# Synthetix

> Trader documentation for Synthetix perpetual contracts

## Docs

- [FAQ](/faq): If you need help, open a support ticket through the chat widget on this page (bottom right).
- [Getting Started](/getting-started): New to Synthetix? Start here.
- [Auto-Deleveraging (ADL)](/trading/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.
- [Advanced Order Types](/trading/advanced-order-types): Advanced order types provide additional control over execution, pricing and timing compared to standard order types.
- [Fees](/trading/fees): Trading on Synthetix Mainnet involves fees that are applied when opening and closing positions. Collateral operations such as withdrawals, voluntary Swap, and forced auto-exchange can also have fees.
- [Funding](/trading/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.
- [Glossary](/trading/glossary)
- [Leverage & Margin](/trading/leverage-margin): Using leverage amplifies both gains and losses. Higher leverage uses less margin, but it also brings your liquidation threshold closer.
- [Liquidations](/trading/liquidations): A liquidation occurs when a trader's positions move against them far enough that account equity falls below the required maintenance margin.
- [Markets](/trading/markets): All markets on Synthetix are perpetual futures quoted and settled in USDT on Ethereum Mainnet.
- [Navigating the App](/trading/navigating-the-app): The Synthetix Exchange brings together trading, account management, rewards, and market information in a single application. Each page in the navigation provides a different view of your account or the broader market.
- [Open Interest Limits](/trading/oi-limits): To help manage risk and maintain orderly markets, we apply Open Interest (OI) limits on a per-market basis.
- [Order Types](/trading/order-types): Order types and order options available on the perpetual futures order book.
- [Order Book](/trading/orderbook): 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.
- [Trading Overview](/trading/overview): Synthetix offers perpetual futures contracts on a range of assets. Positions are margined in USDT and settled on-chain.
- [P&L Calculations](/trading/pnl): 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.
- [Portfolio](/trading/portfolio): The **Portfolio** page is your trading dashboard, bringing together your balances, positions, orders, and account activity in one place.
- [Pricing & Indices](/trading/pricing): We publish three price types:
- [Scaled Orders](/trading/scaled-orders): Scaled Orders allow traders to place multiple limit orders across a selected price range.
- [Stop Orders](/trading/stop-orders): Stop Orders allow traders to automate trade execution based on a selected price level.
- [Tiers](/trading/tiers): 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.
- [TWAP Orders](/trading/twap-orders): TWAP (Time-Weighted Average Price) Orders allow traders to split a larger order into smaller orders executed gradually over a selected period of time.
- [Wick Insurance](/trading/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.
- [Referral Program](/rewards/referral-program): The Synthetix Referral Program allows traders to share referral codes and earn rewards when referred users trade on Synthetix.
- [Snaxpot](/rewards/snaxpot): Snaxpot is a weekly rewards program powered by trading activity on Synthetix.
- [420 Legacy Staking](/legacy-migration/420-legacy-staking): This page contains information about the retired 420 staking system, including its closure, SIP-423, legacy rewards, outstanding debt, and sUSD to SNX conversion guidance.
- [What happened to my old position (LP, Perps, Rewards, Spot) on Arbitrum?](/legacy-migration/arbitrum-positions): If you previously held a position on **Arbitrum** through **Synthetix V3**, please note that **support for Arbitrum has been deprecated**.
- [Asset Recovery by Network](/legacy-migration/asset-recovery-by-network): This page helps you identify **where your assets may be**, based on the network you used, and directs you to the appropriate next steps.
- [What happened to my old position (LP, Perps, Rewards, Spot) on Base?](/legacy-migration/base-positions): If you previously held a position on **Base** through **Synthetix V3**, please note that **support for Base has been deprecated**.
- [I have Curve LP Tokens, what can I do with them?](/legacy-migration/eth-curve-lp): The **Curve Liquidity Pool DAI/USDC/USDT/sUSD is now deprecated**.
- [I have Synths on ETH Mainnet, what can I do with them?](/legacy-migration/eth-synths): If you are still holding **Synths** on **Ethereum** **(sETH, sBTC, sLINK etc.)**, please be aware that the legacy Synth system has now been **deprecated**.
- [Legacy & Migration Help](/legacy-migration/legacy-migration-help): 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**.
- [Legacy Tokens & Wallet Assets](/legacy-migration/legacy-tokens): 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.
- [Missing sUSD from the sUSD to SNX Conversion](/legacy-migration/missing-susd-from-susd-to-snx-conversion): Following the deprecation of sUSD under SIP-423, some users may have held sUSD within LP positions or other deposit contracts at the time of the snapshot.
- [I got KWENTA Tokens, where can I swap them for SNX?](/legacy-migration/op-kwenta): Kwenta (KWENTA) is being unified into the Synthetix system. The migration process allows you to convert KWENTA into SNX under a vesting schedule.
- [I have Synths on Optimism, what can I do with them?](/legacy-migration/op-synths): 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**.
- [I got TLX Tokens, where can I swap them for SNX?](/legacy-migration/op-tlx): 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**.
- [Repaying Post-Debt Jubilee Debt](/legacy-migration/repaying-post-debt-jubilee-debt): Following the closure of the 420 staking system and the end of Debt Jubilee under SIP-423, some users may still have outstanding debt associated with their legacy staking position.
- [Depositing Collateral](/deposits-withdrawals/depositing): Synthetix Exchange runs on **Ethereum Mainnet**. Deposited collateral funds the selected subaccount only, and that collateral can be used to trade USDT-settled perps markets.
- [Multicollateral Margin](/deposits-withdrawals/multi-collateral-margin): Use supported assets such as USDT and WETH to fund a single cross-margin perps account. This page is the conceptual overview. For step-by-step collateral operations, see [Depositing Collateral](/deposits-withdrawals/depositing) and [Withdrawing Collateral](/deposits-withdrawals/withdrawing).
- [SLP Vault](/deposits-withdrawals/slp-vault): The Synthetix Liquidity Provider (SLP) Vault is the protocol's community market making vault, designed to back all perps markets on Ethereum Mainnet.
- [Withdrawing Collateral](/deposits-withdrawals/withdrawing): You can withdraw collateral that is not required for open positions, USDT debt, or account-health limits. In multicollateral accounts, each asset is withdrawn separately.
- [Account Managers](/account/account-managers): Account Managers allow a wallet to manage and trade using a Synthetix account owned by another wallet.
- [Delegated Trading](/account/delegated-trading): Delegated Trading allows a wallet to grant another wallet permission to trade on a specific Sub-Account.
- [Subaccounts](/account/subaccounts): A subaccount is a trading account linked to your wallet. It holds collateral balances, open positions, and order history. All trading activity happens within a subaccount.
- [About Synthetix](/about-synthetix): Synthetix is the first decentralized perpetual futures protocol built on Ethereum Mainnet. The Synthetix Exchange provides offchain order matching through a high-performance Central Limit Order Book (CLOB) with onchain settlement on Ethereum, the world's most secure smart contract platform.
- [Products](/about-synthetix/products): This page provides an overview of current and legacy products in the Synthetix ecosystem.
- [SNX Token](/about-synthetix/snx-token): SNX is the native token of the Synthetix ecosystem.
- [Synthetix History](/about-synthetix/synthetix-history): 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.