Synthetix
Synthetix is a DAO-governed decentralized perpetual futures exchange on Ethereum Mainnet, using a hybrid offchain matching and onchain custody architecture to offer non-custodial leveraged trading to retail and professional traders, algorithmic market makers, and passive liquidity providers globally.
- Company typePrivate
- Founded2017
- HeadquartersSydney, Australia
- Headcount11–50
- GTM typeB2C
- OfferingSoftware
What Synthetix does
Synthetix is a decentralized autonomous organization (DAO) that operates a non-custodial perpetual futures exchange on Ethereum Mainnet. Its core product, Synthetix Perps, uses a hybrid architecture combining offchain order matching for CEX-level latency with onchain custody and settlement for non-custodial security, supporting leveraged trading up to 50X on BTC, ETH, and SOL markets without KYC. The protocol's technology stack is anchored by the Synthetix Accounts embedded-wallet feature (powered by Alchemy), EIP-712 API authentication for programmatic access, private perps that keep account-level data offchain to prevent predatory practices, and a multicollateral margin system accepting ETH, wstETH, USDT, sUSDe, and cbBTC.
The business model is a transaction-fee structure: maker and taker fees on perpetual futures trades, volume-tiered fee discounts, a referral program that pays 25% of referred-user fees to referrers, and a Snaxpot lottery that recycles a portion of fees into trader rewards. The Synthetix Liquidity Provider (SLP) vault and the 420 Pool staking mechanism route protocol revenue to sUSD depositors and SNX/sUSD stakers respectively, while the SLP vault executes market-making strategies community-owned rather than via a centralized desk. Distribution is entirely self-serve and global (excluding OFAC-sanctioned jurisdictions), with no traditional sales motion, no paid advertising, and growth driven by trading competitions, referral economics, and community channels on Discord, Telegram, and X.
Synthetix serves retail and professional perpetual futures traders, algorithmic market makers integrating via REST and WebSocket APIs, and passive liquidity providers seeking yield from market-making spreads and liquidations. The company is governed by SNX token holders through Synthetix Improvement Proposals (SIPs), with strategic oversight from returning founders Kain Warwick and Jordan Momtazi, alongside a near-fully refreshed core team. The protocol has raised approximately $32M+ across disclosed funding rounds (2017-2026), most recently a $12M round in March 2026, and completed acquisitions of trading platform Kwenta (2024) and leveraged token platform TLX (2026).
Synthetix firmographics
Firmographics- Name
- Synthetix
- Legal name
- SNX DAO
- Website
- https://synthetix.io
- Company type
- Private
- Founded year
- 2017
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Synthetix is a DAO-governed decentralized perpetual futures exchange on Ethereum Mainnet, using a hybrid offchain matching and onchain custody architecture to offer non-custodial leveraged trading to retail and professional traders, algorithmic market makers, and passive liquidity providers globally.
- Ownership category
- akta.pro rank
Synthetix industry classification
Industry- Product category
- Decentralized Perpetual Futures Exchange
- NAICS
- Securities and Commodity Exchanges (523210), Commodity Contracts Intermediation (523160), Commodity Contracts Intermediation (52316)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Commodity Contracts Brokers & Dealers (6221)
- akta.pro primary industry
- Perpetuals & Derivatives DEXs (FSADABAE)
- akta.pro secondary industries
- Derivatives Trading Venues (perps, futures, options) (FSAPADAE), On-Chain Limit Orders & Algorithmic Execution (FSADABAJ)
Keywords
Where Synthetix is headquartered
LocationHeadquarters
- HQ city
- Sydney
- HQ country
- Australia
- HQ region
- Oceania
Markets served
Synthetix business model
Business model- GTM type
- B2C
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Infrastructure, Marketing or Sales, Operations, Others
Revenue model
- Trading Fees: Maker and taker fees charged on perpetual futures trades. Fee tiers based on 30-day volume with discounts for higher tiers. Referrers earn 25% of trading fees from referred users.
- Liquidity Provision Revenue: SLP vault generates revenue from bid-ask spreads, liquidation fees, collateral exchange fees, funding rates, and a share of trading fees distributed to sUSD depositors.
