# 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 do. 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 on Ethereum Mainnet is the primary collateral for trading.
**What tokens do I need?**
* **USDT** — for trading collateral
* **ETH** — for gas fees on Ethereum Mainnet
* **SNX** — for staking
* **sUSD** — for 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.
### 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 (e.g. price moved, OI limit reached). Check the error message in your wallet or block explorer.
**Balance not updating**
Wait for the transaction to confirm on Ethereum Mainnet (typically 12–15 seconds). If it still doesn't update, refresh the page.
**Position not appearing**
Confirm your transaction was successful on a block explorer. If confirmed but the position isn't 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's 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 closed at the mark price. A liquidation fee is deducted and any remaining collateral is returned to your account. 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'
New to Synthetix? Start here. This guide walks you through the basics of trading perpetual futures on Synthetix. You'll be ready to place your first trade in just a few steps.
### Three quick and easy steps to get you started
**Step 1**: Connect your wallet
**Step 2**: Set up your account
**Step 3**: Placing 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 confirm the connection of your wallet.
This allows Synthetix to read your wallet address and interact with your funds when required. No account or sign-up is needed.
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 may operate on different 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 add funds to create your account.
1. Open the [Synthetix Exchange](https://exchange.synthetix.io/)
2. Click **Create Account** on the top right
3. Enter the amount you want to deposit
4. Confirm your deposit by clicking **Create Account**
5. Your Trade Account is now created
#### 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. **Market** order will be selected by default
6. Adjust your order details as needed:
* Set your **leverage**
* Choose **Buy (Long)** or **Sell (Short)**
* Enter a **value** or **quantity**
7. Click **Buy / Long** or **Sell / Short**
8. Review the order details in the confirmation modal
9. Submit the order to place the trade
After your order is placed:
* Your position will appear on the chart
* Your position will also be visible in the **Positions** tab within the portfolio table
### See also
* [About Synthetix](/about-synthetix)
* [Navigating the App](/trading/navigating-the-app)
* [Order Types](/trading/order-types)
* [Leverage & Margin](/trading/leverage-margin)
* [How to Stake SNX](/staking/how-to-stake)
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
## Fees
import { LastUpdated } from '../../components/LastUpdated'
Trading on Synthetix Mainnet involves fees that are applied when opening and closing positions. These fees support the operation of the protocol and its liquidity providers. This section explains how trading fees are calculated and how they may impact your execution.
### 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.
```
Trading Fee = Quantity × Executed Price × Fee Rate
```
**Example - taker order:**
* Trade 0.5 BTC at $100,000 → notional = $50,000
* At 0.05% taker rate → fee = $50,000 × 0.0005 = **$25**
**Example - maker order:**
* Same trade, resting limit order
* At 0.02% maker rate → fee = $50,000 × 0.0002 = **$10**
Fees are charged per fill. Partial fills are charged on the filled portion only.
### When Fees are Charged
* Opening a position (entering a trade)
* Closing a position (exiting a trade)
* Both are executed trades - both incur a fee
### 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
* [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 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.
### 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)
## 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'
:::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 your liquidation risk
### 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 balance backs all open positions simultaneously.
### 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
### 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 × 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, your uPnL is +$100 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 |
| Position size | 0.1 BTC |
| Notional value | $10,000 |
| Selected leverage | 10x |
| Tier minimum IMR | 2% |
| Initial margin used at 10x | $10,000 / 10 = $1,000 |
| Maintenance margin required | $10,000 × 1% = $100 |
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 of margin to hold the position.
### Account health
Your account health is driven by collateral, unrealized PnL, and total maintenance margin required.
```text
health = (collateral + unrealized_pnl) / total_maintenance_margin_required
```
* **Health above 100%** means you have buffer above initial requirements
* **Health near maintenance** means liquidation risk is increasing
* **Health at maintenance** means the account can become eligible for liquidation
### 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
* [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.
### Liquidation
1. Margin ratio is checked and liquidation is triggered.\
Formula: `Margin Ratio = Maintenance Margin / (Account Value - Haircuts)`
2. The liquidated position and seized collateral are transferred to the SLP vault.
3. A Liquidation Clearance Fee is applied, calculated on notional size.
4. The vault closes the position on the market.
### 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
### 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
### See also
* [Leverage & Margin](/trading/leverage-margin)
* [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 is designed so that all the tools you need for trading, account management, and market research are a click away. Each page in the navigation provides a different view of your account or the broader market. Below is an overview of what you'll find on each page.
