# Synthetix
> Trader documentation for Synthetix perpetual contracts
## FAQ
import { LastUpdated } from '../components/LastUpdated'
### 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
:::warning[Security reminder]
Synthetix Support will **never** ask for your private keys, seed phrase, or direct fund transfers. Always verify URLs before connecting your wallet.
:::
### 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](/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](/deposits-withdrawals/depositing) and [Multicollateral Margin](/deposits-withdrawals/multi-collateral-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](/trading/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](/deposits-withdrawals/withdrawing).
**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](/trading/pricing).
**What is funding?**
A periodic payment between longs and shorts that keeps the perpetual price anchored to the underlying index. See [Funding](/trading/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](/trading/liquidations).
### API
**Do you have an API?**
Yes, REST and WebSocket APIs are available. See [API Overview](https://developers.synthetix.io/developer-resources/api/general-information).
**How do I authenticate API requests?**
Synthetix uses EIP-712 signatures. See [Authentication](https://developers.synthetix.io/developer-resources/api/authentication).
## Getting Started
import { LastUpdated } from '../components/LastUpdated'
import { MediaFigure } from '../components/MediaFigure'
New to Synthetix? Start here.
This guide walks you through creating your trading account, depositing collateral, and placing your first perpetual trade.
### Getting started only takes three simple steps:
1. Connect your wallet.
2. Create your trading account.
3. Place your first trade.
#### Step 1: Connect your wallet
To begin, open the [Synthetix Exchange](https://exchange.synthetix.io/) and click **Connect Wallet** on the top right corner. Then approve the connection request in your wallet.
This allows Synthetix to read your wallet address and interact with your funds when required.
Synthetix is built on the Ethereum ecosystem and requires an **EVM-compatible wallet**. While many wallets are available, the following are the most commonly used.
* Rabby
* MetaMask
* WalletConnect-compatible wallets
Different Synthetix products operate on different blockchain networks. Synthetix is consolidating its products back onto **Ethereum Mainnet**, and any remaining deployments on Layer 2 networks are considered legacy or will be deprecated over time.
Always ensure your wallet is connected to the correct network before interacting with a Synthetix product.
#### Step 2: Set up your account
Once your wallet is connected, you'll need to create a trading account by depositing collateral.
1. Click **Create Account**.
2. Select the collateral asset you want to deposit (for example, USDC or ETH) and enter the amount.
3. (Optional) Enter a referral code if you have one.
4. Click **Create Account** to confirm your deposit.
5. Approve the required wallet transaction(s).
6. Authenticate your account.
7. Your trading account is now ready for trading.
#### Step 3: Placing your first trade
1. Open the **Market Selector** near the top-left corner.
2. Select a market from the list, for example BTC-USDT.
3. The selected market will load in the trading interface.
4. Navigate to the **Order Entry** panel.
5. By default, a **Market** order is selected.
6. Configure your order:
* Set your **leverage.**
* Choose **Buy (Long)** or **Sell (Short).**
* Enter the position size.
7. Click **Buy / Long** or **Sell / Short**.
8. Review the order details in the confirmation window.
9. Submit the order.
Once your order has been filled, you can:
* View your position on the chart.
* Monitor your position from the **Positions** tab in the portfolio table.
### See also
* [Navigating the App](/trading/navigating-the-app)
* [Portfolio](/trading/portfolio)
* [Depositing Collateral](/deposits-withdrawals/depositing)
* [Order Types](/trading/order-types)
import { LastUpdated } from '../../components/LastUpdated'
## Auto-Deleveraging (ADL)
Auto-deleveraging is a last-resort risk mechanism that activates when a liquidated account reaches **bankruptcy**, meaning its collateral is insufficient to cover the loss at the current mark price. In this situation, the exchange cannot absorb the loss through normal liquidation, so it is instead distributed to the most profitable, most leveraged positions on the opposite side of the market.
ADL is rare. The normal liquidation process and the [Wick Insurance](/trading/wick-insurance) system are designed to handle the vast majority of risk scenarios before ADL becomes necessary.
### When does ADL trigger?
A standard liquidation closes a position at the mark price. The **bankruptcy price** is the mark price at which an account's equity would reach exactly zero:
```
bankruptcy_price = mark_price × (1 - account_equity / position_size_usd)
```
If the mark price moves beyond the bankruptcy price before the liquidation order fills, meaning the position is closed at a worse price than expected, the shortfall cannot be recovered from the liquidated account. This deficit is covered by auto-deleveraging counterparty positions.
### How ADL works
When a bankruptcy event occurs on a given market and side (e.g. BTC long), the system reduces the positions of highly profitable, highly leveraged accounts on the **opposite** side (BTC short) to cover the loss.
**Importantly:** your position is reduced at the bankruptcy price of the failing account, not at the current mark price. If you are ADL'd while your position is in profit, you receive a below-market close price for the portion that is reduced.
### ADL ranking
All open positions are continuously ranked by an **ADL score**. Positions with the highest scores are deleveraged first.
```
ADL score = P&L ratio × effective leverage
P&L ratio (long) = (mark_price - entry_price) / entry_price
P&L ratio (short) = (entry_price - mark_price) / entry_price
effective_leverage = |position notional| / account equity
```
In plain terms: the score is highest for positions that are both **deeply in profit** and **highly leveraged** relative to their account equity.
#### Bucket system
Rankings are translated into 5 buckets:
| Bucket | Risk | Description |
| ------ | ------- | ---------------------------- |
| **5** | Highest | First to be auto-deleveraged |
| **4** | High | |
| **3** | Medium | |
| **2** | Low | |
| **1** | Lowest | Last to be auto-deleveraged |
Buckets are assigned by percentile, if you are in bucket 5, your position is in the top 20% of ADL scores for that market and side. Rankings are recalculated continuously as mark prices and equity levels change.
### How to reduce your ADL risk
Your ADL risk is **only relevant when you have a profitable, leveraged position**. An account that is losing money has an ADL score of zero and will not be ADL'd.
To lower your ADL score and bucket:
* **Take profits** - realising gains reduces your P\&L ratio back toward zero
* **Reduce leverage** - lower effective leverage reduces your score even if P\&L is high
* **Add collateral** - increasing account equity reduces effective leverage and thus the ADL score
:::info
ADL is rare in practice. It only activates in extreme market conditions where the normal liquidation mechanism cannot fully absorb a bankrupt position. Most traders will never be ADL'd.
:::
### See also
* [Liquidations](/trading/liquidations) - how the normal liquidation process works
* [Wick Insurance](/trading/wick-insurance) - protection against wick-triggered liquidations
* [Leverage & Margin](/trading/leverage-margin) - how margin and leverage interact
## Advanced Order Types
import { LastUpdated } from '../../components/LastUpdated'
import { MediaFigure } from '../../components/MediaFigure'
Advanced order types provide additional control over execution, pricing and timing compared to standard order types.
These order types are designed for traders who want to:
* reduce market impact
* automate entries and exits
* manage risk more precisely
Advanced order types can be selected from the order type dropdown in the trading panel.
To learn more about standard order types, see [Order Types](https://docs.synthetix.io/trading/order-types).
### Overview
| **Order Type** | **Common Use Cases** |
| -------------- | --------------------------------------------------------- |
| TWAP | Executing large orders gradually over time |
| Scaled Orders | Entering or exiting positions across a price range |
| Stop Market | Exiting quickly once a trigger price is reached |
| Stop Limit | Entering or exiting at a controlled price after a trigger |
### TWAP (Time-Weighted Average Price)
TWAP orders split a larger order into smaller orders that execute gradually over a selected period of time.
This helps reduce:
* market impact
* slippage
* visibility of large orders
TWAP orders are commonly used when:
* the order size is large relative to available liquidity
* traders want smoother execution over time
* markets are expected to be volatile
***Example***
Instead of submitting a single large market order, a TWAP order can divide the total size into smaller intervals that execute automatically over time.
This can help achieve a more consistent average execution price.
To learn more, see [TWAP Orders](/trading/twap-orders).
### Scaled Orders
Scaled Orders automatically place multiple limit orders across a selected price range.
This allows traders to:
* scale into positions gradually
* scale out of positions incrementally
* distribute entries or exits across different prices
Scaled Orders are commonly used when:
* traders expect price movement within a range
* entering a full position at one price is undesirable
* reducing market impact is important
***Example***
A trader wanting to buy over a wider range can distribute multiple buy orders between two selected prices instead of relying on a single limit order.
To learn more, see [Scaled Orders](/trading/scaled-orders).
### Stop Orders
Stop Orders automatically trigger once a selected stop price is reached.
Execution prices may differ depending on market conditions and liquidity.
Synthetix supports:
* Stop Market Orders
* Stop Limit Orders
These order types are commonly used for:
* risk management
* stop losses
* breakout entries
* automated exits
#### Stop Market
A Stop Market order submits a market order once the stop price is triggered.
This prioritises execution speed and increases the likelihood of a quick execution.
***Example***
A trader holding a long position may place a Stop Market order below the current market price to automatically exit if the market moves against them.
#### Stop Limit
A Stop Limit order submits a limit order once the stop price is triggered.
This provides more control over execution price but does not guarantee the order will fully execute.
:::info
If the limit price is not reached after triggering, the order may remain unfilled.
:::
***Example***
A trader may use a Stop Limit order to avoid executing outside an acceptable price range during volatile market conditions.
#### Stop Order Differences
| **Order Type** | **Triggered Action** | **Priority** |
| -------------- | ---------------------- | --------------- |
| Stop Market | Submits a market order | Execution speed |
| Stop Limit | Submits a limit order | Price control |
To learn more, see [Stop Orders](/trading/stop-orders).
### Important Considerations
* Market volatility may affect execution prices
* Limit orders are not guaranteed to fill
* Large orders may impact execution price in lower liquidity markets
* Advanced order types should be reviewed carefully before submission
## Fees
import { LastUpdated } from '../../components/LastUpdated'
Trading on Synthetix Mainnet involves fees that are applied when opening and closing positions. Collateral operations such as withdrawals, voluntary Swap, and forced auto-exchange can also have fees.
### Maker vs. Taker
Every time an order is filled, a trading fee is charged. You are either a **maker** or a **taker**:
| Role | How it works | Default fee rate |
| --------- | ----------------------------------------------------------------------------------------------------------------- | ---------------- |
| **Taker** | Your order executes immediately against existing liquidity (market orders, or limit orders that cross the spread) | **0.05%** |
| **Maker** | Your order rests on the order book and is matched by someone else | **0.02%** |
:::info
A limit order is not always a maker. If your limit order is priced so it crosses the spread and matches immediately, it is treated as a **taker** and charged the taker rate.
:::
### Volume-based Fee Tiers
Fees decrease as your 14-day rolling trading volume increases. Your tier also affects open order limits and the number of subaccounts you can create, see [Tiers](/trading/tiers) for the full breakdown.
| Tier | 14-day Volume | Maker | Taker |
| ------------ | ----------------- | ------ | ------ |
| Regular User | $0+ | 0.020% | 0.050% |
| Tier 1 | >= $100,000 | 0.020% | 0.050% |
| Tier 2 | >= $5,000,000 | 0.016% | 0.040% |
| Tier 3 | >= $25,000,000 | 0.014% | 0.035% |
| Tier 4 | >= $100,000,000 | 0.012% | 0.032% |
| Tier 5 | >= $500,000,000 | 0.008% | 0.025% |
| Tier 6 | >= $2,000,000,000 | 0.003% | 0.020% |
| Tier 7 | >= $5,000,000,000 | 0.000% | 0.017% |
Volume is measured in notional USDT traded across all markets in a rolling 14-day window. Your tier is applied to all subsequent trades.
### Fee calculations
Fees are charged on the **notional value** of each fill, not on the margin you deposit.
```text
Trading Fee = Quantity x Executed Price x Fee Rate
```
**Taker order example:**
* Trade 0.5 BTC at 100,000 USDT gives 50,000 USDT notional.
* At 0.05% taker rate, fee = 50,000 x 0.0005 = **25 USDT**.
**Maker order example:**
* Same trade, resting limit order.
* At 0.02% maker rate, fee = 50,000 x 0.0002 = **10 USDT**.
Fees are charged per fill. Partial fills are charged on the filled portion only.
### When trading fees are charged
* Opening a position
* Closing a position
* Increasing or reducing a position through a filled order
Trading fees settle to your subaccount's USDT balance. If you primarily hold non-USDT collateral, fees can make the USDT balance negative.
### Collateral operation fees
| Action | Fee behavior |
| ---------------------------- | ------------------------------------------------------------------------------------------------------------------------------ |
| **Withdraw** | Per-asset withdrawal fee, deducted from the amount received and shown before confirmation. |
| **Swap (voluntary)** | Exchange fee based on the source asset's lowest-tier haircut, shown in the swap quote before confirmation. |
| **Auto-exchange (forced)** | Higher exchange fee than voluntary Swap, approximately 2x the voluntary rate, applied automatically with no confirmation step. |
| **Deposits and withdrawals** | Ethereum Mainnet gas paid in ETH by your wallet. |
| **Internal Swap** | No wallet gas transaction; the fee is applied in the swap quote. |
:::info
Swap converts non-USDT collateral into USDT inside your account to repay USDT debt. Withdraw sends tokens to your wallet.
:::
### Liquidation Clearance Fee
When a position is liquidated, an additional **liquidation clearance fee** is charged on the notional value of the liquidated position. This fee varies by market:
| Market | Liquidation Clearance Fee |
| ------------------------ | ------------------------- |
| BTC-USDT | 0.5% |
| ETH-USDT | 0.5% |
| SOL-USDT | 1.0% |
| XRP-USDT, DOGE-USDT | 1.0% |
| ZEC-USDT, 1000PEPE-USDT | 1.5% |
| FARTCOIN-USDT, PUMP-USDT | 2.0% |
| XMR-USDT | 2.0% |
The liquidation clearance fee is deducted from remaining collateral after the position is closed. Any collateral remaining after the fee is returned to the account.
### Perpetuals have no settlement fee
USDT perpetuals do not expire, so there is no scheduled settlement cost unlike dated futures contracts.
### See also
* [P\&L Calculations](/trading/pnl) - worked examples showing fee impact on net return.
* [Multicollateral Margin](/deposits-withdrawals/multi-collateral-margin) - USDT debt, Swap, and auto-exchange.
* [Withdrawing Collateral](/deposits-withdrawals/withdrawing) - withdrawal fees and constraints.
* [Markets](/trading/markets) - liquidation clearance fees per market.
## Funding
import { LastUpdated } from '../../components/LastUpdated'
### What is funding?
Perpetual futures use funding to keep prices in line with the spot market. Funding is a recurring payment between longs and shorts based on the difference between the perp's mark price and the index price of the underlying asset.
* Funding **accrues and is paid every hour**, but is **displayed as an annualized 8-hour rate** for consistency with industry standards.
* **Positive funding** means longs pay shorts.
* **Negative funding** means shorts pay longs.
### Funding rate formula
The funding rate is driven by the premium between the perpetual's mark price and the index price.
```text
premium = (mark_price - index_price) / index_price
funding_rate = clamp(premium × funding_rate_factor, floor, cap)
```
These rates are shown as annualized 8-hour rates in the UI, even though funding accrues hourly.
### Worked example
A trader opens a $20,000 BTC long while the displayed funding rate is **+0.01% per 8 hours**.
That corresponds to **+0.00125% per hour**.
```text
Funding = $20,000 × 0.0000125 = $0.25 per hour
```
If the rate stays constant for 24 hours, the trader pays **$0.25 × 24 = $6 total**, equivalent to three 8-hour periods at the same displayed rate.
### Funding Caps and Impact Prices
| Market | Funding Cap/Floor (per 8h) | Funding Rate Impact Price |
| -------- | -------------------------- | ------------------------- |
| BTC, ETH | +/-2.00% | 20,000 USDT |
| SOL | +/-4.00% | 10,000 USDT |
### Settlement
Funding accrues continuously and is applied automatically to your subaccount's USDT balance. You do not need to take any action to settle it.
Funding payments appear in your position and account history, so even a flat trade can still produce a positive or negative net outcome because of funding.
If you deposited non-USDT collateral such as WETH, funding still settles in USDT. Paying funding can make your USDT balance negative; receiving funding can reduce negative USDT or increase your USDT balance.
Positive unrealized PnL can offset a negative USDT balance while positions remain open. If negative USDT remains after unrealized PnL is considered, it is USDT debt.
### Impact on your position
Funding is separate from trading PnL, but it affects your net return on a trade. For long-duration positions in high-funding environments, funding can materially erode, or improve, your total result.
#### Funding over 24 hours
* 0.5 BTC long at $100,000 = $50,000 notional
* Funding rate: +0.1% per 8-hour period
* Held for 24 hours = 3 funding periods
```text
Total funding paid = $50,000 × 0.001 × 3 = $150
```
Even if the position is flat when you close it, you would still be down $150 in funding paid.
### Practical notes
**Avoiding high-funding periods:** If you intend to hold a long position, check the current funding rate before entry. Very high positive funding makes long positions more expensive to hold over time.
**Funding arbitrage:** When funding is persistently high, some traders open the opposite side of the market primarily to collect funding. This still carries price risk and is not risk-free.
