Most perpetual DEX traders never stop to think about what is actually backing their leveraged position — and yet that backing is the difference between a platform that works and one that falls apart under pressure. GMTrade is one of the most interesting protocols to study on this front: it brings the battle-tested GMX V2 liquidity model to Solana, adds real-world asset markets that few other on-chain perpetual platforms cover at this scale, and does it all with a pool architecture designed to isolate risk while maximizing capital efficiency. Since launching in March 2025, GMTrade has grown into one of the leading perpetual DEXs on Solana by trading volume. This guide covers exactly how GMTrade liquidity providers work, what they earn, what risks they carry, and why Flipper’s integration of GMTrade as a routing venue matters for traders on Solana. Let’s get into it.
GMTrade is a decentralized leveraged trading platform built on the Solana blockchain, drawing inspiration from the technical architecture introduced by GMX V2. It launched on Solana mainnet on March 12, 2025 as GMXSOL — following approval through a GMX DAO vote — and was rebranded to GMTrade on November 26, 2025 to establish an independent identity. The independent team that built and operates GMTrade continues to iterate on the protocol separately from GMX on Arbitrum.
GMTrade’s defining characteristic is market breadth. While most perpetual DEXs on Solana focus primarily on crypto assets, GMTrade lists over 86 trading pairs spanning crypto, forex (GBP/USD, EUR/USD, AUD/USD, NZD/USD), commodities, equities, and indices. This positions the platform as one of the most comprehensive on-chain destinations for traders who want leveraged exposure to real-world assets without leaving a self-custodial Solana wallet.
The protocol uses oracle-based pricing rather than an order book, meaning all trades execute at the current oracle price. Trades may experience a positive or negative price impact depending on whether they improve or worsen the balance between long and short positions in the pool — this is documented behavior and differs from classic order-book slippage. Leverage goes up to 500x on select assets. No account creation, KYC, or deposits are required beyond a connected Solana wallet.
GMTrade fills a specific gap in the Solana perpetuals landscape: it offers broad real-world asset coverage through on-chain liquidity pools at meaningful scale. Where Adrena specializes in crypto oracle-pool trading and Phoenix focuses on professional order-book execution, GMTrade’s strength is breadth — among the widest market coverage on Solana, backed by a proven liquidity architecture adapted from one of DeFi’s most established protocols.
Flipper integrates GMTrade as one of four liquidity venues in its smart routing network. When a Flipper user opens a DeForex position — a perpetual on a forex pair or commodity — GMTrade is the primary routing destination for that order. For crypto perpetuals, GMTrade contributes significant pool depth alongside Adrena, Phoenix, and Sour to Flipper’s combined execution network.
Key Components of GMTrade Ecosystem
In GMTrade’s architecture, liquidity is the capital sitting in GM pools and GLV vaults that backs every leveraged position on the platform. When a trader opens a $10,000 leveraged long on SOL, the GM pool for that market provides the collateral that guarantees the payout if the position is profitable. The pool is the counterparty to every trade — which is what makes understanding how it works so important for both traders and liquidity providers.
Unlike an order book where individual participants take the other side of each trade, GMTrade’s pooled liquidity means that every depositor in a GM pool is collectively exposed to the aggregate outcome of all trading activity in that market. This is both the strength and the main risk of the GM model.
Each GM pool backs a single market and consists of a long token and a short token. A SOL/USD [WSOL-USDC] pool uses WSOL to back long positions and USDC to back short positions. When a trader opens a long, their potential profit is reserved from the WSOL balance. When they open a short, USDC is reserved.
GM token price is calculated based on the current value of the pool’s long and short tokens minus the net pending PnL of all open positions. If traders collectively hold profitable positions, the GM token price decreases by that amount — because the pool owes those profits. When traders close losing positions, that value flows into the pool and GM token price increases. Additionally, fees from trading and swaps automatically compound into the GM token price, raising it with every fee event.