### Trading Page (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 on the right.
* Track price action and use indicators with the TradingView chart.
* Monitor the order book and recent trades to see real-time liquidity.
* Switch between tabs above the chart for additional market data such as depth, funding history, or asset details.
* View your open positions, open orders, balances, and PnL in the tabs below the chart.
This page combines market data with your personal account activity so you can make trading decisions and manage risk in one place.
### Markets Page
The Markets page gives you a sortable list of all available trading pairs on Synthetix Mainnet. You can compare key metrics across assets such as:
* Current market price
* 24h price change
* 1h funding rate
* Open interest
* 24h trading volume
Use this page when deciding which market to trade or when comparing performance across assets.
### Portfolio Page
The Portfolio page is your account dashboard. It consolidates information about your balances, margin usage, equity, and PnL. From here you can:
* Review your current collateral and available margin.
* Monitor unrealized and realized PnL across positions.
* Check your trade and order history.
* See how much margin is in use and how much is free to allocate.
Think of this as the control center for your account. It's where you track overall performance, not just individual trades.
### Vaults Page
Coming soon. For more information on providing liquidity, see [SLP Vault](/deposits-withdrawals/slp-vault).
## 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.
:::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.
##### 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 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 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)
## 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)
## Tiers
import { LastUpdated } from '../../components/LastUpdated'
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.
### 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 also tier-gated (see table above). Regular Users can have one subaccount. Higher tiers unlock up to 10.
### See also
* [Fees](/trading/fees) — how trading fees are calculated
* [Liquidations](/trading/liquidations) — liquidation clearance fees by market
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
## Getting SNX and sUSD
import { LastUpdated } from '../../components/LastUpdated'
To stake on Synthetix, you need **SNX** or **sUSD** on Ethereum Mainnet.
### Acquiring SNX
SNX is widely available on both centralised and decentralised exchanges.
**Centralised exchanges** — major CEXes listing SNX include Binance, Coinbase, Kraken, and OKX. Withdraw directly to Ethereum Mainnet (ERC-20).
**Decentralised exchanges** — swap for SNX on Uniswap or Curve on Ethereum Mainnet.
You can view all available markets for SNX on [CoinGecko](https://www.coingecko.com/en/coins/synthetix-network-token).
:::warning
Always verify token contract addresses and use official links when interacting with external platforms. The canonical SNX contract on Ethereum Mainnet is `0xC011a73ee8576Fb46F5E1c5751cA3B9Fe0af2a6F`.
:::
### Acquiring sUSD
sUSD is the Synthetix over-collateralised stablecoin. One way to acquire it is:
**Swap on Curve** — sUSD is available in the sUSD/sUSDe Curve pool on Ethereum Mainnet.
You can view sUSD markets on [CoinGecko](https://www.coingecko.com/en/coins/susd).
### Bridging from Optimism
If you hold SNX or sUSD on Optimism from a legacy Synthetix position, bridge them to Ethereum Mainnet via [Superbridge](https://superbridge.app).
### Gas on Ethereum Mainnet
You also need ETH on Ethereum Mainnet to pay for gas. If withdrawing from a CEX, withdraw a small amount of ETH at the same time as your SNX or sUSD.
### Next steps
Once you have SNX or sUSD in your wallet on Mainnet, follow the [How to Stake SNX](/staking/how-to-stake) guide to begin staking.
## How to Stake SNX
import { LastUpdated } from '../../components/LastUpdated'
The 420 Pool allows users to stake SNX on Ethereum Mainnet and earn SNX rewards.
This guide explains how to acquire SNX, stake it, and manage your position.
### What you need before you start
Make sure you:
* Hold **SNX on Ethereum Mainnet** (legacy staking positions may exist on **Optimism**)
* Have your wallet connected to **Ethereum Mainnet** (or **Optimism** for legacy staking)
* Have a supported wallet connected
If you hold SNX on another network, we recommend bridging it to **Ethereum Mainnet** before staking.
:::warning
Bridging from Optimism to Ethereum Mainnet may take approximately 7 days when using the Optimism bridge.
:::
#### Step 1: Acquire SNX
You can acquire SNX through:
* Centralized exchanges
* Decentralized swap aggregators
* Cross-chain swap providers
Ensure your SNX is on **Ethereum Mainnet** before proceeding.
