GMX Development Update

The **GMX Masters trading competition** has officially launched, offering participants a chance to win from a **$15,000 USDC prize pool**. **Key Details:** - Duration: 4-week competition - AI-powered signals provided by [Elfa AI](https://twitter.com/elfa_ai) - Automated trade execution on GMX's perpetual markets - Participants compete by creating optimal trading strategies The competition combines AI signal generation with automated execution, allowing traders to compete without manual intervention. All trades execute live on GMX's decentralized perpetual trading markets. Early sign-ups opened on June 11, with the competition now active for participants to test their strategies.

**GMX's commodity markets are seeing significant adoption**, with $WTIOIL recording approximately $39 million in trading volume in a single day. **Key highlights:** - $WTIOIL now ranks as the third-largest market on GMX, trailing only Bitcoin and Ethereum - Five commodity perpetuals are now live: gold, silver, WTI crude oil, Brent crude oil, and natural gas - These markets offer permissionless, on-chain access to commodity trading at scale **Technical details:** - Markets deployed on Arbitrum with low fees - Available for trading even on weekends - Price data delivered via [Chainlink Data Streams](https://chain.link) The volume milestone demonstrates growing demand for decentralized commodity trading infrastructure beyond traditional crypto assets.

GMX has announced its official sponsorship of the Arbitrum Open House in London, featuring a substantial $415,000 prize pool for participants. **Event Details:** - **Dates:** July 10-12 (in-person), with a 3-week online Buildathon starting May 25th - **Location:** London - **Focus:** DeFi perpetuals trading and builder tooling **What Participants Can Expect:** - GMX contributors will be on-site to provide hands-on guidance - Technical workshops on DeFi Perps - Access to builder tools and infrastructure - Mentoring from the Arbitrum ecosystem - Opportunity to take projects from concept to mainnet **Competition Structure:** Early-stage teams can join the online Buildathon phase before competing for prizes and potential entry into the in-person Founder House in London. Applications are now open at [openhouse.arbitrum.io](http://openhouse.arbitrum.io/?utm_source=twitter&utm_medium=social&utm_campaign=oh-london-buildathon)

GMX has launched perpetual futures for three major energy commodities on Arbitrum: - **WTI Crude Oil** (WTIOIL/USD) - **Brent Crude Oil** (BRENTOIL/USD) - **Natural Gas** (NATGAS/USD) These markets join the recently launched 24/7 GOLD and SILVER perps under the RWA category. All markets feature: - Low trading fees (2-4 basis points) - 24/7 availability, including weekends - Price data via [Chainlink Data Streams](http://app.gmx.io) - Cross-chain accessibility through GMX Account The platform continues expanding into global markets, offering permissionless access to real-world assets without requiring brokerage accounts or custody arrangements.

GMX has introduced a new **XAUT/USD perpetual market** for trading Tether Gold with up to **25x leverage**. **Key Features:** - Available across **six blockchains**: Arbitrum, Ethereum, Base, BNB Chain, Solana, and Avalanche - Backed by **BTC-USDC liquidity**, allowing traders to use Bitcoin as collateral - Enables simultaneous exposure to both gold and Bitcoin price movements This synthetic perpetual contract expands GMX's asset offerings beyond traditional crypto markets. The cross-chain functionality allows users to trade from their preferred network while settling on Avalanche. The market uses XAUT, Tether's gold-backed token where each token represents physical gold reserves. Two liquidity pools support trading: a single-asset XAUT pool and a dual-asset XAUT-USDT pool. Traders can now access precious metals exposure while maintaining crypto collateral positions.