Spot Trading
GX Exchange operates fully on-chain spot order books for native GX Chain tokens and bridged assets. Spot markets share the same high-performance matching engine as perpetual markets, providing institutional-grade execution for spot trades.
Order Book Model
Spot markets use the same central limit order book (CLOB) architecture as perpetual markets:
- Price-time priority matching
- Semantic mempool ordering (transfers first, cancellations second, orders last)
- All order types supported: Market, Limit (GTC), IOC, FOK, Post-Only
Available Pairs
Spot markets are denominated in USDC as the primary quote asset. Token pairs are created through the GX Chain token standard (GIP-1) and include:
- GX/USDC — The native GX Chain token
- Native tokens — Any token launched via GIP-1 Dutch auction
- Bridged tokens — Major assets bridged from Arbitrum
GIP-1 Token Listing
New spot pairs are listed automatically when a token completes the GIP-1 Dutch auction process:
- Token creator submits a 24-hour Dutch auction with token metadata
- The auction resolves, establishing initial price discovery
- A spot order book is automatically created for the token/USDC pair
- Auto-liquidity (protocol-level market making) can be activated by the token issuer
Fee Schedule
Spot markets have a separate fee schedule from perpetuals, with the same 7-tier volume structure:
| Tier | 14-Day Volume | Taker Fee | Maker Fee |
|---|---|---|---|
| 0 | $0+ | 0.070% | 0.040% |
| 1 | > $5M | 0.060% | 0.032% |
| 2 | > $25M | 0.050% | 0.024% |
| 3 | > $100M | 0.042% | 0.016% |
| 4 | > $500M | 0.036% | 0.008% |
| 5 | > $2B | 0.030% | 0.000% |
| 6 | > $7B | 0.025% | 0.000% |
Volume is tracked jointly with perpetual volume for tier calculation purposes. Staking discounts apply identically.
Token Decimals
Each spot token has two precision parameters:
- szDecimals: Precision for order sizes (lot size granularity)
- weiDecimals: Precision for on-chain balance representation
Orders must be submitted in multiples of the lot size determined by szDecimals.
Settlement
Spot trades settle atomically at the consensus layer:
- On match, the buyer’s USDC balance is debited and the seller’s is credited
- The buyer receives the purchased tokens and the seller’s token balance is debited
- Settlement is immediate within the same block as matching
- No counterparty risk — settlement is guaranteed by the protocol
Dust Conversion
Small residual balances from rounding are eligible for dust conversion:
- Balances smaller than 1 lot with notional value under $1 qualify
- Dust conversion runs daily at 00:00 UTC
- Dust is converted to USDC at the current oracle price
- This prevents accumulation of untradeable micro-balances
Spot Transfers
Tokens can be transferred between accounts without going through the order book:
- Direct token sends via the
SpotSendaction - Transfers between sub-accounts are instant and fee-free
- Cross-mode transfers (perp balance to spot balance) in Standard mode