HMX

Overview

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.

Agent Information

Regulatory Considerations

Based on our analysis, HMX operates in the trading sector with medium regulatory risk. Key considerations for APAC jurisdictions:

• Hong Kong: May require SFC Type 1/7 license for VA dealing
• Singapore: Likely requires MAS Digital Payment Token license
• Japan: JFSA registration required for crypto asset exchange