GMX Liquidity

The GMX Protocol has protocol controlled liquidity across uniswap v3 Arbitrum (paired with ETH), Trader Joe Avalanche (paired with AVAX) and Bybit Spot (paired with USDC).

Liquidity on Bybit Spot is managed by Market Maker Skynet via a software agreement, to ensure that the protocol controlled liquidity is maintained in the appropriate price bands while deployments on uniswap v3 and Avalanche are managed by the operational multi-sig.

GMX on FTX proposes to list GMX on the spot market with a GMX:USD pair. This will allow the GMX token and platform to be introduced to a wider global audience who trade over 2 billion daily in FTX spot markets. This listing would also mark the first Arbitrum native protocol to be listed on FTX.

FTX is not seeking marketing investments or listing fees from GMX. GMX may support future co-marketing activities on a case by case basis as part of its ongoing marketing.

FTX supports fast withdrawals on Arbitrum and Avalanche for the leading tokens within GLP and will initially offer GMX deposits and withdrawals on Arbitrum and will evaluate expanding to such features for additional chains.


Propose to allocate up to 15% of GMX protocol controlled liquidity from existing platforms to the extent required towards maintaining liquidity on

Allow core contributors to take all other actions reasonably required to establish the listing and support its ongoing activities in the future.

Protocol controlled liquidity will only be deployed to support spot trading on and will not support or have trading on FTX.US or FTX Futures. FTX will consult GMX governance before expansion of GMX trading in futures or other geographies.


Continued support from protocol controlled liquidity to FTX spot markets is subject to FTX engaging (directly or through contributors) and getting approval from governance before expansion of GMX trading in futures or other geographies.


FTX is a crypto asset trading platform built by traders, for traders. FTX strives to be an intuitive yet powerful platform for all kinds of users, and to be the most innovative trading platform in the industry.

To learn more about FTX.COM, please visit:

FTX.COM is not available to US residents or residents of other prohibited jurisdictions, as set out in its Terms of Service.


I doubt anyone is going to oppose this, and appreciate that you’ve given us a chance for discussion. Would a snapshot vote not be more appropriate in the future for proposals?


Interesting to see FTX be the first CEX to step up!

Glad to see this part included in the proposal:


Let’s get it! First Arbitrum token getting listed on FTX!


Great transparent proposal! I dont see any cons, as long as perps dont get listed.

I think we should go for it! We got enough Protocol Owned Liquidity on Uni anyways imo.


Great to get the opportunity for discussion. I personally do not see any reason not going for this offer. Not worried about liquidity depth and it will be good to address a wider audience. Great to be the first native arb token :muscle:t2:

Thank you coinflip for the transparency and allowing the community to share thoughts on this.

I think as most people would agree this is a good thing for GMX, increasing the protocols visibility and may well bring new users to the table.

Agree with Jonezee that FTX consulting the GMX team before opening up to new geographies and / or the addition of derivatives is very beneficial.

Question on this - is this a legal clause in the contract between GMX and FTX as part of the listing agreement, or has this been noted by FTX in good faith, yet it is not contractual?

I think eventually it is inevitable that whether on FTX or another exchange, the ability to trade GMX as a perp will exist but my feelings are that the more control GMX has in regards to who lists this and when it happens, will be beneficial to the protocol.


Very bullish for GMX. Let’s do it

Glad to see them supporting native Arbitrum deposits and withdrawals for the token.

This has been discussed on and off in Discord, but given this move I think it’s time the documents are updated to reflect the actual state of token distribution.

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I support the listing.

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I agree, with you on needing up to update the current liquidity/token distributions in the official docs. Not that the team isn’t bring transparent but the official docs updated would be good to help new comers who are not ingrained int he community.

GMX spot trading on a Tier 1 CEX is nice for obvious reasons. But let’s also consider possible risks, as most only seem to look through short-term dollar sign glasses.

What is in it for FTX? Why are they proposing this?

FTX/Alameda are known to come up with smart ways to extract value, getting projects rekt in the process. They have done it time and time again.

GMX currently is the biggest revenue-sharing ‘real DEX’ with a massive TAM. FTX might want a piece of this pie one way or another. Also, let’s not forget that in the end GMX is a FTX competitor.

The main risk I’m seeing here is them adding perps eventually which imo would be negative for the $GMX token in the long-term. Possibly also CEX staking?

Now the proposal says: “FTX will consult GMX governance before expansion of GMX trading in futures” however that is way too vague:

  • What does consult imply here?
  • Anything on paper?

You see, no guarantees here, and governance can be manipulated.

Let’s please consider these things very carefully. Would love to get more insights from the team here.


FTX could list GMX in perp with zero input from the DAO. So, the choice is really, does governance want a say in the matter, or do they not?

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That’s the point, they CAN and they WILL. So imo the choice really is: do we even want this deal if there is no contractual agreement to not list perp?


Glad to have a chance to read about it here before it gets done :slight_smile:
Glad it’s FTX, decent exchange!

interesting thoughts…
Can you please elaborate a little about cons in terms of GMX staking on FTX ? I think I cant get it clearly rn.

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Random thought haha but right now it feels like mostly smart money on GMX. I really like the idea that GMX is organic growth and has the volume to back up its valuation. At the same time, if retail money flows in through FTX, its totally possible we will see people buying GMX on that platform and never moving it to a decentralized wallet and staking it, meaning that the GMX price will go up but it wont negatively affect APR as much. Ofc this is just a theory, but I wouldnt hate it.


I strongly agree with asking the question, ¨Why is a centralized shark competitor wanting as piece of GMX?¨
I prefer to favor maxi decentralized protocols - and FOCUS on expanding volume business (swaps and all trading).
The GMX token will take care of itself in the long run without any need for outside (CEX) listings.


Some things I can think of:

  • People staking their $GMX on FTX could potentially give FTX significant influence on governance (as in reality it’s them staking the $GMX on the GMX platform and giving traders a piece of it)
  • One thing that make the $GMX tokenomics so great are the multiplier points, incentivizing diamond handing. Won’t be the case for people staking on CEX. Not sure if that is good or bad.
  • Regulatory risks? Not sure.

Just brain storming.

It’s just hard to believe for me that the only thing FTX is trying to get out of this is some trading fees of people trading $GMX on their platform. Of course GMX is a hot topic at the moment, but would it really be worth it for them to list a competitor for some trading fees? Assuming most of the volume stays on-chain anyways.

Trying to understand WHY they offered this. That’s the question we should be asking ourselves right now imo.


FTX wants to list us (a competitor) to control us. this does not seem like a good play. and, “consult GMX governance” is a meaningless phrase, if they control 15% of the PCL they control it, they’re not going to ask anyone’s opinion about what to do with it from there. would vote hard no on a proposal. we’re here to be defi, we don’t need cefi.