GMX vs MCB
GMX and MCDEX 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
GMX scores 143 of 250 and ranks 28th of 251. MCB scores 76 and ranks 225th. GMX leads by 67 points, which is a wide enough margin that the framework is not ambivalent. GMX takes 24 of the 25 variables, MCB takes 1, and none are level.
The framework rates GMX HOLD and MCB PASS. 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 Catalyst Calendar (8 against 2), Buyback and Burn (7 against 2) and Exchange Depth (7 against 2).
Both score 3 or below on Real Staking Yield, Market Share, BTC Alpha Potential. 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.
GMX is valued at $84.3M against $8.9M for MCB, a 9.5x difference. The larger of the two also scores higher, so the market and the framework agree on the ordering here.
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 | 5 | 2 | GMX +3 | |
| Revenue Trend | 5 | 2 | GMX +3 | |
| P/S Multiple | 7 | 4 | GMX +3 | |
| Real Staking Yield | 1 | 3 | MCB +2 |
Supply
| Supply Inflation | 8 | 5 | GMX +3 | |
| Vesting Schedule | 7 | 6 | GMX +1 | |
| Circulating / FDV Ratio | 8 | 6 | GMX +2 | |
| Buyback and Burn | 7 | 2 | GMX +5 |
Ownership
| Smart Money Flows | 5 | 2 | GMX +3 | |
| Insider Selling | 8 | 5 | GMX +3 | |
| Holder Concentration | 5 | 4 | GMX +1 |
Traction
| TVL Trend | 4 | 2 | GMX +2 | |
| Active Users | 5 | 2 | GMX +3 | |
| Developer Activity | 6 | 3 | GMX +3 | |
| Network Growth | 6 | 2 | GMX +4 |
Position
| Market Share | 3 | 2 | GMX +1 | |
| Competitive Moat | 5 | 3 | GMX +2 | |
| Institutional Adoption | 5 | 2 | GMX +3 | |
| Exchange Depth | 7 | 2 | GMX +5 | |
| Social Mindshare | 4 | 2 | GMX +2 |
Risk
| Regulatory Safety | 7 | 4 | GMX +3 | |
| Catalyst Calendar | 8 | 2 | GMX +6 | |
| BTC Alpha Potential | 3 | 2 | GMX +1 | |
| Team Execution | 7 | 3 | GMX +4 | |
| Treasury Runway | 7 | 4 | GMX +3 |
Bars read outward from the centre: GMX to the left, MCB 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
| GMX | MCB | |
|---|---|---|
| Price | $8.05 | $2.34 |
| Market cap | $84.3M | $8.9M |
| Circulating | 79% | 79.2% |
| Dilution to full supply | 1.27x | 1.26x |
| Off all-time high | -91.2% | -96.6% |
| To recover the high | 11.4x | 29.4x |
| Total value locked | $784.0M | not published |
| 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
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
MCB · PASS
MUX Protocol's leveraged trading aggregator with cross-chain perpetuals.
Smart contract risk and competition from GMX and other perp DEXs.
Common questions
- Is GMX or MCB the better investment?
- On this framework GMX scores higher: 143 against 76 of 250, and it is rated HOLD against PASS. That is a ranking of fundamentals as recorded at the last scoring pass, not a price forecast, and GMX still wins 24 of the 25 individual variables against MCB.
- What is the biggest difference between GMX and MCB?
- Catalyst Calendar. GMX scores 8 of 10 there and MCB scores 2, a gap of 6 points on a single variable.
- Which is bigger, GMX or MCB?
- GMX is valued at $84.3M and MCB at $8.9M 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.