### See also
* [Pricing & Indices](/trading/pricing)
* [P\&L Calculations](/trading/pnl)
* [Fees](/trading/fees)
* [Multicollateral Margin](/deposits-withdrawals/multi-collateral-margin)
## Glossary
import { LastUpdated } from '../../components/LastUpdated'
| Term | Definition |
| ----------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| **Unrealized P\&L (uPnL)** | Profit or loss on an open position that hasn't been closed yet. Based on the difference between your entry price and the current mark price and will fluctuate. |
| **Realized P\&L (rPnL)** | Profit or loss that becomes locked in when you close part or all of a position. Fees and funding are not included. |
| **Entry Price (Avg Entry)** | The average price of your current open position. If you add to a position, the entry price is updated using a size-weighted average. |
| **Mark Price** | A reference price used to calculate PnL and trigger risk checks such as liquidation and TP/SL. |
| **Position Size** | How large your open position is. |
| **Notional Position Size** | The value of your position at the current price. Commonly `abs(size) x price`. |
| **Leverage** | How much notional exposure you control per unit of collateral: `notional / margin`. |
| **Margin (Collateral)** | Funds backing your positions. |
| **Cross Margin** | All positions share one collateral pool. Losses on one position can impact the entire account's margin health. |
| **Isolated Margin** | Margin is isolated to a specific position. Liquidation risk is primarily limited to that position's allocated collateral. |
| **Initial Margin (IM)** | The minimum margin required to open or increase a position. |
| **Maintenance Margin (MM)** | The minimum margin required to keep a position open. Falling below this can trigger liquidation eligibility. |
| **Liquidation** | A forced position close when margin health is too low. |
| **Liquidation Price** | An estimated price where liquidation becomes likely, based on your position, collateral, and margin requirements. |
| **Funding Rate** | A periodic rate that transfers value between longs and shorts to keep perp price aligned with the index. |
| **Funding Payment** | The actual amount you pay or receive each funding interval based on your position size and the funding rate. |
| **Open Interest (OI)** | Total outstanding perp positions measured in notional. |
| **Volume** | Total amount traded over a time period shown in notional terms. |
| **Fees (Trading Fees)** | Costs charged when you trade. Fees reduce equity and affect realized performance. |
| **Maker / Taker** | Maker orders add liquidity. Taker orders remove liquidity. |
| **Slippage** | The difference between expected price and actual fill price. |
| **Spread** | The difference between best ask and best bid. |
| **Reduce Only** | Prevents an order from increasing exposure. It can only reduce or close an existing position. |
| **Post Only (ALO)** | Ensures your limit order posts to the book as a maker. |
| **GTC (Good 'Til Canceled)** | The order stays active until it's filled or canceled. |
| **IOC (Immediate or Cancel)** | The order tries to fill immediately; any unfilled portion is canceled. |
| **TP/SL (Take Profit / Stop Loss)** | Trigger orders that close a position when a trigger price is reached. |
## Leverage & Margin
import { LastUpdated } from '../../components/LastUpdated'
import { MediaFigure } from '../../components/MediaFigure'
:::warning
Using leverage amplifies both gains and losses. Higher leverage uses less margin, but it also brings your liquidation threshold closer.
:::
Leverage lets you control how much margin you put up for a given position size.
* Position size (notional) is what drives your profit and loss in USDT.
* Leverage mainly changes how much margin is required, which changes your ROI and liquidation risk.
* In multicollateral accounts, non-USDT collateral contributes margin after valuation and haircuts.
### Cross-margin
All positions in a subaccount share a single collateral pool. This is **cross-margin**.
A profitable position can offset the margin requirements of a losing one, and your full subaccount value backs all open positions simultaneously.
Collateral is isolated by subaccount. Assets in one subaccount do not support positions in another.
### Quick definitions
* Notional (position value) = position size x entry price
* Initial margin (margin used) = notional / leverage
* Unrealized PnL (uPnL) depends on price movement and position size, not on leverage
* Total Equity = token quantity x index price
* Collateral Value = haircut-adjusted value that counts toward margin
* Adjusted Account Value (AAV) = account value after collateral haircuts and PnL effects
### Adjusted Account Value and haircuts
Your margin is based on **Adjusted Account Value (AAV)**, not raw token balances.
#### USDT
USDT counts at full face value. It is also the settlement asset for trading fees, funding, and realized PnL.
#### Non-USDT collateral
Non-USDT collateral is valued using:
1. **Index price** - live market price for the asset.
2. **Haircut** - a risk discount applied to the asset's USD value.
The **Collateral Value** shown in the balances table is the haircut-adjusted amount that counts toward margin. Hover the value in the app to see the breakdown: asset value, haircut rate, and final collateral value.
#### Total Equity vs Collateral Value
**Total Equity** is the raw USD value of an asset: quantity x index price.
**Collateral Value** is the amount that actually counts toward margin after the haircut is applied. Only Collateral Value affects trading limits, withdrawal availability, debt limits, and liquidation risk.
#### Tiered haircuts
Haircuts can depend on the USD value of each asset in your account. Synthetix uses tiered rates, but current per-account deposit limits mean most users sit in the first tier. Check **Collateral Value** in your balances table for your actual margin contribution.
#### When collateral prices move
Non-USDT collateral is marked to **index price**. If WETH falls, your **Collateral Value** and **Adjusted Account Value** drop even if your position PnL is unchanged. That reduces **Available Margin**, can raise **LTV**, and increases liquidation or auto-exchange risk.
**Example:** You hold 5 WETH at 3,000 USDT with a 10% haircut. Collateral Value is about 13,500 USDT. If WETH drops 20% to 2,400 USDT, Collateral Value falls to about 10,800 USDT. That is a 2,700 USDT margin reduction with no trade activity.
### Margin ratios
The system uses two core margin thresholds:
| Term | Formula | Description |
| --------------------------------- | ------------------------ | ------------------------------------------------- |
| **Initial Margin Rate (IMR)** | `1 / max_leverage` | Minimum collateral to open or increase a position |
| **Maintenance Margin Rate (MMR)** | `1 / (2 x max_leverage)` | Minimum collateral to keep a position open |
At 50x leverage, IMR is 2% and MMR is 1%.
### How leverage affects uPnL
Leverage does not change uPnL for the same position size and the same price move.
* If you buy 1 BTC and price goes up by 100 USDT, your uPnL is +100 USDT whether you used 2x or 20x.
* The difference is how much margin you used to hold that position.
### How leverage affects ROI
ROI is uPnL measured relative to the margin you used.
* ROI = uPnL / initial margin
Higher leverage uses less margin, so the same uPnL becomes a larger ROI. Lower leverage uses more margin, so the same uPnL becomes a smaller ROI.
### Examples
These examples ignore fees and funding to keep the math simple.
#### Example 1 - Same uPnL, different ROI (long)
You open a long worth 3,000 USDT notional.
* 10x leverage
* Initial margin = 3,000 / 10 = 300 USDT
* 5x leverage
* Initial margin = 3,000 / 5 = 600 USDT
If price moves in your favor and uPnL is +30 USDT:
* ROI at 10x = 30 / 300 = 10%
* ROI at 5x = 30 / 600 = 5%
Same uPnL, different ROI because the margin used is different.
#### Example 2 - Losses work the same way
Same position: 3,000 USDT notional.
If uPnL becomes -30 USDT:
* ROI at 10x = -30 / 300 = -10%
* ROI at 5x = -30 / 600 = -5%
#### Example 3 - Short position behaves the same
You open a short worth 2,000 USDT notional.
* 20x leverage
* Initial margin = 2,000 / 20 = 100 USDT
If price drops and uPnL is +20 USDT:
* ROI = 20 / 100 = 20%
If price rises and uPnL is -20 USDT:
* ROI = -20 / 100 = -20%
### Worked margin example
You deposit **2,000 USDT** and open a BTC long:
| Field | Value |
| --------------------------- | ------------------------ |
| Entry price | 100,000 USDT |
| Position size | 0.1 BTC |
| Notional value | 10,000 USDT |
| Selected leverage | 10x |
| Tier minimum IMR | 2% |
| Initial margin used at 10x | 10,000 / 10 = 1,000 USDT |
| Maintenance margin required | 10,000 x 1% = 100 USDT |
The important distinction is that the **tier minimum** sets the lowest margin the system allows, while your selected leverage determines how much of your collateral you actually commit. In this example, the tier would allow a lower minimum, but choosing 10x means you commit 1,000 USDT of margin to hold the position.
### Account health
Your account health is driven by Adjusted Account Value, unrealized PnL, and total maintenance margin required.
```text
health = adjusted_account_value / total_maintenance_margin_required
```
* **Health above 100%** means you have buffer above maintenance requirements.
* **Health near maintenance** means liquidation risk is increasing.
* **Health at maintenance** means the account can become eligible for liquidation.
### Balances table reference
Watch these values in your **balances table** to understand account health:
| Column | Description |
| -------------------- | ----------------------------------------------- |
| **Asset** | Collateral token |
| **Balance** | Quantity held |
| **Last Price** | Current index price |
| **Total Equity** | Raw USD value (quantity x price) |
| **Collateral Value** | Haircut-adjusted value used for margin |
| **LLTV** | Liquidation LTV threshold for the asset |
| **LTV** | Current debt ratio when USDT debt exists |
| **Available Margin** | Margin available for new trades on the USDT row |
| **Unrealized PnL** | Open position PnL on the USDT row |
| **Max Borrow** | Tier-based USDT debt cap on the USDT row |
| **Actions** | Deposit, Withdraw, Swap |
### Adjusting leverage
You can set leverage per market from the order entry panel. Decreasing leverage moves your liquidation price further away. Increasing leverage moves it closer.
### See also
* [Multicollateral Margin](/deposits-withdrawals/multi-collateral-margin) - USDT debt, Swap, and auto-exchange.
* [Depositing Collateral](/deposits-withdrawals/depositing) - supported collateral and account caps.
* [P\&L Calculations](/trading/pnl)
* [Liquidations](/trading/liquidations)
* [Markets](/trading/markets)
## Liquidations
import { LastUpdated } from '../../components/LastUpdated'
### Overview
A liquidation occurs when a trader's positions move against them far enough that account equity falls below the required maintenance margin.
For multicollateral accounts, liquidation risk is based on **Adjusted Account Value**, which includes collateral haircuts and position PnL. Non-USDT collateral price drops can move an account toward liquidation even when no trade has been placed.
### Liquidation
Typical sequence:
1. Margin ratio is checked and liquidation is triggered.
2. The system attempts to reduce, close, or transfer positions to designated SLP accounts.
3. A Liquidation Clearance Fee is applied, calculated on notional size.
4. Collateral can be transferred to designated SLP accounts as part of the liquidation process.
5. Auto-exchange may run around account health checks when USDT debt exceeds allowed limits.
The simplified margin-ratio view is:
```text
Margin Ratio = Maintenance Margin / Adjusted Account Value
```
If Adjusted Account Value falls below maintenance requirements, the account can become eligible for liquidation.
### Multicollateral risk
Non-USDT collateral is valued at index price and then reduced by a haircut. This means your liquidation risk can change because:
* Your open position PnL changes.
* Trading fees or funding reduce your USDT balance.
* Non-USDT collateral prices fall.
* Haircut-adjusted Collateral Value falls.
* USDT debt rises relative to non-USDT Collateral Value.
Maintaining healthy LTV, sufficient Collateral Value, and a buffer above maintenance margin reduces liquidation risk.
### Liquidation Clearance Fee
* Applied to the notional value of the liquidated position
* Varies by market, for example:
* BTC and ETH: 0.5%
* SOL and others: 1.0%
### How liquidations are executed
#### Orderbook liquidation (primary path)
When equity drops below maintenance margin, the system first attempts to liquidate by sending market orders to the order book for the full position size.
* Liquidation market orders may fully or partially fill.
* If enough of the position is closed such that maintenance margin requirements are satisfied again, any remaining collateral stays with the trader.
#### Collateral transfer
When liquidation takes over an account, all collateral types in the affected subaccount can be transferred to designated SLP accounts. This includes USDT and supported non-USDT collateral.
### Mark price used for liquidations
Liquidations use the mark price, which combines external reference pricing. This makes liquidations more robust than using a single instantaneous last trade or book price.
### Partial liquidations
For liquidatable positions larger than 100,000 USDT:
* Only 20% of the position is sent as a market liquidation order to the book.
* After any partial liquidation, there is a 30 second cooldown.
### Notes on liquidation price display
* The liquidation price shown before entering a trade is an estimate and may be slightly inaccurate.
* After the position is open, the shown liquidation price has certainty of entry price, but can still change due to:
* funding payments
* unrealized PnL changes in other positions
* non-USDT collateral price changes
* collateral withdrawals
### See also
* [Leverage & Margin](/trading/leverage-margin)
* [Multicollateral Margin](/deposits-withdrawals/multi-collateral-margin)
* [Withdrawing Collateral](/deposits-withdrawals/withdrawing)
* [Pricing & Indices](/trading/pricing)
## Markets
import { LastUpdated } from '../../components/LastUpdated'
All markets on Synthetix are perpetual futures quoted and settled in USDT on Ethereum Mainnet.
### Listed markets
| Market | Min trade size | Tick size | Max market order | Max limit order | OI notional cap | OI size cap |
| ----------------- | -------------- | --------- | ---------------- | --------------- | --------------- | --------------- |
| **BTC-USDT** | 0.001 BTC | $1.00 | 100 BTC | 1,000 BTC | $30M | 350 BTC |
| **ETH-USDT** | 0.01 ETH | $0.10 | 1,000 ETH | 1,000 ETH | $20M | 6,500 ETH |
| **SOL-USDT** | 0.1 SOL | $0.01 | 20,000 SOL | 200,000 SOL | $20M | 150,000 SOL |
| **XRP-USDT** | 10 XRP | $0.0001 | 200,000 XRP | 2,000,000 XRP | $15M | 8,000,000 XRP |
| **DOGE-USDT** | 100 DOGE | $0.00001 | 2,000,000 DOGE | 20,000,000 DOGE | $10M | 50,000,000 DOGE |
| **ZEC-USDT** | 0.1 ZEC | $0.01 | 750 ZEC | 7,500 ZEC | $10M | 20,000 ZEC |
| **FARTCOIN-USDT** | 100 | $0.00001 | 300,000 | 3,000,000 | $6M | 30,000,000 |
| **1000PEPE-USDT** | 1,000 | $0.000001 | 35,000,000 | 350,000,000 | $10M | 1,500,000,000 |
| **XMR-USDT** | 0.1 XMR | $0.01 | 400 XMR | 4,000 XMR | $8M | 16,000 XMR |
| **PUMP-USDT** | 10,000 | $0.000001 | 20,000,000 | 200,000,000 | $6M | 2,500,000,000 |
### Risk parameters by market
| Market | Default leverage | Max leverage | Liq. clearance fee | Funding cap | Price cap |
| ----------------- | ---------------- | ------------ | ------------------ | ----------- | --------- |
| **BTC-USDT** | 25× | 50× | 0.5% | ±2% | ±5% |
| **ETH-USDT** | 25× | 50× | 0.5% | ±2% | ±5% |
| **SOL-USDT** | 20× | 50× | 1.0% | ±4% | ±10% |
| **XRP-USDT** | 20× | 50× | 1.0% | ±4% | ±15% |
| **DOGE-USDT** | 20× | 50× | 1.0% | ±4% | ±15% |
| **ZEC-USDT** | 10× | 25× | 1.5% | ±8% | ±15% |
| **FARTCOIN-USDT** | 5× | 10× | 2.0% | ±8% | ±25% |
| **1000PEPE-USDT** | 10× | 25× | 1.5% | ±8% | ±15% |
| **XMR-USDT** | 5× | 10× | 2.0% | ±6% | ±15% |
| **PUMP-USDT** | 5× | 10× | 2.0% | ±8% | ±25% |
**Price cap** - orders cannot execute more than this percentage above (buys) or below (sells) the current mark price. Protects against manipulation and extreme slippage.
**Funding cap** - the maximum funding rate per 8-hour period. Caps apply in both directions.
**Liquidation clearance fee** - charged on the notional value of a liquidated position. Paid to the liquidator. See [Fees](/trading/fees).
### Leverage tiers
Maximum leverage decreases as position size grows. See [Leverage & Margin](/trading/leverage-margin) for the full tier table per market.
