YieldTruth · gmx-v2-perps · Arbitrum · as of 2026-07-01 05:18 UTC

▲ SHORT-VOL CARRY Grade C

Is the ETH-USDC yield on gmx-v2-perps real?

You're being paid 11.3% to absorb price risk. Only ~11.3% of it is real fees — and they stop covering impermanent loss if ETH-USDC diverges more than ±172%.

REAL 100%

Real fee/staking yield: 11.3% · token emissions: 0% of the headline.

👜 Would you be better off just holding?

Break-even fact: a ±172% move in ETH-USDC erases a full year of the fees you actually keep (~11.3%). Whether that move happens is up to the market — but any emissions inflating the headline will fade regardless.

Headline APY

11.3%

Real yield (fees)

11.3%

TVL

$40M

Impermanent-loss risk

yes

▶ Open the live interactive verdict

Source: DefiLlama. Verdict is a heuristic over public data, not financial advice.

No token. No affiliate. No pool we get paid to push. We only make money by being right.