Synthetix is bringing the first perps DEX to Ethereum Mainnet in Q4 2025, launching with a landmark trading competition. We provide the capital, you make the trades. The winner will take home $1m. This competition serves as a proving ground for our technology, infrastructure, and integrators, and incorporates your feedback to fine-tune the experience before launch.
100 of the top traders, pre-depositors, and historical Synthetix users will face off in a head-to-head battle. The action kicks off on October 20 and will run for a full month, pitting traders and community members against each other in a battle of skill, strategy, and market mastery. Find out how to qualify below.
For those who need a quick refresher, our new perps product represents a leap forward in DeFi trading. Synthetix is building the first high-performance perp to settle directly on Ethereum Mainnet, without the need for bridges or intermediaries. Synthetix mainnet features fast execution, low latency, and on-chain custody that leverages Ethereum's robust security and liquidity. Check out our recent blog post for more information: Synthetix is Coming Home.
Walk away with $1,000,000
Compete against the top traders in crypto for your chance to walk away with $1m. Prizes include:
- 1st Place: $1,000,000 – And ultimate bragging rights
- 2nd – 3rd Place: 25k SNX and 5 Infinex Patrons
- 4th – 5th Place: 10k SNX and 2 Infinex Patrons
- 6th – 10th Place: 5k SNX and 1 Infinex Patron
You read that right – participants have a 10% chance of winning, with the first-place winner taking home $1 million simply by doing what they do best and proving they're truly at the top of the trade game.
Winners will be announced shortly after the competition wraps up in November 2025, with prizes distributed directly on-chain.
For depositors who don’t make it into the competition, you’ll receive early exchange benefits, e.g. high VIP tier at launch as long as you maintain your deposits throughout the competition.
How the Competition Works
We've curated an elite lineup of participants to ensure the highest level of competition and insightful feedback. The roster includes:
- 50 Top Traders: Invite-only spots reserved for influential voices in the crypto space. These experts will bring their trading prowess and unique perspectives to the forefront, amplifying the event's reach and impact.
- 30 Pre-Winners: Open to the broader community! To qualify, users must make pre-deposits into Synthetix’s sUSD or sUSDe vaults. Winners will be selected based on deposit amounts (20 sUSD winners and 10 sUSDe winners). To remain eligible for prizes throughout the competition, depositors must maintain their pre-deposit balance in the vaults.
- 5 Pre-Deposit Lottery Winners: For every $1,000 of sUSD or sUSDe in Synthetix’s pre-deposit vaults, depositors will get a lottery ticket.
- Top 10 Kwenta Point Holders: Kwenta point holders have been our largest traders and supporters in the past, bringing great volume and sharing feedback for the protocol. Welcome back Kwentoids/Spartans.
- 5 Kwenta Point Holder Lottery Winners: Kwenta point holders will have the chance to win entry through a lottery process.
Pre-Deposit and lottery winners will be chosen October 13th at 00:00 UTC. Deposit now.
Each of the 100 selected traders will be seeded with margin collateral provided solely for use in the trading competition. This capital cannot be withdrawn, but traders keep any prizes they win based on their final performance.
The objective? Have the largest margin balance at the end of the trading competition. Trading will focus on a curated selection of perp markets, including major crypto assets like BTC, ETH, XRP, BNB, SOL, DOGE, SUI, and ENA. Expect real-time leaderboards, community updates, and perhaps even live streams featuring Trader commentary to keep the excitement buzzing.
Why This Competition Matters
At Synthetix, we're serious about building cutting-edge products, and stress-testing them in real-world conditions to ensure they're battle-ready. This trading competition is designed with multiple goals in mind:
- Product Testing: Traders will put our new perps to the ultimate test, executing trades and managing positions under real market conditions. By simulating high-volume trading scenarios, we'll gather invaluable data to refine the product.
- Infrastructure Hardening: Before our full Mainnet rollout, we need to iron out any kinks in our systems. This event will help us scale our infrastructure, ensuring it can handle the demands of a global user base without compromising on speed or reliability.
- Market Maker Integrations: Our partners and market makers will have the opportunity to fine-tune their integrations, optimizing liquidity provision and order routing for smoother operations post-launch.
- SLP Community Market Making Vault Testing: A key highlight is the integration with our SLP (Synthetix Liquidity Provider) community market-making vault. Participants will interact with this vault, helping us validate its performance in live trading environments and fostering community-driven liquidity.
Crush the competition and help make Synthetix perps the gold standard for trading in DeFi.
How to Get Involved
If you're a top trader interested in an invite, please reach out and keep an eye on your DMs. Our team will be reaching out to select individuals in the coming weeks. For the pre-deposit slots, head over to the Synthetix app to enter, or check out our Discord for step-by-step instructions on how to qualify. Deposits are now open, act to secure your spot!
This trading competition marks a pivotal chapter for Synthetix as we fully embrace Ethereum Mainnet's potential. Whether you're a seasoned trader, a market maker, or a DeFi newcomer, this is your chance to be part of history and help bring a perp to Ethereum Mainnet.
Follow Synthetix as we speedrun to mainnet.
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