Unable to Verify $25 Billion Figure Attributed to GMX Trading on Solana
Key Facts
It was not possible to verify that GMX recorded $25 billion in trading on the Solana network during October, the figure cited in the circulating report. The TokenPost page referenced for this volume did not open, according to a review of the available material. There is therefore no independent confirmation of the figure or how it compared with the previous month. Nor is there evidence that GMX surpassed other perpetual futures platforms on the network. The circulating account linked the figure to October activity, but the inability to substantiate it means it cannot be presented as confirmed fact.
The explanation linking volume growth to increased decentralized finance activity and perpetual futures trading on Solana could not be verified through a reliable, accessible source. Confirmed information does not include data on the sector's volume or its development during October. As a result, no change in GMX trading can be attributed to broader activity on the network. There is also no documented comparison of the platform's performance with competitors during the month. October's figure and its ranking among platforms remain unconfirmed claims.
Separately, TokenPost said in a report dated 23 October that GMX had enabled developer fees on Solana. The feature allows third-party developers to charge fees on eligible position orders routed through their interfaces, services or automated tools. Developers publish fee rates on-chain, and traders sign each order at the disclosed rate. These fees are added to GMX's standard trading fees and are calculated based on the change in position size. The announcement of the feature does not establish that it caused the trading volume attributed to October.
Eligible orders include market and limit orders that increase or reduce positions, as well as stop-loss orders that reduce positions. The rules exclude swaps, liquidations and automatic deleveraging. To illustrate the cost of the fees, the TokenPost report gave the example of increasing a $1,000 position at a 0.01% base fee rate, adding 10 cents to the cost. Orders routed through developers use GMX's usual liquidity pools and oracle prices. They are also subject to the same price impact rules as other orders on the platform.
DefiLlama defines perpetual futures trading volume as the notional value of all trades on a platform, including trades executed using leverage. Under this definition, once supported by verifiable documentation, the figure describes the notional value of trading, not another measure of activity. But the definition itself provides no data on GMX's October volume. It also does not establish the platform's ranking among its Solana peers or allow for a month-over-month comparison. These points remain outside what could be verified in the available material.
On revenue allocation, a GMX governance forum announced a plan to direct the protocol's remaining revenue on Solana, after GT buybacks, toward purchases of GMX tokens. The plan said all tokens purchased would be added to the staking rewards pool. The announcement set 28 October 2026 as the planned start date for directing revenue under this approach. The decision concerns the use of revenue and does not provide a documented explanation for the October trading volume attributed to the platform. The available information also does not include the outcome of implementing the plan after its scheduled date.