ATH vs GMX
Aethir and GMX scored on the same 25 variables, ranked against the same 251 tokens, with every gap between them shown.
Scoring pass 18 Sept 2026. Market snapshot 7 Oct 2026.
What separates them
ATH scores 101 of 250 and ranks 135th of 251. GMX scores 143 and ranks 28th. GMX leads by 42 points, which is a wide enough margin that the framework is not ambivalent. ATH takes 2 of the 25 variables, GMX takes 19, and 4 are level.
The framework rates ATH WATCH and GMX HOLD. Two tokens close enough to compare do not have to land in the same band, and where they do not, the divergence table below is where the split comes from.
5 variables separate them by 3 points or more. GMX is clear on Buyback and Burn (7 against 2), Supply Inflation (8 against 4) and Circulating / FDV Ratio (8 against 4).
Both score 3 or below on Real Staking Yield, Market Share. A weakness both sides share is not a reason to prefer either. It is a reason to check whether the category itself carries the problem.
ATH still has 52.1% of its eventual supply to enter circulation against 21% for GMX. On the same market capitalisation, a buyer of ATH is taking the 2.09x dilution path and a buyer of GMX the 1.27x one.
ATH is valued at $132.9M against $84.3M for GMX, a 1.6x difference. The smaller of the two scores higher on fundamentals, which is the disagreement worth understanding before either position is taken.
All 25 variables, head to head
Both tokens were scored by the same framework in the same pass, so the numbers are directly comparable. What a comparison adds over two separate pages is the gap: a 6 against a 6 is a non-event, a 9 against a 3 is the reason to hold one and not the other.
Cash flow
| Protocol Revenue | 4 | 5 | GMX +1 | |
| Revenue Trend | 5 | 5 | level | |
| P/S Multiple | 4 | 7 | GMX +3 | |
| Real Staking Yield | 3 | 1 | ATH +2 |
Supply
| Supply Inflation | 4 | 8 | GMX +4 | |
| Vesting Schedule | 4 | 7 | GMX +3 | |
| Circulating / FDV Ratio | 4 | 8 | GMX +4 | |
| Buyback and Burn | 2 | 7 | GMX +5 |
Ownership
| Smart Money Flows | 4 | 5 | GMX +1 | |
| Insider Selling | 4 | 8 | GMX +4 | |
| Holder Concentration | 4 | 5 | GMX +1 |
Traction
| TVL Trend | 4 | 4 | level | |
| Active Users | 4 | 5 | GMX +1 | |
| Developer Activity | 5 | 6 | GMX +1 | |
| Network Growth | 5 | 6 | GMX +1 |
Position
| Market Share | 3 | 3 | level | |
| Competitive Moat | 4 | 5 | GMX +1 | |
| Institutional Adoption | 3 | 5 | GMX +2 | |
| Exchange Depth | 4 | 7 | GMX +3 | |
| Social Mindshare | 4 | 4 | level |
Risk
| Regulatory Safety | 5 | 7 | GMX +2 | |
| Catalyst Calendar | 5 | 8 | GMX +3 | |
| BTC Alpha Potential | 4 | 3 | ATH +1 | |
| Team Execution | 5 | 7 | GMX +2 | |
| Treasury Runway | 4 | 7 | GMX +3 |
Bars read outward from the centre: ATH to the left, GMX to the right. The side that leads a variable is filled. Each score is 1 to 10 against the same definition applied to all 251 rated tokens.
Market and supply
| ATH | GMX | |
|---|---|---|
| Price | $0.006602 | $8.05 |
| Market cap | $132.9M | $84.3M |
| Circulating | 47.9% | 79% |
| Dilution to full supply | 2.09x | 1.27x |
| Off all-time high | -94.4% | -91.2% |
| To recover the high | 17.9x | 11.4x |
| Total value locked | not published | $784.0M |
| Network | Arbitrum | Arbitrum |
Price, market cap and all-time high from the CoinGecko snapshot fetched 7 Oct 2026. Supply shares are derived from circulating and eventual supply counts, which do not move with price. The 25 scores come from the research pass dated 18 Sept 2026.
Catalyst and risk on each side
ATH · WATCH
Aethir decentralized GPU compute demand from AI and gaming sectors, with enterprise partnerships.
Competition from centralized cloud providers and technical challenges in node network reliability.
GMX · HOLD
24/7 commodity perps (gold/silver/oil) live April 2026, $1.18B first-week volume, RWA expansion
Sub-3% perp DEX share vs HYPE 70%, $90 reward open at $6.80 price, revenue was 3x overstated
Common questions
- Is ATH or GMX the better investment?
- On this framework GMX scores higher: 143 against 101 of 250, and it is rated HOLD against WATCH. That is a ranking of fundamentals as recorded at the last scoring pass, not a price forecast, and ATH still wins 2 of the 25 individual variables against GMX.
- What is the biggest difference between ATH and GMX?
- Buyback and Burn. ATH scores 2 of 10 there and GMX scores 7, a gap of 5 points on a single variable.
- Which is bigger, ATH or GMX?
- ATH is valued at $132.9M and GMX at $84.3M on the latest market snapshot.
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Research and analysis, not investment advice. A higher score is one framework applied consistently to 251 tokens, not a prediction that one asset will outperform the other.