- Referral Fees: Referrers earn 25% of trading fees generated by referred users who receive a 5% trading fee discount.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Trading fee discounts based on 30-day volume tiers |
Go-to-market motion2 records
Distribution channels3 records
Marketing channels8 records
Synthetix product offering
Product offeringCore offering
Synthetix operates a decentralized perpetual futures exchange on Ethereum Mainnet that combines offchain order matching with onchain custody, enabling leveraged trading (up to 50X) on assets such as BTC, ETH, and SOL. The protocol is complemented by a community-owned market-making vault (SLP), an SNX staking pool (420 Pool), an embedded-wallet account system for gasless trading, and an API for algorithmic traders. The protocol is governed by the SNX token via a DAO structure.
Product overview
Synthetix is a suite of DeFi products anchored by Synthetix Perps, a non-custodial perpetual futures exchange on Ethereum Mainnet featuring offchain order matching with onchain custody. The core platform is complemented by SNX Staking (420 Pool) for reward earning without liquidation risk, the SLP vault for community market-making, and the Referral Program and Snaxpot for trader incentives. Supporting infrastructure includes Synthetix Accounts (embedded wallet for gasless trading), Synthetix API (REST/WebSocket for programmatic access), and advanced order types like Scaled Orders. The product portfolio was expanded through acquisitions of Kwenta (2024) and TLX (2026, to be redeployed on Base).
Differentiator
Problem solved
Functional benefit
Brands
- Synthetix Perps: The perpetual futures trading exchange on Ethereum Mainnet, offering leveraged trading with up to 50X leverage on BTC, ETH, and SOL markets.
- SLP (Synthetix Liquidity Provider)
- 420 Pool
- Snaxpot
Products and services
- Synthetix Perps A decentralized perpetual futures exchange built on Ethereum Mainnet, offering leveraged trading with offchain order matching for CEX-level speed and onchain custody for security. Supports markets including BTC, ETH, and SOL with up to 50X leverage.
- SNX Staking (420 Pool) A staking mechanism where users deposit SNX and sUSD to earn steady rewards without liquidation risk. Stakers act as the final backstop for exchange solvency and earn incentives including a revenue share from trading fees.
- Synthetix Liquidity Provider (SLP)
- Synthetix API REST and WebSocket APIs providing programmatic access to perpetual futures trading. Includes authenticated trade endpoints (/v1/trade) and public market data endpoints (/v1/info) over REST and WebSocket, with EIP-712 signature authentication, subaccount support, and market data subscriptions.
- Synthetix Accounts Embedded wallet functionality powered by Alchemy enabling gasless 1-click trading via email or Google account login, supporting trading of over 100 perps markets with no wallet confirmation required.
- Referral Program
- Snaxpot Rewards Program
- TLX
- Kwenta
Quantifiable outcome
- $11 billion in trading volume during 6-week competition period
- +4 more outcomes
Companies that use Synthetix
Customer profileNamed customers3 records
Segments4 records
Ideal customer profiles4 records
Synthetix technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration3 records
Feature8 records
Synthetix partnerships and signals
Strategic signalPartnerships
Four partnerships are on record, tiered major and core.
- TLXmajorSynthetix acquired leveraged token platform TLX through a token-for-token transaction. TLX products are being improved, redeployed, and relaunched on Base network with future incentive program planned for 2025.
- TradingViewcoreTradingView provides charting technology for Synthetix exchange, offering advanced market research tools including real-time BTCUSD price and other currency pair rates.
- Pyth NetworkcorePyth Network provides price oracle data for Synthetix perp markets, enabling accurate pricing and liquidation mechanisms.
- AlchemycoreAlchemy provides embedded wallet technology powering Synthetix Accounts feature, enabling gasless 1-click trading via email or Google login.
Scale indicators8 records
Recent moves10 records
Expansion highlights6 records
Synthetix competitors and assessment
Company assessmentDirect peers
- Hyperliquid: The leading onchain perpetual futures DEX, offering a hybrid offchain matching engine with onchain settlement and very deep liquidity. Most directly comparable to Synthetix Perps by product, architecture, and target user (professional perp traders).
- GMX: Non-custodial perpetual futures DEX using a multi-asset GLP liquidity pool rather than a traditional orderbook. Comparable to Synthetix as a non-custodial perps venue targeting similar DeFi-native traders.
