GMX V1 Perps
Last changed 2026-10-27 · Fact-check review — Fact-check review (verdict: revise): the reviewer checked the page's claims against its sources; the trust score did not change. Version history →
Why this score
| Every page starts at | 65 |
| Concerns that are not fraud | -9.6 |
| Incidents it suffered (e.g. hacks) | -3.2 |
| Problems around it, caused by others | -0.8 |
| Well known and widely used | +15 |
| Long-running | +8 |
| Sum | 74 |
- No longer operating, so capped at 50.
Score: 50/100 (kept between 0 and 100)
How scoring works →Page reliability: Fact-checked 2026-10-27 · 9 of 11 claims confirmed · 1 need better sources · 1 out of date
anchored·5HMG9R…yRNBSummary
GMX V1 was a decentralized perpetual exchange on Arbitrum and Avalanche that operated from September 2021 until July 2025, when a reentrancy exploit drained approximately $42 million from its GLP liquidity pool. The protocol has since disabled all V1 trading and GLP minting; it is no longer an active product, with users directed to GMX V2, which was unaffected by the exploit.
Connected Entities
5 entities · 60 linked investigations- Abracadabra Money→mentioned with→Arbitrum(65%)
- GMX V1 Perps→mentioned with→Binance(70%)
- GMX V1 Perps→mentioned with→Arbitrum(70%)
- GMX V1 Perps→mentioned with→Chainlink(70%)
- GMX V1 Perps→mentioned with→Abracadabra Money(80%)
- Arbitrum→mentioned with→Binance(65%)
Connected Through
4 shared actors · 608 investigationsDistinct actors this investigation shares with others — holders, traders, and named parties. Shared infrastructure (exchanges, pools) is excluded.
- □Binanceorganization
- □Arbitrumorganization
- □Chainlinkorganization
- □Abracadabra Moneyorganization
Timeline(12 events)
April 2021
ABDK Consulting completes audit of early Gambit/GMX contracts prior to launch.
6 September 2021
GMX V1 launches on Arbitrum, evolving from the Gambit Financial protocol on BNB Chain.
2022
GMX expands to Avalanche C-Chain, enabling GLP liquidity and perpetual trading on a second network.
18 September 2022
Attacker exploits GMX V1's zero-slippage oracle pricing on the AVAX/USD market, extracting approximately $565,000 from GLP liquidity providers by manipulating external AVAX prices.
October 2022
GMX caps AVAX open interest (long: $2M, short: $1M) in response to the price manipulation exploit.
2022
GMX awards a $1 million bug bounty to Collider research for discovering a critical vulnerability in the short position tracking system.
May 2023
GMX V1 TVL peaks at approximately $700 million, representing roughly 15% of total Arbitrum TVL.
2024
Abracadabra.money loses $13 million in an exploit targeting its lending cauldrons that used GMX V2 GM tokens as collateral. GMX's own contracts are not compromised.
9 July 2025
Reentrancy exploit drains approximately $42 million from GMX V1's GLP pool on Arbitrum via a vulnerability in PositionManager.executeDecreaseOrder(). GMX immediately halts V1 trading and GLP minting/redemption on Arbitrum and Avalanche.
9 July 2025
GMX offers a 10% white-hat bounty (~$4.2 million) with a 48-hour deadline for return of 90% of stolen funds.
11 July 2025
Attacker sends an on-chain message accepting the bounty terms and begins returning funds. GMX token price rises approximately 14% on the news.
July 2025
Attacker returns approximately $37 million to the GMX multisig, retaining a $5 million bounty. GMX V1 remains permanently disabled.
Decision Log
- slot 462187393 · hash 7pJCSfhZwJXy8JH7XrN6zutNY5XnToh2Qp2xh16eUPH4
- slot 462187388 · hash uPNebFPHacAsShw99MGjDfJqbeDnn8dwi3T4ojjsd1t
- slot 461966456 · hash Cjkmntew1KVnocdJS63iWFcVLWgLqQUSBsxkEXMvUFt9
- slot 420849019 · hash GibJBP9qmtEVutjipCabPAsxhLaHXRvqFzpFVtKovHfW
This investigation is cryptographically anchored to the Solana blockchain (4 decisions). 22 of 26 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 5/4/2026, 2:54:47 AM
last updated: 10/27/2026, 7:22:04 PM
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