FAQ

Last updated: Jun 16, 2026

Contacting support

If you need help, open a support ticket through the chat widget on this page (bottom right).

When contacting support, please include:

Your wallet address
The network you are using (Ethereum Mainnet)
A clear description of the issue

Platform basics

What is Synthetix?

Synthetix is a decentralised perpetuals exchange on Ethereum Mainnet. It lets you trade leveraged long and short positions on a range of assets without giving up custody of your funds.

Do I need to create an account?

No sign-up required. Connect your wallet and create a trading subaccount directly in the app. See Getting Started.

Do I need KYC?

No. Synthetix does not require identity verification.

Who controls my funds?

You. Funds are held in smart contracts. Synthetix does not have custody of your assets.

Can Synthetix freeze my funds?

No. Accounts cannot be frozen or modified by any single party. Rules are enforced by smart contracts.

Wallet & access

Can I use multiple wallets?

Yes. Each wallet can have its own set of subaccounts.

I connected the wrong wallet, can I switch?

Yes. Disconnect and reconnect the correct wallet from the wallet selector.

What happens if I lose my wallet?

Your funds are secured by your wallet's seed phrase. Synthetix has no ability to recover access on your behalf. Store your seed phrase securely.

Tokens & assets

What collateral can I use?

USDT and WETH are supported in the app today. USDT is the settlement asset, while WETH contributes haircut-adjusted collateral value for trading. Additional collateral types are planned. See Depositing Collateral and Multicollateral Margin.

What tokens do I need?

USDT - settlement asset and supported collateral.
WETH - supported non-USDT collateral.
ETH - gas fees on Ethereum Mainnet.
SNX - staking.
sUSD - staking and ecosystem liquidity products.

Why do I see unknown tokens in my wallet?

Unknown tokens may be airdropped spam tokens. Do not interact with them. Synthetix does not airdrop tokens without official announcement.

Collateral & margin

Can I trade without holding USDT?

Yes. Deposit supported non-USDT collateral such as WETH and trade USDT-settled markets. Fees, funding, and realized PnL still settle in USDT, so your USDT balance may go negative while positions are open.

Why is Swap unavailable when my USDT is negative?

Your USDT can show negative while positive unrealized PnL covers it. In that case, it is not effective debt. Swap appears when you have USDT debt after positive unrealized PnL is considered.

Why is my collateral value lower than balance times price?

Non-USDT assets have haircuts. Collateral Value is the haircut-adjusted amount that counts toward margin. See Leverage & Margin.

Why can't I withdraw all my USDT when I also hold WETH?

USDT withdrawals are capped by held USDT plus positive unrealized PnL. WETH collateral value supports margin and trading, but it does not increase the USDT you can withdraw unless you Swap or otherwise receive USDT settlement from trading. See Withdrawing Collateral.

Why did my margin drop without closing a trade?

Non-USDT collateral is marked to index price. A WETH price drop reduces Collateral Value and Adjusted Account Value even if your position PnL is unchanged.

Why is my max withdrawal zero even though I have a balance?

Common reasons include open positions reserving margin, USDT debt requiring collateral to stay in the account, or the asset fully backing debt with no spare margin budget. Reducing positions, swapping collateral to USDT to repay debt, or depositing additional collateral can improve withdrawable amounts.

Will closing my last position repay my USDT debt?

No. Realized PnL settles into USDT, but remaining debt stays until you use Swap or collateral is auto-exchanged if limits are breached.

What's the difference between Swap and Withdraw?

Withdraw sends tokens to your wallet. Swap converts non-USDT collateral to USDT inside your account to repay debt. Swap is only available when you have USDT debt.

Why was my collateral sold without me clicking Swap?

Forced auto-exchange can run when USDT debt exceeds your allowed limit. Monitor LTV and Max Borrow, maintain buffer collateral, use voluntary Swap to repay debt, or reduce position size.

Does auto-exchange require my approval?

No. Forced auto-exchange runs automatically when triggers are hit. You can reduce the chance of forced exchange by monitoring LTV, maintaining extra collateral, using voluntary Swap to repay debt, or reducing position size.

Why did my USDT go negative overnight?

Funding payments and trading fees settle in USDT. If you hold non-USDT collateral and no spare USDT, those flows can make your USDT balance negative.

Are gas fees charged on swaps?

No. Gas is required for on-chain deposits and withdrawals. Internal Swap quotes include the exchange fee but do not require a wallet gas transaction.

Technical issues

My wallet won't connect

Ensure your wallet is set to Ethereum Mainnet.
Try refreshing the page or clearing your browser cache.
Try a different browser or disable browser extensions.
Use the chat widget to contact support if the issue persists.

Wrong network error

Switch your wallet to Ethereum Mainnet and refresh the page.

Transaction stuck pending

You may need to speed up or cancel the transaction from your wallet. In MetaMask, go to Settings > Advanced > Reset Account if a nonce is stuck.

Transaction failed but gas was used

A failed transaction still consumes gas. This usually means a contract condition was not met at execution time, such as price movement or an OI limit. Check the error message in your wallet or block explorer.

Balance not updating

Wait for the transaction to confirm on Ethereum Mainnet. If it still does not update, refresh the page.

Position not appearing

Confirm your transaction was successful on a block explorer. If confirmed but the position is not showing, try switching subaccounts or refreshing.

Trading

What is the maximum leverage?

Maximum leverage varies by market and position size. Leverage limits decrease as notional position size increases. Check the market detail panel in the app for current limits.

What is the difference between mark price and last price?

The mark price is used for margin calculations, PnL, and liquidations. It is derived from external perp markets to resist manipulation. The last price is the current fair value of the Synthetix perpetual, used for UI display. See Pricing.

What is funding?

A periodic payment between longs and shorts that keeps the perpetual price anchored to the underlying index. See Funding.

What happens if I get liquidated?

Your positions are reduced, closed, or transferred to designated SLP accounts, a liquidation fee is deducted, and remaining collateral may be returned to the account. In multicollateral accounts, all collateral types in the affected subaccount can be part of the liquidation process. See Liquidations.

API

Do you have an API?

Yes, REST and WebSocket APIs are available. See API Overview.

How do I authenticate API requests?

Synthetix uses EIP-712 signatures. See Authentication.