 "2026-09-22T12:04:43Z")
> [@Jonezee](#): > > GMX has been building up a very healthy treasury for years. There’s 30 million in it, I have been tracking GMX funds “for years” myself and I can guarantee that we don’t have spare $30M for spending. After elimination of all uniswap LP positions, GM/GLV holdings, GMX tokens and other illiquid assets and liabilities, “Cash on hands” is only ~$10-12M. ---
**Author:** ![Jonezee](https://sea2.discourse-cdn.com/flex020/user_avatar/gov.gmx.io/jonezee/32/1238_2.png) [@Jonezee](https://gov.gmx.io/u/Jonezee)\ **Post date:** [September 22, 2026, 2:53pm UTC](https://gov.gmx.io/t/gmlabs-001-establishing-a-10m-gmx-market-making-fund/5154/12 "2026-09-22T14:53:30Z")
A proposal has just been submitted on Tally to facilitate phase 1 of this GMX Market-making fund: > **[Cactus | GMX | GMX Market Making Fund: Phase 1 Funding (3,000,000 USDC)](https://www.tally.xyz/gov/gmx/proposal/64308519471686134438271173131385871995439354345640183816912835362890502433079)** > > GMX Market Making Fund: Phase 1 Funding (3,000,000 USDC) ---
**Author:** ![owowow](https://avatars.discourse-cdn.com/v4/letter/o/a5b964/32.png) [@owowow](https://gov.gmx.io/u/owowow)\ **Post date:** [September 24, 2026, 3:47am UTC](https://gov.gmx.io/t/gmlabs-001-establishing-a-10m-gmx-market-making-fund/5154/13 "2026-09-24T03:47:37Z")
@Jonezee Where are the other $20M held? Are they in the GM Labs wallet and GM Trade? ---
**Author:** ![Jonezee](https://sea2.discourse-cdn.com/flex020/user_avatar/gov.gmx.io/jonezee/32/1238_2.png) [@Jonezee](https://gov.gmx.io/u/Jonezee)\ **Post date:** [September 24, 2026, 10:43am UTC](https://gov.gmx.io/t/gmlabs-001-establishing-a-10m-gmx-market-making-fund/5154/14 "2026-09-24T10:43:29Z")
> [@Saulius](#): > > uniswap LP positions, GM/GLV holdings, GMX tokens and other illiquid assets No they’re not. As Saulius indicates, the ~30M+ in treasury funds is primarily allocated to: - Uniswap LP positions - GM/GLV holdings - GMX tokens - majors like ETH Plus stablecoins Plus ARB holdings from the airdrop Details: | Wallet | What it is | Value | | --- | --- | --- | | 0x4bd1…4C0E ([DeBank | Your go-to portfolio tracker for Ethereum and EVM](https://debank.com/profile/0x4bd1cdAab4254fC43ef6424653cA2375b4C94C0E)) | DAO Treasury (Tally timelock), owns the POL | $12.25m | | 0x6886…ea6A ([DeBank | Your go-to portfolio tracker for Ethereum and EVM](https://debank.com/profile/0x68863dDE14303BcED249cA8ec6AF85d4694dea6A)) | Fee treasury, Arbitrum | $7.29m | | 0xc637…F79E ([DeBank | Your go-to portfolio tracker for Ethereum and EVM](https://debank.com/profile/0xc6378dDF536410c14666DC59BC92b5EBC0F2F79E)) | POL Multisig (Safe) | $4.48m | | 0xe1f7…e174 ([DeBank | Your go-to portfolio tracker for Ethereum and EVM](https://debank.com/profile/0xe1f7c5209938780625E354dc546E28397F6Ce174)) | GM Holdings | $2.10m | | 0x0263…4CA0 ([DeBank | Your go-to portfolio tracker for Ethereum and EVM](https://debank.com/profile/0x0263ad94023a5Df6d64f54BFEF089F1FBF8A4CA0)) | Governance Committee (Safe), 8m ARB | $1.71m | | 0x2c24…07ba ([DeBank | Your go-to portfolio tracker for Ethereum and EVM](https://debank.com/profile/0x2c247a44928d66041D9F7B11A69d7a84d25207ba)) | Token Manager (Safe) | $1.53m | | 0xea8a…ACE3 ([DeBank | Your go-to portfolio tracker for Ethereum and EVM](https://debank.com/profile/0xea8a734db4c7EA50C32B5db8a0Cb811707e8ACE3)) | Bond Protocol (Safe) | $0.83m | | 0x0339…CaFD ([DeBank | Your go-to portfolio tracker for Ethereum and EVM](https://debank.com/profile/0x0339740d92fb8BAf73bAB0E9eb9494bc0Df1CaFD)) | Fee treasury, Avalanche | $0.54m | And this doesn’t include the $3.85M in $GMX from all the GMX buybacks. Like I said, the treasury is vast. ---
**Author:** ![Saulius](https://sea2.discourse-cdn.com/flex020/user_avatar/gov.gmx.io/saulius/32/455_2.png) [@Saulius](https://gov.gmx.io/u/Saulius)\ **Post date:** [September 24, 2026, 12:58pm UTC](https://gov.gmx.io/t/gmlabs-001-establishing-a-10m-gmx-market-making-fund/5154/15 "2026-09-24T12:58:18Z")
> [@Jonezee](#): > > Like I said, the treasury is vast. As I said the treasury is almost completely depleted if you include all liabilities. Don’t forget we approved "**[GMX Labs Funding Proposal (2026-2027)](https://www.tally.xyz/gov/gmx/proposal/103982402594182514528946158577945188998892172802982321377220494343769426198161?govId=eip155:42161:0x03e8f708e9C85EDCEaa6AD7Cd06824CeB82A7E68)"** with an annual floor of $7M, so in total at least $14M for two years. And current 8.8% of total fees only amounts to ~1.5M/year 🥲 > ### **2. Revenue-Based Operating Funds** > > **Source:** Unallocated 10% share of V2 protocol fees (net ~8.8% after Chainlink) > > Annual Floor: $7MAnnual Ceiling: $9M > > **Mechanism:** > > - If revenue \< $7M → DAO reserves supplement the shortfall > > - If revenue $7M–$9M → funded directly from protocol fees > > - If revenue \> $9M → excess retained by DAO treasury ---
**Author:** ![WIP](https://avatars.discourse-cdn.com/v4/letter/w/8edcca/32.png) [@WIP](https://gov.gmx.io/u/WIP)\ **Post date:** [September 25, 2026, 11:07am UTC](https://gov.gmx.io/t/gmlabs-001-establishing-a-10m-gmx-market-making-fund/5154/16 "2026-09-25T11:07:30Z")
What is the current run-rate OPEX level after the implementation of recent cost control measures?