How to Move From GMX V1 to V2 Safely
Risk warning. Trading perpetual futures and other leveraged crypto-asset products is high risk. A large share of retail traders lose money, so never trade with money you cannot afford to lose entirely. Disclaimer
If you’re searching for how to move a position from GMX V1 to V2, there’s nothing left to migrate, V1 trading has been fully disabled since July 2025. What’s actually useful now is understanding what changed, since some of that context still shapes how V2 behaves today.
This guide is part of TradeOnDEX’s GMX how-to series within Perpetual Futures. For what to do if you’re specifically holding legacy GLP tokens or exploit-related compensation, see the dedicated wind-down guide instead, this article focuses on the trading-mechanics differences relevant to any trader using GMX today.
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.
What actually changed between V1 and V2
Fees dropped and became dynamic. V1 charged a flat 0.1% to open or close a position, with additional swap-related fees up to 0.2%–0.8% in some cases. V2 replaced this with the open-interest-imbalance-based 0.04%/0.06% structure covered elsewhere in this series, generally cheaper, but variable rather than flat.
Liquidity moved from one shared pool to isolated per-market pools. V1 backed all trading with a single shared GLP pool spanning every asset. V2 uses isolated GM pools per market instead, meaning a loss or imbalance in one market’s pool doesn’t directly spill into another’s, a meaningfully different risk-containment design.
Funding fees were introduced to actively balance long and short interest. V2 pays funding to the less-dominant side of a market, an explicit mechanism aimed at reducing systemic imbalance risk that V1 didn’t have in the same form.
Why this still matters even though there’s no migration left to do
This means for you, concretely: if you’re trading GMX today, you’re only interacting with V2, but a lot of comparison content, old guides, and forum threads still describe V1’s flat-fee, shared-pool structure as if it were current. Don’t rely on older GMX explainers without checking whether they’re describing the now-retired V1 system.
Risk: what’s genuinely different (and newer, therefore less battle-tested) about V2
V2’s codebase is substantially new, which is a double-edged sword. V2 took roughly three times longer to develop than V1, largely because most of its contract code was written from scratch rather than incrementally extended, newer code carries a different risk profile than a longer-battle-tested system, even with thorough audits.
V2 depends on Chainlink’s oracle infrastructure for pricing. As covered in the oracle-pricing guide, any disruption to oracle inputs, delivery, or configuration can affect the prices used for your positions and liquidations, this dependency didn’t work identically under V1.
Your liquidation price isn’t static, and this matters more the longer you hold. Borrowing and funding fees continuously adjust your effective liquidation price, especially relevant at higher leverage (10x+) held for multiple days, covered in more depth in the liquidation-avoidance guide.
V2 adoption, while substantial, hasn’t fully matched V1’s historical volume. V2’s trading volume and daily active user counts have run at roughly 40-50% of V1’s historical figures at various points, not a red flag on its own, but worth knowing if you’re assuming V2 automatically has V1’s exact liquidity depth in every market.
V1 (retired) vs. V2 (current), at a glance
| V1 (retired since July 2025) | V2 (current) | |
|---|---|---|
| Position fee | Flat 0.1% | Dynamic 0.04%/0.06% based on open interest imbalance |
| Liquidity structure | One shared GLP pool | Isolated GM pools per market |
| Funding mechanism | Not present in the same form | Pays the less-dominant side to reduce imbalance |
| Currently tradable | No | Yes |
See it for yourself
If you’re new to GMX, there’s no V1 to compare against in practice, focus on understanding V2’s current mechanics directly, starting with the fee structure and liquidation risk guides in this series. You can review the current V2 interface at gmx.io.
Frequently asked questions
Can I still trade on GMX V1?
No, V1 trading has been fully disabled since July 2025; all current trading runs through V2.
Is there anything left for me to migrate from V1 to V2?
Only if you’re a legacy GLP holder with tokens or compensation still to handle, see the dedicated wind-down guide for that specific situation. Active traders have nothing left to migrate.
Are V2’s fees actually lower than V1’s?
Generally yes, V1’s flat 0.1% position fee compares to V2’s dynamic 0.04%/0.06% range, though V2’s rate varies based on market conditions rather than staying fixed.
Is GMX V2 riskier than V1 was?
It carries a different risk profile, newer code and Chainlink oracle dependency are genuine considerations, offset by isolated per-market pools and funding-fee balancing that V1 didn’t have.
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. See our disclaimer for the full risk warning.
Risk warning
Trading crypto assets, and leveraged products based on them such as perpetual futures ("perps"), is high risk. A large share of retail traders lose money on these products. Leverage magnifies gains and losses alike and can push your loss beyond the amount you put in. Positions can be closed automatically (liquidation) before you get a chance to react, and some of the platforms we cover offer no negative balance protection.
Never trade with money you cannot afford to lose entirely. TradeOnDEX gives no investment advice, no personal recommendation, and no guarantee of any outcome. Every decision you make is your own decision and your own responsibility.