Synthetix

Synthetix is a decentralized perpetual futures protocol built on Ethereum Mainnet that combines on-chain custody with off-chain order matching for high-performance trading. The platform uses a hybrid design featuring an off-chain central limit order book (CLOB) with on-chain settlement, delivering low latency, deep liquidity, and MEV-resistant execution while maintaining custody and finality on Ethereum. Synthetix supports multicollateral margin trading with ETH and USDT, and offers advanced order types including stop-loss, take-profit, scaled orders, and TWAP execution. The SNX token powers liquidity, incentives, and governance, with trading fees funding ongoing buybacks. Founded in 2017 and headquartered in Sydney, Australia, Synthetix has raised $240 million at the Series C stage from investors including Paradigm Ventures, Coinbase, IOSG Ventures, Framework Ventures, DWF Labs, Goldman Sachs Asset Management, and Bain Capital Ventures.