Perp House Vaults evaluated across how much has this vault already lost when a trader won — and can i check that number myself, today, for free?, when one trader's win is bigger than the pool, who pulls the plug — a rule i can read, or a vote i'll never hear?, who eats the loss before i do — and if i try to leave first, how much do they take?, and is the number they advertise what i actually earned, or does it quietly leave out what the traders took from me?.
GM
#1 of 9 · published ranking
GMX GM / GLV pools
81ChainChoice Score
4199
Why it leads
3 points ahead of Avantis avUSDC: +2.0 pts verifiable loss of record, +2.0 pts fee versus pnl honesty
Cost
Not priced· No comparable price is published
No provider can pay for a position in this table. The code that computes this order cannot read which links earn us a commission, and every build proves it. Every score below rebuilds from the published criteria.Ranking 2026.08 · 4 criteria · 9 products · same inputs, same order
Personal comparison
Perp House Vaults ranked comparison
No comparable price is published; ranking still uses verified product evidence.
RankProviderBest fitScore
1
GMGMX GM / GLV poolsRisk-isolated per-market house vaults w...Top ranked
Pool protection mechanism — 9/10Trade-off: The record you need exists and is free, but every convenient route to it is closed an...
Commission: This provider pays ChainChoice nothing for this link. Disclosure
Crypto products are high risk. Check the provider is authorised where you live before you deposit.
3 more assessed and ranked below — none of them hidden for commercial reasons.
Ranking blindCommercial terms excludedDated primary sourcesCrypto products are high risk. Check the provider is authorised where you live before you deposit.
Ranked on 4 published criteria weighted 32/28/24/16, which set goal alignment — 30 of the 86 points. The rest: regional access 20, evidence depth 18, ease of use 10, institutional trust 8. Profile match is shown in breakdowns but carries no weight.
Audit
Infrastructure
Methodology
2026.09.15
published 2026-09-16
Providers tracked
980+
across 119 categories
Last verified
2026-08-17
newest dated pricing or sentiment read
Named on the roster
2 people
managing directors · 6 automated processes
Decision guide
What matters most before choosing in this category
Weighted on a verifiable record of losses already taken (32), what stops a loss bigger than the pool (28), who eats it before you do and what leaving costs (24), and whether the advertised yield separates fees from trader PnL (16). The heaviest axis contains no 9 and no 10, because not one of the nine publishes a dated, sized account of a loss it has absorbed — the ceiling is 8 and two products hold it. The finding that should change a deposit: every junior tranche that could be sized was at or below 1.21% of the senior capital it claims to protect, or already gone, and only three of nine document any capital beneath the depositor at all. Advertised APY is shown as a fact and never scored.
What matters most before choosing in this category
Weighted on a verifiable record of losses already taken (32), what stops a loss bigger than the pool (28), who eats it before you do and what leaving costs (24), and whether the advertised yield separates fees from trader PnL (16). The heaviest axis contains no 9 and no 10, because not one of the nine publishes a dated, sized account of a loss it has absorbed — the ceiling is 8 and two products hold it. The finding that should change a deposit: every junior tranche that could be sized was at or below 1.21% of the senior capital it claims to protect, or already gone, and only three of nine document any capital beneath the depositor at all. Advertised APY is shown as a fact and never scored.
What has this vault already lost when a trader won, and can you verify it yourself?
When one win is bigger than the pool, does a rule fire or does a person decide?
Is there real capital beneath you, and what does leaving cost when everyone leaves at once?
Current editor lead
Expert review and scoring weights
GM
GMX GM / GLV poolsData checked Aug 2026
Risk-isolated per-market house vaults where the LP is the traders' counterparty, protected by a named automatic on-chain deleveraging rule (MAX_PNL_FACTOR_FOR_ADL) rather than a human vote, with a full-life realised-PnL series retrievable keylessly but only by assembling it yourself.
Risk-isolated per-market house vaults where the LP is the traders' counterparty, protected by a named automatic on-chain deleveraging rule (MAX_PNL_FACTOR_FOR_ADL) rather than a human vote, with a full-life realised-PnL series retrievable keylessly but only by assembling it yourself. Strongest on when one trader's win is bigger than the pool, who pulls the plug — a rule i can read, or a vote i'll never hear? (9/10): Read character-exact on 2026-08-17 at https://docs.gmx.io/docs/trading/liquidations.md: 'Auto-Deleveraging (ADL) protects pool solvency by automatically reducing profitable positions when the ratio of pending PnL to pool value exceeds the market's configured `MAX_PNL_FACTOR_FOR_ADL` threshold. Weakest on who eats the loss before i do — and if i try to leave first, how much do they take? (6/10): All read character-exact on 2026-08-17 at https://docs.gmx.io/docs/providing-liquidity.md. FIRST-LOSS IS STATED PLAINLY, under a heading literally called 'Risks': 'Counterparty risks: The GLV / GM pool is the counterparty to traders. Published price: liquidity providers earn the majority of the fees generated from trading, liquidations, borrow fees, and swaps (63% on Arbitrum and Avalanche) ... On Arbitrum and Avalanche, 63% of collected fees go to the pool and 37% go to the protocol.