GLV (GMX Liquidity Vault) is a higher-level structure that sits above individual GM pools. A GLV vault holds a basket of GM tokens from multiple markets that share the same backing tokens — for example, a GLV [WSOL-USDC] vault might include liquidity allocated across SOL, BTC, ETH, and other WSOL-USDC backed markets simultaneously.
The key feature of GLV is automatic rebalancing. The vault dynamically allocates its liquidity to individual GM pools based on utilization and the recommendations of Chaos Labs. When one market has high open interest and tight available liquidity, the GLV vault shifts capital to that market. When another market is underutilized, capital flows away. For LPs who want diversified exposure without manually managing multiple GM pool positions, GLV is the more accessible entry point.
Every trade on GMTrade draws on pool liquidity. When a trader opens a position, a portion of the pool is reserved to cover their maximum potential profit — this reserved capital cannot be used by other traders until the position closes. The borrowing fee that traders pay while holding a position is a direct incentive to keep pool utilization from becoming completely reserved: the higher the utilization, the higher the borrowing fee, which creates economic pressure for positions to close and free up capital.
From a trader’s perspective, GMTrade’s liquidity works through oracle pricing with pool-driven price impact. Trades that improve the balance between longs and shorts in the pool receive a positive price impact — a slightly more favorable entry or exit price. Trades that increase imbalance incur a negative price impact. This mechanism creates a natural incentive for traders to take positions that help keep the pool balanced, which in turn protects LP capital from excessive directional exposure.
Because pricing is sourced from external oracles rather than an internal order book, positions on GMTrade are less exposed to short-term price wicks caused by order book manipulation or stop hunting — a structural advantage over venues where a single large order can trigger cascading liquidations.
A GMTrade liquidity provider is any user who deposits supported assets into a GM pool or GLV vault and receives GM or GLV tokens in return. These tokens represent a proportional ownership stake in the pool’s value. As the pool collects protocol fees from trading activity, 75% of those fees compound automatically into the GM/GLV token price — no manual claiming required. The LP earns yield passively as long as their tokens are held.
To provide liquidity, navigate to the Pools page at gmtrade.xyz/pools. Select either a GLV vault (diversified, auto-rebalancing) or a specific GM pool (single market exposure). Choose the asset you want to deposit — typically the long token, short token, or both for a paired deposit. Review the price impact of your deposit: depositing an asset the pool needs may generate a positive price impact; depositing the overrepresented asset may incur a negative price impact. Confirm the transaction from your connected Solana wallet.
For balanced deposits — depositing equal USD values of both the long and short token — price impact is minimized. This is the recommended approach for large deposits to avoid unnecessary entry costs.
Deposits mint new GM or GLV tokens at the current pool price, reflecting the net value of underlying assets minus trader PnL. Withdrawals burn your GM or GLV tokens and return the underlying assets at the current pool price minus a small exit fee. One important constraint: withdrawals can be limited if the pool’s reserve capacity is reached — meaning too many open positions have reserved most of the pool’s assets. In this case, LPs must wait for positions to close or for new liquidity to enter before exiting.
GM tokens can also be shifted between pools that share the same backing tokens using GMTrade’s Shift function — this allows LPs to rebalance their exposure between markets without incurring buy/sell fees (only price impact applies).
Within a GM pool, capital allocation is managed by the reserve mechanism and the pool’s balance between long and short backing tokens. The pool aims to maintain equal USD value of long and short tokens. When prices move — if SOL rises significantly against USDC — the pool becomes imbalanced and price impact incentivizes deposits of the underrepresented token. This natural rebalancing keeps the pool’s risk profile stable over time.
For GLV vaults, Chaos Labs provides recommendations on how much liquidity each underlying market should receive based on utilization, fee generation, and open interest. The vault executes these reallocations automatically, ensuring that markets with high trading activity receive the capital they need while underutilized markets do not hoard idle capital.
