How to Migrate Legacy GLP/V1 Positions to GMX V2

This isn’t really an “optional upgrade” article anymore: GMX V1 trading has been fully phased out since July 2025, and GLP no longer provides active liquidity. If you’re still holding legacy GLP or V1-era positions, here’s specifically what to do.

This guide is part of TradeOnDEX’s GMX how-to series within Perpetual Futures.

Disclosure: TradeOnDEX may earn a commission from links to GMX on this page, at no extra cost to you. Full details at the end of this article.

Where things actually stand with V1 and GLP

V1 trading is disabled, and buying new GLP is no longer possible, GLP has been fully phased out as an active liquidity product. GMX’s structure now runs entirely through V2’s GM pools and GLV vaults, covered elsewhere in this series.

If you still hold GLP tokens from before the phase-out, you have one real option: redeem them via the sell GLP page, which remains available specifically for winding down existing holdings, even though new GLP purchases are closed.

The July 2025 exploit and the compensation plan, specifically

This transition is connected to a real security incident: on July 9, 2025, a re-entrancy vulnerability in GMX V1’s GLP pool (the same exploit covered in the leveraged position guide) allowed an attacker to manipulate short average pricing for Bitcoin, resulting in losses to the pool.

GMX subsequently organized a compensation plan for affected GLP holders, totaling roughly $44 million, combining recovered funds with an additional treasury contribution. Distributions were issued in GLV tokens, the V2-era Vault product, rather than reinstated GLP, and GMX has since announced this distribution plan as completed.

What to actually do if you still hold legacy GLP or were affected

1. Check whether you’re eligible for the exploit compensation distribution if you held GLP at the time of the July 2025 incident, GMX’s own announcements and governance forum are the authoritative source for current claim status, since the distribution plan has already concluded its main phase.
2. If you’re simply holding unredeemed GLP from before the phase-out, use the sell GLP page to redeem it, this remains available specifically for existing holders winding down positions.
3. Once redeemed, consider where to redeploy that capital, GM pools (single-market) or GLV vaults (multi-market), covered in the GM pool guides earlier in this series, are the direct V2 equivalents.
4. If you held an open V1 trading position rather than GLP, note that V1 trading itself is disabled, any such position needed to be closed before the phase-out, and this article specifically addresses legacy liquidity holdings, not currently-open V1 trades.

Risk: what to watch for during a wind-down like this

Claim windows and distribution plans have real deadlines, even after a “completed” announcement. Don’t assume an open-ended ability to claim compensation. Verify current status directly through GMX’s own official channels rather than older cached information, since distribution mechanics and windows can close.

“Sunset” doesn’t always mean “instantly worthless”, legacy redemption paths often remain available specifically to let holders wind down safely. The sell GLP page’s continued availability for redemption (even though new purchases are closed) is a deliberate design choice, not an oversight, use it rather than assuming legacy holdings are simply stuck.

Migrating capital from a legacy product to GM pools or GLV vaults means taking on that product’s own risk profile fresh. Don’t assume your redeemed capital’s risk characteristics carry over unchanged, review the GM pool comparison guide before redeploying, since V2’s risk-isolated market structure genuinely differs from V1’s shared GLP pool.

Be skeptical of any third-party site or “migration tool” claiming to handle this for you. Given the exploit history specifically involved manipulation of this platform’s contracts, treat any unofficial “helper” tool for redemption or compensation claims with particular caution, use GMX’s own official interface and documentation.

V1/GLP vs. V2 structure, at a glance

See it for yourself

If you believe you’re still owed a distribution from the 2025 compensation plan, check GMX’s official governance forum and announcement channels directly for current claim status rather than relying on older news coverage. You can review current V2 pools to redeploy into at gmx.io.

Frequently asked questions

Can I still buy GLP today?

No, GLP has been phased out and is no longer available for new purchases; only redemption of existing holdings remains available.

What happened to GLP holders affected by the July 2025 exploit?

GMX organized a roughly $44 million compensation plan, distributed in GLV tokens, which the project has since announced as completed. Check official channels for your specific eligibility and status.

If I still hold V1-era GLP, what should I do with it?

Redeem it via the sell GLP page, then consider redeploying that capital into a V2 GM pool or GLV vault based on your risk preference.

Is V1 trading still available at all?

No, V1 trading has been disabled since July 2025; all active trading now runs through V2.

Affiliate disclosure

TradeOnDEX may earn a commission if you sign up or trade through a link on this page, at no extra cost to you. GMX’s own affiliate/referral terms are still being confirmed for this site, so links here are direct and untracked for now. This article is educational and is not financial advice; verify your specific eligibility for any compensation distribution directly through GMX’s official channels. See our disclaimer for the full risk warning.