NEW YORK – The decentralized exchange GMX has outperformed its popular competitor Uniswap in exchange fees for the first time on record, according to data tracker Token Terminal. 

The main reason for the change in rank is likely the fact that investors on GMX receive 30% of all trading fees while Uniswap traders do not receive any trading fees. GMX distributed $4.7 million to token holders in November making it the fourth-largest payout from a decentralized exchange.

Uniswap had been the market leader for many weeks, dropping two positions below GMX after the latter posted trading fee earnings of $1.15 million to Uniswap’s $1.06 million. In four weeks GMX earned $15.7 million in trading fees. While UNI shed 16% in November, the GMX token has risen 4%. 

GMX provides investors with the option to trade non-expiry digital futures or perpetuals without a third-party smart contract. This shift away from centralized smart contracts has been accelerated in the wake of the FTX bankruptcy which damaged investor confidence in centralized exchanges.