GM Markets docs
Everything you need to trade tokenized assets, deposit into vaults, and run due diligence on the infrastructure. Skim the sidebar to jump anywhere.
What is GM Markets
GM Markets is a permissionless platform for two things: trading tokenized real-world assets, and earning yield in on-chain vaults. Same wallet for both.
Access to tokenized assets on GM Markets is powered by Flo. GM Markets is the interface and the user-facing plumbing. The regulatory stack, issuance, custody, and attestations all live at the Flo layer and are inherited from there.
- Markets: tokenized stocks, ETFs, commodities, FX, and crypto. Spot only. Quoted in USDC.
- Vaults: issuer vaults and six managed-strategy subtypes — lending, delta-neutral, market-neutral, trading, looping, and RWA. New vaults added continuously.
Connect a wallet, pick an instrument or a vault, transact. GM Markets doesn't hold your assets. No signup at our layer. Your keys stay with you.
Who it's for
Asset managers, family offices, DAOs, treasuries, and self-directed investors who already know what they're doing. Available to qualified investors in non-restricted jurisdictions.
Connect your wallet
Click Connect Wallet in the top-right of any page. You'll see three options:
- MetaMask: opens the MetaMask extension prompt. This is what we recommend for real use.
- Demo wallet: drops a sample portfolio onto the site (5 holdings, 3 open positions, 5 historical trades) so you can see what a connected state actually looks like before connecting your own. No signatures required.
- WalletConnect: covers Rabby, Rainbow, Coinbase Wallet, Ledger, Safe, and any other v2 wallet.
Once connected
- The nav shows your truncated address (e.g.
0x7a2d…f4B1) with a green online dot. - Order CTAs on Trade and Vault Detail go from disabled to active.
- Balances show up in the swap fields, enabling the
MAXbutton.
Click the address chip any time to copy, view on an explorer, or disconnect. The session persists across reloads.
Eligibility & jurisdictions
GM Markets is available to qualified investors in non-restricted jurisdictions. Eligibility is enforced per asset, not per user. The wallet layer is permissionless. The asset layer is where the gating sits.
How gating works
- Wallet layer: no PII collection. Connect any compatible wallet and GM Markets recognizes you by address.
- Asset layer: each tokenized instrument carries its own jurisdictional eligibility set by the issuer (Flo). The interface enforces that gating before any deposit.
- Issuer-layer offerings: Rule 506(c) and Reg S offerings are available to accredited investors at the Flo issuer layer, not through the GM Markets interface.
By connecting a wallet you represent that you are eligible under the laws of your jurisdiction and that you are not subject to any sanctions or regulatory restrictions that would prohibit your use of the service.
See Investor disclosures and risk statement and Terms of service for the complete legal framework.
How-to guides
Short walkthroughs for the most common actions on GM Markets.
How to deposit into a GM Markets vault
Connect a wallet, choose a vault, approve USDC, and deposit. The vault token settles to your wallet immediately.
- Open Vaults. Go to gm.markets/vaults and pick a vault by category, APY, or curator.
- Connect a wallet. Click Connect Wallet in the top right. WalletConnect, MetaMask, Rainbow, and Safe are supported.
- Approve USDC. On the vault detail page, set the deposit amount and approve USDC for the vault contract.
- Confirm deposit. Sign the deposit transaction. The vault token is minted to your wallet at the current share price.
How to redeem a vault token
Burn the vault token from your portfolio or the vault detail page. USDC settles back to your wallet on the published redemption term.
- Open the vault. From your portfolio, open the vault you want to redeem from.
- Set the redemption amount. Enter how many vault tokens to redeem. The current share price and expected USDC out are shown.
- Confirm redemption. Sign the transaction. Settlement is instant for liquid vaults; T+1 to T+2 for vaults that hold underlying public-market assets.
How to trade a tokenized stock or commodity
Pick the asset, set the trade size, and confirm. The token settles to your wallet with no broker account or settlement delay.
- Open Trade. Go to gm.markets/trade and search for the asset by symbol or name.
- Connect a wallet. Connect any supported wallet. No broker onboarding required.
- Confirm the order. Set size and slippage, then sign. The token is minted directly into your wallet from the issuer contract.
How to verify your balance is in the published reserves
Download your Merkle inclusion proof from the dashboard and verify it against the on-chain root using the open-source verifier CLI.
- Open Proof of Reserves. Go to gm.markets/docs#ddq-reserves to see the latest Merkle root and the on-chain transaction that published it.
- Download your inclusion proof. From your portfolio, export the Merkle proof JSON for your address.
- Run the verifier. Use the open-source CLI to verify your proof reproduces the same on-chain root. Any mismatch is a bug.
Browsing Markets
The Markets page is the directory of every tradeable instrument: 50+ assets across 8 categories.
Featured strip
Three cards at the top: Top Gainers (24h), Trending (by volume), and Newly Added. Click any row to jump straight to that asset's Trade page.
Explore table
- Search by ticker or underlying name.
- Category pills: All assets · Stocks · ETFs · Commodities · FX · Crypto · Vaults.
- Advanced filters: price range, change range, APR range, TVL range.
- Sort by any column (Price, APR, Volume, Market Cap / TVL).
Every row is clickable. Tradeable assets take you to Trade; vaults take you to the vault detail page.
How trading works
The Trade page is where execution happens. One pair at a time, quoted in USDC. Spot only: no leverage.
Picking a pair
The pair header opens a searchable picker with market tabs (All, Favorites, Stocks, Crypto, FX, Commodities). The URL updates to /trade?symbol=X so you can share or bookmark specific pairs.