Best forPool protection mechanism — 9/10
Main tradeoffThe record you need exists and is free, but every convenient route to it is closed and the one number GMX advertises can flatter you. GM tokens — the thing you actually hold — have no ticker on the public price API (2 of 127 tokens are GLV, none are GM), the keyless GLV candle series reaches back only 267 days when the same endpoint serves 1,758 days for ETH, and GMX's own fee-versus-PnL breakdown endpoints (marketsAprByPeriod, marketsPnlAprByPeriod, marketsFeeUsdByPeriod) return 'not allowed' to an outside caller. So checking what your pool has lost to winning traders means writing GraphQL against a 135-market indexer in 10^30 fixed point with an undocumented sign convention. Meanwhile the advertised 'Performance APY' is excess return over a geometric-mean benchmark, not a plain return: a pool can advertise positive annualised performance in a quarter when your position lost USD value, because the 50/50 benchmark fell further. And when the protection finally fires it fires on the trader, not for you — ADL closes someone's winning position without warning, which is what keeps you solvent, but there is no page anywhere in 126 that tells you the last time it had to.
Verify before signupliquidity providers earn the majority of the fees generated from trading, liquidations, borrow fees, and swaps (63% on Arbitrum and Avalanche) ... On Arbitrum and Avalanche, 63% of collected fees go to the pool and 37% go to the protocol.
Methodology
How this category is reviewed
Reviewed on how much has this vault already lost when a trader won — and can i check that number myself, today, for free?, when one trader's win is bigger than the pool, who pulls the plug — a rule i can read, or a vote i'll never hear?, who eats the loss before i do — and if i try to leave first, how much do they take?, and is the number they advertise what i actually earned, or does it quietly leave out what the traders took from me?.
The order on this page is the published ranking for this category. Every criterion, weight and source behind it is on the methodology page.
Frequently asked
Questions people ask before choosing house vaults
Is this not just a yield vault?
No, and the distinction is the reason this page exists. A yield vault earns from lending, staking or market making. A house vault takes the OTHER SIDE of leveraged traders — when they win, you pay. That produces two questions no yield product has to answer: how much has this vault already lost to a single trader's win, and can anyone force-settle a market to protect it. Both are N/A for seven of the eight products in yield_vaults, and that pool's own methodology marks market making down rather than scoring it. The one house vault ranked there sits as 1 of 9 passive-yield products; here it is ranked as what it actually is, and lands mid-table.
Everyone quotes an APY. Why is that not the ranking?
Because it is the number that moves fastest and explains least, and in this category it is frequently not what you earned. Seven of the nine contradict their own live data somewhere. The deeper problem is blending: a headline that mixes fees collected with trader PnL absorbed tells you nothing about which part is a durable spread and which part is you being on the losing side of a directional bet. Only one of the nine publishes a numeric per-trade profit cap. APY is shown here as a fact with its source and date, and it is scored nowhere.
Why weight the loss record so heavily if nobody publishes one?
Because the absence is itself the finding, and it is measurable. The 32% axis has a ceiling of 8 and no 9 or 10 anywhere in the pool: across seven documentation corpora totalling more than a thousand enumerated pages, there is not one incident page. What separates the products is whether the loss can be RE-DERIVED by you — some expose keyless endpoints where the drawdown is reconstructable, and others do not. Three of the nine never state that principal loss is possible at all. A category where nobody discloses is exactly where a buyer needs the scoring to be strictest.
Why is the biggest vault in the category not ranked first?
Because size is not seniority. The largest house vault in existence holds over $768m and scores 3 out of 10 on what stops a loss bigger than the pool — below four smaller products. Scale tells you how much capital trusts a venue; it says nothing about what sits beneath you when one trader wins big, what the operator may do to a live market to protect the pool, or what it costs to leave while everyone else is leaving. Deposits are shown here as a dated fact with their source, and scored nowhere.
Not financial advice · For informational purposes only · Always do your own research
//Analytics consent·GDPR · ePrivacy · TTDSG
ChainChoice measures page views and conversions with two cookieless, EU-hosted services: Plausible and Cloudflare Web Analytics. Nothing loads until you accept, and rankings are identical either way.ChainChoice measures how the engine is used — page views, conversions, referrer — through two cookieless, EU-hosted services: Plausible and Cloudflare Web Analytics. No advertising cookies, no cross-site profile, no data resale. Neither script loads until you accept, and rankings are identical whether you accept or decline.
