❓ What is GMX?

• GMX is a decentralized spot and perpetual exchange that supports low swap fees and zero price impact trades.
• Trading is supported by a unique multi-asset pool that earns liquidity providers fees from market making, swap fees and leverage trading.
• Dynamic pricing is supported by Chain-link Oracles and an aggregate of prices from leading volume exchanges.

🔗 Links:

• Snapshot - Governance - State - Discord - Telegram - App - Twitter

✍️ Description of Work

In this dashboard, we want to analyze and review GMX Traders. For this, we will examine the following:

• Swap
  • Number of Swap and Swap Volume → BY DAY, BY TOKEN AND BY SWAPPERS
• Stake
  • Number of Stake/Unstake , Volume of Stake/Unstake , Stake/Unstake by Users → DAILY AND OVERALL
• Trades
  • Number of Trade, Trade Volume, Number of Traders, Top Traders, Trade by Token (index token and collateral token), Trade by Long and Short position → DAILY AND OVERALL

🧠 Methodology

To deal with this bounty, we use the arbitrum.core schema and the fact_event_logs table. We explain how to extract data and analyze them for each separate section:

1 → Arbitrum - GMX Swaps

✅ Observations

• It can be seen that in recent weeks, the volume of swaps, the number of swaps, and the number of swappers in GMX on Arbitrum has been increasing compared to before.
• It can be seen that the largest Volume of Swaps is related to swaps to USDC, after WETH and WBTC
• It can be seen that the largest Number of Swaps is related to swaps to USDC, after WETH and USDT
• It can be seen that the Number of Swappers to StableCoins (USDC, USDT and DAI) is more than other tokens. This means that more users swap to stablecoins, while the largest volume of swaps after USDC is related to WETH and WBTC.
• Wallet 0x3d6ba331e3d9702c5e8a8d254e5d8a285f223aba has the largest Volume of Swaps and 0x3d6ba331e3d9702c5e8a8d254e5d8a285f223aba has the largest Number of Swaps.

2 → Arbitrum - GMX Stake / Unstake

✅ Observations

• The amount of GMX that has been Staked on Arbitrum is 6.04M and the Unstake amount is approximately 5.39M.
• Recently, the value of unstake is more than stake
• Address 0x534a0076fb7c2b1f83fa21497429ad7ad3bd7587 currently has the most GMX Staked (stake amount - unstake amount) on Arbitrum with 137063.6 GMX

3 → Arbitrum - GMX Trades and Traders overview

✍️ Swap → arbiscan

To get the list of GMX Swaps on Arbitrum, we use the topics and contract_address fields in the fact_event_logs table so that:

• topics[0] = '0x0874b2d545cb271cdbda4e093020c452328b24af12382ed62c4d00f5c26709db' → It gives us the list of GMX swaps on Arbitrum
• contract_address = ‘0x489ee077994b6658eafa855c308275ead8097c4a’
  • concat('0x',substring(data, 27, 40)) → Get swapper Address
  • concat('0x',substring(data, 91, 40)) → Get Token In
  • concat('0x',substring(data, 155, 40)) → Get Token Out
  • ethereum.public.udf_hex_to_int(substring(data, 3 + 3 * 64, 64) → Get Amount In
  • ethereum.public.udf_hex_to_int(substring(data, 3 + 4 * 64, 64)) → Get Amount Out
• Sample transaction → 📸 Check the opposite image

✍️ Stake/Unstake → arbiscan

To find the list of GMX Stakes on Arbitrum, we use the following condition in the fact_event_logs table:

where contract_address = '0x4d268a7d4c16ceb5a606c173bd974984343fea13'
and event_inputs:to = '0xd2d1162512f927a7e282ef43a362659e4f2a728f'
and event_name = 'Transfer'

To find the list of GMX Unstake on Arbitrum, we use the following condition in the fact_event_logs table:

where contract_address = '0x4d268a7d4c16ceb5a606c173bd974984343fea13'
and event_inputs:from = '0xd2d1162512f927a7e282ef43a362659e4f2a728f'
and event_name = 'Transfer'

• Stake Sample transaction
• Unstake Sample transaction

✍️ Trades → arbiscan

To find the list of GMX Trades on Arbitrum, we use the following condition:

where topics[0] = '0x2fe68525253654c21998f35787a8d0f361905ef647c854092430ab65f2f15022'
and contract_address = '0x489ee077994b6658eafa855c308275ead8097c4a'

• concat('0x', substring(data, 155, 40)) → Get ==Collateral== Token
• concat('0x', substring(data, 219, 40)) → Get ==Index== Token
• concat('0x', substring(data, 27 + 64 * 1, 40)) → Get Trader Address
• substring(data, 3 + 64 * 6, 64) → Get Trade Position (==Long== or ==Short==)
• ethereum.public.udf_hex_to_int(substring(data, 3 + 64 * 5, 64)) → Get Trade Volume (==Trade Size==)
• ethereum.public.udf_hex_to_int(substring(data, 3 + 64 * 8, 64)) → Get Trade Fee
• Sample Transaction → 📸 Check the opposite image

✅ Observations

• Referrers Code Sigman with the volume of 522034169 USD trades and the number of 26 traders and 361 trades is one of the top referrers of GMX on Arbitrum and after that discount is with the trade volume of 309964368 and 30 traders and 1239 trades.
• Total GMX trade volume on Arbitrum according to Flipside data is 17.9B USD, by 29.9K unique traders in 359K trades and 20.9M USD fee.
• More volume and number of trades is related to Long position
• It can be seen that the number and volume of Long trades has increased during the rise of the market in the last few weeks and then decreased, and recently the volume of Short trades is increasing.
• Address 0x597da53a39ea634be355e6028136b5e5f28c25d9 with number 2585 Trade has the largest number of trades and 0x57790b0b998ba2c9dfe55e73300ffc1d3e457169 has the largest Trade Volume with 1431892654.12717 USD trade volume. You can see the rest of the addresses in terms of the largest number of trades and the volume of trades
• The largest volume of tokens used as collateral in trades is related to WETH and USDC
• Trades only use WETH, WBTC, UNI and LINK tokens as index tokens in their trades

✔️ Final Conclusion

According to the analysis and review of swaps, stake / unstake and GMX trades in Arbitrum, we came to the conclusion that the volume and number of swaps are increasing in recent weeks and the largest volume of swaps is to USDC, WETH and WBTC, and more users to Stablecoins are swapped. Recently, the number of unstake GMX is increasing.

The total volume of GMX trades in Arbitrum is about 17.9B USD and most of the trades are done on long positions.