The Arbitrum-native exchange launched precious metals perpetuals as onchain commodity trading gains momentum across DeFi.
Decentralized perpetual exchange GMX has launched 24/7 gold and silver markets on Arbitrum, drawing more than $10 million in trading volume on the first day, the protocol announced on X.
The new XAU/USD and XAG/USD markets are synthetic perpetuals settled onchain using WETH-USDC liquidity. Pricing is secured through Chainlink Data Streams, the same oracle infrastructure that underpins GMX’s existing perp markets, according to a blog post from the exchange.
“We’re excited to see GMX adopt Chainlink to power its newly launched gold and silver perpetual markets,” said Johann Eid, Chief Business Officer at Chainlink Labs. “This is how we enter a new era where the world’s largest commodities are traded onchain at a massive scale.”
The launch comes at a turbulent moment for precious metals. Gold climbed above $4,800 per ounce on Tuesday, rebounding from prior losses as the U.S. and Iran signaled their willingness to resume ceasefire negotiations.
GMX said gold and silver represent the starting point for a broader push into real-world asset (RWA) derivatives, with additional commodities and asset classes under evaluation. Both pools are included in the protocol’s GLV [ETH-USDC] vault, allowing liquidity providers to earn fee revenue as demand scales. Traders on Base, BNB Chain, and Ethereum mainnet can also access the markets via GMX’s multichain infrastructure.
The move places GMX alongside a growing roster of DeFi protocols racing to bring traditional asset exposure onchain. Hyperliquid’s permissionless HIP-3 markets have seen commodity perpetuals, particularly oil, dominate trading activity in recent months.
The broader tokenized commodities sector has expanded rapidly. Tokenized gold surpassed $4 billion in market value in January and is now approaching $5 billion, led by Tether Gold and Paxos Gold. New entrants like Theo have launched yield-bearing tokenized gold products, while the World Gold Council has proposed shared infrastructure to lower barriers to entry and improve fungibility across digital gold products.
The growth underscores demand for permissionless precious metals exposure, particularly as geopolitical uncertainty continues to drive interest in safe-haven assets traded outside traditional market hours.
This article was written with the assistance of AI workflows. All our stories are curated, edited and fact-checked by a human.
Source: https://thedefiant.io/news/defi/gmx-rolls-out-24-7-gold-and-silver-trading
