GMX Solana (formerly GMTrade)

Summary

Ketju does not approve GMX Solana (formerly GMTrade) under its class rule for liquidity pools: holders of its GM and GLV pool tokens fund a market inventory that rebalances, and they absorb traders’ profit and loss. We made no finding on how well GMX Solana is run. The sections below set out how it works, who controls it, how holders could lose money and how they withdraw.

Review triggers
• GMX Solana ships a product line without impermanent-loss exposure that merits its own review

Ketju checks this memo every night and opens a review if its venues or files show a warning or a cited document changes. The first confirmation is due 2026-11-15.

Research

How it works

GMTrade’s documents describe GLV vaults and GM market pools whose long and short backing tokens support leveraged trading and swaps. A pool token’s value moves with the backing assets and with traders’ net unrealized profit and loss. A balanced two-token pool is designed to behave like a 50/50 portfolio that rebalances continuously. Holders therefore provide pooled market-making capital, which places GMX Solana under the class rule for liquidity pools. We have not checked any pool, oracle or return.

Who controls it

DefiLlama showed about $31.8M of tracked GMTrade TVL on Solana on Aug. 15, 2026, and the official documents and pool interface were still available. GMTrade says Chaos Labs recommends GLV market allocations, approved markets may be added, and liquidity shifts automatically based on use and on those recommendations. Ketju has not reviewed contract authority, oracle control, audits, incidents or the current makeup of each pool.

Withdrawals

A holder can sell GLV or GM tokens back to the pool only within the pool’s reserve factor and outside the tokens held back for open interest. GMTrade says holders may have to wait for traders to close positions or for new liquidity to arrive when that capacity runs out. Sales and pool shifts can also move the price. These are documented limits on withdrawals from a pool, together with exposure to traders’ results.

Class rule

The class rule for liquidity pools applies because GMTrade pool holders fund a market inventory that rebalances, and they absorb traders’ profit and loss. Ketju will review it again only if GMTrade ships a different product with no paired or automatically rebalanced inventory, no exposure to traders’ results and withdrawals that do not depend on pool reserves or open interest. That product would need its own review of governance, contracts, oracles, liquidity, audits and incidents. Growth in the existing pools would not change the verdict.

Sources

Each claim above comes from one of these sources. Where Ketju could not verify a number, the memo states that.

• GMTrade Docs: liquidity pools, pricing, exits and risks · primary · accessed 2026-08-15
  Supports: GLV pools, GM pools, automatic rebalancing, trader PnL, reserve-factor exit cap, price impact
• GMTrade Docs: protocol overview · primary · accessed 2026-08-15
  Supports: Solana, leveraged trading, GMX V2 design, live product identity
• DefiLlama: GMTrade survey record · secondary · accessed 2026-08-15
  Supports: current TVL, Solana, derivatives category

The asset and the chain

This memo covers the protocol. A position also holds an asset and settles on a chain. Whichever of the three holds the most power over the position decides who can freeze it. These tables describe control and do not judge quality.