GMX (GMX)
Unlock Schedule
GMX (GMX) Token Unlock & Vesting Schedule
As of October 24, 2026, 8.14 million of the 13.25 million GMX (61.42%) have been released. The schedule is ongoing, with no final release date.
The chart shows gross modeled releases of every allocation: vesting unlocks, new issuance and reserve distributions, each allocation counted once. These have different meanings; a scheduled release is not evidence that tokens entered circulation or were sold. Review the coverage, sources and assumptions below.
Each color segment in the chart corresponds to a specific allocation group described in the Allocations section below. Underlying assumptions and data models used to reconstruct this schedule are explained in detail under Assumptions, while broader utility insights and token use cases are covered in Tokenomics & Utility.
Tokenomics & Utility
Supply, voting, and fee buybacks
GMX has a forecast maximum supply of 13.25 million tokens. Minting beyond that figure requires a governance vote. The published allocation covers 6 million tokens for the XVIX and Gambit migration; 2 million paired with ETH for liquidity; 2 million reserved for vesting escrowed GMX; 2 million for the treasury; 1 million for integrations and community developers; and 250,000 distributed to contributors over two years. Those categories show how the project planned for migration, trading access, incentives, and development. (docs.gmx.io)
Voting power comes through staking. When GMX or eligible escrowed GMX, known as esGMX, is staked, the governance system issues a non-transferable voting token called GMX_DAO. Stakers can vote directly or delegate their voting power to someone else. Unstaked tokens do not carry that voting power in the DAO system. (docs.gmx.io)
The protocol uses a portion of its fees to buy GMX on the open market. Its documentation assigns 27% of protocol fees to these buybacks. Distribution of the bought-back tokens to stakers is currently suspended; the tokens accumulate in the treasury under the stated reward arrangement. Escrowed GMX has also been used for incentives. Eligible esGMX can be staked or vested into GMX over one year. These rules make staking, governance, and vesting separate parts of the token’s economic model. (docs.gmx.io)
Assumptions
GMX's 13.25-million-token figure is a forecast maximum, not today's supply. Contributors reported 5,745,462 GMX used for the XVIX and Gambit migration by November 24, 2023, and confirmed the migration had closed by December 12, but a final count was not found. Contributor distributions have published periods, while vesting, treasury uses and other budgets lack complete dated mint and payment records. The chart can show estimated timing between reported supply observations, but those changes cannot reliably be assigned to individual budgets or combined with existing-token distributions; cumulative permanent burns also remain unverified.
- XVIX and Gambit migration: The sources give the amount but no release dates.
- XVIX and Gambit migration: Releases depend on future governance or treasury decisions.
- GMX paired with ETH for Uniswap liquidity: The sources give the amount but no release dates.
- GMX reserved for conversion of escrowed GMX: Releases depend on recipients claiming tokens or on grants being awarded.
- Treasury allocation: Releases depend on future governance or treasury decisions.
- Integration incentives and community developers: Releases depend on future governance or treasury decisions.
- Historical development, marketing and security uses: The sources give the amount but no release dates.
- GMX Labs 2026–2027 contributor-token authorization: The original schedule was changed and the new timing is not yet published.
- Proposed performance-triggered team pool: Releases depend on future governance or treasury decisions.
- Observed change in reported total supply, not attributable to a documented mint budget: The sources give the amount but no release dates.
- Observed change in reported total supply, not attributable to a documented mint budget: Emission continues with no published future rate or end date.
- Fee-funded buyback rewards in existing GMX: Releases depend on future governance or treasury decisions.
- GMX sold through protocol bond programs: The sources give the amount but no release dates.
- GMX-Solana liquidity authorization from DAO treasury: Releases depend on future governance or treasury decisions.
