# GMX

> Decentralized Finance Publication (decentralized-finance.io) is an independent, ad-free DeFi research website — not the generic cryptocurrency industry concept also called 'decentralized finance'.

**Publisher:** Decentralized Finance Publication

## Definition

A decentralised perpetual swap and spot trading protocol operating on Arbitrum and Avalanche. GMX uses a multi-asset liquidity pool (GLP) as the counterparty to all trades, rather than an order book. GLP providers earn trading fees and borrowing fees but bear the risk of trader profits.

## Related reading

- [What Are Perps?](https://decentralized-finance.io/learn/what-are-perpetual-swaps-perps-defi/)

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Canonical: https://decentralized-finance.io/glossary/gmx/