GMX V2 Perps

GMX V2 is the second iteration of the GMX perpetuals protocol, with isolated GM (GMX Markets) pools per asset rather than the V1 GLP single-basket approach. Each GM pool acts as the counterparty for trades on a specific market, capturing trader PnL and fees as yield to LPs.

The V2 design fixes the cross-asset risk concentration of GLP, lets new markets launch independently, and supports a wider range of pairs. GMX is the governance token; esGMX and GLP/GM continue as economic primitives.