The chart
TradingView candlesticks with volume, plus MA7 / MA25 / MA99 overlays. Crosshair and OHLC readout on hover. Timeframes: 1s · 15m · 1H · 4H · 1D · 1W. Toggle to Depth for the orderbook view with cumulative bid/ask and basis-point spread.
Placing an order
- Pick Buy or Sell.
- Choose a network: Ethereum / Base / Arbitrum.
- Enter an amount in Spend (or click
MAX). The Receive field auto-calculates. - Pick a slippage tolerance: 0.1% / 0.5% / 1.0%.
- Review the quote block: Rate · Price impact · Fee · Minimum out. Disclosed before signing.
- Click the CTA and confirm in your wallet.
Tracking executions
- Positions → Trades: open positions with mark price and unrealized PNL.
- Open Orders: pending limit and stop orders.
- History: past fills with fees and tx hashes.
Order types
GM Markets supports market and resting order types. Resting orders are triggered by an in-house keeper service. The keeper is never on-chain.
Market
Executes at the best available quote at signing time. Subject to slippage tolerance.
Limit
Buy at or below a target price. Stays open until filled, cancelled, or expired. Crypto runs 24/7. FX queues weekend. Equity queues overnight and triggers when the underlying market reopens.
Stop
Buy when the market price crosses a trigger level. Used for breakouts.
TP/SL
A TP/SL order is a market BUY with optional take-profit and/or stop-loss SELL triggers attached. Entry and triggers are signed in the same ticket. Side is locked to Buy; the entered prices are future sell triggers, not the entry price. If both triggers are set, whichever fires first cancels the other.
Trail
Stop trigger that follows price by a configurable distance. Locks in unrealized gains as price advances.
TWAP
Slices a parent order into evenly-spaced child fills over a configurable duration. Useful for size.
Behaviour during keeper downtime: resting orders pause; user-signed spot fills continue.
Fees
Our fee posture is "what you see is what you pay." Every APY shown is already net of fees.
Trading
- 0.10–0.20% per side by VIP tier. VIP 1 pays 0.20%, VIP 5 pays 0.10%. Disclosed in the quote block before you sign.
- Slippage tolerance: presets at 0.1% / 0.5% / 1.0%. Default 0.5%.
- Gas: passed through at cost, optimised by batching where possible.
Vaults
- No buy or sell trading fee on vault deposits or redemptions.
- Issuer vaults: 0% management, 10% performance fee. Managed vaults: 1% management, 10% performance fee.
- For managed vaults, fee revenue splits 70/30 between manager and protocol.
GM Markets does not take rebates from curators, brokers, or custodians.
Vault roles & subtypes
GM Markets vaults split into two role categories. Issuer vaults originate the underlying cash flows themselves; the protocol is the principal source of yield. Managed vaults run a strategy on existing assets through a named manager.
Issuer vaults
The protocol originates the underlying directly. Token holders earn the yield from those originated assets. Issuer vaults are not strategy-dependent; risk is the credit and operational risk of the originated cash flows themselves. Example: gOpal — credit-card receivables originated by the protocol.
Managed vaults — six subtypes
Within the manager category, vaults break into six strategy subtypes. Each carries a distinct risk profile.
Lending
Manager lends vault assets to whitelisted borrowers and earns interest. Yield-accrual; principal exposure is to borrower default within the curator's whitelist. Example: gHelix.
Delta-neutral
Manager runs basis trades or funding-rate captures. Returns are uncorrelated with spot direction but exposed to basis blow-out and funding inversion. Drawdown is real. Example: gMev.
Market-neutral
Manager runs spread or pair trades that don't depend on direction. Drawdown if spreads dislocate. Not capital-guaranteed. Example: gSigma.
Trading
Discretionary or systematic directional strategies. Variable returns; explicit drawdown risk; can produce negative returns over any window. Not capital-guaranteed. Example: gHyper.
Looping
Manager loops permissioned tokenized products (e.g. HELOC tokens, CLO tranches) through DeFi to wrap permissioned yield as permissionless DeFi exposure. Drawdown risk on liquidation cascades and unwind cost. Example: gPrism.
RWA
Manager wraps a public real-world asset (T-bills, public credit ETFs) and passes through yield. Yield-accrual; principal exposure is to the underlying instrument's credit and price. Example: gKite.
Naming convention
Vault tokens are named after the issuer or manager with a g prefix: gOpal, gHelix, gMev, gSigma, gHyper, gPrism, gKite. Tokens are not named after the underlying platform or asset.
Risk framing
Active-strategy subtypes — delta-neutral, market-neutral, trading, looping — carry explicit drawdown risk. The vault detail page shows historical worst drawdown and a plain-English description of how the strategy can lose. Lending and RWA vaults are yield-accrual; principal exposure is to underlying asset performance. Issuer vaults carry exposure to the originated asset class itself.
Buying into a vault
Every vault has a detail page with a complete fact sheet: header metrics (APY, NAV, TVL), historical performance, charts, asset reserves, holdings breakdown, liquidity, and FAQs. Use the sticky deposit panel to transact.
Step-by-step
- Pick Buy or Sell.
- Pick the network.
- Pick an asset: USDC, USDT, ETH, or the vault token itself for sells.
- Enter an amount (or click
MAX). The "You receive" field calculates automatically. - Tick the disclosure confirmation.
- Click the Buy CTA and sign in your wallet.
Below the CTA you always see Rate · Fee · Minimum out · Settlement window. No hidden spreads.