#### Step 2: Visit the 420 Pool App
1. Go to [https://420.synthetix.io/](https://420.synthetix.io/)
2. Connect your wallet
3. Ensure your wallet is set to **Ethereum Mainnet**
Ethereum Mainnet is currently the only supported network for new SNX staking positions.
#### Step 3: Stake SNX
1. Select the **SNX** tab
2. Enter the amount of SNX you wish to stake (minimum 30 SNX)
3. Click **Stake**
4. Confirm the transaction in your wallet
Once the transaction confirms on-chain, your staking position will be created.
### Understanding Rewards
* A total of **5,000,000 SNX** is distributed over 12 months
* Rewards unlock after the full 12-month program period
* Early exit penalties apply to earned rewards only
* Your principal SNX is not subject to penalty
### Track Your Position
After staking, your position will display:
* Amount staked
* Accrued rewards
* Estimated time to full unlock
### Unstaking SNX
To withdraw your position:
1. Select **Unstake**
2. Review the confirmation screen, including any reward penalty
3. Confirm the transaction
If you are within the 7-day cooldown period, the interface will display the remaining time.
## Staking
import { LastUpdated } from '../../components/LastUpdated'
Synthetix offers two staking products on Ethereum Mainnet.
### SNX Staking
SNX is the governance and utility token of the Synthetix protocol. By staking SNX, you:
* Help secure the protocol by backing the exchange with SNX collateral
* Participate in governance decisions that shape the protocol's direction
* Earn staking rewards distributed from protocol revenues
SNX staking is available on **Ethereum Mainnet** via the [420 Staking App](https://420.synthetix.io).
### sUSD
sUSD is the primary over-collateralised stablecoin of the Synthetix ecosystem. It is minted by SNX stakers and serves as a key asset on the exchange.
You can put sUSD to work by:
* Providing liquidity in the sUSD/sUSDe Curve pool to earn LP incentives
* Following the [SLP Vault](/deposits-withdrawals/slp-vault) status page for future user deposit availability
### Legacy staking (Optimism)
If you previously staked using legacy Synthetix v2 systems on Optimism, your position may still exist there. If your position does not appear, it may need to be recovered — contact support via the chat widget.
:::info
New stakers should use Ethereum Mainnet. Optimism deployments are legacy and not actively supported.
:::
### What's next
* [How to Stake SNX](/staking/how-to-stake) — step-by-step guide
* [Getting SNX and sUSD](/staking/getting-tokens) — how to acquire the required tokens
* [SLP Vault](/deposits-withdrawals/slp-vault) — current status and future availability
## 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:
* [I do not see my SNX staking position or history on ETH Mainnet](./eth-snx-staking-missing)
* [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:
* [I do not see my SNX staking position or history on Optimism](./op-snx-staking-missing)
* [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.
:::
If you are looking to earn yield with active sUSD pools, see:
👉 **Earning Yield with sUSD**
### 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
* If there is nothing to unstake, you may have already withdrawn previously
2. **Contact Support for 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 any eligible redemption
* Final redemption amounts are confirmed manually
:::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 do not see my SNX staking position or history on ETH Mainnet
If you cannot see your staking position on [https://420.synthetix.io/](https://420.synthetix.io/), there are a few possible reasons.
### Common Causes
* You are connected with the **wrong wallet**
* You are connected to the **wrong network**
* Your position was **liquidated**
* Your account has **outstanding debt**
* Your account requires **recovery**
### Steps to Fix
**1. Confirm you're using the correct wallet and network**
* Make sure you are connected with the **same wallet address** you originally used for staking
* Ensure your wallet is connected to **Ethereum Mainnet**
* If you previously staked using a legacy system, you may also need to check **Optimism**
If the wrong wallet or network is selected, your staking position will not appear.
**2. Check for liquidation**
If your **collateralization ratio (C-Ratio)** fell below the required threshold, your position may have been liquidated.
If liquidation occurred:
* Your staking position will no longer appear
* Any remaining SNX may be visible in your wallet, depending on the liquidation outcome
Liquidated positions cannot be recovered.
**3. Check for outstanding debt**
If your account has **unresolved debt**, your staking position may not display correctly.
