SIP-226: SNX Futures Market


Simple Summary

Create SNX Futures market on Optimism


This is a proposal to offer SNX futures which tracks the price of the $SNX token


  1. SNX perps and spot are widely traded. E.g. shorting SNX is available and on both centralized (Binance, FTX) and decentralized (dYdX) platforms. But the protocol and stakers are not capturing any of the fees or funding paid in those markets.
  2. Trading SNX perps on Synthetix may be especially suitable and attractive for Synthetix ecosystem participants.
  3. Existing and new stakers may benefit from the ability to hedge or limit their price exposure.
  4. Debt pool risk and exposure may be limited via OI caps and funding rate parameters, and can start with conservative values and gradually adjusted.
  5. Frontrunning risk can be mitigated by adequately setting exchange fees (as with other price feeds).

Perps OI and volume on other platforms

Exchange Symbol Price 24h Index Price Basis Spread Funding Rate Open Interest 24h Volume Last Traded
dYdX Perpetual dYdX Perpetual SNX-USD $7.40 3.8% 7.38 USD -0.135% 0.14% 0.002% $20,036,981 $14,007,494.10 Recently
Binance (Futures) Binance (Futures) SNXUSDT $7.37 3.7% 7.38 USDT -0.024% 0.01% 0.010% $14,452,068 $83,291,836.21 Recently
FTX (Derivatives) FTX (Derivatives) SNX-PERP $7.37 3.4% 7.37 USD -0.103% 0.05% 0.005% $13,573,399 $15,170,213.04 Recently
KuCoin Futures KuCoin Futures SNXUSDTM $7.36 3.6% 7.37 USDT +0.041% 0.03% 0.008% $2,946,541 $3,913,255.63 Recently
Huobi Futures Huobi Futures SNX-USDT $7.36 3.4% 7.36 USDT -0.010% 0.27% 0.010% $1,614,129 $1,170,985.64 Recently
Perpetual Protocol Perpetual Protocol SNX_USDC $7.37 3.5% 7.37 USDC 0.000% - 0.008% $1,436,921 $1,686,194.95 Recently
MEXC Global (Futures) MEXC Global (Futures) SNX_USDT $7.39 4.2% 7.38 USDT -0.068% 0.8% 0.020% $820,986 $674,430.51 Recently

Technical Specification

Price feed already exists and backs many parts of the system.

Configurable Values (Via SCCP)

Open interest caps would be low and fees would be set high initially. Exact parameters TBD.

Copyright and related rights waived via CC0.