GMX - Decentralized Perpetual Exchange

First go to the Manage tab at the top, then select the Vault you'd like to perform your trades with.

Make sure you select the correct chain. For Vaults only deployed on a single chain, this will be Arbitrum.

If your vault is deployed to multiple chains - or if you'd like to deploy it to an additional chain - you can select your desired network from the navbar on the left. You can then select the type of trade you'd like to perform from this same navigation section.

From here you will have a screen of current positions / previous trades (bottom center), a chart for the currently selected pair (top center), and your open/increase position menu (right side).

The button to Close a position can be found in the list of your current GMX positions (center bottom of screen), to the right of your current positions' information.

Managing Positions

Open or Increase a Long or Short

From the screen on the right, you can: Β· Select your Pay and Long/Short currency. For now, Longs require the currency you're Longing, and Shorts require USDC.e Β· Adjust your leverage between 1.1x - 50x with the slider Β· View the current entry price and estimated fees Β· Submit your Transaction

Showing a 0 balance for USDC on Arbitrum? Make sure you have the right form of USDC/USDC.e selected!

For now, Longs require the currency you're Longing, and Shorts require USDC.e

Multiple Positions

You can have up to two active GMX positions per Vault.

If combining positions (see below: Combining Positions), GMX does not realize PnL. The new and old position will be aggregated immediately. You will see collateral increase while size, leverage, entry price, and liquidation price average.

Different Assets

Positions for separate assets or opposing positions of the same asset (see below) count as unique active positions.

Combining Positions: Long+Long, Short+Short

If you already have an open position and add another for the same token, in the same direction (i.e. another Long when you already have a Long, or a Short when you already have a Short), the two positions will be combined.

Doing so will increase the total collateral, and adjust the existing leverage based on what you opted for with the new position. (i.e. increasing or decreasing leverage proportionally to the new position's.)

Opposing Positions: Long & Short for the Same Asset

You may also open a separate position in the opposite direction for the same asset (i.e. a Short when you have an open Long, or vice versa). These will not be combined, but will instead remain open independently.

Close a Position

The second major section, near the center of the screen, is "Positions" and "Trades". Here you should see your active positions. (Recently opened positions may take a little bit to show up.) Click the Close button to the right of the position's information.

This will bring up a menu enabling you to reduce or close (click Max) the position. You can enable increased slippage up to 1% for volatile, low liquidity pairs.

This screen shows valuable information, including the amount of collateral you'll receive after adjusting for leverage, Profit-and-Loss, and GMX Fees.

If you've unchecked "Keep Leverage at x" and entered an amount less than your entire position, you do not receive collateral. Instead, this reduces your leverage, and eases your liquidation price.

Minimum leverage is 1.1x. You cannot reduce your position size with unlocked leverage such that it would drop you below this value. You will see the "Close position" button disable and display "Min leverage 1.1x". The new effective leverage is displayed before PnL in this window.

Positions can take some time to update, and may not immediately display in the UI. If it has been more than 10 minutes, Hard Refresh (Ctrl+R) to ensure you've got the latest from the Valio App.

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