Buy / sell mechanics
- Buy: instant mint of the vault token in the same transaction as the deposit. No trading fee.
- Sell: queued redemption settled at the vault's NAV at settlement time. Window is shown on each vault detail page.
Redemption mechanics
Redemption mechanics depend on the vault subtype and the asset class. Every redemption settles at NAV at settlement time; the redemption window is shown on the vault detail page.
By subtype
- Issuer vaults: redemption window aligns with the originated asset's cash-flow cycle.
- Lending vaults: redemption window depends on whitelist liquidity and curator policy.
- Delta-neutral / market-neutral: redemption window aligns with unwind cost; queued sells allow the manager to roll the basis trade without forced liquidation.
- Trading vaults: redemption window aligns with strategy liquidity. Discretionary unwinds possible.
- Looping vaults: redemption window depends on the unwind path through the underlying permissioned product.
- RWA vaults: redemption window aligns with the wrapped instrument's settlement cadence (e.g. T+1 for short-duration paper).
If the GM Markets interface goes offline
Tokens are independent of the interface. Redemption can proceed through Flo directly under the published continuity protocol. See operational continuity.
Rewards
GM Markets shares its trading fee with creators and platforms that bring users. Earn 30% (creators) or 50% (builders) of the trading fee on every spot trade made by wallets you refer, plus 30% of platform fees on vault deposits from those wallets. Attribution is wallet-scoped and sticky: once a wallet connects through your link or code, all future activity from that wallet earns you a share indefinitely.
How earnings accrue
- Trading: 30% of the trading fee for creators, 50% for builders. Calculated on the VIP-tier fee schedule (10–20 bps).
- Vault deposits: 30% of the platform fee (blended ~35 bps annualised; subtype-specific). Performance fees go to the manager and are excluded.
- Both legs of a round-trip trade count. No expiry. No per-wallet caps.
Payouts
Earnings settle every Friday in USDC to the wallet you signed up with. Minimum payout threshold is $25 per week; balances under $25 roll forward. Gas is deducted from each payout. No lock-ups; payouts are immediate on Friday settlement.
Current season
See the live Rewards page for the current season name, dates, and any time-limited multipliers.
Trust framework
The trust posture has four layers: regulated issuance, segregated broker custody, on-chain attestation, and self-custody at the wallet. Each pane below is one load-bearing claim with its counterparty.
Issued by Flo
Every tokenized asset on GM Markets is minted by Flo (flo.finance), a regulated issuer operating under Switzerland's DLT Act. Flo handles issuance, broker custody, regulatory reporting, and the bankruptcy-remote SPV.
Held at regulated brokers
Tokenized stocks, ETFs, commodities, and FX are 1:1 backed by positions held at Interactive Brokers and Alpaca Markets in segregated prime-brokerage accounts. Reconciliation runs continuously.
Independently attested
Accountable publishes reserve attestations every hour. Each attestation is published as a signed PDF and mirrored on-chain as an EIP-712 proof.
Swiss DLT-regulated
Public-asset tokens are issued under Switzerland's DLT Act (2021). Tokens are ledger-based securities. The issuer is FINMA-supervised with annual and event-driven reporting.
Bankruptcy-remote
Underlying assets sit in a bankruptcy-remote SPV with an independent director. If the operator becomes insolvent, the SPV's assets are not part of the bankruptcy pool.
Continuity guaranteed
Ankura Trust is the security and collateral agent for all Flo-issued tokenized securities. On a wind-down trigger, the MPC quorum transitions to redemption-only and Ankura administers investor claims directly from the SPV estate.
No conflicts of interest
Revenue comes from disclosed platform and performance fees, period. Third-party rebates flow back to users. Employee trading is pre-cleared with a lock-up.
No hidden fees
Every fee is displayed at the point of transaction. Every APY is net of fees. If you find an undisclosed charge, treat it as a bug and tell us.
Insurance available
Independent on-chain cover is available through Nexus Mutual. Policies are priced dynamically by Nexus underwriters. GM Markets earns no fees on cover placements.
Reg D & Reg S compliant
Flo distributes tokenized securities under Regulation D Rule 506(c) for US accredited investors and Regulation S for non-US persons. Verification runs through a third-party service.
See also: Transparency, Proof of reserves, and Audits & security.
Transparency
Every tokenized stock on GM Markets is backed 1:1 by a real share held in segregated brokerage accounts at Interactive Brokers and Alpaca, through Flo's regulated issuance layer. The reserve state is published continuously and verifiable from your own wallet.
Live transparency dashboard
The transparency dashboard reads directly from the contracts. Reserve balances, mint/burn events, and audit results refresh as the chain advances. The reserve ratio is live.
Proof of solvency
GM Markets publishes a daily Merkle root of every user balance on-chain via EIP-712. Download your inclusion proof and verify it against the on-chain root using the open-source CLI.
Where the underlying lives
- Interactive Brokers: prime brokerage account holding US-listed equities and ETFs in segregated custody under Flo's name.
- Alpaca Markets: second prime broker, used for execution redundancy and additional asset coverage.
- Flo: the issuer that mints each tokenized asset on-chain against the broker holdings, under Switzerland's DLT Act.
- Ankura Trust: independent collateral agent for all Flo-issued tokenized securities. Holds enforcement rights on behalf of token holders if Flo ever cannot.
How verification works
- Hourly reserve attestation. Accountable runs an automated reconciliation between Flo's brokerage holdings and the on-chain supply of each token. When the reconciliation passes, Accountable signs an EIP-712 attestation and publishes it on-chain.