In some cases:
* The account must be **recovered by Support** before it becomes visible again
* If you believe you have no debt, try switching your wallet network to **Optimism** and check again
**4. Account recovery**
If:
* You are connected to the correct wallet
* You are on the correct network
* Your position was **not liquidated**
Then your staking account may require **manual recovery**.
Account recovery must be handled by Support.
### Still Not Seeing Your Position?
If you've checked all the steps above and still don't see your staking position, contact Support and include:
* Your wallet address
* The network you used (Ethereum Mainnet or Optimism)
* When you originally staked SNX (if known)
This will help the team investigate and assist you more quickly.
## 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?**
### 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 swapped back to **sUSD** using 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.
:::warning[Important]
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.
#### 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 an associated staking position from a legacy system.
* [I do not see my SNX staking position or history on ETH Mainnet](./eth-snx-staking-missing)
* [I do not see my SNX staking position or history on Optimism](./op-snx-staking-missing)
#### sUSD
sUSD is the Synthetix ecosystem stablecoin and **can still be used** with supported products.
#### 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.
## 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 do not see my SNX staking position or history on Optimism
If you cannot see your staking position on [https://420.synthetix.io/](https://420.synthetix.io/), there are a few possible reasons.
### Common Causes
* You are connected with the **wrong wallet**
* You are connected to the **wrong network**
* Your position was **liquidated**
* Your account has **outstanding debt**
* Your account requires **recovery**
### Steps to Fix
**1. Confirm you're using the correct wallet and network**
* Make sure you are connected with the **same wallet address** you originally used for staking
* Ensure your wallet is connected to **Optimism**
* If you previously staked using a legacy system, you may also need to check **Ethereum Mainnet**
If the wrong wallet or network is selected, your staking position will not appear.
**2. Check for liquidation**
If your **collateralization ratio (C-Ratio)** fell below the required threshold, your position may have been liquidated.
If liquidation occurred:
* Your staking position will no longer appear
* Any remaining SNX may be visible in your wallet, depending on the liquidation outcome
Liquidated positions cannot be recovered.
**3. Check for outstanding debt**
If your account has **unresolved debt**, your staking position may not display correctly.
In some cases:
* The account must be **recovered by Support** before it becomes visible again
* If you believe you have no debt, try switching your wallet network to **Ethereum Mainnet** and check again
**4. Account recovery**
If:
* You are connected to the correct wallet
* You are on the correct network
* Your position was **not liquidated**
Then your staking account may require **manual recovery**.
Account recovery must be handled by Support.
### Still Not Seeing Your Position?
If you've checked all the steps above and still don't see your staking position, contact Support and include:
* Your wallet address
* The network you used (Ethereum Mainnet or Optimism)
* When you originally staked SNX (if known)
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?**
### 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://legacy.kwenta.io](https://legacy.kwenta.io/)
* [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.
:::
### 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://legacy.kwenta.io](https://legacy.kwenta.io/)
* [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.
:::warning[Important]
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.
## Depositing Collateral
import { LastUpdated } from '../../components/LastUpdated'
### Supported collateral
Synthetix Exchange runs on **Ethereum Mainnet**. **Today, only USDT deposits are supported in the app.** Additional collateral types are planned soon.
| Asset | Status | Contract address (Mainnet) |
| ------ | --------------- | -------------------------------------------- |
| USDT | Supported today | `0xdAC17F958D2ee523a2206206994597C13D831ec7` |
| WETH | Planned | `0xC02aaA39b223FE8d0a0e5c4f27ead9083c756cc2` |
| cbBTC | Planned | `0xcbB7C0000aB88B473b1f5aFd9ef808440eed33Bf` |
| sUSDe | Planned | `0x9D39A5DE30e57443BfF2A8307A4256c8797A3497` |
| wstETH | Planned | `0x7f39C581F595B53c5cb19bD0b3f8dA6c935E2Ca0` |
USDT is currently valued at full face value for deposits. Once additional collateral assets are enabled, non-USDT assets may have a **haircut** applied, meaning their effective collateral value is less than their market value.
:::info
When additional collateral assets are enabled, the exchange will show their effective collateral value at the time of deposit. For example, if WETH has a 90% collateral ratio, 1 WETH worth $3,000 would contribute $2,700 of effective margin.
