How to track GMX positions and PnL
GMX settles perps against liquidity pools, so there are two things to track: your trades, and the pool share taking the other side of everyone else.
GMX is the odd one out among the perp venues worth tracking. There is no order book. Trades execute at oracle prices against a liquidity pool, and the people who deposited into that pool are the counterparty for every position. So a GMX account can have two kinds of exposure at once, trader and liquidity provider, and an honest portfolio view has to show both.
Pool-based perps in one paragraph
When you open a perp on GMX, the pool takes the other side. Your profit is paid out of the pool, your loss is paid into it. V1 used one shared index pool called GLP; V2 moved to isolated GM pools, one per market, so a blowup in one market stops at that market’s pool. Positions borrow from the pool while open and pay fees for the privilege, continuously, whether the price moves or not.
The numbers worth watching as a trader
- Entry, mark and liquidation price per position, plus effective leverage after fees have eaten into collateral.
- Borrowing fees accruing on open positions. They are easy to ignore for a day and impossible to ignore over a month.
- Funding in V2 markets, which behaves like funding elsewhere: a slow current pushing longs and shorts toward balance.
- Realized PnL from closed positions, net of every fee along the way.
The LP side counts too
GLP and GM tokens sit in wallets and look like any other token balance, but they are working positions. Holding them means holding a slice of the pool’s assets plus a short position against the traders’ collective PnL, in exchange for fees. A tracker that lists them at token price only is not wrong, but it is telling you less than the truth about what you are exposed to.
Several chains, one protocol
GMX started on Arbitrum, added Avalanche early, and has since spread further, including a Solana deployment and access from other EVM chains. The deployments are independent: positions opened on one chain do not appear on another, and a surprising number of people carry a forgotten position or LP stake on the chain they stopped using. The fix is mechanical: track the address everywhere it has ever been active, not just where it is active now.
Reading it in TrueHold
Paste your address and TrueHold picks up the wallet side of GMX: GM and GLP balances counted with the rest of your holdings, next to Hyperliquid and Lighter perps read by address and exchange futures read through read-only keys, one exposure number across the book. Read-only, nothing connected, nothing signable.
Frequently asked questions
Do I need an API key to track GMX?
No. Positions and pool stakes live on-chain against your address on every chain GMX runs on, so a public address is enough to read all of it.
Why did my collateral shrink while the price went nowhere?
Open GMX positions pay borrowing fees to the pool continuously, and in V2 funding on top. A flat market does not pause the meter.
Is GLP or GM just a token I can ignore in my portfolio?
It trades like a token but behaves like a position: pool assets plus counterparty exposure to trader PnL. Track it as a working position, not a static balance.
Terms in this article
See your whole portfolio in one view
Read-only by design. Paste a wallet, link an exchange, and watch every chain. Free to start.