Derivatives · Review
GMX V1 Perps Review 2026: Exploit and Status
GMX V1 Perps was a decentralized perpetuals exchange using pooled liquidity. A reported $42 million exploit in 2025 makes its current status a key concern.
By the DappsAtlas editorial team · Updated
DappsAtlas score
—/10
Not rated
Our verdict on Gmx V1 Perps
GMX V1 Perps may interest readers researching the history of decentralized perpetuals and pooled-liquidity trading. Its core offering was leveraged futures markets supported by a shared liquidity pool. The main caveat is serious: a reported 2025 exploit drained approximately $42 million, and current operating status is unclear. Treat this as a research subject, not a live trading venue, unless you independently confirm that its contracts and markets are active and understand the associated risks.
Score breakdown
How Gmx V1 Perps scores
- Security
- n/a
- Ease of use
- n/a
- Fees
- n/a
- Features
- n/a
Scores run from 0 to 10 and are based only on facts we could verify. Where information was missing we mark the score n/a rather than guess.
What is Gmx V1 Perps?
GMX V1 Perps was a decentralized perpetuals exchange associated with Arbitrum and Avalanche. It offered leveraged futures trading supported by pooled liquidity. A reported July 2025 exploit on Arbitrum drained approximately $42 million. Whether the V1 service is still operating is unclear, so its availability and current contract status should not be assumed.
How Gmx V1 Perps works
GMX V1 Perps offered perpetual futures: leveraged long or short positions that do not expire on a set date. Traders use collateral to open positions, and market movements can lead to profits, losses, or liquidation.
The V1 model used pooled liquidity to support trading rather than relying only on a direct match between two traders. This creates risks for both traders and liquidity providers, including smart-contract vulnerabilities and losses connected to market activity. A reported 2025 exploit also raises questions about the version's current status.
2 features
Key features
01
Perpetual futures
The platform offered perpetual futures, which let traders take leveraged long or short positions without a fixed expiry date.
02
Pooled liquidity
Pooled liquidity supported trading. Pool-based designs can expose liquidity providers to trader profits, losses, and contract risk.
Pros and cons
What we like
- Offered perpetual futures trading without fixed expiry dates.
- Used pooled liquidity to support trading.
Watch out for
- A reported July 2025 exploit on Arbitrum drained approximately $42 million.
- Whether GMX V1 Perps is currently operating is unclear.
- Current fees, audit status, and supported markets are not established.
Gmx V1 Perps fees
Current trading and funding fees are not published here. For a live protocol, users would need to check the interface and applicable market terms before trading; confirm that the service is active first.
Is Gmx V1 Perps safe?
A search result reports that GMX V1 Perps was exploited on Arbitrum on July 9, 2025, with approximately $42 million drained. That incident is a substantial smart-contract risk signal. Current audit status, contract status, and any response to the exploit are unclear. Do not assume the V1 service is safe or operational without verifying its current status.
4 steps
How to get started with Gmx V1 Perps
- 1
Check whether GMX V1 Perps and its contracts are currently active before interacting.
- 2
Confirm that any interface or contract address you encounter is official and matches the intended network.
- 3
Review the current markets, fees, and risk terms if the service is available.
- 4
Understand leverage, liquidation risk, and the reported exploit before considering a position.
Who Gmx V1 Perps is for
This profile is most relevant to people researching decentralized derivatives or the history of GMX V1. It is not a good fit for someone seeking a clearly verified, currently operating venue: the reported exploit and uncertain current status warrant caution.
Gmx V1 Perps FAQs
What was GMX V1 Perps?
GMX V1 Perps was a decentralized platform for trading perpetual futures. Traders could take leveraged positions, with pooled liquidity supporting the market.
Was GMX V1 Perps hacked?
A search result reports that GMX V1 Perps was exploited on Arbitrum on July 9, 2025, with approximately $42 million drained. Its current operating status is unclear.
Is GMX V1 Perps still active?
Current operation, fees, and audit status are not established. Check whether the protocol and its contracts are active before considering any interaction.
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How we checked
Sources
No public sources were recorded for this review.
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