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Security review · November 2025

Synthetics Price Impact

for GMX

Guardian's review of Synthetics Price Impact for GMX, published November 2025. The report records 2 findings, including 1 medium and 1 informational.

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Published
Review window
November 7 to 10, 2025
Language
Solidity
Chains
Arbitrum, Avalanche
Sector
Perpetuals
  • 0 Critical
  • 0 High
  • 1 Medium
  • 0 Low
  • 1 Informational

2 acknowledged

Scope

Findings 2

  1. M-01 Medium Swap Impact Exponent Is Not Split Warning Acknowledged
    Location
    SwapPricingUtils.sol

    Description

    In the swap impact flow the same impact exponent factor is used for both positive and negative factors, which means the same exponential behavior can create a difference in the positive and negative impact amounts paid by splitting up swap orders strategically.

    Recommendation

    Consider splitting the impact exponent factor up between the positive and negative exponent factors for swaps as well, so that positive impact can be assigned as 1e30 while the negative impact is scaled exponentially.

    Link to M-01
  2. I-01 Informational Key Values Should Be Assigned Before Production Configuration Acknowledged
    Location
    Global

    Description

    A new positionImpactExponentFactorKey which is now assigned based on the balancing or imbalancing nature of a trade is used. This key will not have any value assigned in the dataStore immediately upon deployment of the new contracts.

    Recommendation

    The associated key values for all markets should be carefully assigned before the updated contracts are granted roles and enabled for usage.

    Link to I-01

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     1 finding 1 finding: 1 medium

  3. Open Interest Updates

     5 findings 5 findings: 2 medium, 3 low

  4. Updates Branch

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