GMX (GMX)

He has not been trading on GMX but I do love GMX. I just like to tell the truth. Onchain depth/liquidity is horrible now. https://t.co/L6LOG1twrJ https://t.co/98h11S3NAj

$gmx looking like its bottomed for the moment https://t.co/810FxwECvR

➥ Which protocols offer Commodity Perps onchain? Commodity Perps onchain have gone parabolic with Polymarket and Kalshi went live with leveraged gold/oil/silver perps Just dropped my thoughts here as a signal if you are paying attention to find rare oppotunity in niche market Real-time proof this is exploding: - Hyperliquid’s HIP-3 markets just hit a record $2.38B open interest last week and are sitting at $2.1B now → up 580% year-to-date from ~$280M at the start of 2026. - Oil & metals alone made up over 67% of HIP-3 volume in Q1, with non-crypto pairs dominating many of the top 10 markets - Total Hyperliquid perp OI sits at $7.59B with $2.1B 24h volume - Ostium shows $251M+ OI with 97% in RWAs/commodities and $45B+ cumulative volume, with gold alone carrying tens of millions in OI Overall onchain perp DEX OI has climbed to $14.31B, and RWA/commodity share regularly hits 40-67% of daily flow, fueled by 24/7 hedging during geopolitical spikes that traditional markets can’t touch The math, oracles, and contracts just work and the numbers prove traders are voting with their capital I found the main ones performing as of now: [1] @HyperliquidX | custom L1 with onchain order book - The dominant player in onchain commodity perps - Its HIP-3 upgrade enables permissionless deployment of perpetual markets tied to external price feeds - It supports commodities like gold, silver, copper, WTI/Brent crude oil, and more - It offers high throughput, tight liquidity for RWAs, and 24/7 trading Many HIP-3 markets e.g., via builders like @tradexyz or @Markets_xyz also focus heavily on commodities alongside equities/indices [2] @Polymarket | with perps launch - Now offers heavily leveraged perpetual futures across crypto, equities, and commodities including gold - Fully onchain settlement for its core platform; new perps allow 24/7 long/short exposure without expiry - Early access is live, traders can hold positions indefinitely with funding-rate mechanics - This makes it one of the few truly onchain options blending prediction-market liquidity with traditional commodity perps [3] @Kalshi | CFTC-regulated, fiat-first with crypto commodity perps expansion - Preparing phased U.S. launch of perpetual futures with codename “Timeless”, starting with crypto such as Bitcoin etc. and explicitly planning commodities next - Uses its FCM license for margin trading. Not fully onchain/DeFi, but brings compliant, 24/7 commodity perps access to U.S. users, bridging TradFi and crypto [4] @OstiumLabs - Purpose-built for RWA perpetuals with the broadest commodity coverage among dedicated perps DEXes - It offers synthetic perps on 7+ commodities including Gold, Silver, WTI Crude, Brent Crude, Copper, Platinum, and Palladium, plus forex and indices - Uses a Pool-RFQ model with oracle pricing called Stork Network for deep RWA liquidity, institutional-grade execution, low minimums, and up to high leverage [5] @Mettalex - powered decentralized derivatives DEX: - Focuses specifically on bringing traditional commodities onchain - It provides perpetual-style derivative exposure to tokenized commodities and RWAs with no expiry, banded price ranges for capped risk, and full collateralization - It’s more of a specialized commodity derivatives platform than a standard funding-rate perp DEX but enables onchain hedging/trading for the ~$20T commodities market [6] @GMX_IO | AMM-style with GLP pools - Primarily crypto perps but supports some tokenized commodity exposure, notably XAUT perps where available - Oracle-based pricing with low slippage. Not as broad or liquid for direct commodity indexes as Hyperliquid/Ostium [7] @GainsNetwork_io - Offers perps on a range of commodities alongside equities/forex but restricts trading to traditional market hours - Onchain but less 24/7-focused than the leaders above So commodity perps volume has exploded because of 24/7 access and real hedging demand Polymarket’s onchain push + Kalshi’s regulated entry are the biggest developments I’ve seen in months, blurring lines between prediction markets and full derivatives

TOKENIZATION | Decentralized Exchange, GMX, Launches Tokenized Asset Trading The launch drew more than $10 million in trading volume within its first day, highlighting early demand for round-the-clock exposure to precious metals via crypto-native rails. https://t.co/8pbj2BktRd @GMX_IO #DEx #Tokenization #RWA