**Quick reference, max leverage by notional size:**
| Market | Up to $1–3M | $3–20M | $20–150M | $150M+ |
| ------------- | ----------- | ------ | -------- | ----------- |
| BTC-USDT | 50× | 50× | 25× | 10× or less |
| ETH-USDT | 50× | 50× | 25× | 10× or less |
| SOL-USDT | 50× | 25× | 10× | 5× or less |
| XRP/DOGE | 50× | 25× | 10× | 5× or less |
| ZEC/1000PEPE | 25× | 10× | 5× | 2× or less |
| FARTCOIN/PUMP | 10× | 5× | 2× | 1× |
| XMR | 10× | 5× | 2× | 1× |
### Open interest limits
OI limits prevent any single market from accumulating excessive directional exposure. When a market reaches **80% of its OI cap**, new orders that would increase OI may be blocked.
| Market | OI notional cap | OI size cap | OI enforcement threshold |
| ------------- | --------------- | --------------- | ------------------------ |
| BTC-USDT | $30M | 350 BTC | 80% |
| ETH-USDT | $20M | 6,500 ETH | 80% |
| SOL-USDT | $20M | 150,000 SOL | 80% |
| XRP-USDT | $15M | 8,000,000 XRP | 80% |
| DOGE-USDT | $10M | 50,000,000 DOGE | 80% |
| ZEC-USDT | $10M | 20,000 ZEC | 80% |
| FARTCOIN-USDT | $6M | 30,000,000 | 80% |
| 1000PEPE-USDT | $10M | 1,500,000,000 | 80% |
| XMR-USDT | $8M | 16,000 XMR | 80% |
| PUMP-USDT | $6M | 2,500,000,000 | 80% |
The effective OI cap is whichever limit, notional or size, is reached first.
Orders that would **reduce** open interest (closing or reducing positions) are always permitted even when the OI cap is reached.
See [Open Interest Limits](/trading/oi-limits) for detailed mechanics on what happens when a limit is reached.
## Navigating the App
import { LastUpdated } from '../../components/LastUpdated'
import { MediaFigure } from '../../components/MediaFigure'
The Synthetix Exchange brings together trading, account management, rewards, and market information in a single application. Each page in the navigation provides a different view of your account or the broader market.
This guide provides a high-level overview of each section of the Exchange. For more detailed information on specific features, please refer to the relevant documentation.
### Trading (Default)
When you first connect, you'll land on the main trading page. This is where you'll spend most of your time.
From here you can:
* Place and manage orders using the order entry panel.
* Track price action using the TradingView chart.
* Monitor the order book and recent trades.
* Switch between market information tabs such as **Price Charts**, **Depth**, **Funding**, and **Asset Details**.
* View your positions, open orders, balances, borrowing, funding history, and profit and loss (PnL).
This page combines market data with your personal account activity so you can make trading decisions and manage risk in one place.
Related guides:
* [Getting Started](/getting-started)
* [Depositing Collateral](/deposits-withdrawals/depositing)
### Markets
The Markets page lets you browse all available perpetual markets on Synthetix, compare market statistics, and monitor overall market conditions.
From here you can:
* Browse and compare all available perpetual markets.
* Search for specific markets.
* Mark favourite markets for quick access.
* Open a market directly from the **Trade** button.
The dashboard at the top of the page highlights key market information, including:
* Market sentiment.
* Trading volume and open interest.
* Market performance and top movers.
* Key market indicators, such as BTC dominance and implied volatility.
You can also switch to the **Heatmap** view to visualise market performance across supported assets.
Related guides:
* [Markets](/trading/markets)
### Portfolio
The Portfolio page is your account dashboard, bringing together your balances, positions, orders, and trading activity in one place.
The Portfolio page also provides access to:
* **Overview** - View your account balance, portfolio performance, and current positions.
* **Open Orders** - Monitor and manage your active orders.
* **History** - Review your trading and account activity.
* **Sub-Accounts** - Create and manage separate trading accounts.
* **Referrals** - View your referral information and rewards.
Use the Portfolio page to monitor your account and manage your trading activity.
Related guides:
* [Sub-Accounts](/account/subaccounts)
* [Referral Program](/rewards/referral-program)
### Snaxpot
The Snaxpot page lets eligible traders participate in Synthetix's weekly rewards program.
From here you can:
* View your eligible tickets.
* Choose your ticket numbers.
* View the current prize pool.
* Check previous draws and rewards.
If you're eligible, this is where you can manage your entries and view weekly rewards.
Related guides:
* [Snaxpot](/rewards/snaxpot)
### More Menu
The More menu provides quick access to additional resources and information about the Exchange.
From here you can access:
* **Changelog** - View the latest Exchange updates and release notes.
* **Stats** - View protocol and market statistics.
* **Docs** - Open the Synthetix documentation.
Use the More page to stay up to date with Exchange releases, explore protocol statistics, and access the documentation.
### Vaults
The Vaults page is coming soon. For information about providing liquidity, see [SLP Vault](/deposits-withdrawals/slp-vault).
### Support
If you need assistance while using the Exchange, click **Support** in the bottom-right corner of the application.
## Open Interest Limits
import { LastUpdated } from '../../components/LastUpdated'
To help manage risk and maintain orderly markets, we apply Open Interest (OI) limits on a per-market basis.
Open Interest is the total number of active perpetual contracts currently open across all traders in a market.
### Why do OI limits exist?
OI limits help ensure the exchange can support trading activity during volatile conditions by limiting how much new exposure can be added to a single market.
### What happens when an OI limit is reached?
OI limits are designed to prevent new exposure from increasing further, while still allowing traders to reduce or close positions.
Here's what to expect:
* You can still place orders and they can rest on the order book.
* OI limits are checked when an order would fill.
* Trades are still allowed if the fill would reduce open interest.
* A fill is blocked only when the trade would increase open interest and executing the fill would push the market above its OI limit.
If a fill is blocked, your order will fail with an error such as `order breaches OI cap`, and the resting order on the book remains.
### How OI limits are measured
Each market has two types of OI limits:
* OI size limit: the maximum number of contracts that can be open in that market
* OI notional limit: the maximum USD value of open interest that can be open in that market
Both limits apply at the same time. The effective limit is whichever one is reached first.
### Common scenarios
#### Two traders are opening new positions
If a trade would increase OI and the market is already at, or near, its limit, the fill may be rejected.
#### One trader is closing
If at least one side of the trade is closing or reducing an existing position, the fill is allowed even if the market is at its limit.
#### Liquidations
Liquidations must be able to execute. Closing orders created as part of a liquidation process are allowed to match even if the market is at or above its limit.
## Order Types
import { LastUpdated } from '../../components/LastUpdated'
Order types and order options available on the perpetual futures order book.
### Market Order
Executes immediately at the best available price on the order book.
Price may experience slippage if the order exceeds available liquidity at the bid or ask.
### Limit Order
Executes at your selected price or better.
Limit orders may fill immediately or partially. Any unfilled portion remains on the order book until filled or canceled.
#### Limit Order Tools
**Chase**
Re-prices an existing limit order to the current best price.
* Buy (long): moves to the best bid
* Sell (short): moves to the best ask
* One-time update per click; does not continuously follow the market
### Order Controls
Options that control how a **limit order** behaves after it is placed.
**Reduce Only**
Restricts an order to reducing an existing position.
* Cannot increase exposure
* Cannot flip position direction
* Orders that would increase size are rejected or reduced
**Time in Force**
Controls how long a limit order remains active.
* **Good 'Til Canceled (GTC):** Remains active until filled or canceled.
* **Immediate or Cancel (IOC):** Attempts to fill immediately. Any unfilled portion is canceled and does not rest on the book.
**Post Only (ALO)**
Ensures an order does not take liquidity.
* Must rest on the book as a maker order
* Rejected if it would execute immediately
* Applies only to limit orders, including limit-based TP/SL
### Conditional Exit Orders (TP / SL)
Orders that automatically exit a position when a price condition is met.
**Take Profit (TP)**
Triggers when the take-profit price is reached.
**Stop Loss (SL)**
Triggers when the stop-loss price is reached.
* By default, TP/SL execute as market orders
* Final execution price depends on available liquidity
## Order Book
import { LastUpdated } from '../../components/LastUpdated'
Synthetix perpetual futures markets use a central limit order book (CLOB). If you have traded on a centralized exchange before, the structure will feel familiar.
An order book is a live list of:
* **Buy orders (bids)** - traders willing to buy at a given price
* **Sell orders (asks)** - traders willing to sell at a given price
When a buy order and a sell order are compatible, they match and execute.
### Price levels and tick size
Orders can only be placed at prices that align with the market's **tick size**.
* **Tick size** = the smallest allowed price increment
* Example: if tick size is `0.5`, valid prices are `100.0`, `100.5`, `101.0`, and so on
This keeps the order book organized into clean price levels.
Tick size varies by market. You can find current market settings in [Markets](/trading/markets).
### Order size and lot size
Order sizes must align with the market's **lot size**.
* **Lot size** = the smallest allowed size increment
* Example: if the lot size is `0.001 BTC`, valid sizes are `0.001`, `0.002`, `0.003 BTC`, and so on
Lot size also varies by market. See [Markets](/trading/markets) for current limits and parameters.
### How matching works
Orders are matched using **price-time priority**, which is the standard model for most order-book exchanges.
On the trading page, you can view live bids, asks, and the spread directly in the order book panel.
#### Price priority
Better prices fill first.
* For **buy orders**, a higher price is better
* For **sell orders**, a lower price is better
For example:
* A bid at `101` fills before a bid at `100`
* An ask at `99` fills before an ask at `100`
#### Time priority
If multiple orders are placed at the same price level, the order submitted first is first in line.
For example, if two buy orders are both placed at `100`, the earlier order fills first.
### Maker vs taker
When a trade happens, one side typically provides liquidity and the other removes it:
* **Maker** - your order rests on the order book and provides liquidity
* **Taker** - your order fills immediately against existing liquidity
This distinction matters because maker and taker trades can be charged different fees. See [Fees](/trading/fees).
### Partial fills
A single order can be:
* **Fully filled** - the entire order executes
* **Partially filled** - some of the order executes and the remainder may either stay on the book or be canceled, depending on the order type
For resting limit orders, any unfilled remainder stays on the book and keeps its original time priority at that price level.
For order types such as **IOC**, any unfilled remainder is canceled instead of resting on the book.
### Quick glossary
* **Bid** - a buy order resting on the book
* **Ask** - a sell order resting on the book
* **Spread** - the difference between the best bid and best ask
* **Tick size** - the minimum allowed price increment
* **Lot size** - the minimum allowed size increment
* **Price-time priority** - matching by best price first, then earliest order
### See also
* [Order Types](/trading/order-types)
* [Navigating the App](/trading/navigating-the-app)
* [Markets](/trading/markets)
* [Fees](/trading/fees)
## Trading Overview
import { LastUpdated } from '../../components/LastUpdated'
Synthetix offers perpetual futures contracts on a range of assets. Positions are margined in USDT and settled on-chain.
### Markets
All markets are quoted in USDT. Each market has its own:
* **Maximum leverage** - the highest leverage ratio allowed for a new position
* **Maker / taker fees** - see [Fees](/trading/fees)
* **Funding rate** - determined by the imbalance between open longs and shorts; see [Funding](/trading/funding)
* **Initial and maintenance margin** - requirements to open and hold a position
Use the [markets list](https://exchange.synthetix.io/markets) in the app for live values.
### Position P\&L
Unrealised P\&L is calculated as:
```
P&L = (current_price - entry_price) × size (long)
P&L = (entry_price - current_price) × size (short)
```
Realised P\&L is settled to your subaccount balance when you close a position.
### Margin and health
Your **account health** reflects how far your margin is from the liquidation threshold. A health of 100% means you are at the initial margin requirement. A health of 0% means you are at the maintenance margin requirement, at risk of liquidation.
Monitor your health in real time from the Positions panel. Add margin or reduce position size to improve it.
### Related pages
* [Order Types](/trading/order-types)
* [Leverage & Margin](/trading/leverage-margin)
* [Fees](/trading/fees)
* [Funding](/trading/funding)
* [Liquidations](/trading/liquidations)
## P\&L Calculations
import { LastUpdated } from '../../components/LastUpdated'
import { MediaFigure } from '../../components/MediaFigure'
On Synthetix, positions, margin, and settlement flows are tracked by the protocol. The UI typically surfaces convenience metrics like average entry price, unrealized PnL, and realized or closed PnL by deriving them from the position state and fills.
### USDT settlement
All perps markets are quoted and settled in **USDT**. Realized PnL, trading fees, and funding payments update your subaccount's USDT balance even when you deposited non-USDT collateral such as WETH.
If you mostly hold non-USDT collateral, your USDT balance can go negative while the account remains healthy. Positive unrealized PnL can offset negative USDT while positions are open. If negative USDT remains after positive unrealized PnL is considered, the account has USDT debt. See [Multicollateral Margin](/deposits-withdrawals/multi-collateral-margin).
:::warning
Perpetual futures trading involves substantial risk of loss. Leverage amplifies both profits and losses, and fees or funding can materially reduce your net return.
:::
### Perps
#### What counts as opening vs closing
A trade is opening when it increases the absolute position size in the same direction. A trade is closing when it reduces an existing position, partially or fully. If a trade crosses through zero, it's effectively a close plus an open in the opposite direction.
#### Entry price (average entry)
* Opening or add-to-position: average entry is updated as a size-weighted average of the existing entry price and the new fill price.
* Closing or reduce: the entry price for the remaining position stays the same.
* Flip (close then open opposite): the portion that opens a new position gets a new entry price based on the fill or fills that created it.
```text
new_avg_entry = (existing_size × existing_entry + new_size × new_price) / (existing_size + new_size)
```
##### Worked example
* Existing: 1 BTC long at $100,000
* You add: 0.5 BTC at $102,000
```text
new_avg_entry = (1 × $100,000 + 0.5 × $102,000) / 1.5
= ($100,000 + $51,000) / 1.5
= $100,667
```
#### Unrealized PnL
Unrealized PnL is typically computed from the current mark price versus entry price, multiplied by signed position size:
```text
Long: Unrealized PnL = (mark_price - avg_entry_price) × position_size
Short: Unrealized PnL = (avg_entry_price - mark_price) × position_size
```
##### Worked example
You open a **long** position:
* Size: 0.5 BTC
* Entry price: $100,000
* Current mark price: $105,000
```text
Unrealized PnL = ($105,000 - $100,000) × 0.5 BTC = +$2,500
```
#### Realized / Closed PnL
For any closing portion of a trade, realized PnL is the portion closed times the difference between the fill price and entry price:
```text
Long close: Realized PnL = (close_price - avg_entry_price) × closed_size
Short close: Realized PnL = (avg_entry_price - close_price) × closed_size
```
Closed PnL shown in the UI is realized PnL not including other deductions such as funding or fees. Realized PnL settles into your USDT balance.
##### Worked example
You have a long position:
* Size: 1 BTC at average entry $95,000
* You close 0.3 BTC at $100,000
```text
Realized PnL = ($100,000 - $95,000) × 0.3 = +$1,500
```
Your remaining position continues with unrealized PnL based on the original entry price.
### How fees affect PnL
Trading fees are deducted from your subaccount's USDT balance at execution. They are not included in the gross PnL figures shown for the position itself.
```text
Net PnL = Realized PnL - (opening_fee + closing_fee)
```
##### Worked example
* 1 BTC long, opened at $100,000, closed at $105,000
* Taker fee: 0.05% both ways
```text
Opening fee = $100,000 × 0.0005 = $50
Closing fee = $105,000 × 0.0005 = $52.50
Gross PnL = ($105,000 - $100,000) × 1 = $5,000
Net PnL = $5,000 - $50 - $52.50 = $4,897.50
```
### How funding affects PnL
Funding payments settle to your subaccount's USDT balance separately from trading PnL, but they affect your effective return.
##### Worked example
* 1 BTC long at $100,000 held for 24 hours
* Funding rate: +0.01% per 8-hour period
* Three funding periods
```text
Funding paid = $100,000 × 0.0001 × 3 = $30
```
Your net return is reduced by $30 relative to your gross PnL.
### Return on margin
Because you trade with leverage, PnL is large relative to the margin you deposited. Return on margin is:
```text
ROM = PnL / initial_margin
```
##### Worked example
* 0.1 BTC long at $100,000 = $10,000 notional
* 10x leverage means initial margin = $1,000
* Price rises to $105,000
* Gross PnL = ($105,000 - $100,000) × 0.1 = $500
```text
ROM = $500 / $1,000 = 50%
```
### See also
* [Leverage & Margin](/trading/leverage-margin)
* [Funding](/trading/funding)
* [Fees](/trading/fees)
* [Multicollateral Margin](/deposits-withdrawals/multi-collateral-margin)
## Portfolio
import { MediaFigure } from '../../components/MediaFigure'
The **Portfolio** page is your trading dashboard, bringing together your balances, positions, orders, and account activity in one place.
From the Portfolio page, you can monitor your trading performance, manage your assets, review account history, and access additional account features.
### Overview
The **Overview** section provides a summary of your account, giving you quick access to your balances, positions, account health, and collateral management.
From here you can:
1. View your account balance and portfolio performance, switch between Balance and PnL views, and quickly deposit, withdraw, or transfer assets.
2. Monitor your account health, including margin usage, borrow capacity, unrealised PnL, and liquidation risk.
3. View your asset balances, collateral value, available margin, and manage deposits or withdrawals for supported assets.
4. Review and manage your open positions, including unrealised PnL, funding, and TP/SL orders.
See also:
* [Depositing Collateral](/deposits-withdrawals/depositing)
* [Withdrawing Collateral](/deposits-withdrawals/withdrawing)
### Open Orders
The **Open Orders** section displays all active orders across your account.
