About

Synthetix is a perpetual futures exchange on Ethereum Mainnet that uses off-chain order matching and on-chain settlement. It supports multi-collateral margin, with liquidity provided by SLP depositors and SNX stakers.

History

Synthetix is a perpetual futures exchange built on Ethereum Mainnet. It uses off-chain order matching on a high-performance central limit order book (CLOB) combined with on-chain settlement to provide low-latency execution and deep liquidity secured by Ethereum. Traders maintain self-custody and transparency while accessing performance comparable to centralized venues.

Liquidity for all markets is supplied through the Synthetix Liquidity Provider (SLP) vault, which holds sUSD deposits that collateralize protocol liquidity. SNX stakers act as the system’s backstop, earning a portion of trading fees in exchange for assuming protocol risk. The protocol is governed by the Spartan Council, a seven-member body that manages upgrades, parameters, and incentives. Originally launched in 2017 as Havven (HAV), Synthetix has evolved into an on-chain perpetuals exchange focused on Ethereum Mainnet.