Thank you X for the thoughtful feedback.
After reviewing Hyperliquid’s fee/VIP design and the GMX Referral Program analytics (see: https://dune.com/adamzjw/gmx-referral-program), it’s clear that recent trading volume should be a first-class input for fee tiers. Given GMX’s current weekly volume (~$1.5–2.5B over the last 2–3 months), the rollout plan for Proposal 2 is below.
Proposal 2 — Weekly, GMX-only, Triple-Stack Discounts
Goal
A simple, production-ready fee system that:
- Uses a weekly (rolling 7d) VIP by account volume.
- Adds a holder booster for users who hold/lock GMX (no esGMX required for fee discounts).
- Integrates the existing GMX Referral program as the final step.
- Preserves revenue via an 80% total discount cap and a 1 bp floor.
Global calculation (applied to each side: maker / taker)
EffectiveFee = max( Base × (1 − VIP%) × (1 − GMX_Boost%) × (1 − Referral%), Floor )
- Base (V2 open/close): 0.04% if the trade improves long/short balance; otherwise 0.06%.
- Total discount cap: ≤ 80% per side.
- Floor: 0.01% (1 bp) per side after all reductions.
- Measurement window: rolling 7 days, updated hourly (or per epoch).
- GMX lock for booster: ≥ 7 days (epoch snapshot).
Layer 1 — Weekly Volume VIP (rolling 7d)
Calibrated to GMX’s weekly venue size, while still letting the top tier reach ~1 bp / 1.4 bp:
| VIP | 7d Volume (USD) | Fee after VIP if Base = 0.06% | Fee after VIP if Base = 0.04% |
|---|---|---|---|
| 0 | < $1M | 0.060% | 0.040% |
| 1 | ≥ $1M | 0.048% (−20%) | 0.032% (−20%) |
| 2 | ≥ $5M | 0.039% (−35%) | 0.026% (−35%) |
| 3 | ≥ $20M | 0.030% (−50%) | 0.020% (−50%) |
| 4 | ≥ $75M | 0.021% (−65%) | 0.014% (−65%) |
| 5 | ≥ $250M | 0.012% (−80%) → clamp | 0.008% (−80%) → clamp |
Layer 2 — GMX Holder Booster (GMX-only)
Encourages holding/locking GMX. Booster is applied after VIP:
| Level | Min GMX held/locked | Additional reduction on top of VIP |
|---|---|---|
| A | 25 | 5% |
| B | 100 | 10% |
| C | 500 | 20% |
| D | 2,000 | 30% |
| E | 10,000 | 40% |
Total reduction across VIP + Booster + Referral still cannot exceed 80%, and the 1 bp floor applies.
Layer 3 — Referral (use GMX’s current program)
- Tier 1: trader −5%, affiliate +5%
- Tier 2: trader −10%, affiliate +10%
- Tier 3: trader −10%, affiliate +15% (ETH/AVAX) +5% esGMX (affiliate side; capped at 5,000 esGMX/week)
Quick examples
- Example A (mid-tier): VIP2 (−35%) + GMX Booster D (−30%) + Referral Tier 2 (−10%), Base = 0.06%
→ 0.06 × 0.65 × 0.70 × 0.90 = 0.02457% (≈ 2.457 bps) - Example B (top-tier clamps): VIP5 (−80%) + Booster E (−40%) + Referral (−10%), Base = 0.06%
→ exceeds the 80% cap → clamped at 0.012%; if Base = 0.04%, clamp at 0.008%; then apply the 1 bp floor if needed.