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GMX Dollar Vault now backs seven perp markets, up from three at its October launch

The USDG vault on Arbitrum has added NEAR, XRP, ZEC and HYPE to BTC, ETH and SOL, and older pools for those four markets stopped taking new size on 2 November. Yield figures are estimates and targets, not guarantees.

November 6, 2026 · Announced · Verified 2026-11-06 via official docs

GMX said on 6 November 2026 that its Dollar Vault, a single-stablecoin liquidity vault on Arbitrum listed in the app as GLV [USDG-USDG], now backs seven perp markets: BTC, ETH, SOL, NEAR, XRP, ZEC and HYPE. The vault went live on 6 October with BTC, ETH and SOL. Some headlines this week describe a new launch backing bitcoin and ethereum; the vault is a month old, and depositors put in USDG, not BTC or ETH.

Anyone can buy into the vault with USDG, a dollar stablecoin issued by Paxos, or with USDC from a wallet on Arbitrum, which the app converts. GMX's docs list no deposit fee, no lockup and a 0.04% fee on selling, lowered from up to 0.07% on 9 October. GMX plans to take that fee to 0% by the end of the launch boost, and says the plan may change. The vault holds tokens of seven USDG-backed GM pools, and direct purchases of those pools are limited to whitelisted wallets.

GMX estimates base yield of 7% to 12% APR over time, and says that estimate comes from fee generation in the underlying markets, not the vault's own history. A launch boost, funded by Arbitrum's USDG program together with GMX, targets 8% APR or higher for the vault in its first period, 6 October through 30 November. The boost is planned to run 20 weeks, but rates for later periods are not yet published, and the docs say the rates are targets, not guarantees. The total reward stops growing once program deposits pass $100M, so rates dilute above that.

The change also reaches traders. GMX's docs say NEAR/USD [WETH-USDC], XRP/USD [WETH-USDC], ZEC/USD [BTC-USDC] and HYPE/USD [BTC-USDC] on Arbitrum no longer accept liquidity purchases and have open interest capped at $500,000 per side. Per the GMX app's notice, adding size in them stopped at 00:00 UTC on 2 November and pending orders that add size will not fill, as trading moves to the matching USDG pools. Existing positions stay open and can be held, topped up with margin, reduced or closed; an order in a USDG pool opens a separate position. GMX warns that fee income for liquidity providers in the older pools will drop.

GMX says the vault removes crypto price exposure on the deposit, but not the exposure every GMX liquidity provider has: the pool takes the other side of trader profit and loss, which can move the token price when longs and shorts are unbalanced. Its docs also list smart-contract risk and the risk that a pegged token loses its peg. GMX's post and docs do not say when each of the four added markets joined the vault.

“One month in, the GMX Dollar Vault backs 7 markets: BTC, ETH, NEAR, ZEC, HYPE, XRP and SOL.”

— GMX on X, 6 November 2026

Who this affects

Liquidity providers on GMX's Arbitrum deployment, and traders of NEAR, XRP, ZEC and HYPE perps there who were using the older pools. GMX's terms restrict embargoed countries and do not state that the US, UK or EU are supported; this announcement does not change them.

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