Synthetix

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).

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

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

• Decentralized perpetual futures
• Crypto derivatives trading
• Onchain synthetic assets
• DeFi liquidity provision
• Perpetual futures exchange

Headquarters

HQ city

Sydney

HQ country

Australia

HQ region

Oceania

Markets served

GTM type

B2C

Offering type

Software

Cost components

Technology or R&D, Personnel, Infrastructure, Marketing or Sales, Operations, Others

Revenue model

1. 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.
2. 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.
3. Referral Fees: Referrers earn 25% of trading fees generated by referred users who receive a 5% trading fee discount.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels8 records

Core 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

Named customers3 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Feature8 records

Partnerships

Four partnerships are on record, tiered major and core.

• TLXmajorStrategic or Co-development Partner · 21 April 2026Synthetix 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.
• TradingViewcoreTechnology or IntegrationTradingView provides charting technology for Synthetix exchange, offering advanced market research tools including real-time BTCUSD price and other currency pair rates.
• Pyth NetworkcoreTechnology or IntegrationPyth Network provides price oracle data for Synthetix perp markets, enabling accurate pricing and liquidation mechanisms.
• AlchemycoreTechnology or IntegrationAlchemy 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

Direct 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

• Xx.com/synthetix_io
• LinkedInlinkedin.com/company/synthetix

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries2 records

Funding overview

Funding rounds6 records

Investors13 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments3 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Synthetix