Without LP capital in GM pools, GMTrade cannot support any trading. The pool is the direct counterparty to every position — when a trader profits, the GM pool pays it out; when a trader loses, the GM pool receives it. LPs are compensated for this counterparty exposure through the protocol fee income that compounds into GM token value. This relationship is the core economic structure of GMTrade: LPs provide the capital, traders generate the volume, and fees are the mechanism that transfers value from trading activity to LP returns.
For Flipper’s routing, the depth of GMTrade’s pools directly determines how much order flow can be routed there. When Flipper’s smart routing engine evaluates GMTrade for a DeForex or crypto perpetual order, it is evaluating the available liquidity and price impact in the relevant GM pool at that moment. Deeper pools receive more routing allocation, which generates more fee income for LPs — creating a direct link between LP activity and Flipper order flow.
The key choice for an LP on GMTrade is between GM pools and GLV vaults. GM pools give direct, single-market exposure: you deposit into the SOL/USD pool and earn fees specifically from SOL perpetual trading activity, with your risk concentrated in that market’s trader PnL outcomes. GLV vaults give diversified exposure across multiple markets that share the same backing tokens — your capital automatically flows to whichever markets need it most, spreading both risk and reward across the basket.
For most passive LPs, GLV is the more suitable choice: less active management, automatic optimization, and diversification that reduces the impact of any single market having an unfavorable trader PnL period. For LPs with strong views on specific markets or who want to earn fees from particular high-volume markets, direct GM pool deposits offer more targeted exposure.
Traditional market making requires professional entities to continuously quote bid and ask prices, managing inventory risk actively. GMTrade’s pooled model eliminates this entirely. Instead of individual market makers, the pool provides the liquidity for all trades against oracle prices. This makes the market accessible to anyone — you do not need professional trading infrastructure or active management to be a liquidity provider. You deposit assets, receive tokens, and earn fees passively.
The relationship between trader PnL and LP returns is the most important thing to understand about the GM model. When traders collectively profit — their open positions are in the money — the GM token price decreases by the amount owed to them, because the pool is the counterparty and owes those profits. When traders collectively lose — their positions are out of the money — that value effectively accrues to the pool, increasing GM token price.
This does not mean LPs want traders to lose. It means LPs are exposed to the net outcome of all trading activity in a pool. Over time, the protocol fee income from position opens, closes, borrowing, and swaps is intended to more than compensate for periods when trader PnL is positive. The long-run economics depend on trading volume being high enough that fees outweigh the counterparty exposure.
Higher leverage means larger positions relative to collateral, which means larger reservations from pool assets to cover maximum potential payouts. A trader opening a high-leverage position reserves a large portion of the relevant pool relative to their margin. This is why borrowing fees increase with pool utilization — the system needs to incentivize either new liquidity deposits or position closures to prevent the pool from becoming fully reserved and unable to accept new trades.
Funding fees on GMTrade are payments between the long and short sides of each market — not from traders to LPs directly. When longs dominate over shorts, longs pay shorts a gradually increasing funding rate until the imbalance resolves. This mechanism keeps the perpetual market price aligned with the oracle price over time. LPs benefit indirectly from balanced markets: a well-balanced book means lower risk of large directional moves that could hurt the pool’s value through adverse trader PnL.
Borrowing fees, by contrast, flow directly into the pool. The borrowing fee is charged to whichever side (longs or shorts) is the majority at any given moment, based on pool utilization. These borrowing fees are part of the protocol fees that compound into GM token value — 75% of which flows to LPs — and represent one of the three main income streams for LPs alongside position open/close fees and swap fees.
GMTrade distributes 75% of all protocol fees directly to liquidity providers, automatically compounded within GM and GLV pools. The remaining 25% is split between the Treasury (15%, owned by GT holders under a 5-of-7 multi-sig) and technical development (10%). LP rewards require no manual claiming and no vesting — every time a protocol fee is collected, 75% of it flows directly into GM and GLV token value.
