GMX V2

This repository houses course resources and discussions for the course.

Please refer to this for an in-depth explanation of the content:

• Website - Join Cyfrin Updraft and enjoy 50+ hours of smart contract development courses
• Twitter - Stay updated with the latest course releases
• LinkedIn - Add Updraft to your learning experiences
• Discord - Join a community of 3000+ developers and auditors
• Codehawks - Smart contracts auditing competitions to help secure web3

What will you learn?

• What is GMX V2 and how it works
• DeFi terminologies
  • Perpetual swap
  • Leverage
  • Long and short
  • Funding fee
• Write smart contracts that interact with GMX V2

Why should you take this course?

• Expand DeFi knowledge
• Audit contests and bug bounties
• Build application that integrates with GMX V2
• Build your own perpetual exchange

Prerequisites

• DeFi basic terminologies
  • DAI, USDC, WETH, WBTC, ERC20 decimals, AMM, price oracle, Arbitrum, etc..
• Intermediate to advanced Solidity
  • Solidity library (State changing calls through a library uses delegatecall)
  • multicall
• Advanced Foundry
  • Test on fork
  • Console log to debug

Getting Started

• Foundry setup
• Use transcation debugger such as tenderly.co to debug transactions
• git clone gmx-synthetics
• git clone gmx-contracts
• All course notes can be found under notes
• Ask questions on discussions

Introduction

• Quick guide on how to bridge ETH to Arbitrum
  • Arbitrum bridge
  • tx - Deposit ETH to Arbitrum One
  • tx - Deposit DAI to Arbitrum One

Foundation

• What is GMX?
• How GMX works
• Perpetual swap
• Long and short
• Leverage
• Purpose of leverage
• Markets
• 2 types of market
• Liquidity provider
• Position size
• Examples of position profit and loss
• Liquidation
• Open interest
• Funding fee
• 4 types of open interest
• Contract architecture

Trading

• Graph - payoffs for positions
• Fees
  • Purpose of price impact
  • Price impacts for swap, positions and liquidity
  • Price impact formula
  • Graph - price impact
  • Virtual inventory
  • Swap fee on amount in
  • Position
  • Borrowing fee math
  • How to update borrowing fee
  • Graph - kink borrowing factor
  • Funding fee math
  • How is funding fee updated
  • How is funding factor per second calculated
• Order types
• Market swap
  • Token flow
  • tx - Swap DAI to ETH part 1
  • tx - Swap DAI to ETH part 2
• Limit swap
  • tx - Limit order swap 2.63 USDC to ETH at $2780 part 1
  • tx - Limit order swap 2.63 USDC to ETH at $2780 part 2
• Long
  • Open
    • tx - Open long ETH 0.001 70x ~ $190 part 1
    • tx - Open long ETH 0.001 70x ~ $190 part 2
  • Close
    • tx - Close long ETH 0.001 70x ~ $190 part 1
    • tx - Close long ETH 0.001 70x ~ $190 part 2
• Short
  • Notes
  • tx - Open short 0.01 ETH part 1
  • tx - Open short 0.01 ETH part 2
  • tx - Close short 0.01 ETH part 1
  • tx - Close short 0.01 ETH part 2
• TP and SL
  • tx - Short ETH 0.01 ~ TP $2200 SL $2260 part 1
  • tx - Short ETH 0.01 ~ TP $2200 SL $2260 part 2
  • tx - Take profit short ETH 0.01 ~ TP $2200 SL $2260
• Claim funding fees
  • tx - Claim funding fees
• Foundry exercises
  • Market swap
    • Starter code
    • Solution
  • Limit swap
    • Starter code
    • Solution
  • Long position
    • Starter code
    • Solution
  • Short position
    • Starter code
    • Solution
  • Claim funding fees
    • Starter code
    • Solution
  • Take profit and stop loss
    • Starter code
    • Solution

Liquidation

• When executed?
• Approximate liquidation price

Liquidity

• GM pool
  • Token price
  • Fees
  • Mint
    • tx - Buy GM ETH/USD part 1
    • tx - Buy GM ETH/USD part 2
  • Burn
    • tx - Sell GM ETH/USD part 1
    • tx - Sell GM ETH/USD part 2
  • Shift
    • tx - Shift ETH/USDC to LDO/USD part 1
    • tx - Shift ETH/USDC to LDO/USD part 2
• GLV vault
  • Token pricing
  • Fees
  • Mint
    • tx - Buy GLV part 1
    • tx - Buy GLV part 2
  • Burn
    • tx - Sell GLV part 1
    • tx - Sell GLV part 2
• Foundry exercises
  • GM pool liquidity
    • Starter code
    • Solution
  • GLV vault liquidity
    • Starter code
    • Solution

GMX token

• GMX
  • tx - Stake GMX
  • tx - Unstake GMX
  • tx - Claim rewards
  • tx - Delegate
  • Foundry exercises
    • GMX
      • Starter code
      • Solution

Application

• Application architecture
• Callback
• Foundry exercises
  • GMXHelper
    • Starter code
    • Solution
  • Strategy
    • Starter code
    • Solution
  • WithdrawCallback
    • Starter code
    • Solution
  • Vault
    • Starter code
    • Solution

Resources

Transactions

Market swaps

• Swap DAI to ETH part 1
• Swap DAI to ETH part 2
• Swap DAI to GMX part 1
• Swap DAI to GMX part 2

Limit swaps

• Limit order swap 2.63 USDC to ETH at $2780 part 1
• Limit order swap 2.63 USDC to ETH at $2780 part 2

Trades

• Long ETH 0.001 70x ~ $190 part 1

• Long ETH 0.001 70x ~ $190 part 2

• Close long ETH 0.001 70x ~ $190 part 1

• Close long ETH 0.001 70x ~ $190 part 2

• Short 0.01 ETH part 1

• Short 0.01 ETH part 2

• Close short 0.01 ETH part 1

• Close short 0.01 ETH part 2

• Short ETH 0.01 ~ TP $2200 SL $2260 part 1

• Short ETH 0.01 ~ TP $2200 SL $2260 part 2

• Take profit short ETH 0.01 ~ TP $2200 SL $2260

• Claim funding fees

Liquidation

• Liquidation

Liquidity

• Buy GLV part 1
• Buy GLV part 2
• Sell GLV part 1
• Sell GLV part 2
• Buy GM ETH/USD part 1
• Buy GM ETH/USD part 2
• Sell GM ETH/USD part 1
• Sell GM ETH/USD part 2
• Buy BTC/USDC GLV part 1
• Buy BTC/USDC GLV part 2
• Buy BTC/USDC GM part 1
• Buy BTC/USDC GM part 2
• Sell BTC/USDC GM part 1
• Sell BTC/USDC GM part 2
• Shift ETH/USDC to LDO/USD part 1
• Shift ETH/USDC to LDO/USD part 2

Stake

• Stake GMX
• Unstake GMX
• Claim rewards
• Delegate

Bridge from ETH mainnet to Arbitrum

• Deposit ETH to Arbitrum One
• Deposit DAI to Arbitrum One

GMX

• GMX
• GMX app
• GMX doc
• GMX GitHub gmx-synthetics
• GMX GitHub gmx-contracts
• GMX delegatees
• Tenderly
• Chainlink providers

Arbitrum

• Arbitrum
• Arbitrum bridge