The GMX cryptocurrency token underwent extreme volatility on Binance exchange, recording a rapid 100% price surge followed by an immediate sharp decline within minutes.
Data indicates this abrupt movement was preceded by substantial derivatives activity on perpetual contracts trading platform Hyperliquid. Approximately $800,000 worth of GMX-USD perpetual contracts filled between 20:12:46 and 20:13:45 UTC.
The price surge on Binance commenced precisely at 20:14:41 UTC, occurring within moments after completion of the Hyperliquid contracts. The short time interval between the derivatives activity and spot market movement has drawn market scrutiny.