Protocol fees that flow to LPs come from three sources. First, position open and close fees: 0.004% of position size when a trade improves the pool’s long/short balance, or 0.006% when it worsens it. The same rates apply to increasing or decreasing an existing position. Second, swap fees: 0.05% for swaps that improve pool balance, 0.07% for swaps that worsen it. Third, borrowing fees: a continuous rate charged to the majority side based on pool utilization, flowing into pool value as part of protocol fees.
Funding fees are payments between traders — longs pay shorts or vice versa — rather than from traders to the LP pool directly. The three fee streams that LPs actually earn from are: position open/close fees, swap fees, and borrowing fees. All three are part of the protocol fee pool, of which LPs receive 75% automatically compounded into their token value. Understanding this distinction matters: LP yield is driven by trading volume and pool utilization, not by funding rate movements between traders.
The GM token price formula is: value of long tokens in pool + value of short tokens in pool − net pending PnL of open positions. When the pool has high trading volume and fees accumulate faster than trader profits, the GM token price trends upward over time. During periods when traders hold large winning positions, the GM token price is suppressed until those positions close. This PnL-sharing mechanism is the defining risk of the GM model and the reason LPs must understand it before depositing.
Beyond the 75% protocol fee distribution, LPs who stake their GM or GLV tokens on the Stake page at gmtrade.xyz/stake earn GT rewards. GT is GMTrade’s trade-to-mint token, with an initial minting cost of $0.01 that rises exponentially as supply grows — modeled after Bitcoin’s halving mechanism but with smaller, more frequent increments. GT is planned for a Token Generation Event. GT rewards for staking are calculated based on staking duration and time-weighted average APR, and both staking and unstaking are available at any time (GT claiming is always available regardless of market hours).
The primary risk for GMTrade LPs is directional market exposure. Because each GM pool holds both a long token (such as WSOL) and a short token (such as USDC), the pool’s total value changes as the long token’s price moves. If SOL drops 20% while the WSOL-USDC pool holds significant SOL, the pool’s value decreases regardless of fee income. LPs are not just earning yield — they are also taking on the price risk of the assets in the pool.
This is the counterparty risk specific to the GM model. When traders collectively hold profitable open positions, the GM token price is reduced by the aggregate unrealized profit owed to them. During a strong market trend where most traders are on the right side of a large move, LP value can decrease significantly. The protocol fee income from position opens, closes, borrowing, and swaps is designed to compensate for this over time — but in short-term volatile periods, trader profits can temporarily exceed fee income.
GMTrade is built on and adapted from GMX V2 code, which has an extensive audit history on EVM chains. The Solana deployment has been developed by the GMTrade team and the codebase is open-source on GitHub. All on-chain protocols carry inherent smart contract risk regardless of audit history. Deposited assets are subject to the full spectrum of smart contract vulnerability risk. Additionally, bridged tokens used in some markets carry bridge security risk — specifically noted in GMTrade’s own documentation.
If most of a pool’s capital is reserved by open positions, withdrawals become constrained. The available withdrawal capacity is capped at the tokens in the pool multiplied by the pool’s reserve factor minus the tokens reserved — this is clearly stated in GMTrade’s documentation. LPs who need to access their capital during periods of high platform activity may find their ability to exit limited until positions close or new liquidity enters. The borrowing fee mechanism creates incentives for positions to close, but exit timing can still be delayed.
The GM model does not have classic impermanent loss in the AMM sense — there is no constant product formula creating divergence loss. However, there is an analogous risk: if the long token in a pool appreciates significantly, the pool may become unbalanced, and LPs who exit during this imbalance receive assets in different proportions than they deposited. Price impact mechanisms incentivize rebalancing, but imbalanced exits can still result in receiving more of the depreciated asset than expected. The pool aims to maintain equal USD value of long and short tokens as a design target, not a guarantee.
