# GMX pools, 2026-09-19 – 2026-09-25

**59 pools · $174.85M liquidity · $426.83M volume · $205.8K in fees paid to liquidity providers.**

Volume changed +108.6% on the week before, fees +89.3%, liquidity +3.4%. The capital turned over 0.35 times a day, and the average realised fee yield was 6.1% a year.

## Who paid the most: net for liquidity providers

Ranked by what the pool kept: its fees plus its result against traders over the same seven days (realised plus the change in unrealised). A minus under “Against traders” means the traders won from the pool. A pool whose result against traders is not known comes last and is marked “—”, not taken as zero.

| Pool | Fees for the week | Against traders | Net | Net APR | Fee APR | Turnover | Liquidity | Phase |
|---|---|---|---|---|---|---|---|---|
| NEAR/USD [WETH-USDC] | $19.0K | — | — | — | 149.2% | 13.49×/day | $662.8K | promising |
| FIL/USD [BTC-USDC] | $2.5K | — | — | — | 90.5% | 8.00×/day | $144.2K | liquidity draining |
| BRENTOIL/USD [WETH-USDC] | $1.3K | — | — | — | 58.8% | 6.63×/day | $113.9K | promising |
| ONDO/USD [WETH-USDC] | $3.9K | — | — | — | 54.8% | 2.25×/day | $371.8K | stable |
| AVAX/USD [AVAX-USDC] | $2.3K | — | — | — | 51.0% | 1.20×/day | $232.2K | stable |
| SUI/USD [WETH-USDC] | $5.5K | — | — | — | 40.5% | 2.23×/day | $705.1K | stable |
| VVV/USD [WETH-USDC] | $5.2K | — | — | — | 37.9% | 0.40×/day | $710.8K | stable |
| ADA/USD [BTC-USDC] | $893 | — | — | — | 32.2% | 1.61×/day | $144.6K | stable |
| kPEPE/USD [WETH-USDC] | $916 | — | — | — | 30.8% | 2.11×/day | $155.1K | stable |
| LTC/USD [WETH-USDC] | $953 | — | — | — | 29.3% | 1.28×/day | $169.6K | stable |

## Where the liquidity went

Net flow from 2026-09-19 to 2026-09-25 (00:00 UTC): **-$6.05M** (without the price move).

| Pool | Flow | Change | Volume vs the week before |
|---|---|---|---|
| DOGE/USD [WETH-USDC] | $1.08M | +108.0% | +1137.2% |
| NEAR/USD [WETH-USDC] | $986.6K | +364.8% | +2839.1% |
| SUI/USD [WETH-USDC] | $377.7K | +76.3% | +548.4% |
| DASH/USD [BTC-USDC] | $327.5K | +250.3% | +274.5% |
| VVV/USD [WETH-USDC] | $241.3K | +44.0% | -16.5% |
| ETH/USD [WETH-USDC] | -$5.75M | -10.2% | -35.1% |
| ETH/USD [WETH-WETH] | -$974.0K | -5.0% | +15.0% |
| HYPE/USD [BTC-USDC] | -$906.2K | -30.3% | +43.7% |
| BTC/USD [BTC-BTC] | -$776.1K | -7.1% | +150.5% |
| BTC/USD [BTC-USDC] | -$382.9K | -0.6% | +103.0% |

## Phase changes this week

- **XMR/USD [BTC-USDC]**: liquidity draining → **promising**
- **NEAR/USD [WETH-USDC]**: liquidity draining → **promising**
- **FIL/USD [BTC-USDC]**: too little data → **liquidity draining**
- **LIT/USD [WETH-USDC]**: liquidity draining → **activity collapsing**
- **HBAR/USD [BTC-USDC]**: stable → **liquidity draining**
- **ICP/USD [BTC-USDC]**: liquidity draining → **promising**
- **ETH/USD [WETH-WETH]**: cooling → **activity collapsing**
- **SILVER/USD [WETH-USDC]**: cooling → **liquidity draining**

## What we said a month ago, and before

Every pool is classified again as of 16 past days, a week apart — from 2026-05-14 to 2026-08-27 — using only what was known then, and measured against its fee yield over the following 30 days, without its result against traders. One observation is one pool as of one day: 1128 observations of 101 distinct pools. The windows of neighbouring days overlap, so the observations are not independent. The test is relative: did the pool beat the median of all pools.

| Phase then | Observations | Distinct pools | Beat the median | Median fee yield |
|---|---|---|---|---|
| promising | 44 | 24 | 77% | 14.7% |
| accelerating | 34 | 25 | 53% | 7.4% |
| stable | 349 | 56 | 63% | 8.3% |
| cooling | 108 | 47 | 63% | 6.8% |
| activity collapsing | 47 | 26 | 57% | 6.6% |
| liquidity draining | 27 | 17 | 59% | 11.7% |
| too little data | 519 | 77 | 35% | 4.5% |

*Data from the GMX indexer (185 days of history) and our own hour-by-hour measurement of the fees. This is a measurement of the market, not investment advice.*