➥ Hyperliquid enables RWA Perps RWA Perps = How DeFi started eating Traditional Exchanges’ lunch > RWA perpetuals are turning DeFi into a legitimate 24/7 competitor to Wall Street’s futures desks < > All activated by @HyperliquidX < Not tokenized stocks sitting in custody doing nothing. Synthetic perps on oil, gold, silver, S&P 500, even pre-IPO names… It's fully leveraged, cash-settled, composable with the rest of DeFi, and available to anyone with a wallet Here’s what I’m seeing in real time, straight from the dashboards I check every morning: - @HyperliquidX’s HIP-3 RWA markets just hit a fresh ATH of $2.32B open interest this week - RWAs have been making up as much as 44% of Hyperliquid’s total volume in recent weeks → A single perp DEX is routing nearly half its flow through traditional asset exposures - Broader RWA perp volumes exploded 40x in 6 months to $67B monthly, now commanding 10.1% of all onchain derivatives, up from 0.1% last October - Equity perps on HIP-3 alone went from $760M to $20B monthly + Commodities did $40B in March - Daily RWA perp volumes across DeFi have already touched $15B+ peaks - The trend is still climbing while TradFi exchange volumes for some assets are down double-digits YoY I’ve personally been rotating more of my macro book into these markets Because the UX is now better than my old TradFi broker in key ways: > instant settlement, cross-margin with my crypto collateral > and I can actually use the position as DeFi collateral elsewhere if I wan The funding rates are transparent, the oracles are battle-tested, and liquidity is deepening fast, especially on weekends when traditional desks are dark This is DeFi doing what TradFi can’t: permissionless, always-on, leveraged exposure to the entire macro universe without asking for permission Here’s my current top emerging plays: [1] @OstiumLabs - The Pure RWA Perp Play - This one is laser-focused on synthetic RWA perps: commodities (gold/oil), forex, stocks, and indices - It’s oracle-backed leverage up to 200x straight from your wallet - Backed by $24M from General Catalyst, Jump, and Coinbase Ventures, it’s already processing serious volume - 30-day perp volume just hit $2.38B, ranking it #34 overall among perp DEXes - I’ve been scalping XAU and CL here, spreads are tight, execution is verifiable, and the points program actually feels rewarding [2] @Aster_DEX - Hyperliquid’s RWA Challenger - Aster rolled out USD1-settled commodity markets (gold, silver, crude) with maker rebates and ultra-high leverage up to 1001x in spots - They’re sitting at ~20% of global perp DEX market share in recent months, with 24h volumes often north of $4B+ and 30-day runs pushing $127B - Daily OI is climbing fast, and their upcoming L1 mainnet + RWA expansion has me watching closely - I’ve been using it for quick macro hedges on weekends when HL liquidity thins, fills are crisp, and the orderbook feels CEX-grade - Aster is the one turning RWA perps into a real volume engine outside the HIP-3 moat [3] @Lighter_xyz - The Zero-Fee, MEV-Resistant Dark Horse - Verifiable execution, full MEV resistance, and a model that’s pulling in quant and institutional flow - They’ve been in the top tier of new perp DEXes with $25B+ weekly volume in recent pushes and are expanding RWA listings aggressively - The growth curve and zero-fee hooks make it one I’m sizing into for longer-term RWA exposure [4] @avantisfi - Zero-Fee RWA Scalper’s Dream - This one surprised me with up to 500x on blue-chip RWAs like Gold with true zero fees - They’re the only perp DEX I’ve seen offering zero-slippage $10M clips on XAU - Backed by Pantera and Base, it’s built for high-frequency macro traders who hate getting chopped by funding or spreads - I’ve testing their Gold and Silver perps, liquidity depth is legit for a newer protocol, and the zero-fee model is printing for scalpers Early, but the product-market fit for loss-averse leverage traders is obvious Honorable mentions I’m watching closely: - @gmtrade_xyz = GMX-powered on Solana - live Gold/Silver perps with Chainlink Data Streams, institutional-grade pricing - The HIP-3 ecosystem builders like @tradexyz and @Markets_xyz → they’re eating ~90% of HIP-3 RWA flow with indices and macro contracts So I can confidently say that Perps beat full tokenization for speed and capital efficiency, exactly what a16z has been calling out The flows prove institutions are participating through the on-ramps they already have RWA perps went from <1% to double-digit share of onchain derivs in months while the rest of crypto cooled off That tells me the product-market fit is real I believe the real rotation is onchain everything, traded 24/7, by anyone

GMX launches gold and silver perpetual futures https://t.co/OVKROgA2s2 https://t.co/IW8RBfaCHK