Centralized market makers quote continuous bid-ask spreads, hedge inventory actively, and profit from the spread while managing directional exposure through sophisticated algorithms. They require proprietary infrastructure, direct exchange relationships, and professional capital. Access is effectively institutional.
GMTrade liquidity providers need only a Solana wallet and supported assets. No credentials, no minimum deposit, no active management required. The trade-off is that GMTrade LPs take on counterparty exposure to trader PnL — something professional market makers actively hedge away. The GM model is passive by design; the pool absorbs all trades automatically and LPs earn protocol fees in exchange for that counterparty role.
Centralized exchange liquidity is siloed, opaque, and controlled. Fee structures, rebates, and execution quality are negotiated privately. GMTrade’s liquidity is open, transparent, and composable. Every fee, PnL event, and pool balance is recorded on-chain and publicly verifiable. Any user can verify exactly how much the pool earned in protocol fees over any time period, what the current net trader PnL is, and how utilization has changed — information that is simply unavailable on any centralized platform.
The GM token pricing formula — long token value + short token value − net pending PnL — means the pool’s health is continuously visible to anyone who reads the on-chain data. GMTrade’s interface and the underlying Solana blockchain both expose this information. Aggregators like Flipper use this data to evaluate pool depth and pricing quality when routing orders, creating a direct feedback loop between transparent on-chain data and the quality of order flow the pool receives.
The GLV vault model represents a meaningful capital efficiency improvement over single-pool LP models. By automatically reallocating capital to markets with high utilization, GLV ensures that idle capital in low-activity markets is redeployed to high-activity ones — maximizing protocol fee income per dollar of deposited capital. This automatic optimization is something traditional market makers do manually with significant overhead. GMTrade’s GLV does it algorithmically, based on Chaos Labs recommendations, with no action required from LPs.
The GM model offers genuine advantages for retail participants: passive protocol fee income from platform-wide trading activity, automatic compounding with no claiming overhead, diversification through GLV across multiple markets, and the ability to provide liquidity to markets — including forex perpetuals and commodity indices — that are rarely accessible through other DeFi LP models. For a retail user who wants yield exposure to the on-chain derivatives market, GMTrade’s LP model is one of the more accessible options currently available on Solana.
GMTrade is a direct adaptation of GMX V2 to Solana, so the architecture is closely related. The core differences are: GMTrade operates on Solana (faster finality, lower fees, different ecosystem), while GMX operates on Arbitrum and Avalanche with a longer track record and significantly larger TVL. GMTrade’s fee distribution gives 75% to LPs. GMTrade adds broad RWA market focus — 86+ markets — which GMX does not match in breadth. GMX has a more established governance token with long-running staking rewards; GMTrade’s GT is still pre-TGE. For Solana-native traders wanting the GMX V2 LP experience with broader market access, GMTrade provides a familiar architecture in a different ecosystem.
dYdX uses a fully on-chain order book (built on its own Cosmos app-chain in v4), targeting professional and algorithmic traders with a maker-taker fee model. GMTrade uses pooled oracle-based liquidity, making it more accessible to passive LPs but less suitable for order-book strategies. dYdX’s LP model is fundamentally different — liquidity comes from market makers placing orders, not from pool depositors. For passive yield generation from DeFi trading activity, GMTrade’s pool model is more directly aligned.
Hyperliquid runs on its own L1 with a central limit order book and consistently leads on-chain perpetuals by volume. Its HLP vault offers LP-like participation but functions as an automated market-making system, not a simple deposit pool. Hyperliquid does not offer the GM/GLV deposit model, and its market coverage focuses primarily on crypto assets. For traders wanting Solana-native liquidity or access to a broader range of RWA markets on-chain, GMTrade serves a different use case.