- Daily Merkle root. GM Markets publishes a daily on-chain Merkle root of every user balance. The root commits to the full balance set without exposing individual wallets.
- Open-source verifier. Anyone can pull their inclusion proof and reproduce the on-chain root locally. Source on GitHub. The code is the trust boundary, not a GM Markets-controlled API.
What can go wrong, and what protects you
- If the broker fails. Underlying assets are held in segregated brokerage accounts, insulated from the broker's own balance sheet.
- If Flo fails. The SPV holding the underlying is bankruptcy-remote with an independent director. Ankura Trust administers redemption to token holders directly from the SPV estate.
- If the GM Markets interface goes offline. The tokens still exist on-chain. Redemption can be initiated through Flo directly under the published continuity protocol.
- If a smart-contract bug ships. Audit reports are public. The bug bounty (up to $250K per critical) is the ongoing disclosure surface. Findings, payouts, and time-to-fix are tracked in the changelog.
Flo's transparency report
Flo publishes its own transparency surface for the issuance layer at flo.finance/transparency. This includes additional proof-of-reserves data, regulatory filings, and the SPV structure that holds the underlying. The two surfaces are complementary: GM Markets covers the on-chain side; Flo covers the off-chain (broker, banking, regulatory) side.
Attestations
Every reserve attestation, signed PDF, and on-chain EIP-712 proof, published continuously by Accountable.
What the archive holds
- Append-only history of every reserve attestation, with date, on-chain supply, and attested TVL.
- Signed PDF report for each attestation, mirrored to IPFS.
- On-chain EIP-712 proof linkable per attestation event.
- Per-asset reserve breakdown alongside the aggregate figure.
How attestations work
Accountable runs an automated reconciliation between Flo's brokerage holdings (at Interactive Brokers and Alpaca) and the on-chain supply of each tokenized asset. When the reconciliation passes, Accountable signs an EIP-712 attestation and publishes the proof on-chain. The signed PDF report is mirrored to IPFS for permanence.
The live archive surface (with downloadable PDFs and on-chain links) is at attestations.gm.markets.
Audits & security
Every production contract is reviewed by at least two firms before ship. Custody, monitoring, pause, and timelock are summarised below. Full bounty scope and disclosure rules at Bug bounty.
Vaults in MPC custody
Every DeFi vault holds deposits in a ForDeFi MPC wallet: 3-of-5 threshold signing across independent co-signers. No externally-owned account holds protocol funds. Signer keys are in AWS KMS on FIPS 140-2 Level 3 HSMs.
48h timelock on changes
Every administrative change is queued on-chain behind a 48-hour timelock. Users have 48 hours to review and exit before any change takes effect. No admin-key override.
Emergency pause ready
Any one of seven independent quorum signers can pause contracts unilaterally. Unpausing requires the full 7-of-7 quorum plus a 24-hour timelock.
Surgical pause scopes
Pause scope lets the quorum act on a single vault, a single tokenized asset, or the entire protocol independently.
Reentrancy-hardened
Every state-changing function uses a ReentrancyGuard pattern. Checks-Effects-Interactions ordering is enforced in CI. Audits by Sherlock, Halborn, Cantina, and Cyfrin; reports publish before public launch.
Monitored 24/7
Hypernative monitors every contract and MPC signer event in real time. Anomalies alert on-call engineers via PagerDuty. Auto-pause can fire within 60 seconds of a credible alert.
$250K bug bounty
Continuous self-managed bug bounty across smart contracts, custody infrastructure, and the web interface. Up to $250,000 per critical finding, capped at 10% of funds at risk. $50K High, $10K Medium, $1.5K Low. Submit at security@gm.markets.
Engaged firms
- Sherlock: core vault contracts, the ERC-4626 wrapper, and the tokenization mint/burn engine.
- Halborn: MPC signer integration and infrastructure posture review.
- Cantina: timelock, pause mechanism, and quorum contracts.
- Cyfrin: the curator-operated DeFi vault framework.
How the audit policy works
- Every production contract is reviewed by at least two independent firms before it ships.
- Every finding (resolved, accepted, or acknowledged) is linked in the published report. No internal-only reviews, no "we found this and quietly fixed it."
- Reports go up as signed PDFs, alongside the firm's own listing.
If you're evaluating GM Markets and want a pre-publication briefing on a specific surface, email security@gm.markets.
Bug bounty
GM Markets runs a continuous bug bounty across the smart contracts, the custody infrastructure, and the web interface. We run the program ourselves. No third-party intermediary. Submit findings directly to our security team and you'll get an acknowledgement within one business day.
Payouts
Critical-severity payouts are capped at $250,000 or 10% of the funds at risk, whichever is lower. Lower severities pay a fixed cap (see table). Verified findings pay out within 14 days of fix deployment. Median time-to-fix: 9 days for critical, 21 days for high.
- Critical
- Up to $250,000 or 10% of the funds at risk, whichever is lower
- High
- Up to $50,000
- Medium
- Up to $10,000
- Low
- Up to $1,500
In scope
- GM Markets smart contracts (ERC-4626 vaults, curator framework, timelock, pause).
- Mint/burn engine contracts (Flo-issued tokenized assets).
- Custody infrastructure: MPC policy enforcement, signer authorization flows.
- Web interface (gm.markets): auth flows, input validation, wallet session handling.
- RPC indexer and oracle data pipelines that feed user-visible figures.
Out of scope
- Third-party dependencies (chain reorgs, wallet vulnerabilities, browser zero-days).
- Known issues already disclosed in published audit reports.
