Proposal for Fees Rebate Incentive Program (December to March 2026)

Proposals
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Introduction

This proposal acts as an supplement to the forthcoming Treasury Committee proposal, which will be submitted by Saurabh following the committee’s formation. This proposal formally requests the treasury committee to execute a scheduled buyback of GMX tokens, specifically acquiring 200,000 USDC worth of GMX per month from January 2026 through March 2026.

The primary objective of these buybacks is to strategically accumulate a sufficient reserve of GMX. Concurrently, this reserve will be utilised to integrate a fee rebate campaign targeting platform traders.

This proposed fee rebate campaign can be efficiently implemented by leveraging existing tooling previously employed by the GMX DAO during the 2024 Arbitrum Short-Term Incentives Program (STIP).

Throughout the period of Dec 2025 to Mar 2026, we could keep track of traders’ fees using the existing tooling or Dune analytics to track fees spent and distribute the GMX at the end of the campaign proportionate to the fees spent by traders, similar to how ARB STIP worked.

Purpose

In the prevailing market conditions, characterised by the launch of multiple new perpetual trading platforms and numerous ongoing points-based incentive campaigns(it is a form of fee-rebate), proactive measures are necessary to ensure the retention of our existing trader base.

By instituting a structured “fee rebate” campaign, we can effectively reduce trading costs, thereby encouraging greater trading volume and activity on the GMX platform. This initiative serves as a crucial supportive measure while the development team focuses on technical enhancements, and other aspects of stopping the downtrend in Open Interest.

This incentive program also seek to test the effectiveness of such program’s compared to a points program, whereby if successful the DAO could vote on a second iteration of this program.

Conclusion

This proposal seeks the authorisation for the treasury committee to purchase GMX tokens corresponding to a value of $200,000 per month from January 2026 to March 2026. The total allocated fund for this initiative is $600,000 USDC, which is intended to be utilised as a trading rebate mechanism to sustain the current trader pool engagement.

Proposal will be sent to snapshot 1 month after Robs implementation has taken effect to allow team to measure the effectiveness of said changes

Timeline of rebates will be adjusted once timeline is more concrete, wanted to push it to be an stopgap to vol while the implementation is being made giving gmx time but was advised against.

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Reserved for Additional Comments.

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A good and simple task of buying back gmx for usage as marketing to get more traders. I’m quite supportive but we need to note to buy without being used as an Exit Liquidity for whales.

don’t even need the treasury committee if the dao is agreeable. Probably more efficient

the difficulties is would the traders be keen in gmx as rewards

And is the bottom near, do we want to risk the treasury buying and being EL for whales?

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Hi Seraph, as the buyback per month is 200k, the DAO is currently buying back 170k weekly in GMX if we estimate is a increase in roughly 50k towards the sum weekly, which represents 29.41% of the current weekly buyback.

Frontrunning this amount is marginal, alongside it is a twap of over 3 months thus this proposal wont be timing the bottom, but just twap across 3 months and dependent on gmx price in March it might increase/decrease thus it be given proportionately to trader fee spent between dec to march 2026.

I think as a form of fee rebate even if price of GMX continues downtrending, it is still a good form of rebate as we twap it till march so should not suffer huge loss even if GMX goes down more in Jan.

Retaining Traders & increasing OI is a main concern of mine, im all for even using pure USDC if more users rather this. But the rationale for GMX TWAP is to enable potential growth in rebates by march.

In addition to giving GMX, this essentially could turn traders into holders and an Additional fee disc proposal could be made between now till March 2026, such that holding GMX could give a fee discount to traders based on holdings as mention by several on the forum.

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I do think we should properly market a $200k monthly grant to traders properly to also attract new ones if we do this. Without a proper marketing plan I believe we miss out on an opportunity if we still execute this.

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Yea for sure do think team will post tweets with regards to rebates on fees. (Cant speak for team but makes sense to)

I mean people would probably tweet about it too even its a positive news.

