GMX

Liquidation and auto-deleveraging 13/20

How positions are picked for auto-deleveraging

Published, without the formulaDocs give the MAX_PNL_FACTOR_FOR_ADL trigger and say profitable positions are partly or fully closed, but publish no ranking formula.gmx-docs.pages.dev (opens in a new tab) · 3 November 2026

Partial liquidation

NoCreateLiquidationOrder sets sizeDeltaUsd to position.sizeInUsd(), so it always closes the whole position.github.com (opens in a new tab) · 3 November 2026

Auto-deleveraging in the last 24 months

None foundNeither the docs nor a web search for 2025-2026 GMX V2 ADL events turned up any V2 ADL event since Nov 2024.gmx-docs.pages.dev (opens in a new tab) · 3 November 2026

Risky markets isolated or capped

YesThe docs say each GM pool is risk-isolated, and they enforce MAX_OPEN_INTEREST per market and side.gmx-docs.pages.dev (opens in a new tab) · 3 November 2026

Insurance fund and who absorbs losses 10/15

Backstop balance readable on-chain

YesThe GM/GLV pools are the counterparty and their balances are on-chain (poolAmount in DataStore); there is no separate insurance fund.gmx-docs.pages.dev (opens in a new tab) · 3 November 2026

Backstop against total open interest

330.0%Arbitrum only: pool value about $156.7M (poolAmount x ticker prices over 131 markets) against total OI of about $47.1M.arbitrum-api.gmxinfra.io (opens in a new tab) · 3 November 2026

Order of loss absorption published

NoThe liquidations and providing-liquidity pages say the pool pays trader profit and caps PnL, but not who absorbs losses beyond collateral or in what order.gmx-docs.pages.dev (opens in a new tab) · 3 November 2026

Price oracle 7/15

Independent sources in the liquidation price

Onegmx-docs.pages.dev (opens in a new tab) · 3 November 2026

Price update interval

Not disclosedPrices are pulled per execution from Chainlink Data Streams by keepers, and the docs state no update interval.gmx-docs.pages.dev (opens in a new tab) · 3 November 2026

Who signs prices

Many partiesgmxio.substack.com (opens in a new tab) · 3 November 2026

Oracle failure with user losses, last 24 months

None foundChecked the docs and news searches: the only loss event since Nov 2024 was the July 2025 V1 GLP re-entrancy exploit, which was not an oracle failure and not on V2.gmx-docs.pages.dev (opens in a new tab) · 3 November 2026

Custody and withdrawal 6/15

Users hold their own funds

Yesgmx-docs.pages.dev (opens in a new tab) · 3 November 2026

Contract-level exit if the operator stops

NoClosing positions and withdrawing need keeper execution; neither the contracts nor the docs offer a forced-withdrawal path.github.com (opens in a new tab) · 3 November 2026

Withdrawals can be frozen without a delayed vote

YesConfig.setBool (onlyKeeper, no timelock) can set EXECUTE_WITHDRAWAL_FEATURE_DISABLED and other feature-disable keys at once.github.com (opens in a new tab) · 3 November 2026

Delay before upgrades apply

1 dayOn Arbitrum, getMinDelay() on ConfigTimelockController returns 86400 s, and new logic contracts get roles through signalGrantRole on this timelock.arbiscan.io (opens in a new tab) · 3 November 2026

Incidents in the last 24 months 10/15

• 9 July 2025Exploit, losses repaid−5

  About $42M was drained from the GMX V1 GLP pool on Arbitrum through re-entrancy; GMX said V2 was not affected, and holders were repaid about $44M in GLV by around 2025-08-13.

  theblock.co (opens in a new tab)

Liquidity No data

Our reading is not scored yet: our impact model does not yet include the shared-pool part of this venue's pricing, so the reading is not reliable.

Who provides the liquidity

Mostly one vault, pool or market makerGM/GLV pools take the other side of every trade, and the BTC and ETH pools hold about two-thirds of Arbitrum pool value.gmx-docs.pages.dev (opens in a new tab) · 3 November 2026

Transparency and operations 6/10

Public audits of core code, last 24 months

1616 Guardian reports dated 2024-11-18 to 2026-07-08 (crosschain V2.2 x7, gasless x2, JIT, OFT, fee automations, risk oracle, V2 review, buybacks, pro tiers); some cover peripheral modules.github.com (opens in a new tab) · 3 November 2026

Core code public

Yesgithub.com (opens in a new tab) · 3 November 2026

Public status page

NoThe docs list only API status endpoints, not a public status page, and status.gmx.io does not resolve.gmx-docs.pages.dev (opens in a new tab) · 3 November 2026

Operating company named in the terms

NoThe terms name only 'GMX.io' ("we," "us") and no company.github.com (opens in a new tab) · 3 November 2026