- Rate limiting, email spoofing, and other low-impact IT hygiene findings.
- Social engineering of employees or partners.
- Issues caused solely by user error (e.g. sending funds to the wrong address, wallet-side phishing outcomes).
Severity classification
Critical — Loss of user funds, loss of protocol treasury, or unauthorized mint of tokenized assets. Also: ability to bypass the timelock, override the pause, or escalate to signer privilege. The 10%-of-funds-at-risk ceiling applies on top of the $250K hard cap, so a finding that exposes $1M of TVL pays at most $100K.
High — Sustained denial-of-service, griefing that blocks redemption, reserve-ratio manipulation, or leakage of user-identifiable data beyond what is already publicly on-chain.
Medium — Temporary denial-of-service, incorrect fee calculation at edge cases, UI state that misrepresents risk.
Low — Best-practice deviations with no material user impact, or missing validations that can be bypassed only with significant effort.
How to disclose
- Email security@gm.markets, encrypted with our PGP key (fingerprint below). One-line subject, one-paragraph summary, attach a proof-of-concept if you have one.
- We acknowledge within one business day, triage within five, and ship a fix on the median timelines above.
- Don't publish, discuss, or demonstrate the finding publicly until we've acknowledged, triaged, and deployed a fix.
- We don't use Immunefi, HackerOne, or any external bug-bounty platform. Submissions sent through those channels won't be triaged here.
PGP fingerprint: 5A9F 2E3D 8B77 1C45 A0D9 EE23 9F1B 44C8 7726 BD19
Safe harbor
Good-faith security research performed under this bounty program is exempt from civil and criminal action by GM Markets, provided the researcher (a) does not access, modify, or destroy data beyond what is necessary to demonstrate the finding, (b) does not deny service to other users, and (c) follows the disclosure process above. We won't pursue researchers who play by these rules.
Hall of fame
Researchers who submit verified findings are credited here with their consent. Published disclosures (redacted where necessary) get linked from the changelog after a fix has shipped.
Non-custodial
Non-custodial always
GM Markets is non-custodial. Tokens live in your wallet from deposit to withdrawal. GM Markets cannot freeze your account, reverse a withdrawal, or see your balance beyond what is public on-chain.
Tokens deploy on Ethereum, Base, and Arbitrum as standard ERC-20s. Any wallet that signs ERC-20 works.
1. GM DAO governance
- Who controls the protocol contracts?
- A 5-of-9 Gnosis Safe multi-sig owns the smart contracts. The same codebase is shared across GM Markets and partner protocols; one audit covers all consumers of the codebase.
- How are administrative changes made?
- Every administrative change is queued on-chain behind a 48-hour timelock. Users have 48 hours to review and exit before any change takes effect. There is no admin-key override path.
- How are signers selected and rotated?
- Pending — counsel review. Signer rotation policy will be published prior to public launch.
- Who is the legal operating entity?
- GM Markets operates under the GM DAO protocol. Specific corporate-governance details are not disclosed at this time.
2. Compliance posture
- Does GM Markets perform user-level KYC?
- No. The interface is permissionless at the wallet layer. No PII is collected at the GM Markets layer.
- Where is jurisdictional gating enforced?
- At the issuer layer (Flo) on a per-asset basis. Non-eligible jurisdictions are blocked from depositing into restricted instruments before any mint can occur.
- How is sanctions screening performed?
- Sanctions screening against OFAC, EU, UK, and UN consolidated lists is performed at the issuer layer for tokenized public assets and at the IP-geofence layer at the GM Markets interface.
- Are US persons eligible?
- Public-market interface defaults to non-US-eligible. US accredited investors can access offerings through authorized channels at the issuer layer under Regulation D Rule 506(c). Non-US persons are eligible under Regulation S.
3. Counterparties
- Token issuer
- Flo (flo.finance), operating under Switzerland's DLT Act.
- Underlying custody
- Interactive Brokers and Alpaca Markets, in segregated prime-brokerage accounts.
- Collateral agent
- Ankura Trust, with enforcement rights on behalf of token holders.
- Reserve attestation
- Accountable, hourly EIP-712 attestations published on-chain and mirrored to IPFS.
- Vault custody
- ForDeFi MPC, 3-of-5 threshold signing across independent co-signers. Signer keys held in AWS KMS on FIPS 140-2 Level 3 HSMs.
- Price oracles
- Chainlink price feeds.
- Real-time monitoring
- Hypernative, contract and signer event monitoring with PagerDuty escalation and auto-pause within 60 seconds of a credible alert.
- Smart-contract audits
- Sherlock, Halborn, Cantina, and Cyfrin. Every production contract is reviewed by at least two firms before ship.
- Independent on-chain cover
- Nexus Mutual.
4. Custody architecture
- How are tokenized public assets backed?
- 1:1 by underlying held at Interactive Brokers and Alpaca in segregated prime-brokerage accounts. Reconciliation runs continuously and is published in the live transparency dashboard.
- What happens if a broker fails?
- Underlying is held in segregated accounts insulated from the broker's balance sheet. SIPC and equivalent broker-side coverage applies where eligible.
- What happens if the issuer fails?
- A bankruptcy-remote SPV with an independent director holds the underlying. Ankura Trust administers redemption to token holders directly from the SPV estate.
- How is vault capital custodied?
- ForDeFi MPC, 3-of-5 threshold signing. No externally-owned account holds protocol funds.
- What happens if the GM Markets interface goes offline?
- Tokens are independent of the interface. Redemption can proceed through Flo directly under the published continuity protocol.
5. Reserves & attestation
- How frequently are reserves attested?
