GMX (GMX)

Teamed up with @GMX_IO to cover their upcoming deployment on MegaETH. They’re engineering this for serious speed, and the specs for low latency perps look incredibly promising. When the gates open, my immediate play is going to be those incentivized USDM-based GLV vaults. Good yield on stables is hard to ignore right now, definitely keeping a close eye on this one.

I’ve partnered up with @GMX_IO to share what they’re building next in on‑chain perp trading. Here’s what’s worth paying attention to: • They’re expanding to MegaETH, bringing their perp infrastructure into a high‑performance environment. • Ultra‑low latency perps, designed to bring on‑chain trading closer to CEX speed with faster execution and smoother UX. • Incentivised USDM‑based GLV vaults, giving liquidity providers structured exposure and fee generation through a capital‑efficient setup. Looking forward to seeing this go fully live.

5th‑generation PerpDEX – Metrics and projected FDV (2/8) ✅ PerpDEX lineage 1st generation – GMX, dXdY and other early PerpDEXes 2nd generation – Vertex, Aark, LogX, BlueFin, etc., which opened the era of large‑scale public‑deck farming (most of them bombed out) 3rd generation – Hyperliquid (niche) 4th generation – Lighter, edgeX 5th generation – GRVT, Backpack, Pacifica, Extended, Paradex, Variational When challenged, you’re right. ✅ Metric comparison (Performances) - Funding: GRVT/Backpack sit at roughly $30 B, which I think helps to prevent the lower‑bound downside. - 7‑day volume (7D Vol): Extended $14.5 B / GRVT $13.3 B fighting for the top‑two spots. The rest have all fallen below $1 B weekly volume. - 30‑day volume (30D Vol): Extended has exceeded $50 B for two weeks straight, and GRVT also logged $53 B. The others are around the $30 B level. - Open Interest (OI): Overall OI is declining, yet Variational remains #1 with $611 M. Paradex is $596 M and GRVT $405 M, occupying second and third. - Total Value Locked (TVL): Backpack stays #1 at $348 M because spot markets are already active. ✅ Expected FDV / Market Cap The FDV estimate is a simple average of Hyperliquid / Lighter, etc. Cumulative Volume has lost significance and is removed. [FDV] - Monthly Volume (M Vol): Volumes have slipped slightly week over week. Still, compared with the average of prior TGE projects, GRVT/Extended FDV is about $2.3 B – thank you very much ㅜ. - TVL: Backpack is expected to hit $4.8 B, ranking first. [Market Cap] - Simple OI comparison: Variational still leads with an estimated market cap of $763 M, down from $917 M last week. - OI (Perpetualpulse): Even though OI fell, Variational stays #1 at $358 M. GRVT is about $271 M, a slight dip. ✅ Market shift Again, the market is weak. PerpDEX has become mainstream and competition has intensified, making it hard to apply old valuations directly. It makes sense to set a range based on relative metrics and market conditions before responding. Nevertheless, estimating market cap from OI still carries some credibility. It was based on Lighter, but even though LIT’s OI dropped more than 30%, its market cap didn’t plunge, which is worth noting. Also, looking at recent performance, I’m actually curious to see what revenue edgeX will deliver.

Lots of stuff going on last week

Asymmetric opportunity Perps appetite is surging and the signal isn’t subtle: HIP‑3 markets just printed a fresh ATH in open interest and GMX is expanding to @megaeth with real‑time matching, 100x leverage and USDm vaults for LPs. CEX feel without the training wheels 👀 Institutional adoption for real‑time execution is EXPLODING. Prediction markets crossing into mainstream sport deals, delta‑neutral bridging yields getting handed out, and builders stress testing live order flow instead pf posting brochures Stress test countdown matters: ~3.5B transactions left before the replay closes, Base→MegaETH bridge is already public for load, faucet seeding lets you click without thinking about fees. You don’t need another thread, you need reps Crypto bros understand what comes next. Spoiler alert: the “on‑chain but instant” era isn’t future tense, it’s a positioning problem. I’m rotating flow where latency is the moat and letting the markets do the talking 🚨

NOBODY IS TALKING ABOUT THIS, BUT PERP DEXES ARE EATING CRYPTO In 2026, traders are abandoning CEXs and moving to on-chain perpetuals. Daily volume is already in the tens of billions. I went down the rabbit hole and tested a few myself. Here’s what surprised me: WHAT IS A PERP DEX? It’s a decentralized exchange for perpetual futures: ∙ No expiry ∙ Long or short ∙ Up to 100x leverage ∙ You keep custody ∙ No middlemen ∙ No KYC Think: GMX, Hyperliquid, dYdX. WHY ARE THEY EXPLODING NOW? Because CEX scandals broke trust. Perp DEXes offer: ∙ Full transparency (on-chain) ∙ Self-custody ∙ Lower fees ∙ Global access Unpopular opinion: CEXs are dinosaurs. Perp DEXes are the meteor. THE HYBRID MODEL IS WINNING Onchain settlement. Offchain matching for speed. And it’s not just theory anymore. HYPERLIQUID’S HIP-3 UPGRADE CHANGED THE GAME ∙ Boosted liquidity ∙ Unlocked equities + commodities onchain ∙ Turned perps into a real multi-asset trading venue You get: ∙ Transparency ∙ And CEX-level performance MY PERSONAL TEST I tested Hyperliquid for a week. Opened a 20x ETH long. Caught a 15% move. Closed instantly. No withdrawal drama. No delays. THE BIG REALIZATION Liquidity pools > order books for perps. Why? ∙ Always fills ∙ Better in volatility ∙ No thin books ∙ No fake liquidity HOW TO GET STARTED ∙ Start small on GMX / dYdX / Hyperliquid ∙ Connect your wallet ∙ Provide liquidity for yield ∙ Or farm points (airdrop meta is hot) IMPORTANT WARNING Leverage will destroy most people. High reward. Higher risk. Most traders don’t lose slowly. They get nuked fast. THE BIG PICTURE Perp DEX volume is now in the hundreds of billions per month. They’re not competing with CEXs anymore. They’re replacing them. DeFi derivatives are the future. Period. WHICH PERP DEX WINS THIS CYCLE?

Silver finally faded and my DMs instantly turned into perps talk GMX landing on @megaeth means real‑time BTC ETH SOL with 100x and I’m here for day one fills LP side looks cleaner than people think single‑sided USDm vault with yield from perp volume passive MM and GLV buy sell fees solves the “do I rebalancw” headache I’d rather point capital at fees than chase screenshots PriorityTrade picking up PrismFi fpows was the quiet tell one venue to route intent while the chain hahdles speed iw how LPs stop getting chopped up on retries I’m about to full port my bot stack into Mac minis and let them chew latency instead of me if fills don’t slip and vaults print without me babysitting I size faster than I tweet Hyperliquid stays great but I want native real‑time rails under my click path any guesses on day one USDm vault APR or are we still coping over metals?

GMX: Redefining Decentralized Perpetuals #DeFi #DecentralizedFinance #CryptoTrading #Blockchain #GMX #Derivatives https://t.co/WiBQ5AwPac