Adrena on Flipper uses a single multi-asset pool with oracle pricing and ALP tokens — passive, auto-compounding, 100% fee distribution. GMTrade uses market-specific GM pools and diversified GLV vaults — 75% protocol fee distribution, counterparty exposure to trader PnL, GT staking rewards. Phoenix uses active order-book market making through FIFO and spline systems — LP income from spread capture, no passive pool token. Sour uses batch clearing with a flat 3 bps fee — no LP pool model. All four are in Flipper’s routing network, each serving different execution scenarios.
For passive yield with no active management, Adrena or GMTrade GLV vaults are among the most accessible options. For broad market coverage and RWA exposure on Solana, GMTrade stands out with 86+ markets that few other on-chain protocols match. For professional order-book market making with transparent fee economics, Phoenix. For MEV-immune execution at minimal cost, Sour. For traders who want the best execution across all four without managing any LP position themselves, Flipper’s smart routing handles it automatically.
To provide liquidity on GMTrade, you need a Solana-compatible wallet (Phantom, Backpack, Solflare, or any other Solana wallet), and a balance of supported assets — typically WSOL (wrapped SOL), USDC, or other tokens accepted by specific pools. There is no minimum deposit requirement, no KYC, and no account registration. Navigate to gmtrade.xyz and connect your wallet to access the full platform.
Click Connect Wallet on the GMTrade interface at gmtrade.xyz and select your Solana wallet provider. The connection takes under a minute with no transaction required. Once connected, navigate to the Pools page at gmtrade.xyz/pools to see available GM pools and GLV vaults. Each listing shows the pool’s current composition, recent fee APR, and current utilization.
Select a pool or vault that matches your desired exposure. For GLV vaults, choose the underlying asset pair (e.g., WSOL-USDC). For individual GM pools, select the specific market (e.g., SOL/USD [WSOL-USDC]). Enter the deposit amount — use the Pair option to deposit equal USD values of both the long and short token to minimize price impact. Review the transaction details including price impact and expected GM/GLV tokens. Confirm in your wallet. Tokens appear in your wallet immediately after Solana confirmation.
Monitor your GM or GLV token balance through the GMTrade interface or any Solana portfolio tracker. The token price reflects accumulated protocol fees and net trader PnL automatically — a rising price means fees are outpacing trader profits, a falling price means the opposite. For GT staking rewards, navigate to gmtrade.xyz/stake to see your staked position and accrued GT. Rewards calculate based on staking duration and time-weighted average APR.
To withdraw, go to the Pools page, select your position, and click Sell or Withdraw. Enter the GM or GLV token amount to redeem, choose the output asset, and confirm. Note that withdrawal capacity is capped at pool tokens multiplied by the reserve factor minus reserved tokens — if utilization is high, you may need to wait for positions to close. For large exits, consider withdrawing in tranches over time. Price impact on exits can be minimized by withdrawing balanced amounts of both the long and short token.
GMTrade’s LP model is designed for passive income. Once deposited, 75% of protocol fees from every position open, close, swap, and borrowing event on the platform compounds automatically into GM and GLV token prices with no manual action required. For WSOL and USDC holders who would otherwise hold these assets idle, GMTrade’s pools convert them into yield-generating positions tied to one of the more active perpetual trading platforms on Solana.
The 75% LP protocol fee distribution means that as GMTrade’s trading volume grows, LP returns grow proportionally. Each new market added, each new trader onboarded through Flipper’s routing network, and each increase in platform activity directly increases the protocol fee pool that LPs receive 75% of. Early LPs who deposit during the platform’s growth phase benefit from fee income growing alongside the platform’s user base and market coverage.
Every dollar deposited into a GMTrade pool directly enables larger trades, more market coverage, and better execution quality across Flipper’s routing network. When Flipper routes a DeForex or crypto perpetual order to GMTrade, the execution quality and size of that order depends on the depth of the relevant GM pool. LP participation is not just yield seeking — it is directly enabling the decentralized financial infrastructure that makes on-chain perpetuals viable for a broad range of markets.