- Hourly by Accountable. Each attestation is signed EIP-712, published on-chain, and mirrored to IPFS.
- How can reserves be independently verified?
- Accountable's attestations are EIP-712 signed; the public key is published. Anyone can pull an attestation and reproduce the signature locally without trusting a GM Markets API. See Proof of reserves and Attestations.
- Is there a daily proof of solvency?
- Yes. GM Markets publishes a daily Merkle root of every user balance on-chain via EIP-712. Download your inclusion proof and verify it against the on-chain root using the open-source CLI.
6. Smart contract risk
- What is the audit posture?
- Every production contract is reviewed by at least two firms before ship. Audit firms: Sherlock, Halborn, Cantina, Cyfrin. Reports are published before public launch.
- Has the codebase been formally verified?
- Pending. Formal verification has not yet been completed.
- Has the production stack been independently pen-tested?
- Pending. Independent infrastructure pen-test has not yet been completed.
- Is there a public bug bounty?
- Yes. Self-managed continuous bug bounty: up to $250,000 per critical finding, capped at 10% of funds at risk; $50K High, $10K Medium, $1.5K Low. See Bug bounty.
- What are the upgrade controls?
- 48-hour timelock on every administrative change, with no admin-key override. Pause scope is surgical (per-vault, per-asset, or protocol-wide).
7. Multi-sig governance
- Protocol upgrade authority
- 5-of-9 Gnosis Safe multi-sig owns the smart contracts. All changes flow through the 48h timelock.
- Vault custody quorum
- 3-of-5 ForDeFi MPC threshold signing across independent co-signers.
- Emergency pause quorum
- 1-of-7 quorum signers can pause unilaterally. 7-of-7 plus a 24-hour timelock to unpause.
- Signer rotation policy
- Pending — counsel review.
8. Oracle & keeper
- What is the price oracle?
- Chainlink price feeds. Update cadence and deviation thresholds are per-feed and disclosed on each market detail page.
- How are resting orders triggered?
- An in-house keeper service triggers limit, TP/SL, trail, and TWAP orders. The keeper is never on-chain. Off-hours behaviour: crypto runs 24/7; FX queues weekend; equity queues overnight.
- What happens if the keeper goes offline?
- Resting orders pause until the keeper is restored. No order auto-cancels. User-signed spot fills continue uninterrupted.
9. Operational continuity
- What triggers a wind-down?
- Operator insolvency, regulatory revocation, or a 9-of-9 quorum vote.
- Who administers wind-down?
- Ankura Trust as collateral agent. The MPC quorum transitions to redemption-only mode.
- What is the operating reserve?
- An 18-month operating reserve is maintained off-balance-sheet to fund continuity operations.
- What is the incident communication SLA?
- 24-hour public acknowledgement. 48-hour structured incident report. Resolution timelines published in the changelog.
10. Cybersecurity
- Is GM Markets SOC 2 certified?
- SOC 2 Type II is in progress. Not yet completed.
- How are signer keys protected?
- AWS KMS, FIPS 140-2 Level 3 HSMs. No EOA holds protocol funds.
- What is the production monitoring posture?
- Hypernative monitors every contract and MPC signer event in real time. Anomalies escalate via PagerDuty. Auto-pause can fire within 60 seconds.
- What is the employee access policy?
- Trading is pre-cleared with a lock-up. Quarterly exception report. No employee access to production funds outside MPC quorum action.
11. Redemption & fund flow
- What is the deposit flow?
- Connect a wallet, select an instrument or vault, deposit a stablecoin, receive the tokenized asset or vault token in the same transaction.
- How does redemption work for tokenized public assets?
- Burn the on-chain token; the issuer initiates the prime-broker redemption leg. Settlement window per asset class is shown on the asset's market detail page.
- How does vault redemption work?
- Sell queues a redemption at the NAV at settlement. The redemption window varies by vault and is shown on each vault detail page.
- What is the trading fee?
- Volume-tiered pricing: 0.10–0.20% per side. VIP 1 pays 0.20%, VIP 5 pays 0.10%. Tier set automatically by 14-day rolling volume. Total fee disclosed in the quote block before signing.
12. Jurisdictional gating
- Where is the interface available?
- Available to qualified investors in non-restricted jurisdictions. Specific gating is enforced per asset.
- What is the gating mechanism?
- Geofencing at the IP layer; per-asset eligibility set at the issuer layer; sanctions screening at the issuer layer; per-product Reg D / Reg S restrictions enforced upstream.
- Can a user route around the gating?
- The interface enforces gating before any mint. The on-chain token is bearer once issued; the eligibility check happens at the issuance leg, not the secondary market.
13. Conflicts of interest
- How does GM Markets earn revenue?
- Disclosed platform and performance fees on vaults; the GM Markets fee on spot trades. No third-party rebates retained — those flow back to users.
- Does GM Markets trade against users?
- No proprietary trading. No payment for order flow.
- Are employee positions disclosed?
- Employee trading is pre-cleared. Quarterly exception report covers any deviations from the lock-up policy.
14. Insurance & loss coverage
- Does GM Markets carry proprietary insurance?
- No proprietary fund. Independent on-chain cover is available to users through Nexus Mutual; GM Markets earns no fees on cover placements.
- Is broker-side coverage in place?
- SIPC and equivalent broker-side coverage applies at Interactive Brokers and Alpaca where the underlying instrument is eligible.
15. Reporting & data
- What audit trail is available to users?
- Every fill, mint, burn, deposit, and withdrawal is on-chain with a tx hash visible from the portfolio history.