From here you can:
1. Switch between **Limit**, **Trigger**, **TP/SL**, and **TWAP** orders.
2. View your orders, including order details, quantities, prices, and current status. You can also edit or cancel individual orders.
3. Cancel all open orders with a single click.
See also:
* [Order Types](/trading/order-types)
* [Advanced Order Types](/trading/advanced-order-types)
### History
The **History** section provides a complete record of your account activity.
From here you can:
1. Switch between different history categories, including Trade History, Order History, Deposits & Withdrawals, Funding, PnL, and Collateral Exchange.
2. Filter Trade History and Order History by order type, including Market & Limit, Trigger, TP/SL, and TWAP.
3. Review your account activity based on the selected history category.
4. Export your history for your own records.
5. Filter your history by date range.
### Sub-Accounts
The **Sub-Accounts** section allows you to create and manage multiple trading accounts from a single wallet. Each wallet can create multiple sub-accounts, allowing you to organise positions, isolate trading strategies, or grant delegated trading permissions.
From here you can:
1. Select the wallet whose trading accounts you want to view and manage.
2. Manage your sub-accounts, including viewing balances, available funds, delegates, and actions such as transferring funds, withdrawing collateral, and opening the trading page.
3. Manage delegated trading by expanding each sub-account to view existing delegates or add new ones. You can also choose whether hidden sub-accounts are displayed.
4. Create a new sub-account for a different trading strategy or to separate positions. Sub-accounts can also be used with **Delegated Trading** to grant another wallet permission to trade on a specific account.
See also:
* [Sub-Accounts](/account/subaccounts)
* [Delegated Trading](/account/delegated-trading)
* [Account Managers](/account/account-managers)
### Referrals
The **Referrals** section allows you to invite other traders and earn rewards.
From here you can:
1. Copy your referral code or referral link.
2. Share your referral code or referral link through supported channels.
3. View and claim your available referral rewards.
4. Monitor your lifetime referral rewards and fees generated.
5. View your total number of successful referrals.
6. Review your referral history, including rewards earned from each referral.
See also:
* [Referral Program](/rewards/referral-program)
### Support
If you need assistance while using the Portfolio page, click **Support** in the bottom-right corner of the Exchange.
## Pricing & Indices
import { LastUpdated } from '../../components/LastUpdated'
We publish three price types:
* **Index Price**: external based aggregate spot price used for funding and collateral valuation
* **Last Price**: fair-value price used for UI displays and optional conditional-order triggers
* **Mark Price**: manipulation-resistant reference price used for margining, liquidations, triggering TP/SL by default, and unrealized PnL
### Index Price
Index Price represents the underlying asset's spot value derived from major spot exchanges via external aggregation.
Index Price is used for:
* Funding rate calculations
* Collateral asset valuation
* Market fairness validation
#### Index Price sources
* Primary: Coin Metrics
* Endpoint: `/v4/timeseries/asset-metrics`
* Update frequency: approximately 3 seconds
### Last Price
Last Price represents the current fair value of the Synthetix perpetual market.
This price is used for:
* Market data feeds and UI displays
* An optional UI selection for conditional-order triggers
Last Price is computed as the median of:
* Best Bid
* Best Ask
* Last Trade
`last_price = median(best_bid, best_ask, last_trade)`
### Mark Price
Mark Price is the liquidation reference price designed to be manipulation-resistant through smoothing and multiple external sources.
Mark Price is used for:
* Real-time unrealized PnL calculations
* Position liquidation thresholds
* Margin requirements
* Risk calculations
* Funding rate premium component
* The default price for conditional-order triggers
### See also
* [Funding](/trading/funding)
* [Liquidations](/trading/liquidations)
* [P\&L Calculations](/trading/pnl)
## Scaled Orders
import { LastUpdated } from '../../components/LastUpdated'
import { MediaFigure } from '../../components/MediaFigure'
Scaled Orders allow traders to place multiple limit orders across a selected price range.
This order type is designed to help traders gradually enter or exit positions by distributing execution across multiple price levels rather than relying on a single limit order.
To learn more about other advanced order types, see [Advanced Order Types](/trading/advanced-order-types).
### Overview
Scaled Orders can help traders manage larger positions while improving execution flexibility during volatile market conditions.
By spreading orders across a selected range, traders can reduce reliance on a single execution price and automate entries or exits across multiple price levels.
This may help improve average execution price and reduce the market impact of larger orders.
### Common Trading Scenarios
#### Scaling into a position
A trader expecting price weakness may place multiple buy orders below the current market price to gradually build a position.
Rather than relying on one entry point, Scaled Orders can spread exposure across multiple prices.
#### Scaling out of a position
A trader may distribute multiple sell orders above the current market price to take profit progressively.
This can help reduce reliance on exiting an entire position at a single price.
#### Trading volatile conditions
Instead of relying on one entry or exit point, traders may distribute orders across a wider price range to account for short-term market swings.
This may provide greater flexibility during volatile market conditions.
### How Scaled Orders Work
A Scaled Order divides a larger order into multiple smaller limit orders placed across a selected price range.
To configure a Scaled Order, traders select:
* **Min Price** - The lower price boundary of the selected range
* **Max Price** - The upper price boundary of the selected range
* **Order Size** - The total size distributed across orders
* **Number of Orders** - The number of limit orders placed across the selected range
Each order is placed independently and may fill separately as market price moves through the selected range.
This can provide greater flexibility than placing a single limit order at one price.
#### Distribution Types
Traders can also configure different distribution methods for how order size is allocated across the selected range.
| **Distribution Type** | **Behaviour** | **Best Used For** |
| --------------------- | ------------------------------------------ | --------------------------------------- |
| Flat | Equal order sizes across the price range | Consistent exposure across price levels |
| Increasing | Larger orders later in the price range | Increasing exposure at preferred prices |
| Decreasing | Larger orders closer to the starting price | Greater exposure near the initial entry |
### How to Submit a Scaled Order
1. Open the **Trade Panel** and select **Scaled** from the order type menu.
2. Enter a price range.
Set the **Min Price** and **Max Price** for where orders should be distributed. Orders will be placed between the selected price boundaries.
3. Enter the total **Value** or **Quantity** for the order.
:::info
Each sub-order must meet the minimum order value requirement.
:::
4. Select the number of orders to distribute across the range (**minimum 2, maximum 15**).
The selected number of orders determines how the total order size is distributed across the chosen range.
5. (Optional) Select **Edit Scaled Order** for additional configuration options:
a. Price Distribution
b. Quantity Distribution
c. Order Customisation
6. Review the order details and submit.
### Important Considerations
* Scaled Orders use **limit orders**, meaning execution is not guaranteed
* Individual orders may fill partially or remain unfilled
* Market volatility and liquidity may impact execution
* Larger price ranges may result in wider execution dispersion
* Unfilled limit orders may remain active until filled or cancelled, depending on platform behaviour
## Stop Orders
import { LastUpdated } from '../../components/LastUpdated'
import { MediaFigure } from '../../components/MediaFigure'
Stop Orders allow traders to automate trade execution based on a selected price level.
This order type is designed to help traders manage risk, automate entries or exits, and reduce the need for continuous market monitoring.
To learn more about other advanced order types, see [Advanced Order Types](/trading/advanced-order-types).
### Overview
Stop Orders remain inactive until a selected trigger price is reached.
Once triggered, the order is automatically submitted based on the selected stop order type.
Synthetix currently supports:
* **Stop Market Orders**
* **Stop Limit Orders**
### Common Trading Scenarios
#### Managing downside risk
A trader may place a Stop Order to automatically exit a position if the market moves against them.
This can help reduce downside exposure without requiring constant monitoring.
#### Entering breakout trades
A trader may want to enter a position only after price moves beyond a specific level.
Stop Orders can help automate entries during breakout conditions.
#### Automating trade execution
Rather than manually entering or exiting a position, traders can configure Stop Orders to trigger automatically once market conditions are met.
This may help improve execution discipline during fast-moving market conditions.
### How Stop Orders Work
Stop Orders remain inactive until a selected trigger price is reached.
Once triggered, the order is automatically submitted based on the selected stop order type.
| **Order Type** | **Triggered Action** | **Priority** |
| -------------- | ---------------------- | --------------- |
| Stop Market | Submits a market order | Execution speed |
| Stop Limit | Submits a limit order | Price control |
:::info
Trigger price and execution price may differ depending on market conditions, liquidity, and the selected stop order type.
:::
To configure a Stop Order, traders select:
* **Trigger Price** - The price that activates the order
* **Order Size** - The size to be executed
If using **Stop Limit**, traders must also enter a **Limit Price**.
### Stop Market Orders
A Stop Market Order prioritises execution speed by submitting a market order once the trigger price is reached.
Because market orders execute at the best available price, the execution price may differ from the trigger price depending on market conditions and liquidity.
#### Best used for
* Fast exits
* Risk management
* Stop loss execution
* Breakout entries
### Stop Limit Orders
A Stop Limit Order prioritises price control by submitting a limit order once the trigger price is reached.
This provides greater control over execution price but does not guarantee that the order will fully execute.
If market price moves beyond the limit price after triggering, the order may remain partially filled or unfilled.
#### Best used for
* Greater price control
* Controlled trade entries
* Managing slippage
* Defined execution ranges
### How to Submit a Stop Order
1. Open the **Trade Panel** and select either **Stop Market** or **Stop Limit** from the order type menu.
2. Enter the **Trigger Price**.
This determines when the order becomes active.
3. Enter the total **Value** or **Quantity** for the order.
4. If using **Stop Limit**, enter a **Limit Price**.
This determines the maximum or minimum execution price for the order.
5. Review the order details and submit.
### Important Considerations
* Stop Orders remain inactive until the trigger price is reached
* Market conditions and liquidity may impact execution price
* Stop Market Orders prioritise execution speed over price certainty
* Stop Limit Orders may remain partially filled or unfilled
## Tiers
import { LastUpdated } from '../../components/LastUpdated'
import { MediaFigure } from '../../components/MediaFigure'
Synthetix uses a volume-based tier system. Your tier determines your trading fee rates, how many open orders you can hold, and how many subaccounts you can create.
### Tier table
| Tier | 14-day Volume | Maker | Taker | Orders per market | Total open orders | Subaccounts |
| ------------ | ---------------- | ------ | ------ | ----------------- | ----------------- | ----------- |
| Regular User | $0+ | 0.020% | 0.050% | 10 | 50 | 1 |
| Tier 1 | ≥ $100,000 | 0.020% | 0.050% | 15 | 75 | 5 |
| Tier 2 | ≥ $5,000,000 | 0.016% | 0.040% | 25 | 150 | 10 |
| Tier 3 | ≥ $25,000,000 | 0.014% | 0.035% | 50 | 300 | 10 |
| Tier 4 | ≥ $100,000,000 | 0.012% | 0.032% | 100 | 500 | 10 |
| Tier 5 | ≥ $500,000,000 | 0.008% | 0.025% | 150 | 700 | 10 |
| Tier 6 | ≥ $2,000,000,000 | 0.003% | 0.020% | 200 | 1,000 | 10 |
| Tier 7 | ≥ $5,000,000,000 | 0.000% | 0.017% | 200 | 1,000 | 10 |
Volume is measured in notional USDT traded across all markets in a rolling 14-day window. Tiers update automatically, no action required.
### Viewing Your Fee Tier
You can view your current tier, fee rates, and progress to the next tier directly from the trading interface.
#### How to View Your Fee Tier
1. Go to the **Trade Panel** in Perps.
2. Locate the **Fees** section near the bottom of the Trader panel.
3. Select the current fee tier badge (for example, **Regular**) to open the **Fee Tiers** window.
The Fee Tiers window shows:
* Your current tier
* 14-day trading volume
* Maker and taker fee rates
* Progress toward the next tier
* The full fee tier table
:::info
If additional fee discounts apply, they will be shown at the top of the **Fee Tiers** window.
The fee tier table shows the default tier fee rates before any discounts are applied.
Your final effective trading fees will be shown in the **Trade Panel**.
:::
#### Tier Updates
Trading tiers update automatically **every hour** based on your rolling **14-day trading volume**.
No action is required. If your trading volume qualifies for a new tier, your tier will automatically update in the trading interface.
#### Fee Discounts
If a fee discount applies, it will be shown at the top of the **Fee Tiers** window and reflected in the displayed maker and taker fees.
This may include discounts from referral programs or other fee reductions when applicable.
To learn more about referral fee discounts, see [Referral Program](/rewards/referral-program).
### Open order limits
Each subaccount can hold a limited number of open orders simultaneously. There are two separate caps:
* **Orders per market** - the maximum open orders on a single market (e.g. ETH-USDT)
* **Total open orders** - the maximum open orders across all markets combined
:::info
Take-profit and stop-loss orders count toward both limits. If a position has a TP and an SL attached, that uses two order slots. Reduce-only orders placed to close a position do **not** count against the limit.
:::
If you hit the limit, new orders will be rejected. To free up slots:
* Cancel resting limit orders that are no longer needed
* Remove TP/SL orders from positions that no longer require them
You can see all active orders in the **Open Orders** tab of the Portfolio panel.
### Subaccount limits
The number of subaccounts you can create under a single wallet is tier-gated (see table above).
Regular Users can have one account. Higher tiers unlock additional subaccounts, up to a maximum of 10.
:::info
Your primary trading account counts toward your total account limit.
For example, a Regular User can have one account in total, while a Tier 1 user can have up to five accounts in total (including their primary account).
:::
To learn more about managing multiple accounts and trading permissions, see:
* **[Subaccounts](/account/subaccounts)** – Creating and managing additional trading accounts
* **[Delegated Trading](/account/delegated-trading)** – Allowing another wallet to trade on your behalf
### See also
* [Fees](/trading/fees) - how trading fees are calculated
* [Liquidations](/trading/liquidations) - liquidation clearance fees by market
## TWAP Orders
import { LastUpdated } from '../../components/LastUpdated'
import { MediaFigure } from '../../components/MediaFigure'
TWAP (Time-Weighted Average Price) Orders allow traders to split a larger order into smaller orders executed gradually over a selected period of time.
This order type is designed to help traders distribute execution over time rather than relying on a single large order.
To learn more about other advanced order types, see [Advanced Order Types](/trading/advanced-order-types).
### Overview
TWAP Orders can help traders reduce market impact when executing larger positions during volatile market conditions.
By distributing execution over time, traders can reduce reliance on a single execution point and minimise slippage when entering or exiting positions.
This may help achieve a more balanced average execution price over the selected duration.
### Common Trading Scenarios
#### Executing larger orders
A trader placing a larger order may want to reduce market impact by spreading execution over time rather than submitting a single large order.
This can help minimise price movement caused by a large immediate execution.
#### Trading volatile conditions
During periods of short-term volatility, traders may prefer to distribute execution over time instead of entering or exiting at a single market price.
This can help reduce sensitivity to sudden price swings.
#### Improving execution consistency
Traders may use TWAP Orders to achieve a more balanced average entry or exit price over a selected time period.
Rather than prioritising immediate execution, TWAP can help create more consistent execution outcomes.
### How TWAP Orders Work
A TWAP Order divides a larger order into multiple smaller orders executed gradually over a selected period of time.
Instead of placing the entire order immediately, execution is distributed automatically at regular intervals until the full order is completed.
To configure a TWAP Order, traders select:
* **Order Size** - The total size to be executed
* **Duration** - The total time period over which execution will occur (**5 minutes–24 hours**)
Orders are automatically submitted every **30 seconds** until the selected duration ends.
Each smaller order executes independently and may fill at different prices depending on market conditions and liquidity.
This can provide greater execution control compared to submitting a single large order.
### How to Submit a TWAP Order
1. Open the **Trade Panel** and select **TWAP** from the order type menu.
2. Enter the total **Value** or **Quantity** for the order.
:::info
TWAP Orders require a minimum order value of **$10,000**.
:::
3. Select the execution duration between **5 minutes and 24 hours**.
This determines how long the TWAP Order will remain active.
4. Review the order details and submit.
The order will automatically submit smaller orders every **30 seconds** until the TWAP Order is completed or the selected duration ends.
### Important Considerations
* TWAP Orders prioritise execution over time rather than immediate execution
* Market conditions may impact execution prices throughout the TWAP duration
* Smaller orders execute independently and may fill at different prices
* TWAP Orders may take longer to fully complete depending on the selected duration
* Orders are automatically executed every **30 seconds**
* Volatile markets may result in different execution outcomes compared to a single order
import { LastUpdated } from '../../components/LastUpdated'
## Wick Insurance
Wick insurance is a Synthetix-specific protection mechanism that guards against **liquidations caused by brief, artificial price spikes (wicks)**. When a liquidation is triggered by what appears to be a transient price anomaly rather than a sustained market move, wick insurance can temporarily pause the liquidation and block new orders, giving the price time to recover.
:::info
Wick insurance is distinct from the insurance funds used by centralised exchanges. It is a **per-account protection**, it activates for your specific subaccount when a wick event is detected, rather than drawing from a shared pool of capital.
