Quick Breakdown
- Synthetix will debut Ethereum’s first perpetual DEX in Q4 2025.
- The launch begins with a $1M trading competition in October.
- Features include gasless trading, multi-collateral margin, and yield-bearing collateral.
Synthetix unveils perpetual exchange on Ethereum
Decentralized derivatives protocol Synthetix is gearing up to launch the first perpetual decentralized exchange (DEX) on Ethereum mainnet in Q4 2025. The rollout will begin with a high-stakes trading competition featuring a $1 million prize pool, designed to stress-test the exchange in real-world market conditions.
Gasless trading and multi-collateral margin
The upcoming platform will introduce gasless trading, zero settlement costs, and multi-collateral margin, allowing traders to post portfolios of assets without selling them. Supported collateral will include Ethena’s sUSDe, Lido’s wstETH, and Coinbase’s cbBTC, enabling users to continue earning staking and funding yields while trading.
This setup is expected to enhance the profitability of arbitrage strategies like basis trading, while avoiding taxable events that typically arise from asset liquidation. By building directly on Ethereum’s deep liquidity base—currently exceeding $90 billion across DeFi pools—Synthetix aims to strengthen onchain composability with protocols such as Aave.
$1M trading competition to kick Off in october
Ahead of the mainnet launch, Synthetix will host a one-month trading competition beginning in October. The event will feature 100 selected traders, drawn from Kwenta point holders, top users, and pre-depositors.
Competitors will trade seeded margin capital across popular markets, including BTC, ETH, SOL, and DOGE. The top performer will claim the $1 million grand prize, with additional SNX rewards and perks distributed to other leading traders. Winners will be announced in November, with onchain reward distribution.
Positioning Ethereum for high-performance perpetuals
Synthetix believes this launch will help position Ethereum mainnet as a hub for perpetual trading, combining decentralized security with institutional-grade liquidity. The exchange will also strengthen infrastructure and expand integrations with market makers and liquidity providers, supporting long-term ecosystem growth.
Meanwhile, Synthetix announced plans in May to re-acquire options trading platform Derive in a token-based deal. In a blog post published on May 14, Synthetix revealed the proposed terms of the acquisition: a token swap valuing one SNX at 27 DRV, pegging Derive’s valuation at approximately $27 million.
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