- Are tax exports available?
- Per-wallet transaction CSV export available from the portfolio page.
- Where can institutional allocators request bespoke reports?
- Email allocators@gm.markets for institutional reporting requests.
Legal documents — index
Plain-English summaries of every legal document below. Each document has a deep-link anchor in this section for quick navigation; canonical full text lives at /legal/<slug>.
Who is contracting with whom. Token holders contract with the issuer (Flo) and the SPV that holds the underlying — not with GM Markets directly. GM Markets provides the software interface; Terms of Service govern interface use only.
Governing law. See each document's preamble for governing law and dispute resolution.
| Document | Anchor | Canonical URL |
|---|---|---|
| Terms of Service | #legal-terms | /legal/terms |
| Privacy and Cookie Policy | #legal-privacy | /legal/privacy |
| Investor Disclosures and Risk Statement | #legal-disclosures | /legal/disclosures |
Terms of Service
GM Markets is a non-custodial software interface. It does not hold user assets, execute trades as principal, or custody private keys. All transactions are user-initiated and wallet-signed. Eligibility varies by jurisdiction. Includes the Acceptable Use Policy as Schedule 1 and the jurisdictional notice and restricted-use rules.
Most load-bearing: Liability is capped at fees actually earned by the Interface Operator from the specific disputed trade(s). Restricted Persons may not access the Service. Sanctions restrictions and jurisdictional gating apply.
Privacy and Cookie Policy
Permissionless wallet-connect interface with no account or signup at the GM Markets layer. We process wallet address, IP and coarse geolocation, browser metadata, telemetry, and any voluntary contact data. Cookies and local storage are first-party only; no advertising cookies; analytics are opt-in and off by default in the EEA and UK.
Most load-bearing: We do not sell or rent personal data. Analytics are opt-in. Strictly-necessary local storage cannot be disabled without breaking the interface.
Investor Disclosures and Risk Statement
Five-part document: master disclosures, audits and compliance status, comprehensive risk disclosure (24 risk categories), instrument and vault mechanics, and tax notice. Smart contracts independently audited by Sherlock, Halborn, Cantina, and Cyfrin. SOC 2 Type II in progress; formal verification and penetration test not yet completed.
Most load-bearing: You may lose part or all of your invested capital. Holders have a direct contractual entitlement to the underlying through the Issuer's structure, not a claim on the Interface Operator. Vault redemption settles at NAV-of-settlement when the queue clears.
Disclosures & risk
The disclosures below are also abbreviated in the site footer. The expanded versions live here. Read each before depositing capital.
Not investment advice
Nothing on this site is investment, legal, tax, or financial advice or an offer to buy or sell. GM Markets is a non-custodial software interface and does not recommend or market specific assets to any user.
Risk of loss
Tokenized positions and yields can fluctuate. Past performance does not guarantee future results. Digital assets carry technology, custody, smart-contract, and protocol risk. You may lose part or all of your investment.
Custody and structure
Stocks, ETFs, commodities, and FX are held 1:1 in segregated accounts at Interactive Brokers and Alpaca Markets. Tokens are issued from a bankruptcy-remote SPV; holders have a direct claim on the underlying, not on any GM Markets entity. Tokens self-custody in your wallet.
Permissionless and jurisdictional
Permissionless at the wallet layer. No PII is collected at the GM Markets interface. Some products are restricted by applicable law in some jurisdictions; sanctions screening and geofencing are enforced at the issuer layer. You are responsible for legality in your jurisdiction. See jurisdictional gating.
Audits and compliance
Smart contracts independently audited by Sherlock, Halborn, Cantina, and Cyfrin (reports at Audits & security). SOC 2 Type II in progress. Formal verification and independent infrastructure pen-test not yet completed. No audit constitutes ongoing assurance. Live on Ethereum, Base, Arbitrum.
Forward-looking
Future products, fees, markets, and timelines may change without notice.
Operating entity
GM Markets is a software interface for the GM DAO protocol. Tokens are issued by an independent regulated infrastructure operator. Token holders contract with the issuer and the SPV that holds the underlying — not with GM Markets directly.
AI-assisted content
Most copy on this site is AI-generated and human-reviewed. Flag errors to hello@gm.markets.
Integrations
Every GM Markets token is a standard ERC-20 deployed across Ethereum, Base, and Arbitrum. That means they plug into the rest of DeFi without bespoke adapters.
Where you can use GM Markets tokens today
- Lending markets: supply or borrow against tokenized equities, RWA tranches, and yield vaults on Aave, Morpho, and other major money markets.
- Yield aggregators: wrap, stake, or fix yield on Pendle. Curator vaults can route capital programmatically.
- DEX liquidity: pair against USDC, ETH, or other tokens on Uniswap, Curve, and Balancer.
- Custody & treasury tools: supported by Safe, Fireblocks, ForDeFi, and any wallet that speaks ERC-20.
Self-custodial throughout
GM Markets never takes custody of user assets. Tokens live in your wallet from mint to redemption, so any DeFi integration that accepts the underlying ERC-20 works out of the box. There is no whitelist on the secondary market.
Composability primitives
- On-chain attestations: Accountable's EIP-712 proof-of-reserves can be consumed by other smart contracts to gate logic on issuer health.
- Daily Merkle sum tree: published on-chain, lets any contract or counterparty verify inclusion of a balance without trusting a vendor API.
- Standard token interfaces: ERC-20 for fungible exposure, with EIP-2612 permit support for gasless approvals.
Glossary
Plain-English definitions for the jargon used across the GM Markets product and docs.