:::
### How it works
Each subaccount is automatically enrolled in a wick insurance policy with a default configuration. The policy defines:
* **Protection duration** - how long protection is active once triggered (in minutes)
* **Exclusion period ratio** - the fraction of the protection duration that must pass after a position increase before protection can activate
When a potential wick liquidation is detected on your subaccount:
1. The system checks whether you are in an **exclusion period** (see below)
2. If not, **wick insurance activates** for your subaccount:
* New order submissions are blocked for the protection duration
* Liquidation is paused
3. If the mark price recovers within the protection window, no liquidation occurs
4. If the mark price does not recover, the normal liquidation process resumes after protection expires
### Exclusion period
The exclusion period prevents traders from immediately claiming protection after increasing a position. This stops the mechanism from being exploited (e.g. opening a large leveraged position and then relying on wick insurance to avoid consequences).
```
exclusion_duration = protection_duration × exclusion_period_ratio
```
If you increase your position size, the exclusion clock resets. Protection can only activate once `exclusion_duration` has elapsed since your last position increase.
**Example:**
* Protection duration: 60 minutes
* Exclusion period ratio: 0.25 (25%)
* Exclusion duration: 15 minutes
If you add to a BTC long at 10:00, wick insurance cannot activate for that position until 10:15. If a wick occurs at 10:05, your account will be liquidated normally.
### What happens during active protection
While wick insurance is active:
* **New orders are blocked** - you cannot open, close, or modify positions
* **Liquidation is paused** - the engine does not process liquidation for your account
* Protection expires automatically after the protection duration has elapsed
Once protection expires, the system resumes normal margin checks and liquidation processing.
### Limitations
Wick insurance protects against brief price anomalies, it does not protect against sustained adverse price moves. If the mark price remains below your liquidation price after the protection window expires, your position will be liquidated normally.
Protection also cannot activate if:
* Your account is in the exclusion period following a recent position increase
* Protection is already active (one active protection at a time per subaccount)
### Bankruptcy and ADL
If a liquidation results in a **bankruptcy**, where collateral is insufficient to close the position at a fair price, the shortfall is covered by [Auto-Deleveraging (ADL)](/trading/adl) of profitable positions on the opposite side of the market. Wick insurance is designed to prevent unnecessary liquidations before they reach the bankruptcy stage.
### See also
* [Liquidations](/trading/liquidations) - how the normal liquidation process works
* [Auto-Deleveraging (ADL)](/trading/adl) - the last-resort mechanism when a liquidation reaches bankruptcy
* [Leverage & Margin](/trading/leverage-margin) - how to manage liquidation risk proactively
## Referral Program
import { LastUpdated } from '../../components/LastUpdated'
import { MediaFigure } from '../../components/MediaFigure'
The Synthetix Referral Program allows traders to share referral codes and earn rewards when referred users trade on Synthetix.
Referrers earn rewards based on referred trading fees, while referees receive discounted trading fees.
### Overview
The Referral Program rewards both parties:
* **Referrers** earn **25% of trading fees** generated by referred users
* **Referees** receive a **5% discount on trading fees**
* Rewards are earned automatically as referred users trade
* Referral activity and rewards can be tracked directly from the [**Referrals**](https://exchange.synthetix.io/portfolio/referrals) page
To access the **Referrals** page:
1. Go to **Portfolio**
2. Select **Referrals**
### How Referrals Work
#### For Referrers
Referrers can share a unique referral code or referral link with other traders.
When a referred user signs up and begins trading:
* The referrer earns **25% of trading fees**
* Rewards accumulate automatically (**updated once daily**)
* Referral performance can be tracked from the **Referrals** dashboard
##### Referral Dashboard
The **Referrals** page allows referrers to:
1. Copy a referral code
2. Copy or share a referral link
3. View available rewards
4. View lifetime rewards earned
5. Track referral activity
6. Monitor trading fees generated
##### Claiming Rewards
Referral rewards can be claimed directly from the **Referrals** page.
A minimum of **$50** in available rewards is required before rewards can be claimed.
#### For Referees
Referees are traders who sign up using a referral code.
When a referral code is used during account creation:
* The referee receives a **5% discount on trading fees**
* The discount applies automatically when trading
* The referral code used during signup will be shown on the **Referrals** page
##### How to Use a Referral Code
1. Create a Synthetix trading account
2. During account creation, select **Use a referral code**
3. Enter a valid referral code
4. Complete account creation
:::info
Referral codes must be entered during account creation.
:::
##### How to Use a Referral Link
1. Open the referral link
2. Create a Synthetix trading account
3. The referral code will be automatically applied during account creation
4. Complete account creation
:::info
A valid referral code should be visible during account creation before submitting.
If a referral code is not automatically applied, it can be entered manually.
:::
The trading fee discount will apply automatically once the account has been created.
### Key Details
* Referrers earn **25% of trading fees** generated by referred users
* Referees receive a **5% discount on trading fees**
* Referral rewards are updated daily
* Rewards require a minimum of **$50** before claiming
* Referral codes must be entered during account creation
## Snaxpot
import { LastUpdated } from '../../components/LastUpdated'
import { MediaFigure } from '../../components/MediaFigure'
Snaxpot is a weekly rewards program powered by trading activity on Synthetix.
Earn tickets through trading, choose your numbers, and participate in weekly draws for the opportunity to earn rewards from the growing Snaxpot pool.
### Overview
Snaxpot rewards active traders by converting trading fees into tickets.
* Every $2 in trading fees = 1 ticket
* Tickets are entered into a weekly draw
* Rewards are distributed based on matched numbers
* Results are provably fair and verifiable on-chain
### How It Works
**1. Trade to earn tickets**
Every $2 in trading fees earns you **1 Snaxpot ticket**, increasing your chances of winning. There is no limit to the number of tickets you can earn.
You can view your accumulated trading fees on the [Snaxpot](https://exchange.synthetix.io/snaxpot) page.
**2. Choose your numbers**
To start, click the Snax Ball or select **“Choose Numbers”**
Each ticket consists of:
* 5 standard numbers (1–32)
* 1 Snax Ball (1–13)
You can:
1. Let the system auto-assign everything
2. Pick only the Snax Ball and randomise the rest
3. Pick all numbers manually
:::info
Any tickets without submitted numbers will be automatically assigned random numbers at the submission deadline.
:::
**3. Weekly draw**
Snaxpot runs on a weekly schedule (UTC):
* Sunday 18:00 UTC - Ticket submission closes
* Sunday 18:01 UTC - A new draw begins
* Sunday 20:00 UTC - Winning numbers are drawn
Rewards are distributed based on matched numbers.
**4. Receive rewards**
Rewards are:
* Distributed following the completion of the draw
* Based on matched ticket numbers
* Paid in USDT directly into your trading account
### Prize Tiers
The Snaxpot grows over time if there are no winners in the top tier.
| **Tier** | **Match** | **Prize** |
| -------- | ------------------- | --------------- |
| 1 | 5 Balls + Snax Ball | 100% of Snaxpot |
| 2 | 5 Balls | 5% of Snaxpot |
| 3 | 4 Balls + Snax Ball | $1,000 |
| 4 | 4 Balls | $100 |
| 5 | 3 Balls + Snax Ball | $40 |
| 6 | 2 Balls + Snax Ball | $12 |
| 7 | 3 Balls | $8 |
| 8 | 1 Ball + Snax Ball | $4 |
### Growing Jackpot
If there are no winners in the top tier:
* The Snaxpot rolls over
* The rewards pool continues to grow
* Future draws may have larger rewards
### Verifiable Fairness
Snaxpot uses Chainlink VRF (Verifiable Random Function) on Ethereum Mainnet to ensure provably fair randomness.
Both ticket assignment and winning numbers are generated on-chain and can be independently verified.
This ensures the draw is transparent, tamper-proof, and trustless.
### Important Notes
* Tickets reset at the start of each new weekly draw
* Ticket submission closes every Sunday at 18:00 UTC
* Tickets without submitted numbers are automatically assigned random numbers
* Rewards are paid in USDT
* Ticket allocation is based on actual trading fees paid
### Coming Soon
**SNX staking benefits** (ticket boosts / multipliers)
## 420 Legacy Staking
import { LastUpdated } from '../../components/LastUpdated'
import { MediaFigure } from '../../components/MediaFigure'
This page contains information about the retired 420 staking system, including its closure, SIP-423, legacy rewards, outstanding debt, and sUSD to SNX conversion guidance.
### Overview
The 420 staking system has been retired, and legacy 420 staking positions have been wound down.
Most former 420 stakers have already had their eligible SNX and/or sUSD returned to their wallet and do not need to take further action at this time.
This page is primarily relevant if you:
* Had outstanding debt when the 420 staking system closed
* Are awaiting legacy staking reward distributions
* Hold sUSD and may be eligible for the sUSD to SNX conversion process
* Want to understand how SIP-423 affects legacy staking, debt, and sUSD
### What was 420 Staking?
The 420 pool was Synthetix's legacy staking system, established as a result of SIP-420. It allowed users to stake SNX and/or sUSD while participating in debt management and reward mechanisms designed to address legacy staking debt.
The 420 staking system has since been retired as part of SIP-423.
### SIP-423
SIP-423 provides the framework for closing the 420 staking system, retiring legacy sUSD, and introducing the future debt resolution process for users with outstanding debt.
As part of this process:
* The 420 staking system has been retired
* The Debt Jubilee has ended
* Legacy sUSD has been deprecated
* sUSD staking requirements have been removed
* Eligible SNX and/or sUSD have been returned to former stakers where applicable
* Legacy staking positions have been wound down
* A new debt resolution framework has been introduced for users with outstanding debt
### Key Dates
| **Milestone** | **Date** |
| ------------------------------------- | ------------------------ |
| 420 Staking Closed | June 19th, 2026 |
| Debt Jubilee Ended | June 19th, 2026 |
| SNX Rewards for Staked sUSD | May 19th to July 2026 |
| SNX Rewards for Staked SNX | June 28th to August 2026 |
| Staked sUSD distributed back to Users | June 19th, 2026 |
| Staked SNX distributed back to Users | June 26th, 2026 |
| sUSD Snapshot for 1:4 SNX Conversion | June 26th, 2026 |
| 1:4 SNX Conversion Claim Window Opens | June 26th, 2027 |
### **Former 420 Stakers Without Debt**
Former 420 stakers without outstanding debt have already had their eligible tokens returned to their wallet as part of the 420 wind-down process.
No further action is required to receive returned SNX or sUSD.
### **Former 420 Stakers With Debt**
Former 420 stakers with outstanding debt have not had their SNX returned and remain subject to the debt resolution framework introduced under SIP-423.
Any sUSD staked as part of Debt Jubilee has been returned to the user's wallet as part of the 420 wind-down process.
New terms include:
* A 4-year lock period starting June 26th, 2026
* A 1-year vesting period starting June 26th, 2030
* An option to exit early by repaying outstanding post-Debt Jubilee debt
* Outstanding debt will be repayable in USDT
Users who wish to repay their remaining post-Debt Jubilee debt before the end of the debt resolution period may be able to do so through Support.
For information regarding eligibility, repayment requirements, and the repayment process, please see [Repaying Post-Debt Jubilee Debt](/legacy-migration/repaying-post-debt-jubilee-debt).
### **Legacy sUSD Holders**
Eligible sUSD holders will be able to claim newly minted SNX based on the snapshot taken after the deprecation of sUSD.
The conversion process is expected to follow this lifecycle:
* Conversion ratio: 1 sUSD = 4 SNX
* Snapshot date: June 26, 2026
* Lock period: June 26, 2026 to June 26, 2027
* Vesting period begins: June 26, 2027
* Claim window opens: June 26, 2027
Eligible users can view their entitlement, vesting progress, and claim information through the [sUSD Retirement Dashboard](https://susd.synthetix.io/).
:::info
The [sUSD Retirement Dashboard](https://susd.synthetix.io/) only reflects balances that were included in the snapshot.
If your sUSD was held in an LP pool, vault, safe, or other deposit contract at the time of the snapshot, your balance may not have been included automatically.
:::
If you believe your sUSD is missing from the snapshot, please see [Missing sUSD from the sUSD to SNX Conversion](/legacy-migration/missing-susd-from-susd-to-snx-conversion) for information regarding eligibility and the review process.
### **Claiming Vested SNX**
SNX received through either the debt resolution process or the sUSD to SNX conversion process will be subject to a vesting schedule.
Vested SNX must be claimed within six months of becoming available. Any vested SNX that remains unclaimed for longer than six months is expected to expire and become unclaimable.
Users are encouraged to claim vested SNX regularly during the vesting period to avoid losing vested tokens.
### Rewards
SNX rewards from legacy staking have been scheduled for distribution and are expected to be completed by the end of August 2026.
Rewards are distributed in three monthly batches for each eligible staked asset.
#### Staked sUSD Rewards
| Reward Distribution | Expected Distribution |
| ------------------- | --------------------- |
| Distribution 1 | End of May 2026 |
| Distribution 2 | End of June 2026 |
| Distribution 3 | End of July 2026 |
#### Staked SNX Rewards
| Reward Distribution | Expected Distribution |
| ------------------- | --------------------- |
| Distribution 1 | End of June 2026 |
| Distribution 2 | End of July 2026 |
| Distribution 3 | End of August 2026 |
If you believe you are missing rewards from any distribution, open a support ticket.
### **Legacy Account Recovery**
Recovery of pre-420 legacy staking accounts is no longer possible.
The account recovery period ended on November 27, 2025.
### **Support**
If you are unsure whether your tokens have been returned, first check your wallet address using a blockchain explorer.
If you still require assistance with legacy staking, debt, rewards, or SIP-423, [open a support ticket](/faq#contacting-support) and include:
* Your wallet address
* The network or networks you used, if known
* Any relevant transaction hashes, if available
This helps the team investigate your case more quickly.
## What happened to my old position (LP, Perps, Rewards, Spot) on Arbitrum?
If you previously held a position on **Arbitrum** through **Synthetix V3**, please note that **support for Arbitrum has been deprecated**.
As part of the deprecation process, affected users were **automatically settled or airdropped** any remaining balances they were entitled to.
In most cases, **no further action is required**.
### What This Means
* Trading, liquidity provision, and rewards programs on **Arbitrum** are no longer active
* Positions on **Arbitrum** were **closed as part of the deprecation process**
* Any eligible balances were **distributed automatically** to the wallet used at the time
This applies to **all Arbitrum-based positions**, including:
* Liquidity Provision (LP)
* Perpetuals
* Rewards
* Spot positions
### What You Should Check
Before contacting Support, we recommend:
1. Checking the wallet you originally used on Arbitrum
2. Reviewing your wallet transaction history around the Arbitrum deprecation period
3. Confirming whether any settlement or airdrop transactions were received
### If You Believe You Are Still Owed Funds
If you believe you are missing funds or did not receive a settlement:
1. Contact Support
2. Provide your **wallet address**
3. Explain the type of position you previously held (LP, Perps, Rewards, or Spot)
A Support agent will:
* Review your historical Arbitrum activity
* Confirm whether any additional balances are due
* Advise on next steps, if applicable
This will help the team investigate and assist you more quickly.
:::warning[Important]
All Arbitrum-related positions were settled as part of the deprecation process.
If you did not receive funds, it does not necessarily mean that funds are missing, eligibility depends on historical balances and settlement criteria.
:::
## Asset Recovery by Network
import { LastUpdated } from '../../components/LastUpdated'
This page helps you identify **where your assets may be**, based on the network you used, and directs you to the appropriate next steps.
### **Choose the Network You Used**
If you remember which network you interacted with, start with the relevant section below.
#### **Ethereum Mainnet**
If you used Synthetix on Ethereum Mainnet, you may be looking for one of the following:
* [420 Legacy Staking](./420-legacy-staking)
* [I have Synths on ETH Mainnet, what can I do with them?](./eth-synths)
* [I have Curve LP Tokens, what can I do with them?](./eth-curve-lp)
#### **Optimism**
If you used Synthetix on Optimism, you may be looking for one of the following:
* [420 Legacy Staking](./420-legacy-staking)
* [I have Synths on Optimism, what can I do with them?](./op-synths)
* [I got KWENTA Tokens, where can I swap them for SNX?](./op-kwenta)
* [I got TLX Tokens, where can I swap them for SNX?](./op-tlx)
#### **Base**
If you interacted with Synthetix on Base:
* [What happened to my old position (LP, Perps, Rewards, Spot) on Base?](./base-positions)
#### **Arbitrum**
If you interacted with Synthetix on Arbitrum:
* [What happened to my old position (LP, Perps, Rewards, Spot) on Arbitrum?](./arbitrum-positions)
### Still can’t find what you’re looking for?
If you don’t see your situation listed above, your assets may be associated with a different network, product, or legacy system.
Before contacting Support, try:
* Switching networks in your wallet and checking again
* Searching the Help Center for the token or product name
If you still need help, contact Support and include:
* Your wallet address
* The network(s) you used, if known
* The token or position you see in your wallet
This will help the team investigate and assist you more quickly.
## What happened to my old position (LP, Perps, Rewards, Spot) on Base?
If you previously held a position on **Base** through **Synthetix V3**, please note that **support for Base has been deprecated**.
As part of the deprecation process, affected users were **automatically settled or airdropped** any remaining balances they were entitled to.
In most cases, **no further action is required**.
