GMX

What GMX is (in plain English)

GMX is a perpetuals (perps) DEX. Perps are derivatives; they let traders take long/short exposure without holding the spot asset directly. Perps platforms are common in points farming because campaigns often reward measurable activity like:

• trading volume;
• open interest or time-in-position;
• and participation across specific markets or networks.

The main warning is straightforward: perps are one of the fastest ways to lose money in DeFi. Points incentives do not change that. If a campaign nudges users toward higher-risk trading behavior, treat that as a reason to slow down, not speed up.

What we track for GMX on DeFi Farmer

This protocol page focuses on:

• program timelines and verification timestamps;
• official source links for safer navigation;
• editorial notes when a program is unclear or frequently misrepresented.

We avoid step-by-step trading instructions. This page is about verification, link safety, and risk framing.

The risks that matter for perps protocols

Liquidation risk

Perps positions can be liquidated if your margin is not enough to absorb adverse price moves and fees. Liquidation can happen quickly, and network conditions can make it hard to react.

If you are only trading because of points, you’re trading a known downside for an uncertain upside.

Fee and funding risk

Perps often have multiple fee components (trading fees, borrowing/funding-like costs, and sometimes price impact). Over time, these can dominate outcomes, especially if you are churning volume for incentives.

Operational risk and approvals

Perps campaigns often involve multiple transactions and approvals. If you are juggling multiple sites, approval mistakes and phishing are common failure modes.

Use: Token approvals and Permit2 and Wallet hygiene for points farming.

A reality check: points don’t change perps math

Perps incentives can create a psychological trap: the points feel like a “rebate” that makes risk acceptable. In practice, the biggest drivers of outcomes are still price moves and the rules of the position. If you are taking perps exposure only because of points, you are choosing:

• higher downside volatility;
• more operational complexity;
• and more ways to make a costly mistake.

A safer way to use this page is to treat incentives as information, not income. If the incentives are pushing behavior that looks reckless, the correct response is to reduce complexity, not add more activity.

How perps points programs usually score activity

Perps incentives frequently over-weight volume, which creates a trap: users try to “farm” volume and ignore fees, risk, and slippage.

Before you assume a campaign is “easy points,” read: Perps points programs: volume scoring patterns (and where people get wrecked).

What to verify before you trade for incentives

Perps campaigns often include rules meant to prevent abuse. Before you assume “volume = points,” verify:

• whether certain markets are excluded;
• whether only maker/taker volume counts;
• whether there are minimum time-in-position rules;
• whether self-trading or rapid churn is disqualified;
• whether there is geo eligibility language.

If these details are not in official sources, treat the rules as unknown. Don’t size risk around rumors.

A safer workflow for GMX-related incentives

1. Verify official links using the Sources section on this page.
2. Treat points as uncertain. Don’t size positions around points.
3. Track your activity (timestamps, markets, tx hashes). Snapshots and season cutoffs are common. Use: Questing recordkeeping template.
4. Have an exit plan before you enter. Points can change; your ability to unwind matters more. See: Points farming exit plan.

FAQ (GMX + points)

Do perps points guarantee an airdrop?

No. Points do not guarantee a token distribution. Treat points narratives as uncertain and date-sensitive.

Is “wash trading for points” a good idea?

It usually backfires. Fees, funding, and slippage can add up fast, and many programs have rules to discourage abuse. Plan around risk, not points.

What’s a safer way to approach perps incentives?

Treat incentives as a secondary factor. If you already trade perps responsibly, a points program might be incremental upside. If you don’t trade perps, points are not a good reason to start.

What if I’m new to perps but a campaign looks tempting?

Don’t treat points as training wheels. Perps are high-risk even for experienced traders. If you’re new, focus on understanding the product and the risks first, and treat incentives as noise until you can explain liquidation risk, fees, and the exit path.

If a campaign makes you feel rushed, that’s a reason to pause and verify, not a reason to trade faster.

How do I verify a perps campaign is official?

Use: How to verify a points program is real. Look for official UI evidence and dated announcements.

Official references (primary sources)

• Website: gmx.io
• App: app.gmx.io
• Docs: docs.gmx.io
• X / Twitter: @GMX_IO

Next steps

• Browse perps-related programs: Perps category
• Learn the common scoring patterns: Perps points programs: volume scoring patterns
• Browse all programs: Points directory