- Permissionless
- An interface or protocol that anyone can use without registration, KYC, or approval. GM Markets is permissionless: connect a wallet and transact.
- Self-custodial
- The user holds their own assets in a wallet they control. The interface never has the ability to move or freeze user funds.
- MPC custody
- Multi-party computation custody. Private key shares are split across multiple parties so no single party can sign a transaction alone. GM Markets vaults use ForDeFi MPC for pooled vault custody.
- RWA
- Real-world asset. A traditional financial asset (stock, bond, commodity, FX, real estate, private credit) represented as a token on a blockchain.
- Bearer token
- A token where ownership is determined solely by possession. Whoever holds the token in their wallet has the claim. Tokenized public-asset positions on GM Markets are bearer claims against assets held by the issuer.
- T+1, T+2
- Settlement timing in traditional finance: trade date plus one or two business days. Tokenized equities on GM Markets typically redeem in T+1 to T+2 because the underlying broker leg follows TradFi rails.
- Reg D 506(c)
- A US securities regulation allowing private placements to verified accredited investors. US persons can access GM Markets-tokenized securities through Flo under Reg D rather than the public interface.
- Reg S
- A US securities regulation governing offers and sales of securities outside the United States. Tokenized securities offered to non-US persons through GM Markets typically rely on Reg S.
- ABS (Asset-Backed Security)
- A security backed by a pool of underlying assets: consumer loans, auto receivables, mortgages, etc. Several GM Markets RWA vaults invest in tokenized ABS tranches.
- Proof of reserves
- A cryptographic and/or attestation-based proof that an issuer holds sufficient backing assets to cover all outstanding tokenized claims. GM Markets publishes a daily Merkle root of user balances on-chain.
- ForDeFi
- An institutional MPC custody provider used by GM Markets for vault custody. Vault funds are held in MPC wallets with a published signer quorum.
- Flo
- The tokenization infrastructure layer beneath GM Markets. Flo handles issuer KYC and the regulated broker-dealer relationships with Interactive Brokers and Alpaca that back tokenized public assets.
FAQ
Is GM Markets custodial?
No. Self-custodial. Your wallet signs every transaction. We cannot freeze, reverse, or recover your funds.
Can I lose money?
Yes. Tokenized assets carry market, credit, custody, smart-contract, and regulatory risk. Active-strategy vaults in particular can produce negative returns during drawdown periods. Advertised APYs are variable and not guaranteed.
What wallet do I need?
MetaMask or any WalletConnect v2-compatible wallet: Rabby, Rainbow, Coinbase Wallet, Ledger, Safe. Hardware wallets are supported via WalletConnect. A demo wallet is available for previewing the connected state.
What chains are supported?
Ethereum, Base, Arbitrum. Pick one from the network dropdown on the Trade and Vault Detail pages.
How fast can I withdraw?
Depends on the vault subtype. See Redemption mechanics. The redemption window is always displayed on the vault card and the detail page.
What are your fees?
Spot trades: 0.10–0.20% per side by VIP tier (0.20% base → 0.10% at VIP 5). Vaults: 1% management + 10% performance for managed vaults; 0% management + 10% performance for issuer vaults. All vault fees are netted out of the APY you see. No buy or sell trading fee on vaults.
What if the GM Markets interface goes away?
Your assets don't depend on the interface. Tokens are issued by Flo and backed by assets in a bankruptcy-remote SPV. Ankura Trust is the independent collateral agent for all Flo-issued tokenized securities and can administer investor claims directly from the SPV estate. The protocol continues even if the frontend does not. See the Continuity guaranteed pane in trust framework.
Do you have insurance?
Not a proprietary fund. Users can optionally purchase independent cover from Nexus Mutual against smart-contract and custody exposures. We don't earn fees on cover placements.
How is the APY calculated?
A trailing 30-day realised return, annualised, net of fees. It's backward-looking; it's not a guarantee.
Can I verify the reserves myself?
Yes. The Transparency section publishes a live reserves dashboard read from the same contracts you transact against. Accountable publishes hourly proof-of-reserves with on-chain EIP-712 attestations. GM Markets publishes a daily Merkle sum tree so you can verify your own balance is included.
Where can I get help?
Start with this page. See Help & FAQ for common questions, the Blog for deep dives on how GM Markets is built, or the Whitepaper for the formal design document. For allocator-specific questions, email allocators@gm.markets. For interface issues, email support@gm.markets.
Resources
Reference and operational pages accessible from the footer.
Verification & trust
- Trust framework: walkthrough of the custody, regulatory, and security stack.
- Audits & security: engagements with Sherlock, Halborn, Cantina, and Cyfrin.
- Proof of reserves: live reserve figures and attestation archive.
- Attestations: the full Accountable attestation archive with on-chain proofs.
- Bug bounty: scope, payouts (up to $250K capped at 10% of funds at risk), and disclosure process.
Learning
- Blog: deep dives on how GM Markets is built. Each post is a standalone technical article.
- Whitepaper: formal design document covering tokenization, custody, and continuity.
- Help & FAQ: common questions from allocators, with links into the due diligence sections above.
Operations
- System status: live operational status across all components (contracts, RPC, reconciliation, monitoring).
- Changelog: every user-visible change, tagged and dated.
Company
- About: what GM Markets is and the principles it operates by.
- Brand kit: logos, color palette, typography, usage rules.
Legal
- See Legal documents above for plain-English summaries and full-text links.
- Accessibility: WCAG 2.2 AA standards and how to report issues.
- Sitemap: index of every public route.