### What This Means
* Trading, liquidity provision, and rewards programs on **Base** are no longer active
* Positions on Base were **closed as part of the deprecation process**
* Any eligible balances were **distributed automatically** to the wallet used at the time
This applies to **all Base-based positions**, including:
* Liquidity Provision (LP)
* Perpetuals
* Rewards
* Spot positions
### What You Should Check
Before contacting Support, we recommend:
1. Checking the wallet you originally used on Base
2. Reviewing your wallet transaction history around the Base deprecation period
3. Confirming whether any settlement or airdrop transactions were received
### If You Believe You Are Still Owed Funds
If you believe you are missing funds or did not receive a settlement:
1. Contact Support
2. Provide your **wallet address**
3. Explain the type of position you previously held (LP, Perps, Rewards, or Spot)
A Support agent will:
* Review your historical Base activity
* Confirm whether any additional balances are due
* Advise on next steps, if applicable
This will help the team investigate and assist you more quickly.
:::warning[Important]
All Base-related positions were settled as part of the deprecation process.
If you did not receive funds, it does not necessarily mean that funds are missing, eligibility depends on historical balances and settlement criteria.
:::
## I have Curve LP Tokens, what can I do with them?
The **Curve Liquidity Pool DAI/USDC/USDT/sUSD is now deprecated**.
If you held a position in this pool **before August 6, 2025**, you may still be eligible to redeem a portion of your LP tokens. Redemption is **not automatic** and must be reviewed by Support.
:::warning[Important]
Redemption eligibility depends on historical balances and cannot be determined from wallet balances alone.
:::
### What You Can Do
#### 1. Unstake your LP tokens (if applicable)
1. Go to the Curve withdrawal page: [https://www.curve.finance/dex/ethereum/pools/susd/withdraw](https://www.curve.finance/dex/ethereum/pools/susd/withdraw)
2. Connect your wallet.
3. Attempt to unstake your LP tokens.
4. If there is nothing to unstake, you may have already withdrawn previously.
#### 2. Contact Support for an eligibility review
After unstaking (or confirming there is nothing to unstake):
* Contact Support.
* Provide your wallet address.
* Ask for an eligibility review of your Curve LP tokens.
A Support agent will:
* Review your historical LP position.
* Calculate any amount you may be owed.
* Confirm whether your balance is eligible for redemption.
This will help the team investigate and assist you more quickly.
#### 3. Sending LP tokens (only if instructed)
If, and only if, a Support agent confirms that your LP tokens are eligible for redemption, you may be instructed to send them to the Synthetix Treasury wallet.
:::warning[Important]
Do **NOT** send LP tokens to the treasury wallet unless a Support agent has explicitly confirmed that your balance is redeemable.
Low-value or ineligible LP tokens sent without confirmation **cannot be recovered**.
:::
#### 4. Processing Redemption
Once you have sent the LP tokens and provided the transaction hash to Support:
* The agent will begin processing your eligible redemption.
* Any underlying **sUSD** resulting from the redemption will **not** be returned directly. Instead, it will automatically enter the **1:4 sUSD to SNX conversion process**.
* Any other eligible assets associated with your LP position will be processed and returned to your wallet separately.
* Final redemption amounts are confirmed manually.
:::info
Following **SIP-423**, legacy sUSD has been deprecated.
As a result, eligible **sUSD** from Curve LP redemptions is automatically entered into the **1:4 sUSD to SNX conversion process** and is subject to the applicable lock period, vesting schedule, and claim requirements.
For more information, please see [420 Legacy Staking](/legacy-migration/420-legacy-staking).
:::
:::warning[Important]
The Curve DAI/USDC/USDT/sUSD pool is deprecated.
Balances shown on Curve or in your wallet may **not** reflect the final redeemable amount.
All redemption amounts are confirmed by Support after review.
:::
## I have Synths on ETH Mainnet, what can I do with them?
If you are still holding **Synths** on **Ethereum** **(sETH, sBTC, sLINK etc.)**, please be aware that the legacy Synth system has now been **deprecated**.
If you hold Synths on Optimism instead, see [I have Synths on Optimism, what can I do with them?](./op-synths).
### What this means
* You can no longer trade Synths using the legacy Synth system.
* Synths are no longer backed by active SNX staking positions.
* Some Synths may no longer be redeemable at their displayed balance.
### What you can do
1. **Confirm your network and balances**
* Make sure your wallet is connected to **Ethereum Mainnet**.
* Verify which Synths are present in your wallet.
2. **Attempt to redeem or swap your Synths**
* In some cases, certain Synths may still be redeemed through supported third-party protocols (for example, Curve).
* Availability and rates depend on remaining liquidity and protocol support.
3. **If you cannot redeem or swap**
* Contact Support and provide your **wallet address**.
* A Support agent can review your balances and advise whether redemption is still possible.
:::info
The balances shown for deprecated Synths may not reflect what is currently redeemable.
This is a result of the Synth system being phased out and does not indicate an error with your wallet.
:::
## Legacy & Migration Help
import { LastUpdated } from '../../components/LastUpdated'
Synthetix has evolved across multiple networks and products over time. If you used Synthetix in the past, this section helps you understand **what happened to your assets** and **what to do next**.
Whether you remember the network you used, the product you interacted with, or you’ve simply found tokens in your wallet, the guides below will help you get oriented.
### Start Here
Not sure where to begin? Choose the option that best matches your situation.
#### 420 Legacy Staking
If you previously staked SNX or sUSD in the 420 Pool on Ethereum Mainnet or Optimism, start here.
[420 Legacy Staking →](/legacy-migration/420-legacy-staking)
#### Asset Recovery by Network
If you remember which network you used, start here.
[Asset Recovery by Network →](/legacy-migration/asset-recovery-by-network)
#### Legacy Tokens & Wallet Assets
If you found tokens or positions in your wallet and aren’t sure what they’re for, start here.
This section covers:
* Synths (such as sUSD and other synthetic assets)
* SNX staking positions
* Curve LP tokens
* Legacy tokens (for example, KWENTA or TLX)
[Legacy Tokens & Wallet Assets →](/legacy-migration/legacy-tokens)
### **Still Not Sure?**
If you’re unsure where to start, we recommend beginning with [Asset Recovery by Network](/legacy-migration/asset-recovery-by-network).
If you still need help, [contact Support](/faq#contacting-support) and include:
* Your wallet address
* The network you used (if known)
* The token or position you see
This will help the team investigate and assist you more quickly.
## Legacy Tokens & Wallet Assets
import { LastUpdated } from '../../components/LastUpdated'
Synthetix has used different tokens and assets across multiple products and networks over time. If you’ve found tokens or positions in your wallet and aren’t sure what they represent, use the links below to identify the asset and understand your options.
***
#### SNX
If you previously interacted with Synthetix, you may still hold SNX or have participated in a legacy staking system.
For information relating to legacy staking positions, debt, rewards, or SIP-423, please see [420 Legacy Staking](./420-legacy-staking).
#### sUSD
sUSD has been deprecated as part of SIP-423.
Eligible holders may be able to participate in the sUSD to SNX conversion process. For information regarding snapshots, eligibility, and claims, please see [420 Legacy Staking](./420-legacy-staking).
#### Synths
Synths were synthetic assets created through legacy Synthetix systems and are now **deprecated**.
You may still see Synths in your wallet on certain networks, but they are no longer actively supported.
* [I have Synths on Ethereum Mainnet, what can I do with them?](./eth-synths)
* [I have Synths on Optimism, what can I do with them?](./op-synths)
#### Curve LP Tokens
Curve LP tokens were issued when providing liquidity through legacy Synthetix-related pools.
* [I have Curve LP tokens, what can I do with them?](./eth-curve-lp)
#### Legacy Tokens (KWENTA, TLX, and Others)
Some legacy Synthetix-related products issued separate tokens that may still appear in your wallet.
* [I got KWENTA Tokens, where can I swap them for SNX?](./op-kwenta)
* [I got TLX Tokens, where can I swap them for SNX?](./op-tlx)
#### Legacy Positions on Base or Arbitrum
If you previously held trading, liquidity, rewards, or spot positions on Base or Arbitrum:
* [What happened to my old position (LP, Perps, Rewards, Spot) on Base?](./base-positions)
* [What happened to my old position (LP, Perps, Rewards, Spot) on Arbitrum?](./arbitrum-positions)
### Not Sure What You’re Looking At?
If you’re unsure what a token or asset in your wallet represents:
1. Check the token name and symbol in your wallet
2. Search the Help Center for the token name
3. Start with [Asset Recovery by Network](./asset-recovery-by-network) if you remember which network you used
If you still need help, [contact Support](/faq#contacting-support) and include:
* Your wallet address
* The token name and symbol
* The network the token appears on
This will help us identify the asset more quickly.
## Missing sUSD from the sUSD to SNX Conversion
import { LastUpdated } from '../../components/LastUpdated'
Following the deprecation of sUSD under SIP-423, some users may have held sUSD within LP positions or other deposit contracts at the time of the snapshot.
As these positions may not have been included automatically in the sUSD snapshot, eligible users may be able to have their missing sUSD reviewed for inclusion in the sUSD to SNX conversion process.
This page explains how to contact Support to begin the review process.
:::info
**Important: This is a Manual Process**
Positions held in LP pools, vaults, safes, or other deposit contracts are not currently reviewed automatically.
To proceed, you must contact **Support**. Each request is reviewed individually to determine eligibility.
Please allow time for manual review and processing.
:::
### Eligibility Requirement
You may be eligible if:
* You held sUSD in:
* LP positions containing sUSD
* The sUSD Pre-Deposit Contract
* Other deposit contracts or positions containing sUSD
* Your position existed before the June 26th, 2026 snapshot date.
Eligibility is determined by Support following manual review.
### What You Will Need to Do
#### 1. Contact Support
[Open a Support ticket](/faq#contacting-support) and request to speak with a Support agent.
Please include:
* Your wallet address
* The network used
* The LP protocol or platform in which you may have deposited
* The pool or vault name
* Any relevant transaction hashes, if available
#### 2. Position Review
Support will review:
* Your position or deposit
* The underlying sUSD amount
* Snapshot eligibility
* Conversion eligibility
* Whether any additional action is required
#### 3. Confirmation
Once reviewed, Support will confirm whether your position is eligible for inclusion in the sUSD to SNX conversion process.
**For LP Positions**
For those with LP positions, Support will also explain how any non-sUSD assets held within the pool will be handled.
If your position is approved, Support will instruct you to transfer your LP tokens to the Synthetix Treasury wallet address:
`0xebAC8Fc8752A267A36cE683A867000F69Fd0e73d`
After completing the transfer, reply to your Support ticket with:
* Your transaction hash (TX ID)
Support will then process the underlying assets and include the eligible sUSD value in the sUSD to SNX conversion process.
:::warning[Important]
Do not transfer LP tokens or any other assets unless specifically instructed to do so by Support.
Each position must be reviewed and approved before any assets are transferred. Sending assets without confirmation from Support may result in delays or issues with processing.
:::
### Important Information
Eligible positions entering the sUSD to SNX conversion process will be subject to:
* Conversion ratio: 1 sUSD = 4 SNX
* Lock period: June 26th, 2026 to June 26th, 2027
* Vesting period begins: June 26th, 2027
* Claim window opens: June 26th, 2027
Please see [420 Legacy Staking](/legacy-migration/420-legacy-staking) for additional information regarding vesting and claim requirements.
### What Happens Next
If your position is determined to be eligible:
* The underlying sUSD value will enter the sUSD to SNX conversion process.
* Your position will appear in the [sUSD Retirement Dashboard](https://susd.synthetix.io/). Please allow time for the dashboard to update.
* The applicable lock and vesting periods will apply.
* Any other assets due to you may take up to 4 weeks to be returned to your wallet.
### Notes
* Eligibility is determined following manual review.
* Additional information may be requested during the review process.
* Processing times may vary depending on the complexity of the position.
* Not all positions may be eligible for inclusion in the sUSD to SNX conversion process.
## I got KWENTA Tokens, where can I swap them for SNX?
Kwenta (KWENTA) is being unified into the Synthetix system. The migration process allows you to convert KWENTA into SNX under a vesting schedule.
### How the migration works & key details
* An official **KWENTA to SNX migration interface** is available
* Migrated SNX is released according to a **vesting schedule**
* Vesting begins on **November 12**, with:
* a **3-month cliff**
* followed by **9 months of linear unlock**
* Migrating later does **not** reset the schedule, vesting is based on the original timeline
### Step-by-step: Migrating KWENTA to SNX
1. **Check your wallet**
* Confirm that **KWENTA tokens** are present in your wallet
* You can proceed with migration using the official KWENTA migration flow
* Migrated SNX will unlock according to the vesting schedule
* Check whether your KWENTA is **liquid** or appears to be **staked / escrowed**
* Some legacy staking interfaces are no longer available.
If you:
* cannot find a way to unstake KWENTA
* are unsure whether your KWENTA is escrowed
* do not see a way to withdraw your tokens
please contact Support.
2. **Deposit KWENTA via the migration site**
* Visit the official migration interface:
[https://kwenta-migration.synthetix.io/](https://kwenta-migration.synthetix.io/)
* Deposit all KWENTA you wish to migrate
3. **Claim your SNX as it vests**
* Once deposited, your migrated SNX will follow the vesting schedule
* After the 3-month cliff, SNX unlocks gradually over 9 months
* Return to the migration site periodically to **claim vested SNX**
If you have any problems, do not hesitate to contact an agent.
:::warning[Important]
KWENTA cannot be swapped for SNX instantly at full value.
All migrated tokens are subject to the vesting schedule described above.
:::
### Need Help?
If you encounter issues during the migration process, contact Support and include:
* Your wallet address
* Whether your KWENTA was liquid or escrowed
* The step where you encountered an issue
This will help the team investigate and assist you more quickly.
## I have Synths on Optimism, what can I do with them?
If you are still holding **Synths** on **Optimism (sETH, sBTC, sLINK etc.)**, please note that the legacy Synth system on Optimism **begins deprecation on January 31, 2026**.
If you hold Synths on Ethereum Mainnet instead, see [I have Synths on Ethereum Mainnet, what can I do with them?](./eth-synths).
### Deprecation timeline
| **Milestone** | **Date** |
| ----------------------------------------------- | ----------------- |
| Last day to swap Synths on Optimism | January 31, 2026 |
| Oracle price is frozen for treasury redemptions | February 1, 2026 |
| Discount applied to treasury redemptions | April 30, 2026 |
| Redemptions close | December 31, 2026 |
### What this means
* You can swap Synths to **sUSD** until **January 31, 2026** using supported platforms such as:
* [https://1inch.com](https://1inch.com/)
* Between **February 1 and April 30, 2026**, redemption is available through Support at a **fixed, frozen oracle price**.
* From **April 30 through December 31, 2026**, a discount applies to redemptions.
* The discount increases linearly at **12.5% per month** of the frozen oracle price, up to 100%.
* **All Synth redemptions will end after December 31, 2026.**
:::warning[Important]
Only Synth balances held **prior to the deprecation date** (January 31, 2026) and remaining in the **same wallet** will be considered for redemption.
Acquiring deprecated Synths after the deprecation date does **not** guarantee redemption eligibility.
:::
### sUSD to SNX Conversion
Following **SIP-423 (June 2026)**, legacy sUSD has been deprecated.
As a result, users redeeming Synths through the legacy redemption process will no longer receive redeemable sUSD. Instead, the sUSD value resulting from the redemption will automatically enter the **1:4 sUSD to SNX conversion process**.
Converted SNX is subject to:
* Conversion ratio: **1 sUSD = 4 SNX**
* A **1-year lock period**
* A **1-year vesting period**
* Vested SNX must be claimed within **six months** of becoming available
* Unclaimed vested SNX may expire and become unclaimable
For additional information regarding eligibility, vesting, claim requirements, and the conversion process, please see **[420 Legacy Staking](./420-legacy-staking)**.
### What you can do
1. **Confirm your wallet and network**
* Make sure your wallet is connected to **Optimism**.
* Verify that the Synth balances appear on the Optimism network.
2. **Check the [Deprecation timeline](https://support.synthetix.io/en/articles/13348574-i-have-synths-on-optimism-what-can-i-do-with-them#h_b66ff2e4d3)**
* Check the timeline above to understand which actions are currently available.
3. **Redeem or swap your Synths (before January 31, 2026)**
Swap Synths to **sUSD** using:
* [https://1inch.com](https://1inch.com/)
4. **If you cannot swap (after January 31, 2026)**
* Contact Support and provide your **wallet address**.
* A Support agent can review your balances and advise whether redemption is still possible.
:::info
The balances shown for deprecated Synths may not reflect what is currently redeemable.
This is expected during the deprecation process and does not indicate an error with your wallet.
:::
## I got TLX Tokens, where can I swap them for SNX?
TLX is being unified into the **Synthetix** ecosystem. As part of this process, TLX can be migrated to **SNX** through an official migration flow that uses a **vesting schedule**.
