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FTX void: GMX token up 17% as decentralised exchanges cash in following fallout

By Darius McQuaid

Edited by Charlie Mellor

12:34, 1 December 2022

The GMX logo and name on a black background
Decentralised exchange GMX has seen its native token rise in price following the demise of FTX – Photo: Shutterstock

The native GMX cryptocurrency of its namesake decentralised spot and perpetual exchange GMX is enjoying a rise in value by almost a fifth due to the fallout from the bankruptcy filing of crypto derivatives exchange FTX on 11 November.

What was bad news for Sam Bankman-Fried, founder and former CEO of FTX, appears to have been good news for GMX as the void left by FTX has fuelled the popularity of the GMX platform.

GMX was trading at $53.06 as of 09:51 GMT on 1 December – up by 17.81% compared with the previous day, according to CoinMarketCap.

Crypto perpetual trading was first launched by crypto exchange BitMEX in 2016, according to CoinDesk, but has since been dominated by Binance (BNB), the world’s largest cryptocurrency exchange by trading volume, and FTX prior to its bankruptcy.


GMX overtakes Uniswap for first time ever

According to crypto and digital asset research platform Delphi Digital, the GMX platform raised $1.15m in trading fess on 29 November, overtaking Uniswap for the first time ever.

In comparison with the GMX token, the UNI token, which is used to power the Uniswap crypto exchange, only saw a rise of 1.59% to $5.81 over the same time period according to CoinMarketCap.


0.59 Price
-3.020% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168


3,507.04 Price
-1.000% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00


0.13 Price
-2.650% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.0012872


67,048.80 Price
-0.910% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00

GMX, formerly known as Gambit Exchange, was launched in September 2021.


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FTX listed GMX spot market

In October 2022, a month prior to filing for bankruptcy, FTX announced it would list the GMX spot market.

Trading with the GMX/USD trading pair started at 14:00 GMT on 5 October, while deposits and withdrawals began 12 hours earlier that day.

FTX described GMX as “a decentralised spot and perpetual exchange that supports low swap fees and zero price impact trades. Trading on GMX is supported by a unique multi-asset pool that earns liquidity providers fees from market making, swap fees and leverage trading.”

Markets in this article

Uniswap / USD
7.97229 USD
-0.13215 -1.650%
Binance Coin / USD
601.24 USD
-3.82 -0.640%

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
Capital Com is an execution-only service provider. The material provided in this article is for information purposes only and should not be understood as investment advice. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents and has not been prepared in accordance with the legal requirements designed to promote investment research independence. While the information in this communication, or on which this communication is based, has been obtained from sources that believes to be reliable and accurate, it has not undergone independent verification. No representation or warranty, whether expressed or implied, is made as to the accuracy or completeness of any information obtained from third parties. If you rely on the information on this page, then you do so entirely at your own risk.

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