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What GMX actually is on-chain

GMX is an ERC-20 deployed on Arbitrum, at contract address 0xfc5a1a6eb076a2c7ad06ed22c90d7e710e35ad0a. That address, not the ticker GMX, is what uniquely identifies this asset: anyone can deploy a second token calling itself GMX, but the contract is unforgeable. Verify it against arbiscan.io before sending funds or approving a spend.

Because it lives on Arbitrum, GMX is held in any EVM-compatible wallet, transfers are paid for in ETH rather than in GMX itself, and secondary liquidity sits in Camelot and Uniswap pools. Two consequences follow for anyone setting alerts: you need ETH in the same wallet to move the token at all, and a quoted price taken from a pool is a pool price — it includes slippage that an order-book quote would not.

For GMX the project publishes a whitepaper, a public source repository and an active account as @GMX_IO. Both a written specification and readable code exist, which is a materially higher bar than most assets in this size range clear. None of it is a quality judgement about the asset; it is simply what can be independently checked before the chart is worth looking at.

Where GMX sits in the market

#382 places GMX in the lower mid-cap band. At this end of the mid-cap band listing status is not a fixed property. Exchanges review names like GMX on volume grounds, and a delisting notice repricing the asset faster than any chart pattern is a more realistic tail risk than anything in the indicator set.

CryptoPingAi is currently streaming 5 live GMX order books (Binance, OKX, Gate.io, HTX, Bithumb). That is coverage in line with a #382 ranking: enough books to cross-check a quote, few enough that one of them can dominate price formation for hours at a time. One of them is a Korean won market, so the Kimchi-premium spread between the KRW and USDT quote is visible on this page.

GMX against its all-time high

GMX trades 91.2% below its $91.07 record (on 2023-04-18), which puts a 11.4x recovery between spot and that level. A drawdown of this size is usually a structural break rather than a correction — the market that set the high and the market trading today are not the same market. Using that print as a price objective is not a conservative assumption, it is a very aggressive one. It was set 4 years ago. A reference that old says more about the cycle it belongs to than about the asset as it trades now.

GMX across its historical range

The recorded range runs 16.8x, from $5.41 to $91.07 — wide by the standards of traditional assets, moderate for this one's class.

GMX trades within 47.7% of the all-time low of $5.41 set on 2026-02-06. Below that mark the chart is blank — no prior trading means no support level to cite, no volume shelf and no cluster of cost basis to lean on. That low is recent, so this is an active downtrend rather than an old floor holding: each fresh low retires the previous one as a reference.

GMX supply structure

GMX is capped at 13.2 million GMX, of which only 10.4 million is circulating — 78.5% issued, leaving 2.9 million still to come. At that ratio the emission schedule is a primary driver of the supply story, not a footnote: new supply arrives continuously and has to be absorbed by new demand before price can hold a level.

What kind of asset GMX is

GMX is a decentralised exchange token. The economics are unusually legible for crypto: the protocol generates fees from trading volume, and the token's value proposition rests on whether it captures any of them. Volume on the underlying venue, the fee switch status and competitive pressure from other venues are the variables that actually matter — and DEX volume is itself highly cyclical, so revenue is not a stable base.

CoinGecko files GMX under 5 categories, including Decentralized Finance (DeFi), Derivatives, Perpetuals, Avalanche Ecosystem, Arbitrum Ecosystem. CoinGecko also records deployments on Avalanche (256 tracked tokens), Arbitrum (391 tracked tokens), so on-chain liquidity is split across several networks and the cheapest venue depends on which deployment you are trading.

How to set a GMX alert that is worth receiving

GMX is the ERC-20 at 0xfc5a…ad0a on Arbitrum — quoted on 5 venues we stream — high dated 2023-04-18 — rank #382. On this profile the condition that carries signal is thresholds anchored to the recent range rather than to the all-time high.

Full alert-design method: thresholds, RSI/MACD and volume conditions →