- Vertex Protocol: Cross-margin DEX offering spot, perpetuals, and money markets with a hybrid offchain matching design. Directly comparable to Synthetix in targeting professional perps traders with hybrid infrastructure.
- Drift Protocol: Decentralized perpetual futures exchange on Solana with a central limit orderbook and cross-margining. Comparable to Synthetix as an orderbook-based perp DEX serving active traders, though on a different L1.
- Perpetual Protocol: One of the earliest onchain perpetual futures DEXs, using a virtual AMM (vAMM) and now a v2 orderbook-style model. Directly comparable to Synthetix as an early-mover in the onchain perps category.
- Gains Network: Decentralized leveraged trading protocol (gTrade) offering synthetic perps on Arbitrum and Polygon with synthetic liquidity. Comparable to Synthetix in offering leveraged trading of crypto and synthetic assets onchain.
- Aevo: Decentralized derivatives exchange offering perpetual options and futures trading on an offchain orderbook with onchain settlement. Closely comparable to Synthetix's hybrid architecture and perps focus.
- Mango Markets: Decentralized trading platform offering perpetual futures, spot, and lending on Solana. Comparable to Synthetix as a multi-product DeFi trading venue with leveraged perps at its core.
- Derive (formerly Lyra): Decentralized options and perps protocol originally known as Lyra. Comparable to Synthetix as an onchain derivatives protocol and was the target of Synthetix's withdrawn SIP-415 acquisition, indicating close product overlap.
- dYdX: Decentralized perpetual futures exchange that originated on Ethereum and now operates its own appchain. Directly comparable to Synthetix in offering leveraged perps with self-custody and an orderbook-based matching engine.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Synthetix social profiles
Digital presenceSynthetix financial estimates
Financial estimateRevenue estimate
Valuation estimate
Synthetix leadership team
Management profileNumber of profiles
Profiles2 records
Synthetix subsidiaries and ownership
Company hierarchySubsidiaries2 records
Synthetix funding detail
Funding detailFunding overview
Funding rounds6 records
Investors13 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Synthetix M&A and investment
M&A and investmentM&A1 record
Investments3 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Synthetix
What does Synthetix do?
Synthetix operates a decentralized perpetual futures exchange on Ethereum Mainnet that combines offchain order matching with onchain custody, enabling leveraged trading (up to 50X) on assets such as BTC, ETH, and SOL. The protocol is complemented by a community-owned market-making vault (SLP), an SNX staking pool (420 Pool), an embedded-wallet account system for gasless trading, and an API for algorithmic traders. The protocol is governed by the SNX token via a DAO structure.
Is Synthetix a public or private company?
Synthetix is a private company. It is classified as unknown and is currently operating.
When was Synthetix founded?
Synthetix was founded in 2017. It employs 11 to 50 people.
Where is Synthetix based?
Synthetix is headquartered in Sydney, Australia, in the Oceania region.
How does Synthetix make money?
Three revenue lines are on record. Trading Fees are the primary driver. The others are liquidity Provision Revenue and referral Fees.
Who are Synthetix's main competitors?
Direct peers on record are Hyperliquid, GMX, Vertex Protocol, Drift Protocol, Perpetual Protocol, Gains Network, Aevo, Mango Markets, Derive (formerly Lyra) and dYdX.
Does Synthetix have an API?
Yes. Synthetix offers REST and WebSocket APIs for perpetual futures trading. The REST API provides two endpoints: /v1/trade (authenticated) for trading operations and account management, and /v1/info (public) for market data. The WebSocket API offers /v1/ws/trade for trading operations and /v1/ws/info for public market data subscriptions. All trading endpoints require EIP-712 signatures for authentication without traditional API keys. The API supports subaccount delegation, nonce management for replay protection, and rate limiting for fair usage. Available subscriptions include SubAccount Updates, Candle Updates, Market Price Updates, Orderbook Updates, and Trade Updates. Developer documentation is at developers.synthetix.io.
What industry is Synthetix in?
Synthetix's product category is Decentralized Perpetual Futures Exchange. Its primary akta.pro industry code is FSADABAE, Perpetuals & Derivatives DEXs, with a secondary code of FSAPADAE, Derivatives Trading Venues (perps, futures, options). Its NAICS code is 523210 and its SIC code is 6200.