Synthetix is set to launch the first perpetual decentralized exchange on Ethereum mainnet in Q4 2025, kicking off with a $1 million trading competition.
Summary
- Synthetix to launch first perpetual DEX on Ethereum mainnet in Q4 2025.
- Traders can use sUSDe, wstETH, and cbBTC as multi-collateral margin.
- Launch begins with a $1M trading competition starting in October.
Synthetix is preparing to launch the first perpetuals exchange on Ethereum mainnet, starting with a trading competition that offers a $1 million prize.
On Sept. 22, 2025, Synthetix Network (SNX) announced plans for its competition and upcoming perpertual DEX, which will feature gasless trading, zero settlement costs, and multi-collateral margin.
Traders will be able to use assets like Ethena’s sUSDe, Lido’s wstETH, and Coinbase’s cbBTC as margin to produce yield while trading. This model makes use of Ethereum’s (ETH) extensive liquidity, which presently totals more than $90 billion across its liquidity, staking, and lending pools.
Multi-collateral margin and strategies
The mainnet launch introduces multi-collateral margin, letting traders post portfolios of assets, including yield-bearing collateral, without selling them. This enables users to earn funding or staking yields, keep exposure to ETH or BTC, and avoid triggering taxable events when opening perp positions.
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Synthetix expects that this design will increase the efficiency and profitability of arbitrage strategies such as basis trading. For example, traders can deposit wstETH, short ETH perps in equal size, and benefit from staking rewards and positive funding payments.
By enabling these setups directly on Ethereum, Synthetix removes the need for bridging and expands composability with decentralized finance protocols like Aave.
Synthetix trading competition details
Starting in October, Synthetix will hold a one-month trading competition prior to launch, with 100 traders chosen from among Kwenta point holders, top users, and pre-depositors.
Using seeded margin capital, competitors will compete in well-known markets like BTC, ETH, SOL, and DOGE. The winner will receive $1 million, along with additional rewards in SNX tokens and special benefits for other top performers.
In addition to strengthening infrastructure and improving integrations with market makers and liquidity providers, the event aims to stress-test the exchange under real-world market conditions. Reward distribution will take place directly onchain, and winners will be revealed in November.
Synthetix hopes that this launch will position the Ethereum mainnet as a hub for high-performance perpetual trading that blends decentralized security and deep liquidity.
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