GMX

GMX receives a C risk grade (48/100) from Hindenrank, where lower scores indicate lower risk. High risk — proven hack history and structural vulnerability where oracle delays create guaranteed extraction from the liquidity pool A perpetual futures exchange where liquidity providers act as the house against all trades, earning fees but absorbing trader profits. It holds $600M in its liquidity pool across Arbitrum and Avalanche. Its C- grade reflects a $42M hack in July 2025 and persistent oracle exploitation risk.

The key risks identified for GMX are: (1) GMX was hacked for $42M in July 2025 through a reentrancy bug in old V1 contracts that are still holding user funds alongside the newer V2 (2) All trades are priced by Chainlink oracles. Even a brief delay or inaccuracy in the price feed lets traders extract guaranteed profits from the liquidity pool at your expense (3) When the market trends strongly in one direction, traders win big and the liquidity pool pays out. Pool depositors lost 15-20% during past crypto rallies, wiping out months of earned fees

GMX scores 48/100 across eight risk dimensions: Mechanism Novelty: 3/15, Interaction Severity: 10/20, Oracle Surface: 7/10, Documentation Gaps: 3/10, Track Record: 10/15, Scale Exposure: 5/10, Regulatory Risk: 3/10, Vitality Risk: 7/10. The highest risk area is Oracle Surface at 7/10.

Among 53 rated Derivatives protocols on Hindenrank, GMX ranks #48 by safety (lowest risk score = safest). Its 48/100 risk score and C grade place it among the riskier Derivatives protocols.

GMX scores 10/15 on the Track Record risk dimension, indicating some history of security incidents or exploits. Higher scores reflect more severe or frequent incidents. Review the full risk report for details.