Total Value Locked$14,576
TVL by Chain
Polygon$12,207
Arbitrum$2,369
Blast$0
Key Metrics
Cumulative Fees$22.94m
Cumulative Fees by chain
Arbitrum$21.9m
Blast$693,939
Polygon$346,317
Cumulative Revenue$7.02m
Cumulative Revenue by chain
Arbitrum$6.74m
Blast$281,473
Polygon$0
Cumulative Holders Revenue$6.47m
Cumulative Holders Revenue by chain
Arbitrum$6.23m
Blast$246,287
Polygon$0
Cumulative Perp Volume$67.368b
Cumulative Perp Volume by chain
Arbitrum$66.097b
Blast$1.27b
Protocol Information
HMX (previous perp88) is a next-gen decentralized perpetual exchange with a cross-margin and multi-asset collateral support on Arbitrum, offering up to 1,000x leverage various asset classes. Additionally, HMX also supports the leveraged market making feature, which allows market makers to maximize their real yields generated from protocol revenue of both HMX and GMX, while also offering multiple LP protection mechanisms, such as a velocity-based funding fee and adaptive pricing, to protect market makers from undue risks.
Methodology
TVL: Total value of all coins held in the smart contracts of the protocolView code on GitHubFees: Fees paid by usersView code on GitHubRevenue: Treasury and token holders revenueView code on GitHubHolders Revenue: Fees going to governance token holdersView code on GitHubPerp Volume: Notional volume of all trades including leverage on the perp exchangeView code on GitHubCompetitors
HMX history
TVL is the default DefiLlama definition. Daily values are UTC snapshots from Nov 18, 2022 to Oct 28, 2026.
All-time high TVL: $34.13m on Nov 25, 2023. All-time low TVL: $14,484 on Oct 26, 2026.
Daily TVL, Sep 29, 2026 to Oct 28, 2026
| Date | TVL |
|---|---|
| Sep 29, 2026 | $270,867 |
| Sep 30, 2026 | $269,973 |
| Oct 1, 2026 | $269,993 |
| Oct 2, 2026 | $270,581 |
| Oct 3, 2026 | $269,912 |
| Oct 4, 2026 | $270,325 |
| Oct 5, 2026 | $271,485 |
| Oct 6, 2026 | $271,000 |
| Oct 7, 2026 | $270,700 |
| Oct 8, 2026 | $268,850 |
| Oct 9, 2026 | $266,737 |
| Oct 10, 2026 | $267,307 |
| Oct 11, 2026 | $267,611 |
| Oct 12, 2026 | $267,668 |
| Oct 13, 2026 | $265,192 |
| Oct 14, 2026 | $266,942 |
| Oct 15, 2026 | $265,042 |
| Oct 16, 2026 | $265,550 |
| Oct 17, 2026 | $265,106 |
| Oct 18, 2026 | $264,715 |
| Oct 19, 2026 | $265,240 |
| Oct 20, 2026 | $14,791 |
| Oct 21, 2026 | $14,961 |
| Oct 22, 2026 | $15,128 |
| Oct 23, 2026 | $14,704 |
| Oct 24, 2026 | $14,599 |
| Oct 25, 2026 | $14,549 |
| Oct 26, 2026 | $14,484 |
| Oct 27, 2026 | $14,491 |
| Oct 28, 2026 | $14,575 |
TVL at each month end, Nov 2024 to Oct 2026
| Date | TVL |
|---|---|
| Nov 30, 2024 | $19.61m |
| Dec 31, 2024 | $15.74m |
| Jan 31, 2025 | $14.96m |
| Feb 28, 2025 | $9.58m |
| Mar 31, 2025 | $5.08m |
| Apr 30, 2025 | $3.44m |
| May 31, 2025 | $3.22m |
| Jun 30, 2025 | $2.6m |
| Jul 31, 2025 | $1.79m |
| Aug 31, 2025 | $1.37m |
| Sep 30, 2025 | $939,304 |
| Oct 31, 2025 | $698,477 |
| Nov 30, 2025 | $493,311 |
| Dec 31, 2025 | $433,821 |
| Jan 31, 2026 | $420,894 |
| Feb 28, 2026 | $278,267 |
| Mar 31, 2026 | $254,368 |
| Apr 30, 2026 | $260,077 |
| May 31, 2026 | $255,720 |
| Jun 30, 2026 | $245,473 |
| Jul 31, 2026 | $251,793 |
| Aug 31, 2026 | $263,342 |
| Sep 30, 2026 | $269,973 |
| Oct 28, 2026 (latest) | $14,575 |
TVL at each year end, Dec 31, 2022 to Dec 31, 2025
| Date | TVL |
|---|---|
| Dec 31, 2022 | $674,204 |
| Dec 31, 2023 | $28.14m |
| Dec 31, 2024 | $15.74m |
| Dec 31, 2025 | $433,821 |
Fees, revenue and holders revenue by UTC calendar month, Jan 2024 to Dec 2025
| Month | Fees | Revenue | Holders revenue |
|---|---|---|---|
| Jan 2024 | $1.05m | $263,284 | $263,284 |
| Feb 2024 | $828,969 | $207,241 | $207,241 |
| Mar 2024 | $1.87m | $466,647 | $466,647 |
| Apr 2024 | $2.8m | $701,015 | $701,015 |
| May 2024 | $2.24m | $804,454 | $721,448 |
| Jun 2024 | $1.08m | $386,530 | $338,212 |
| Jul 2024 | $852,425 | $336,959 | $294,836 |
| Aug 2024 | $857,741 | $351,918 | $307,932 |
| Sep 2024 | $422,382 | $175,202 | $153,307 |
| Oct 2024 | $605,377 | $224,532 | $196,464 |
| Nov 2024 | $1.14m | $402,870 | $352,510 |
| Dec 2024 | $1.34m | $483,829 | $423,349 |
| Jan 2025 | $1.15m | $502,445 | $439,643 |
| Feb 2025 | $891,144 | $368,192 | $322,168 |
| Mar 2025 | $230,327 | $98,924 | $86,555 |
| Apr 2025 | $215,725 | $94,017 | $82,263 |
| May 2025 | $349,342 | $146,733 | $128,392 |
| Jun 2025 | $213,574 | $93,474 | $81,787 |
| Jul 2025 | $99,364 | $39,202 | $34,301 |
| Aug 2025 | $0 | $0 | $0 |
| Sep 2025 | $0 | $0 | $0 |
| Oct 2025 | $0 | $0 | $0 |
| Nov 2025 | $0 | $0 | $0 |
| Dec 2025 | $0 | $0 | $0 |
The .csv export on the chart above downloads every daily value. The same data is in the public API: https://api.llama.fi/protocol/hmx
Frequently asked questions
What is HMX's TVL?
As of Oct 28, 2026, HMX has $14,576 in total value locked. TVL has decreased 94.6% over the past 30 days.
What chains does HMX operate on?
HMX operates on 3 chains: Polygon, Arbitrum, and Blast. Polygon holds the largest share at 83.7%.
How does HMX's TVL compare to similar protocols?
Among Derivatives protocols tracked by DefiLlama, HMX ranks #150 by TVL. The category holds $1.972b across 426 protocols, and HMX accounts for <0.1% of that total. Similar protocols include LogX V2, Contango V2, Gains Network, ApeX Pro, Derive V2, MUFEX, Vest Markets, Lynx, Jarvis Network, and Rubin Trade.