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I actually mean a little bit more than the team posting a few tweets. Unfortunately team tweets don’t get that much exposure. We need some real attention and big audience, not hoping someone will pick it up. People with big exposures need to tweet and market. We shouldn’t shoot and pray, but have a more dedicated approach. If not, I would against the whole idea of the incentive program.

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Understand on ur point here that we need better marketing on things, but given im not from the DAO team i cant comment on these maybe if contri could feedback with this regards.

Proposal is meant for improving OI and increasing trader volume. Cant force team in terms of how we want to market it, do believe a timeline to start from Jan till March for buyback gives team sufficient timing to plan etc.

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Hey @0xjunwei, Appreciate the proposal. The team will review it and share their feedback soon, ahead of the Snapshot vote. Also request you that if you can extend the Snapshot vote by a week to allow sufficient time for feedback from both the community and the team.

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Noted on the response, will extend it

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Indeed you will. Its very cimplicated to agree nor disagree upon in the short run.

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Hi Junwei
We have been discussing the proposal behind the scene and thank you so much for the messages between us and other contributors.

I am in favour of your proposal, though the timing is a bit off, I would plead to push forward on what we have been doing before engaging yours. (Probably after a few mths)

As you can see from the other proposals, one of the biggest revamp is headed by Rob handling referral… we are building something for traders and community.
We would love to advance on that work of area soon, and imho, it is much preferred not to have other major changes in the system, so we can see how effective that revamp is.

FWIW, ongoing there are also two other tasks that have shown results.
and we will put in efforts on these two too.

  • trading competiton done with exteral parties. Increase in volume, but not lingering, the traders did not continue trading after that.
  • external marketing to wallets
    overall results are good, the ROI has been relatively good, we are finetuning it and also seeking expansion to other external marketing campaigns to reach out more, since this result has been positive for GMX token stakers.
  • a new BD has been reaching out to new wallets and partners to build GMX together with them.

There are few more hands on deck now. The sense of urgency is here, and we are doing it fast but yet with a sense of caution to pull back and readjust when it is not going our way.
You can also see this in the revamped GMTrade (fka GMX Solana)

Rob’s referral revamp is having serious brain power on it now, stay tuned!!

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What are our current marketing efforts?
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Noted on the response, would be fine with pushing proposal back but do believe concrete timeline be better or a rough estimate so we could either utilize a fee rebate program to act as a immediate stopgap while team is working on said features.

Alternative be to vote to start the program only after said features have been implemented. would be keen on feedback and suggestions.

Open to alternatives too if anyone else have suggestions to improve on OI while team is working on said features. personally utilizing existing tooling wont take up dev time so keen on using this proposal as a immediate stop gap to competitive perps and dwindling OI in GMX. Open to feedback, adjusting numbers / months etc.

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gm gm.

sharing a simple update at this thread

thank you junwei for discussion on all these proposals at telegram, would love to implement your ideas soon.

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Based on team feedback, will adjust proposal to start 1 month after Robs proposal have taken place.

Allowing time to check the effectiveness of said changes.

However, I like to note the importance of speed in stopping the downward trend of Volume on GMX. We can hold multiple meetings and calls weekly but if the actions dont translate into volume, then there be no point. Been actively pushing for speed and by taking matter into own hands to push proposals, but there been too many hurdles that prevents me from pushing things to snapshot, we should not follow the same playbook as the last 2 years which resulted in loss of market share, move fast, and communicate more be the way imo.

For now will KIV this proposal.

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Thanks JunWei, The team is actively pushing on multiple incentive solutions, and we’ll keep you posted on how this develops. Your points on speed and responsiveness are well taken, and we appreciate the initiative you’ve shown in driving this proposal forward.

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A proposal that aims to optimize conditions for traders on GMX, and ties in fee rebates, is in an advanced stage.

It’s a core priority in January of the new year.

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Thanks Jonezee looking forward to this, and hope it can be implemented asap to prevent further falling Vol. traders are finite amount, we need to constantly attract new ones to stay relevant.

Hope team can really do something

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