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  • WELCOME TO SYNTHETIX EXCHANGE
    • Getting Started
    • News and Updates
    • Opening A Synthetix Account
    • Bridging to Synthetix Exchange
  • Perps Basics
    • Perps on Synthetix Exchange
    • Margin Types & Collateral
    • Funding
      • Technical Details
    • Maker or Taker?
    • Leverage & Initial/Maintenance Margin
    • Account Health & Liquidations
    • Conditional Orders
    • Position Modification
    • Gasless One-Click Trading
      • Starting/Stopping 1CT
    • Delegated Trading
      • Getting started with Delegation
      • Accessing Accounts Delegated to You
      • Managing Delegates
      • FAQ
    • Trading Tutorial
      • Connecting a wallet & V3 Account Creation
      • Depositing Collateral
      • Swapping and Bridging
      • Enabling one-click trading
      • Opening a Position
      • Closing a Position
      • Withdrawing Collateral
  • Perps V3 (Base)
    • Overview
    • Multi-collateral Margin
      • Collateral Types
      • What is USDx?
      • The Mechanics of USDx
      • Edge Cases in Liquidation:
      • Settlement of Debt
      • FAQ's
  • Perps V2 (Optimism)
    • Introduction (Legacy)
    • Getting Started on Optimism
    • How to get sUSD
  • INFRASTRUCTURE OVERVIEW
    • Getting Started
    • System Overview
    • Account Management
    • Delegate Management
    • Conditional Orders
    • Oracle Data
  • RESOURCES
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  1. Perps Basics

Delegated Trading

Add and manage delegates to trade on your behalf.

The Essence of Delegated Trading?

Delegated Trading on Synthetix Exchange allows users to delegate trading to multiple wallets, enabling a seamless trading experience across hardware wallets, hot wallets, and more.

What Makes Delegated Trading Different?

While wallet delegation features do exist on other platforms, Synthetix Exchange's delegation system brings unique advantages. In some other systems, a delegated wallet gains full administrative control over the account, increasing the risk for users with each additional delegated address.

With Synthetix Exchange's Delegated Trading, deposit and withdrawal are not enabled for delegated wallets. This means that while users still assume the risks of any trades placed by delegated wallets, a compromised delegated wallet has a barrier of security against theft of assets deposited in to the Smart Margin account.

Why Use Delegated Trading?

This feature allows traders to manage a single Synthetix Exchange Smart Margin account from multiple devices or for teams of traders operating a single fund. While traders can imagine their own use cases, a few examples can help us imagine the possibilities.

  • Trading across multiple devices: Currently, trading across multiple devices requires exposure of a seed phrase or private key, and often users seeking convenience will copy and paste their credentials, or even send them through email or other insecure means. With Delegated trading, users can avoid these risks by generating keys locally, and simply delegating to each device.

  • Easy trading from a hardware wallet: In addition to the convenience of trading across multiple devices, traders can improve security by ensuring the owner of their Synthetix Exchange Smart Margin Account is a hardware wallet with a proper physical backup. This ensures that while the hardware wallet must be present for delegation setup and withdrawals, it may be safely and conveniently stored away for everyday trading.

  • Team Trading and Fund Management: For institutional traders, security is of the utmost importance. Currently, few institutions use decentralized tools, and infrastructure allowing a team to manage an onchain fund is nonexistent, leading to poor security or excessive overhead for the fund. Delegated trading provides a simple solution for multiple people to handle a single fund largely missing from existing platforms.

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Last updated 3 months ago