### How the migration works & key details
* An official **TLX → SNX migration interface** is available
* Migrated SNX is released according to a **vesting schedule**
* The vesting structure is:
* a **1-month lock period**
* followed by **4 months of linear vesting**
* The lock period for **all TLX holders** began on **December 5, 2024**, regardless of when TLX is deposited
* TLX not deposited into the migration contract within **2 years** of the start date will be **ineligible for conversion**
* **Conversion rate: 18 TLX = 1 SNX**
### Step-by-step: Migrating TLX to SNX
1. **Deposit TLX via the migration site**
* Go to the [TLX Migration Site](https://tlx-migration.synthetix.io/).
* Deposit all TLX you wish to migrate
2. **Claim SNX as it vests**
* Once deposited, your migrated SNX follows the vesting schedule
* After the 1-month lock period, SNX unlocks gradually over 4 months
* Return to the migration site periodically to **claim vested SNX**
If you have any problems, do not hesitate to contact an agent.
:::warning[Important]
TLX cannot be swapped for SNX instantly at full value.
All migrated tokens are subject to the vesting schedule described above.
:::
### Need Help?
If you encounter issues during the migration process, contact Support and include:
* Your wallet address
* The amount of TLX you attempted to migrate
* The step where you encountered an issue
This will help the team investigate and assist you more quickly.
## Repaying Post-Debt Jubilee Debt
import { LastUpdated } from '../../components/LastUpdated'
Following the closure of the 420 staking system and the end of Debt Jubilee under SIP-423, some users may still have outstanding debt associated with their legacy staking position.
Users with remaining debt may either continue under the new debt resolution framework or choose to repay their outstanding post-Debt Jubilee debt early.
This page explains how to contact Support to begin the debt repayment process.
:::info
**Important: This is a Manual Process**
Repayment of outstanding post-Debt Jubilee debt is not currently available through any UI.
To proceed, you must contact **Support**. Each request is reviewed and processed on a **case-by-case basis**.
Please allow time for manual review and processing.
:::
### Eligibility Requirement
You may be eligible to repay your outstanding debt if:
* You have a legacy 420 staking position.
* You have remaining debt following the closure of Debt Jubilee.
* Your position remains subject to the SIP-423 debt resolution framework.
### What You Will Need to Do
#### 1. Contact Support
[Open a Support ticket](/faq#contacting-support) and request to speak with a Support agent. Then please confirm that you would like to repay your remaining post-Debt Jubilee debt.
Please include:
* Your wallet address
* Your Account ID
If you do not know your Account ID, you can find it on your Synthetix Account NFT (SACCT). This can be viewed through a blockchain explorer or NFT marketplace. If you cannot find the Account ID, please request assistance.
#### 2. Account Review
Support will review your account and confirm the amount required to settle your outstanding debt.
#### 3. Settling Your Debt
Once Support has confirmed your repayment amount, send your USDT to the Synthetix Treasury address:
`0xebAC8Fc8752A267A36cE683A867000F69Fd0e73d`
Outstanding debt can only be repaid using USDT.
#### 4. Confirm Payment
After completing the transfer, reply to your Support ticket with:
* Your transaction hash (TX ID)
:::warning[Important]
Do not send any tokens to settle your debt without confirmation from Support.
Each request must be reviewed and approved before proceeding. Sending assets without confirmation may result in delays or issues with processing.
:::
### What Happens Next
Once Support has confirmed that your debt has been settled:
* Your request will be processed
* Your SNX will be returned to your wallet
### Notes
* Processing typically takes around 4 weeks.
* If anything is unclear, please contact [Support](/faq#contacting-support) before proceeding.
## Depositing Collateral
import { LastUpdated } from '../../components/LastUpdated'
import { MediaFigure } from '../../components/MediaFigure'
Synthetix Exchange runs on **Ethereum Mainnet**. Deposited collateral funds the selected subaccount only, and that collateral can be used to trade USDT-settled perps markets.
### Supported collateral
**USDT and WETH deposits are supported in the app today.** Additional collateral types in the table below are planned.
| Asset | Status | Contract address (Mainnet) | Notes |
| ------ | --------------- | -------------------------------------------- | ------------------------------------- |
| USDT | Supported today | `0xdAC17F958D2ee523a2206206994597C13D831ec7` | Base settlement asset. No haircut. |
| WETH | Supported today | `0xC02aaA39b223FE8d0a0e5c4f27ead9083c756cc2` | Non-USDT collateral. Haircut applies. |
| cbBTC | Planned | `0xcbB7C0000aB88B473b1f5aFd9ef808440eed33Bf` | Planned non-USDT collateral. |
| sUSDe | Planned | `0x9D39A5DE30e57443BfF2A8307A4256c8797A3497` | Planned non-USDT collateral. |
| wstETH | Planned | `0x7f39C581F595B53c5cb19bD0b3f8dA6c935E2Ca0` | Planned non-USDT collateral. |
USDT is valued at full face value for deposits. Non-USDT assets such as WETH have a **haircut** applied, meaning their effective collateral value is less than their market value.
:::info
ETH is still required for Ethereum Mainnet gas. WETH is the supported non-USDT collateral token in the deposit flow.
:::
### What you need before depositing
* A supported wallet connected to **Ethereum Mainnet**
* One of the supported collateral assets in your wallet
* A small amount of ETH for gas
### How to deposit
#### 1. Open the Deposit Window
1. Make sure you are connected to the Synthetix Exchange.
2. Open the **Deposit** window by clicking the **+** button next to your available account balance. Alternatively, you can:
* Select **Deposit** from the account sidebar.
* Click **Deposit** from the **Account Balance** panel.
* Open the **Portfolio** page and click **Deposit**.
#### 2. Enter Your Deposit
1. Select the collateral asset you want to deposit.
2. Enter the deposit amount.
3. Review the account limits displayed.
4. Click **Deposit**.
#### 3. Confirm the Deposit
1. If this is your first deposit for the selected asset, approve the token in your wallet.
2. Confirm the deposit transaction in your wallet.
3. Wait for the transaction to be confirmed on Ethereum Mainnet.
4. Your account balance will update once the transaction has been confirmed.
### Effective collateral value
The exchange shows effective collateral value at the time of deposit. For example, if WETH has a 90% collateral ratio, 1 WETH worth 3,000 USDT contributes 2,700 USDT of effective margin.
For the full margin model, see [Leverage & Margin](/trading/leverage-margin).
### Getting assets on Ethereum Mainnet
If you hold assets on another network or at a centralised exchange, you need to move them to Ethereum Mainnet first.
**From another chain:**
* [Base Bridge](https://bridge.base.org) - for assets on Base
* [Stargate](https://stargate.finance) - cross-chain USDT
* [Superbridge](https://superbridge.app) - Optimism to Mainnet
**From a CEX:**
Most major exchanges, including Binance, Coinbase, and Kraken, support direct Ethereum Mainnet withdrawals. Choose "ERC-20" or "ETH Network" when withdrawing.
:::tip
You'll also need a small amount of ETH for gas. If withdrawing from a CEX, withdraw a small amount of ETH at the same time.
:::
### Minimum deposits
The deposit flow may show a **minimum deposit** per asset. Very small deposits may also not cover gas costs for subsequent on-chain transactions.
### Deposit limits
Per-asset minimum deposits, maximum account deposits, and other limits are shown in the deposit flow when they apply. Protocol-level TVL limits may apply during early deployment phases; the app surfaces any active limits.
Haircuts can be tiered by the USD value of each asset in your account. With current per-account deposit limits, most users sit in the first tier, but you should use the **Collateral Value** shown in the app for your actual margin contribution.
### See also
* [Multicollateral Margin](/deposits-withdrawals/multi-collateral-margin) - unified margin, USDT debt, Swap, and auto-exchange.
* [Withdrawing Collateral](/deposits-withdrawals/withdrawing) - withdrawal limits, USDT caps, and LTV constraints.
* [Leverage & Margin](/trading/leverage-margin) - how collateral value is used to meet margin requirements.
* [Subaccounts](/account/subaccounts) - how collateral is isolated by subaccount.
* [Getting Started](/getting-started) - full account setup walkthrough.
## Multicollateral Margin
import { LastUpdated } from '../../components/LastUpdated'
Use supported assets such as USDT and WETH to fund a single cross-margin perps account. This page is the conceptual overview. For step-by-step collateral operations, see [Depositing Collateral](/deposits-withdrawals/depositing) and [Withdrawing Collateral](/deposits-withdrawals/withdrawing).
### Overview
Synthetix supports **unified margin**. All supported collateral types in a subaccount contribute to that subaccount's account value, while perpetual markets remain quoted and settled in **USDT**.
You can:
* **Deposit** USDT or supported non-USDT collateral such as WETH.
* **Trade** USDT-settled markets using your combined collateral value.
* **Withdraw** each asset separately, subject to margin, balance, and debt limits.
* **Swap** non-USDT collateral into USDT when your account has USDT debt.
Trading fees, funding, and realized PnL settle into the USDT balance. If you hold mostly non-USDT collateral, your USDT balance can go negative during normal trading.
### How it works
1. Deposit supported collateral into a subaccount.
2. The account receives margin credit based on each asset's value. USDT counts at face value; non-USDT collateral contributes its haircut-adjusted value.
3. Open or manage positions in USDT-settled markets.
4. Fees, funding, and realized PnL update the USDT balance.
5. If the USDT balance becomes debt, repay voluntarily with **Swap** or reduce risk before forced auto-exchange becomes possible.
### USDT debt
Your USDT balance can go **negative** during normal trading:
* Trading fees
* Funding payments
* Realized losses when positions are reduced or closed
A negative USDT balance is only treated as debt after positive unrealized PnL is considered. A winning open position can temporarily offset negative USDT.
| Situation | What happens |
| -------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------- |
| Open positions, negative USDT, positive UPNL covers it | Allowed - not treated as debt. Swap not available. |
| Open positions, negative USDT, UPNL does not fully cover | USDT debt exists - backed by collateral. LTV caps and Swap apply. |
| Close positions with USDT debt remaining | Debt is **not** auto-repaid. Use **Swap** voluntarily, or forced auto-exchange if debt exceeds allowed limit. |
| Debt exceeds allowed limit | Forced auto-exchange can convert non-USDT collateral to USDT. |
| Winning position, negative USDT | Positive UPNL can support USDT withdrawals and may eliminate effective debt. |
### Swap (voluntary collateral exchange)
Use **Swap** on any non-USDT balance row to convert collateral into USDT.
Swap is available when you have **USDT debt**: negative USDT that is not fully covered by positive unrealized PnL. If USDT shows negative but a winning open position backs it, Swap may be unavailable because there is no effective debt to repay.
**How it works:**
1. Select the source asset and amount.
2. Review the estimated USDT received after fees.
3. Confirm. Collateral is sold and you receive USDT minus a fee.
Swapping to repay debt improves account health and can restore withdrawable margin when debt or LTV constraints are limiting withdrawals.
### Auto-exchange
Auto-exchange converts non-USDT collateral to USDT without manual action. It protects the protocol and keeps accounts solvent.
#### When forced auto-exchange runs
Forced auto-exchange runs automatically during **account health checks** when your **USDT debt exceeds your allowed debt limit**.
**Allowed debt** is the lower of:
* **Sum of** (each non-USDT asset's Collateral Value x its **LLTV**)
* Your tier's **Max Borrow**
When breached, the system sells non-USDT collateral until debt is back within limits.
#### Asset selection
The system sells assets with the **lowest haircut first** (deterministic tie-break by asset name when haircuts are equal). Forced exchanges use a **higher fee rate** than voluntary Swap.
#### LLTV and LTV
| Term | Meaning |
| -------------------------- | ------------------------------------------------------------------------------------------------------------------- |
| **LTV (Loan-to-Value)** | Your current USDT debt divided by total adjusted non-USDT collateral value. Shown per asset row when you have debt. |
| **LLTV (Liquidation LTV)** | Maximum LTV before forced auto-exchange for that asset. Shown in the balances table. |
| **Max Borrow** | Maximum USDT debt allowed for your tier. |
If LTV reaches LLTV, collateral is auto-exchanged until LTV returns to zero.
**Example (WETH, LLTV 80%):** If your debt is 80% or more of your non-USDT collateral value, WETH may be sold to USDT automatically at best available prices minus the forced-exchange fee.
### Account health checklist
When using non-USDT collateral, monitor:
* **Collateral Value** - haircut-adjusted value that counts toward margin.
* **Available Margin** - margin available to open or increase positions.
* **Unrealized PnL** - can offset negative USDT while positions are open.
* **LTV and LLTV** - debt usage versus debt limits.
* **Max Borrow** - the tier-based cap on total USDT debt.
### See also
* [Depositing Collateral](/deposits-withdrawals/depositing) - supported assets, deposit steps, minimums, and account caps.
* [Withdrawing Collateral](/deposits-withdrawals/withdrawing) - withdrawal limits, USDT caps, LTV constraints, and fees.
* [Leverage & Margin](/trading/leverage-margin) - Adjusted Account Value, haircuts, and collateral price risk.
* [Fees](/trading/fees) - withdrawal, Swap, auto-exchange, gas, and trading fees.
* [Liquidations](/trading/liquidations) - how collateral value affects liquidation risk.
* [Subaccounts](/account/subaccounts) - collateral isolation between subaccounts.
* [FAQ](/faq) - common multicollateral troubleshooting questions.
## SLP Vault
import { LastUpdated } from '../../components/LastUpdated'
The Synthetix Liquidity Provider (SLP) Vault is the protocol's community market making vault, designed to back all perps markets on Ethereum Mainnet.
:::info
SLP is currently running internally and is **not yet open for user deposits**. User deposits will open in a future release.
:::
### How it works
When opened to users, the SLP vault would pool capital from depositors and deploy it as liquidity backing for perpetual markets. As traders pay fees and funding, a portion of those revenues would flow back to depositors proportional to their share of the vault.
Participation in SLP means capital would be exposed to market making performance. Depositors would benefit when the exchange generates revenue, and they would also be exposed to losses if the vault's market making position loses money.
### Current status
* The vault is running internally today
* User deposits are not currently available
* Public access will open in a future release
### Legacy vaults
| Network | Status |
| ------------ | ----------------------------------------------------------------------------------------------- |
| **Arbitrum** | Deprecated June 13, 2025. Users have 6 months to settle debt and claim LP assets. |
| **Base** | Deprecated July 7, 2025. Collateral is being returned to wallets within 2 weeks of deprecation. |
:::info
If you need assistance recovering funds from a deprecated vault, use the chat button on this page to reach a support agent.
:::
## Withdrawing Collateral
import { LastUpdated } from '../../components/LastUpdated'
You can withdraw collateral that is not required for open positions, USDT debt, or account-health limits. In multicollateral accounts, each asset is withdrawn separately.
### Available margin
You can only withdraw **available margin**, collateral not currently required to meet the margin requirements of your open positions.
```text
available_margin = adjusted_account_value - required_margin
```
Adjusted Account Value includes collateral haircuts and PnL effects. The final max withdrawal also applies asset balance, the USDT cap, LTV and debt limits, fees, and any active limits shown in the app.
If you have no open positions and no USDT debt, most of your balance is generally available to withdraw, subject to those checks.
### How to withdraw
1. Go to [exchange.synthetix.io](https://exchange.synthetix.io) and connect your wallet.
2. Select the subaccount you want to withdraw from.
3. Click **Withdraw** on the asset row you want to withdraw.
4. Enter the amount to withdraw, up to the maximum shown in the app.
5. Review any withdrawal fee and account-health warning.
6. Confirm the transaction.
Withdrawals are sent to your connected wallet address on Ethereum Mainnet. Once the transaction is confirmed, your wallet and subaccount balances update.
### Withdrawing with open positions
You can withdraw available margin while holding open positions. However:
* Withdrawing reduces your health ratio and moves your liquidation price closer to the current market price.
* You cannot withdraw collateral that would bring the account below maintenance margin.
* Non-USDT collateral price moves can reduce your withdrawable amount even if your position PnL has not changed.
:::warning
Withdrawing while close to your liquidation price increases your risk of being liquidated. Add a buffer.
:::
### Withdrawing USDT with non-USDT collateral
USDT withdrawals are capped by both account health and the USDT available to send.
Your maximum USDT withdrawal can include:
* Held USDT balance.
* Positive unrealized PnL that can support a USDT withdrawal while the position remains open.
Non-USDT collateral value supports margin and trading, but it does not become withdrawable USDT unless you first convert it through **Swap** or otherwise receive USDT settlement from trading.
### Debt and LTV constraints
If your USDT balance is negative after positive unrealized PnL is considered, the account has **USDT debt**. That debt is backed by non-USDT collateral.
Withdrawal amounts can be reduced to preserve:
* Required margin for open positions.
* The USDT cap for USDT withdrawals.
* LTV and LLTV limits for non-USDT collateral backing USDT debt.
* Any tier-based **Max Borrow** limit.
Your max withdrawal can be zero even when an asset has 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.
To improve withdrawable amounts, consider reducing positions, swapping collateral to USDT to repay debt, or depositing additional collateral.
### Withdrawal fees
Withdrawals can have a per-asset withdrawal fee. The fee is deducted from the amount received and is shown before you confirm.
Ethereum Mainnet gas is paid in ETH by your wallet for on-chain withdrawal transactions.
