GMX price

Perpetuals are the cash engine of on-chain trading. @HyperliquidX, @GMX_IO, and @dYdX dominate the narrative, but midcaps are where real alpha hides. → @DriftProtocol (on @Solana): $2.9M in fees and $2.33M in revenue over the last 30 days. → @OstiumLabs (on @Arbitrum): $44.6M TVL, with $2.46B 30D volume, $1.2M in fees, and $9.4M in annualized revenue. Both are operating like ecosystem-native exchanges, not “apps.” Their ability to generate revenue and retain liquidity positions them for re-rating once the market looks past vanity TVL. ● Market Landscape The perp sector is stratified: Tier 1: @HyperliquidX (>80% share, dominant UX). Tier 2: @dYdX, @GMX_IO (brand, but declining relative share). Tier 3: @DriftProtocol and @OstiumLabs (ecosystem-native hubs with sticky bases). Key Insight: Traders don’t migrate endlessly. They anchor to ecosystem-native venues if the product is good enough. That’s why Drift rules Solana, and Ostium is emerging as Arbitrum’s challenger beside GMX. ● Protocol Profiles Drift (@DriftProtocol) - 30D Fees: $2.9M - 30D Revenue: $2.33M Edge: Solana throughput + near-zero fees → CEX-like UX. What This Tells Us: Drift monetizes Solana’s DAU surge directly. It’s positioned as the “Binance of Solana” an execution venue native to the chain’s culture. Ostium (@OstiumLabs) - 30D Volume: $2.46B - 30D Fees: $1.2M - 30D Revenue: $0.77M Edge: Diversified perp markets, including commodities, indices, and FX → narrative extension beyond crypto pairs. What This Tells Us: Ostium proves that even mid-sized liquidity pools can sustain multi-billion monthly volume when the product addresses unique demand. ● Core Analysis - Exchange Economics: Drift and Ostium aren’t side experiments. They monetize orderflow with consistent take-rates. - Revenue Scale: Drift annualizes to $35M revenue; Ostium annualizes near ~$15M. - Differentiation: Drift is the Solana-native CEX alternative. Ostium’s RWA angle (commodities, FX) opens a different perp frontier. - Undervaluation: Market still prices them like midcap apps. By fundamentals, they resemble regional exchanges with sticky niches. ● Catalysts Drift - Jupiter routing could funnel Solana’s retail flow. - Deeper $USDC pools → higher notional capacity. Ostium - Expansion of non-crypto markets (commodities, FX) → bigger addressable TAM. - Potential fee-sharing governance → clearer token accrual. Both - Rising volatility → higher funding fees → stronger revenues. - Structured products/vaults adopting them as execution venues. ● The Bigger Picture @DriftProtocol and @OstiumLabs highlight the regional exchange thesis: Traders don’t leave their ecosystem if there’s a credible native venue. Both protocols have already crossed the credibility threshold: multi-million monthly revenue, sticky liquidity, differentiated moats. They’re not “apps.” They’re on-chain exchanges with growing P&L, hiding in plain sight.

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you can short $eth (if you want to) for around ~$10m on $GMX without paying any price impacts.