- 1. https://docs.gmx.io/docs/tokenomics/gmx-token/
- 2. https://docs.gmx.io/docs/tokenomics/rewards/
- 3. https://gov.gmx.io/t/treasury-diversification-through-the-sale-of-esgmx-tokens/73
- 4. https://gov.gmx.io/t/treasury-diversification-through-the-sale-of-esgmx-tokens/73?page=2
- 5. https://gov.gmx.io/t/xvix-gambit-migration/2696
- 6. https://gist.github.com/xvi10/3f038e5d83fd89f9a77e42c4e5c9d5a1
- 7. https://gov.gmx.io/t/contributor-tokens-year-3-4/2376
- 8. https://gov.gmx.io/t/gmx-labs-funding-proposal-2026-2027/4979
- 9. https://gov.gmx.io/t/gmx-labs-funding-proposal-2026-2027/4979?page=2
- 10. https://gov.gmx.io/t/1-and-1-000-000-gmx/5100
- 11. https://gov.gmx.io/t/partnerships/743
- 12. https://gov.gmx.io/t/gmx-bbd-b-proposal-2026/5024
- 13. https://gov.gmx.io/t/bootstrapping-gmx-usdc-liquidity-for-gmx-solana/4923
- 14. https://arbiscan.io/token/0xfc5A1A6EB076a2C7aD06eD22C90d7E710E35ad0a
- 15. https://arbiscan.io/tokencheck-tool?t=0xfc5A1A6EB076a2C7aD06eD22C90d7E710E35ad0a
- 16. https://www.binance.com/en/research/projects/gmx
- 17. https://github.com/gmx-io/gmx-contracts/blob/master/contracts/staking/Vester.sol
- 18. https://www.coingecko.com/
Tokenomics Overview
Market Data
Tile coloring: Green indicates positive changes, red indicates negative changes, and neutral indicates no significant trend or unavailable data.
Perpetuals: 4 markets on Binance, OKX, Hyperliquid and Lighter · $4.5M open interest
 Binance (CEX) | 374K | 16K/18K |
 Bybit (CEX) | 236K | 5.9K/6.6K |
 HTX (CEX) | 77K | 1.2K/561 |
 OKX (CEX) | 75K | 4.1K/5.3K |
 MEXC (CEX) | 63K | 16K/20K |
 Gate.io (CEX) | 11K | 9.6K/8.7K |
 Bitget (CEX) | 7.8K | 29K/24K |
 KuCoin (CEX) | 4.4K | 282/233 |
 Kraken (CEX) | 3.9K | 5.3K/17K |
 Uniswap V3 (Arbitrum) | 1.2K | 54K/54K |
Kraken (CEX) | 1.2K | 5.6K/12K |
 Trader Joe (Avalanche) | 1K | 111/111 |
Uniswap V3 (Arbitrum) | 1.4 | 108/108 |
Allocations
Estimated from the last observation onward: about 7,264 per day (221,084 per month), the rate between the observations of September 2021 and November 2023.
Estimated from the last observation onward: about 344 per day (10,484 per month), the rate between the observations of 15 August 2026 and 8 October 2026.
Description
#305
GMX is a decentralized platform that enables users to swap, trade, and provide liquidity for various crypto assets with leverage. GMX DEX operates on Arbitrum and Avalanche networks, offering low fees and fast transactions. GMX DEX has a two-token system: GMX, which accrues fees and governs the platform, and GLP, which represents the pool share.
| Sector: | Perpetuals |
| Blockchain: | Arbitrum |
Tokenomics Overview
Market Data
Tile coloring: Green indicates positive changes, red indicates negative changes, and neutral indicates no significant trend or unavailable data.
Perpetuals: 4 markets on Binance, OKX, Hyperliquid and Lighter · $4.5M open interest
Binance (CEX) | 374K | 16K/18K |
Bybit (CEX) | 236K | 5.9K/6.6K |
HTX (CEX) | 77K | 1.2K/561 |
OKX (CEX) | 75K | 4.1K/5.3K |
MEXC (CEX) | 63K | 16K/20K |
Gate.io (CEX) | 11K | 9.6K/8.7K |
Bitget (CEX) | 7.8K | 29K/24K |
KuCoin (CEX) | 4.4K | 282/233 |
Kraken (CEX) | 3.9K | 5.3K/17K |
Uniswap V3 (Arbitrum) | 1.2K | 54K/54K |
Kraken (CEX) | 1.2K | 5.6K/12K |
Trader Joe (Avalanche) | 1K | 111/111 |
Uniswap V3 (Arbitrum) | 1.4 | 108/108 |