Flash Bounty: GMX Traders

-- Analyze the traders utilizing this platform on Arbitrum. -- Identify the top-performing wallets in trades. Compare how traders are performing across various assets, and how traders are performing in relation to liquidity providers. -- Note any trends or outliers you may see.

Methodology

Traders

To find how the GMX traders have been doing lately, we look at the GMX documentation to see what qualifies as traders. *
- Both the Perp contract users and the swappers are considered as traders.
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, these are the traders that are interacting with the Perp contract.
To find the users interacting with the Swap contract, we look all wallets that interact with 0xabbc5f99639c9b6bcb58544ddf04efa6802f4064 Router with event_name Swap

Liquidity Providers
To find what liquidity providers are we look at the GMX docs.

The documentation talks about GLP token[1]

GLP consists of an index of assets used for swaps and leverage trading. 
It can be minted using any index asset and burnt to redeem any index asset. 
The price for minting and redemption is calculated based on (total worth of assets in index including profits and losses 
  of open positions) / (GLP supply).

To find the Liquidity providers, we look at all the transactions where the wallets Mint and Stake tokens to get GMX LP Token

  and origin_function_signature = '0x364e2311' -- mintAndStakeGlp
  and contract_address = '0x4277f8f2c384827b5273592ff7cebd9f2c1ac258' -- Token GMX LP

We define top performing wallets as wallets with the most number of trades either perp or swap or number of LP transactions.
Credit to SQL for all the symbols and decimals for the tokens.

Top 10 Traders by number of Trades

0x1640e916e10610ba39aac5cd8a08acf3ccae1a4c is the top trader with 977 trades in the past 30 days.
Followed by 0x1501cf2e9afd2624a485e675427609a1932772ec with 786 trades.

Number of LP transactions

Most days see very less LP transactions, with less than 150 transactions on a daily basis.
- Sep 6, 2022 is surprise where we saw a huge spike with 2.8K LP transactions.
Recent days did see a small increasing trend as compared to the previous days.

Number of LPers

Most days see very less LPer, with less than 150 LPers on a daily basis.
- Sep 6, 2022 is surprise where we saw a huge spike with 2.7K LPers.
Recent days did see a small increasing trend in the number of LPers as compared to the previous days.

Number of Trades

Not surprisingly, most of the trades are with the perp contract on a daily basis.
- One surprising day with high number of swaps was Sep 6, 2022 where see about 6K swap and 6K perp contract transactions.
The number of trades has been around 4K on a daily basis for the past 30 days.
WETH and the USDC are the most common symbols being used by traders.
- Sep 06, 2022 saw majority of the traders using WETH, and a slightly elevated USDC users.

Number of Traders

Not surprisingly, most of the traders are interacting with the perp contract on a daily basis.
- One surprising day with high number of swaps was Sep 6, 2022 where see about 7K swappers and only 2K perp contract users.
The number of traders has been around 2K on a daily basis for the past 30 days.
WETH and the USDC are the most common symbols being used by traders.
- Sep 06, 2022 saw majority of the traders using WETH, and a slightly elevated USDC users.

Top 10 LPers by number of LP Transactions

0xe495d8c21bb0c4ab9a627627a4016df40c6daa74 is the top LPer with 42 LP transactions.
0x1443309732c21c493b9f48f764944a45b5547444 is the second most popular LP with 29 LP transactions.

Common Wallets between Top 100 LPers and Top 100 Traders

We try to see the co-relation between the two metrics.
However there are only 3 wallets that are present in both Top 100 LPers and Top 100 Traders.
0x69cfafca9c889d6efc1acc5651ce7a5ec6cdc231 is the only wallet also present as a Top 10 LPer.

Conclusion

We see a lot more Trading transactions as well as traders as compared to wallets providing liquidity.
Which makes sense since GMX is foremost a Perpetual Trading Exchange.

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