Past 3 Months

Number of Positions Created by Position type.

• Majority of the transactions are increase positions.
• June 29, 2022 saw a huge spike with around 8K increase position transactions and 7K decrease position transactions.
• After that it has been around 4K daily combined.

Number of Positions Created by Symbol.

• Majority of the positions created are with WETH.
• June 29, 2022 saw a huge spike with around 11K positions with WETH, and 3K positions with USDC.

Number of Wallets Creating Positions by Position type.

• Majority of the wallets are increasing positions.
• June 29, 2022 saw a huge spike with around 6K wallets increasing position and 6K wallets decreasing positions.
• After that it has been around 2K daily combined.

Number of Wallets Creating Positions by Symbol.

• Majority of the wallets are creating positions with WETH.
• June 29, 2022 saw a huge spike with around 9K positions with WETH, and 3K positions with USDC.

Fee($USD) from positions created over time and Overall.

• Fees from positions increased or decreased has been very minimal over time less than 1K daily.
• June 29, 2022 saw a huge spike with around 40K $USD in fees, 12K coming from increase in positions and 28K coming from decrease in positions.

Volume of positions created by Symbol.

• Majority of the volume came from USDC, with 300M $USD in total.

Past 2 weeks

Number of Positions Created by Position type.

• Majority of the transactions are increase positions.
• Sep 15, 2022 saw a spike with around 4.5K increase position transactions and 2.5K decrease position transactions.
• It has been mostly around 3K daily combined.

Number of Positions Created by Symbol.

• Majority of the positions created are with WETH.
• Sep 15, 2022 saw a spike with around 5K positions with WETH, and 1.8K positions with USDC.

Number of Wallets Creating Positions by Position type.

• Majority of the wallets are increasing positions.
• Sep 6, 2022 saw a huge spike with around 1.5K wallets increasing position and 1.5K wallets decreasing positions.
• After that it has been around 1.5 daily combined.

Number of Wallets Creating Positions by Symbol.

• Majority of the wallets are creating positions with WETH.
• Sep 6, 2022 saw a spike with around 2.2K positions with WETH, and .8K positions with USDC.

Fee($USD) from positions created over time and Overall.

• Fees from positions increased or decreased has been very minimal over time less than .6K daily.
• Sep 15, 2022 saw a huge spike with around 800 $USD in fees, 400 $USD coming from increase in positions and 500 $USD coming from decrease in positions.

Volume of positions created by Symbol.

• Majority of the volume came from USDC, with 81M $USD in total.

Past 1 Month

Number of Positions Created by Position type.

• Majority of the transactions are increase positions.
• Sep 15, 2022 saw a spike with around 4.5K increase position transactions and 2.5K decrease position transactions.
• It has been mostly around 3K daily combined.

Number of Positions Created by Symbol.

• Majority of the positions created are with WETH.
• Sep 15, 2022 saw a spike with around 5K positions with WETH, and 1.8K positions with USDC.

Number of Wallets Creating Positions by Position type.

• Majority of the wallets are increasing positions.
• Sep 6, 2022 saw a huge spike with around 1.5K wallets increasing position and 1.5K wallets decreasing positions.
• After that it has been around 1.5 daily combined.

Number of Wallets Creating Positions by Symbol.

• Majority of the wallets are creating positions with WETH.
• Sep 6, 2022 saw a spike with around 2.2K positions with WETH, and .8K positions with USDC.

Fee($USD) from positions created over time and Overall.

• Fees from positions increased or decreased has been very minimal over time less than .6K daily.
• Aug 26, 2022 saw a huge spike with around 1.2K $USD in fees, 500 $USD coming from increase in positions and 600 $USD coming from decrease in positions.

Volume of positions created by Symbol.

• Majority of the volume came from USDC, with 155M $USD in total.

Past 5 Days

Number of Positions Created by Position type.

• Majority of the transactions are increase positions.
• Sep 15, 2022 saw a spike with around 4.5K increase position transactions and 2.5K decrease position transactions.
• It has been mostly around 3K daily combined.

Number of Positions Created by Symbol.

• Majority of the positions created are with WETH.
• Sep 15, 2022 saw a spike with around 5K positions with WETH, and 1.8K positions with USDC.

Number of Wallets Creating Positions by Position type.

• Majority of the wallets are increasing positions.
• Sep 15, 2022 saw a huge spike with around 1.5K wallets increasing position and 1.5K wallets decreasing positions.
• After that it has been around 1.5 daily combined.

Number of Wallets Creating Positions by Symbol.

• Majority of the wallets are creating positions with WETH.
• Sep 15 2022 saw a spike with around 2.2K positions with WETH, and .8K positions with USDC.

Fee($USD) from positions created over time and Overall.

• Fees from positions increased or decreased has been very minimal over time less than .6K daily.
• Sep 15, 2022 saw a huge spike with around 800 $USD in fees, 400 $USD coming from increase in positions and 500 $USD coming from decrease in positions.

Volume of positions created by Symbol.

• Majority of the volume came from USDC, with 42M $USD in total.

Methodology

• To find how the GMX protocol has been doing lately, we look at what is the most important part of GMX, it is users creating positions.

• This is where GMX earns its fee, based on people increasing and decreasing their positions.

• To see what contract people interact with when they increase or decrease positions we look at the GMX docs.

  • https://gmxio.gitbook.io/gmx/contracts

• We are specifically interested in the Contract 0x3d6ba331e3d9702c5e8a8d254e5d8a285f223aba -- Arbitum Position Router, with the following function signatures.

  	'0xc9874170', -- increase position
  	'0xe70dd2fc' -- decrease position
  

• Once we have this contract, we find all the transactions interacting with this contract.

• Credit to SQL for all the symbols and decimals for the tokens.

Overview

• We look at the following GMX metrics over the past 5 Days, 2 Weeks, 1 Month and 3 Months.
  • Number of Positions Created by Position type.
  • Number of Positions Created by Symbol.
  • Number of Wallets Creating Positions by Position type.
  • Number of Wallets Creating Positions by Symbol.
  • Fee($USD) from positions created over time and Overall.
  • Volume of positions created by Symbol.

Conclusion

• USDC seems to be the most common token used for creating positions.
• Surprisingly a very high amount of fees and positions have come from USDC in the past 1 month, that is when GMX has really taken off it seems.
• A high amount of fees has been coming from people decreasing positions.
• Overall GMX seems to be doing really well with a lot of wallet interacting with the positions they have created as the market is really volatile.