The GT staking rewards on top of base protocol fee income create a compounding incentive for long-term LP participation. GT’s Bitcoin-inspired exponential minting cost means early participants who stake now receive GT at lower minting costs than future participants, creating a first-mover advantage in the points economy ahead of the planned TGE. Combined with automatic fee compounding in GM token prices, the total yield stack for long-term GMTrade LPs includes protocol fee income, GT rewards, and potential GT TGE value.
GMTrade’s treasury is governed by GT holders through a 5-of-7 multi-sig structure shared between GMX Core Contributors and GMTrade Core Contributors. As the platform grows and GT approaches its TGE, LP participants who have staked GT become governance participants in the direction of the protocol — fee structures, market additions, GLV allocation parameters, and treasury deployment. Early LPs accumulate GT at lower costs, giving them meaningful governance participation as the platform scales.
The GM/GLV architecture is one of the most thoughtfully designed LP models in DeFi, but it continues to evolve. Future iterations will likely improve capital efficiency through smarter GLV allocation algorithms, reduce counterparty risk for LPs through better pool balancing mechanisms, and expand the range of accepted collateral assets. GMTrade’s adaptation of these improvements from the broader GMX ecosystem, combined with Solana-specific optimizations, positions it well for continued development.
GMTrade’s market breadth — forex, commodities, indices, equities alongside crypto — positions it to attract participants who need RWA exposure on-chain. As regulatory frameworks mature and more capital evaluates DeFi yield strategies, GMTrade’s combination of proven GMX V2 architecture, Solana performance, and RWA market coverage makes it a compelling LP destination within the Solana ecosystem. Flipper’s integration provides an additional access layer for traders routing order flow through the aggregation network.
The GMX V2 architecture that GMTrade is built on is itself expanding to additional EVM chains. As Flipper builds Solana-EVM connectivity, cross-chain capital flows into GMTrade’s Solana-based pools become increasingly viable. Deeper liquidity across more chains means larger trades can be routed to GMTrade through Flipper’s network, increasing protocol fee income for LPs and expanding the market’s relevance beyond the current Solana-native user base.
The Chaos Labs integration for GLV allocation recommendations is already a form of algorithmic optimization applied to GMTrade’s liquidity management. The next step is more dynamic allocation that responds to real-time market signals — predicted volatility, expected trading volumes, and cross-market correlation — rather than reactive utilization metrics. Flipper’s roadmap includes AI routing that integrates GMTrade pool state into execution decisions, creating tighter coordination between LP capital deployment and order flow routing.
The GM model represents one of the two dominant architectures for on-chain perpetuals — pooled liquidity versus order-book. Its advantages in accessibility, passive income, and market breadth make it likely to remain a central architecture for retail LP participation. GMTrade’s Solana deployment adds RWA perpetuals, Solana’s speed and low fees, and integration into Flipper’s routing ecosystem to the proven GMX V2 foundation. As the on-chain perpetuals market continues its growth — Solana perpetual DEXs recorded $451 billion in volume in 2025 — GMTrade’s liquidity providers sit at the foundation of one of the most active segments of that market.
GMTrade brings the proven GMX V2 liquidity model to Solana with a focus that sets it apart: 86+ markets covering real-world assets alongside crypto, and one of the most active trading volumes of any perpetual DEX on the network. Its LP structure — 75% protocol fee distribution, automatic compounding, GLV diversification, and GT staking rewards — offers multiple yield layers for capital holders who want exposure to the on-chain derivatives market without active trading or market making.
For Flipper users, GMTrade is the primary routing destination for DeForex and RWA perpetual trades, and a significant contributor to Flipper’s combined liquidity depth for crypto perpetuals. Every GMTrade LP who adds capital to the pools directly improves the execution quality available to Flipper’s traders. Deep pools enable better routing. Better routing generates more trading volume. More volume generates more protocol fee income for LPs. The cycle is straightforward, and the infrastructure to participate is live today. Start trading at flpp.io.
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