BMX by Morphex

What's different?

  • Website: (opens in a new tab)
  • Decentralized perpetual trading platform that launched on BASE
  • Not your typical GMX-fork: escrowed-tokens have been removed entirely
  • BMX liquidity providers earn up to 90% of protocol revenue and other incentives when utilizing GLP-equivalent liquidity to co-support native protocol-token liquidity.

“What we usually consider as impossible are simply engineering problems… there’s no law of physics preventing them.” - Michio Kaku

Introducing: Capital-Efficient Perpetual Trading Liquidity as a Product: wBLT


  • Native-protocol token: BMX

  • Liquidity provided for traders to utilize (GLP-equivalent): BLT

  • Wrapped-Liquidity provided for traders to utilize: wBLT

  • Native-token incentives are entirely in option-tokens: oBMX

  • BMX stands for Base-MorpheX

  • BLT stands for BMX-Liquidity Token.

  • wBLT stands for wrapped-BMX-Liquidity Token.

  • oBMX stands for option-BMX.


BMX by Morphex innovates upon the generic GMX model by removing escrowed tokens and single-staking entirely. Through our innovative design model, BMX allows access of the underlying liquidity that forms BLT, our GLP equivalent. This is done through our native yearn-architectured, auto-compounding vault token, wBLT. Additionally, we have paired wBLT with our native-protocol token, BMX, to form our native liquidity pair (wBLT-BMX) without the need for a wETH or second native liquidity pair.

BMX by Morphex improves capital efficiency for the protocol by eliminating competition between trading liquidity (BLT) and native-protocol liquidity (pool2), supports increased protocol revenue through minting and redemption fees of wBLT for option-exercises and arbitrage opportunities. BMX improves capital efficiency for liquidity providers who co-support trading liquidity and native protocol liquidity (wBLT-BMX) as 90% of protocol revenue and other native and external incentives are earned.

The most significant innovation is the introduction of wBLT as a product with multiple use cases all built on top of auto-compounding BLT rewards: wBLT-BMX native protocol liquidity, ability to be paired with other assets (wBLT-(other asset)) which benefits protocols through wBLT’s auto-compounding rewards in addition to the underlying BLT assets being an index of blue-chip assets, can be collateralized to allow users to continue to earn auto-compounding rewards while borrowing against their wBLT position (never allowed to borrow wBLT itself), is used as an option-payment token to exercise oBMX and can be used in the future as a payment option for other use-cases such as another protocols option-tokens payment, for protocol salary streams, or other products/services.

Morphex is a collective of contributors who are anonymous to one another and live all across the world, contributing to the success of Morphex alongside a powerful community. Morphex believes in decentralization, self-custody, and on-chain actions, and never has access to or holds user funds. At the time of writing, Morphex is the largest perpetual trading platform on Fantom by TVL and margin trading volume, with nearly $500mm total volume since inception. Morphex launched only a few months ago on BNB Chain and has done nearly $65mm total volume. We look forward to showcasing BMX by Morphex on BASE alongside continued support for Morphex on Fantom and BNB Chain, as plans for each are to work towards transitioning from their current models towards BMX by Morphex’s model.

We look forward to the future and from all of us at Morphex, thank you for taking the time to learn more about BMX by Morphex and wBLT as a product. If you have any questions, comments or concerns, please feel free to reach out in Discord or on X (formerly Twitter).