:::
### 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 (Ethereum Mainnet gas fees apply)
### How to deposit
1. Go to [exchange.synthetix.io](https://exchange.synthetix.io) and connect your wallet
2. Select the subaccount you want to deposit into (or create one)
3. Click **Deposit**
4. Select the collateral asset and enter the amount
5. If this is your first deposit with that asset, approve the token spend (one-time)
6. Confirm the deposit transaction in your wallet
Once the transaction is confirmed on Ethereum Mainnet (typically 12–15 seconds), your balance updates in the app.
### 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 → Mainnet
**From a CEX:**
Most major exchanges (Binance, Coinbase, 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 deposit
There is no protocol-enforced minimum deposit. However, very small deposits may not cover gas costs for subsequent trading transactions.
### Deposit limits
There are no per-account deposit caps. Protocol-level TVL limits may apply during early deployment phases — the app will surface any active limits.
### See also
* [Withdrawing Collateral](/deposits-withdrawals/withdrawing) — how to withdraw available margin
* [Leverage & Margin](/trading/leverage-margin) — how collateral is used to meet margin requirements
* [Getting Started](/getting-started) — full account setup walkthrough
## 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
### Acquiring sUSD
When user deposits open, the vault will use **sUSD** on Ethereum Mainnet. sUSD can be acquired via:
* [Curve](https://curve.fi) — swap stablecoins for sUSD
If you hold sUSD on Optimism, bridge it to Mainnet via [Superbridge](https://superbridge.app).
### Earning with sUSD
While SLP is internal only, you can still put your sUSD to work via Curve and StakeDAO:
#### Step 1: Deposit into the Curve pool
1. Visit the [sUSD/sUSDe Curve Deposit Page](https://curve.fi) and connect your wallet
2. Enter the amount of sUSD (and optionally sUSDe) to deposit
3. Confirm the transaction — you will receive **LP tokens**
:::info
When depositing only sUSD, a portion will be swapped into sUSDe automatically to maintain pool ratios.
:::
LP incentives are only available on Ethereum Mainnet.
#### Step 2: Deposit LP tokens into StakeDAO
1. Go to the [StakeDAO Yield Page](https://stakedao.org) and connect the same wallet
2. Select the strategy associated with the Curve pool
3. Approve and deposit your LP tokens
4. Your LP tokens will begin earning rewards
You can claim rewards at any time or set them to auto-compound.
### 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'
### Available margin
You can only withdraw **available margin** — collateral not currently required to meet the margin requirements of your open positions.
```
available_margin = total_balance - required_margin
```
If you have no open positions, your entire balance is available to withdraw.
### 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**.
4. Enter the amount to withdraw (up to your available margin).
5. Confirm the transaction.
USDT is sent directly to your connected wallet address on Ethereum Mainnet. Once the transaction is confirmed on Ethereum Mainnet (typically 12–15 seconds), your wallet balance updates.
### 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 below the maintenance margin threshold.
:::warning
Withdrawing while close to your liquidation price increases your risk of being liquidated. Add a buffer.
:::
### Withdrawal delays
Withdrawals are processed on-chain with no additional delay beyond transaction confirmation. There is no withdrawal queue or waiting period.
## 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**.
### 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 your collateral balance, 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 or liquidation risk of another. If you want to move funds between subaccounts, you must withdraw from one and deposit into another.
### 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.
## 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, on 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 stakers of the SNX token, our liquidity providers, and our community. By staking SNX, users secure the protocol and participate in protocol governance. Liquidity providers enable deep, efficient markets, while the Synthetix community drives innovation and growth.
Synthetix is designed for:
* **Traders** seeking deep liquidity, low slippage, and advanced trading features on a decentralized platform.
* **Stakers** who want to earn rewards and participate in protocol governance by staking SNX.
* **Liquidity Providers** who supply capital to earn a share of trading fees and protocol incentives.
### 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
* 👉 **[Synthetix History](/about-synthetix/synthetix-history)** — Understand how the protocol has evolved over time
## Products
import { LastUpdated } from '../../components/LastUpdated'
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.
* **[SNX Staking](https://420.synthetix.io/)**
Stake SNX to help secure the protocol, participate in governance, and earn rewards.
* **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 and need assistance, please contact support.
* **Perps v2 (Optimism)**
* **Perps v3 (Base, Arbitrum)**
* **snxUSD (v3), USDx**
## Synthetix History
import { LastUpdated } from '../../components/LastUpdated'
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.