### Transfers between subaccounts
Moving collateral between subaccounts follows the same type of availability checks as withdrawals. The source subaccount must keep enough collateral for open positions, USDT debt limits, and LTV constraints.
Collateral in one subaccount does not support positions in another subaccount. See [Subaccounts](/account/subaccounts) for details.
### Withdrawal delays
Withdrawals are processed on-chain with no additional delay beyond transaction confirmation. There is no withdrawal queue or waiting period.
### See also
* [Multicollateral Margin](/deposits-withdrawals/multi-collateral-margin) - USDT debt, Swap, and auto-exchange.
* [Leverage & Margin](/trading/leverage-margin) - account value, haircuts, and margin requirements.
* [Fees](/trading/fees) - withdrawal, Swap, auto-exchange, and gas fees.
* [Liquidations](/trading/liquidations) - why withdrawing close to maintenance margin is risky.
## Account Managers
import { LastUpdated } from '../../components/LastUpdated'
import { MediaFigure } from '../../components/MediaFigure'
Account Managers allow a wallet to manage and trade using a Synthetix account owned by another wallet.
This is particularly useful for smart contract wallets, such as Gnosis Safe, where the owner wallet retains custody of funds while a separate wallet performs account management and trading activities.
By separating custody from trading, Account Managers provide additional security and operational flexibility.
### How Account Managers Work
The owner wallet remains the owner of the account and retains custody of the deposited funds.
A separate wallet can then be granted Account Manager permissions to operate the account.
| **Role** | **Description** |
| -------------- | --------------------------------------------------- |
| Owner Wallet | Owns the account and holds custody of funds |
| Manager Wallet | Manages the account and performs trading activities |
The manager wallet does not become the owner of the account.
### Before You Begin
Before adding an Account Manager, you will need:
* A supported smart contract wallet, such as Gnosis Safe.
* A Synthetix account created using the owner wallet.
* Funds deposited into the Synthetix account by the owner wallet.
* A separate wallet to act as the Account Manager.
### How to Create a Manager Account
#### 1. Create a Safe Wallet
If you do not already have a Gnosis Safe wallet, please follow the official Safe guide:
[Creating a Safe on a Web Browser](https://help.safe.global/articles/7267202833-creating-a-safe-on-a-web-browser)
Once your Safe wallet has been created, return to this guide to connect it to Synthetix.
#### 2. Connect Your Smart Contract Wallet
1. Click **Connect Wallet**.
2. Select **WalletConnect**.
3. Copy the QR URI.
4. Open Gnosis Safe and select the Safe you want to use as the owner wallet.
5. Click **WalletConnect** in the top-right corner.
6. Paste the QR URI.
7. Approve the connection request from Synthetix Exchange.
:::info
Before creating your account, ensure your Safe wallet contains sufficient funds to complete the deposit transaction.
:::
#### 3. Create a Synthetix Account
1. Click **Create Account**.
2. Enter the amount you want to deposit.
3. Click **Create Account**.
4. Open Gnosis Safe and approve the required transaction(s), depending on how your Safe wallet is configured.
5. Once approved, your Synthetix account will be created and you can add an Account Manager.
:::info
Creating the account may take longer than a standard wallet transaction, depending on your Safe configuration and required signatures. You may see a timeout message while waiting for the transaction to complete.
:::
#### 4. Add an Account Manager
1. The Authenticate window should appear. If it does not, click **Authenticate** on the top right.
2. Click **Add Account Manager**.
3. Enter the wallet address of the Account Manager.
4. Click **Add Manager** to confirm.
:::warning
The owner wallet cannot be used to authenticate and trade.
:::
#### 5. Connect Using the Manager Wallet
1. Disconnect the owner wallet and connect using the manager wallet.
2. The manager wallet can now authenticate and access the account.
### Permissions
Manager wallets may:
* Trade on behalf of the account.
* Create sub-accounts.
* Transfer assets between sub-accounts.
* Withdraw funds back to the owner wallet.
Manager wallets cannot:
* Deposit funds into the account.
* Change account ownership.
* Receive withdrawn funds directly.
:::info
Deposits can only be made by the owner wallet.
Manager wallets cannot deposit funds into the account.
Any withdrawals initiated by a manager wallet are always returned to the owner wallet.
:::
### Account Managers and Delegated Trading
Account Managers and [Delegated Trading](/account/delegated-trading) serve different purposes.
| **Account Managers** | **Delegated Trading** |
| ----------------------------------------- | ------------------------------------------ |
| Operate an entire account | Trade on a specific sub-account |
| Commonly used with smart contract wallets | Commonly used to grant trading permissions |
### Important Information
* Only grant manager permissions to wallets that you trust.
* Manager wallets can trade, create sub-accounts, transfer assets between sub-accounts, and withdraw funds back to the owner wallet.
### Support
If you experience issues creating or using an Account Manager, please [contact Support](/faq#contacting-support) for assistance.
## Delegated Trading
import { LastUpdated } from '../../components/LastUpdated'
import { MediaFigure } from '../../components/MediaFigure'
Delegated Trading allows a wallet to grant another wallet permission to trade on a specific Sub-Account.
This guide explains how to create Sub-Accounts, assign delegates, and manage delegated trading permissions.
This is commonly useful for:
* **Automated trading bots** using a separate hot wallet
* **API integrations** where you want a trading key without moving custody
* **Institutional setups** that separate the trading key from the owner wallet
Delegation:
* Grants trading access only
* Does **not** grant withdrawal permissions
* Does **not** grant transfer permissions
* Does **not** provide access to the original owner's main account
Delegates can act only within the assigned Sub-Account.
### Requirements
To create and manage **Sub-Accounts**, your wallet must have a **Tier 1 trading account**.
Tier 1 status is unlocked once your wallet reaches a **minimum trading volume of $100,000**, see [Tiers](/trading/tiers) for information.
### Roles Overview
| Role | Trading | Withdrawals | Transfers | Delegation Control |
| ------------------ | ------- | ----------- | --------- | ------------------ |
| Main Account Owner | Yes | Yes | Yes | Yes |
| Delegate Wallet | Yes | No | No | No |
### For Account Owners
#### Step 1: Create a Sub-Account
1. Navigate to **Portfolio**
2. Click **Sub-Accounts**
3. Click **+ Add Sub-Account**
4. Rename the account if needed
You can create up to **4 Sub-Accounts**.
#### Step 2: Transfer Funds to the Sub-Account
Sub-accounts do not automatically share funds with your main account.
You can transfer funds in two ways:
1. Open the **Transfer** modal from the **Sub-Accounts** page within **Portfolio**
2. Or click the **Transfer** button from the Account sidebar
Then:
3. Select:
* **From:** Main Account
* **To:** Your Sub-Account
4. Enter the amount
5. Confirm the transfer
Once funded, the Sub-Account is ready for trading or delegation.
#### Step 3: Add a Delegate Wallet
1. Select the Sub-Account you want to delegate
2. Click **+ Add**
3. Enter the delegate's wallet address
4. Enter delegation duration
5. Click **Add Delegate** to confirm
The delegate wallet will now see this account under **Delegated to You** when connected.
#### Step 4: Revoke a Delegate
A delegate may lose access either through expiration or manual revocation.
To revoke access at any time:
1. Navigate to **Portfolio**
2. Click **Sub-Accounts**
3. Open the delegate list
4. Click **Revoke** on the wallet address
The delegate will immediately lose access.
### For Delegates
If a main account has granted your wallet delegated access, you will be able to trade using their Sub-Account without creating or funding your own.
#### Step 1: Connect Your Wallet
1. Connect your wallet
2. Navigate to **Portfolio**
3. Click **Sub-Account**
4. Look under **Delegated to You**
Delegated accounts will display a **Delegate** badge.
### Step 2: Enter Delegate Mode
1. Find the delegated Sub-Account
2. Click **Trade**
You can also switch accounts using the Account sidebar and toggle between available accounts.
Delegates may:
* Open and close positions
* Place and cancel orders
* Manage positions
Delegates cannot:
* Deposit funds
* Withdraw funds
* Transfer funds
#### Step 3: Exit Delegate Mode
To exit delegate mode:
1. Click the active delegated account in the top-right account area
2. Open the account switcher
3. Select an account you own
Once you switch accounts, you will exit Delegate Mode and return to your own account if you have set up a Main Account.
### Security considerations
* Only delegate to wallets you control or explicitly trust
* Use a dedicated wallet for each automation or integration
* Revoke delegated access when it is no longer needed
* Delegation does not bypass protocol risk limits or liquidation rules
### Important Notes
* All trades executed by a delegate affect the Sub-Account balance.
* Delegation does not override risk limits or liquidation rules.
* All trading activity remains subject to protocol rules.
## Subaccounts
import { LastUpdated } from '../../components/LastUpdated'
### What is a subaccount?
A subaccount is a trading account linked to your wallet. It holds collateral balances, open positions, and order history. All trading activity happens within a subaccount.
You can create multiple subaccounts under a single wallet, useful for:
* Separating trading strategies
* Isolating risk between different books of positions
* Running automated strategies independently of manual trading
### Creating a subaccount
From the Account menu in the app, click **New Subaccount**. You will be prompted to sign a transaction to create the account on-chain.
Each subaccount has a unique ID. Subaccounts are stored on-chain and persist indefinitely.
### Switching subaccounts
Use the subaccount selector in the top navigation to switch between accounts. Balances, positions, and history are all scoped to the active subaccount.
### Collateral isolation
Each subaccount has its own collateral pool. Assets in one subaccount do not affect the margin, liquidation risk, USDT debt, or withdrawal limits of another.
You can deposit non-USDT collateral such as WETH directly into a subaccount without holding USDT there. That collateral can support USDT-settled perps positions inside the same subaccount.
:::warning
Choose the correct subaccount before depositing. Collateral is not shared across subaccounts.
:::
### Transfers between subaccounts
Moving collateral from one subaccount to another follows withdrawal-style checks. The source subaccount must keep enough collateral for:
* Open position margin.
* USDT debt and LTV limits.
* The USDT cap for USDT transfers.
* Any active account or asset limits shown in the app.
If a transfer would make the source subaccount unhealthy, the app will reduce the available amount or block the transfer.
### API access
Subaccounts are identified by their on-chain ID when using the API. See [Get Subaccount](https://developers.synthetix.io/developer-resources/api/rest-api/trade/getSubAccount) for how to query subaccount state programmatically.
### See also
* [Depositing Collateral](/deposits-withdrawals/depositing)
* [Withdrawing Collateral](/deposits-withdrawals/withdrawing)
* [Multicollateral Margin](/deposits-withdrawals/multi-collateral-margin)
* [Leverage & Margin](/trading/leverage-margin)
## About Synthetix
import { LastUpdated } from '../../components/LastUpdated'
Synthetix is the first decentralized perpetual futures protocol built on Ethereum Mainnet. The Synthetix Exchange provides offchain order matching through a high-performance Central Limit Order Book (CLOB) with onchain settlement on Ethereum, the world's most secure smart contract platform.
Synthetix is powered by its traders, liquidity providers, token holders, and community. Liquidity providers enable deep and efficient markets, while the Synthetix community continues to drive innovation, governance, and ecosystem growth.
Synthetix is designed for:
* Traders seeking deep liquidity, low slippage, and advanced trading features on a decentralized platform.
* Liquidity Providers supplying capital to support efficient markets and protocol growth.
* Token Holders and Community Members participating in the Synthetix ecosystem and future protocol initiatives.
### How Synthetix differs from traditional exchanges
| | Traditional exchange | Synthetix |
| ------------ | ------------------------- | ------------------------------------- |
| Fund custody | Exchange holds your funds | You access your funds via your wallet |
| Accounts | Requires sign-up and KYC | No account or identity verification |
| Rules | Controlled by a company | Enforced by smart contracts |
| Settlement | Internal ledger | On-chain and transparent |
### How perpetual futures work
Synthetix trades **perpetual futures**, derivative contracts with no expiry date. Instead of converging to a spot price at expiry, perpetuals use a **funding rate** to keep the contract price close to the underlying index.
* When the perpetual trades **above** the index price, longs pay shorts.
* When the perpetual trades **below** the index price, shorts pay longs.
Funding accrues continuously and settles to subaccount balances. See [Funding](/trading/funding) for rates and mechanics.
### What to Explore Next
Now that you understand how Synthetix works, you can explore specific parts of the protocol in more detail:
* 👉 **[Products](/about-synthetix/products)**, learn about Synthetix trading, staking, and liquidity products
* 👉 **[SNX Token](/about-synthetix/snx-token)**, understand the protocol token and how it powers Synthetix
* 👉 **[Synthetix History](/about-synthetix/synthetix-history)**, understand how the protocol has evolved over time
## Products
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This page provides an overview of current and legacy products in the Synthetix ecosystem.
### Live Products
* **[Synthetix Exchange](https://exchange.synthetix.io/)**
Decentralized perpetual futures trading on Ethereum Mainnet, powered by the Synthetix protocol.
* **SLP Vault** *(coming soon)*
A liquidity provision product designed to support trading activity and generate yield.
### Legacy / Deprecated Products
These products are no longer actively supported.
If you previously used one of these products, please refer to the [Legacy & Migration](/legacy-migration/legacy-migration-help) section of the documentation for available guidance and migration information. If you still require assistance, please contact Support.
* **Perps v2 (Optimism)**
* **Perps v3 (Base, Arbitrum)**
* **snxUSD (v3), USDx**
* **420 Staking**
## SNX Token
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SNX is the native token of the Synthetix ecosystem.
This page explains what SNX is, what changed after the retirement of legacy staking, where SNX is supported, and how the token is used today.
### Overview
SNX was originally introduced as the core token of the Synthetix protocol.
Historically, SNX was used for staking participation, protocol incentives, debt management, and broader ecosystem participation. Following the retirement of the legacy 420 Pool staking system, SNX is no longer used in that previous staking model.
SNX remains the native token of the Synthetix ecosystem. Its current protocol-related uses are more limited and are described below.
### Current Role of SNX
The legacy 420 Pool staking system has been retired, and previous SNX staking mechanisms are no longer active.
Today, SNX is used within the ecosystem for:
* Broader ecosystem participation where supported by Synthetix governance or ecosystem initiatives
* Debt resolution for former 420 Pool stakers with outstanding debt
* Settlement in the sUSD to SNX conversion process under SIP-423
For information about the retired staking system, see [420 Legacy Staking](/legacy-migration/420-legacy-staking).
### Supported Networks
SNX is available on multiple networks.
| Network | Token | Contract Address |
| ---------------- | ----- | -------------------------------------------- |
| Ethereum Mainnet | SNX | `0xC011a73ee8576Fb46F5E1c5751cA3B9Fe0af2a6F` |
| Optimism | SNX | `0x8700daec35af8ff88c16bdf0418774cb3d7599b4` |
:::info
Always verify token addresses using official Synthetix resources before interacting with the token.
:::
### How to Acquire SNX
SNX may be acquired through supported centralised exchanges and decentralised exchanges.
Before purchasing SNX, users should:
* Verify the correct network
* Confirm the token contract address
* Ensure their wallet supports the selected network
Users should always verify the network and token contract address before purchasing or transferring SNX.
### **Bridging SNX**
SNX can be transferred between supported networks using compatible bridge providers, such as Superbridge.
Before bridging SNX:
* Confirm the destination network is supported
* Verify the token contract address on both networks
* Ensure the receiving wallet supports the destination network
* Confirm the selected bridge supports SNX transfers
Bridge availability, transfer times, and fees vary by provider and network.
### **Future Utility**
Future SNX utility may be introduced through protocol upgrades, governance proposals, or ecosystem initiatives.
Areas that may be considered in future Synthetix development include:
* New SNX staking or participation mechanisms
* SNX buybacks using earned protocol fees
* SNAXPOT-related eligibility or ticket multipliers
* Additional ecosystem incentives
* Other governance-approved participation mechanisms
These features are not currently active unless separately announced through official Synthetix governance or ecosystem channels.
### **Additional Resources**
For the latest information about SNX, refer to official Synthetix announcements, governance proposals, and protocol updates.
## Synthetix History
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Synthetix began in 2018 as Havven, a protocol for decentralized stablecoins. In 2019, Synthetix v2 launched, pioneering the minting of synthetic assets, including crypto assets, indices, and traditional finance (TradFi) assets, on Ethereum. This innovation established Synthetix as a leader in on-chain derivatives and composable DeFi infrastructure.
* **Synthetix v2:** Enabled users to stake SNX and mint sUSD, with a wide range of synthetic assets and the first on-chain decentralized exchange for synthetics.
* **Perps v2 (Optimism):** Introduced decentralized perpetual futures trading, bringing deep liquidity and new trading opportunities to Layer 2. This system is now considered legacy.
* **Perps v3 and Synthetix v3:** Marked a major architectural shift, enabling cross-margin trading, multi-collateral support, and a modular, upgradable protocol. V3 deployments expanded to Base and Arbitrum, but the focus has returned to Ethereum Mainnet for the next generation of Synthetix products.
Throughout its history, Synthetix has been at the forefront of DeFi innovation, from synthetic assets to on-chain derivatives and advanced staking models. The protocol's community-driven governance and continuous upgrades have kept it relevant and resilient through multiple market cycles.