STP-19: Perp trading incentives on Base


Simple Summary

This proposal allocates up to 500,000 SNX from the Treasury for perp trading incentives on Base. At the current SNX price, this proposal could rebate the trading fees of approximately $3.75b of volume.


Allocate up to 500k SNX from the Treasury to rebate trading fees on eligible perp markets on Base. Trading fees will be retroactively rebated each week directly to the trading wallet, on eligible markets that include BTC and ETH.


Synthetx Perps v3 have been sufficiently proven in mainnet alpha, and are ready to be scaled up. The Treasury Council has sufficent SNX to be used for high ROI initiatives.



This proposal allocates up to 500k SNX for fee rebates on eligible markets. The TC will at its discretion rebate trading fees in SNX to the trading address. Front ends will not be eligible to claim the fee rebate, but could do so on behalf of their qualifying traders. Eligible markets include BTC, ETH and others added at the TCs discretion.


Reducing the effective fees attracts traders to try Synthetix perps on Base:

  • Perp fees are currently 2bp Maker and 6bps Taker on popular markets like ETH and BTC
  • Assuming an average of 4 bps fees per trade, $100m of trading volume can be fully rebated with 13.3k SNX @$3
  • 500k SNX @ $3 will rebate the fees on approximately $3.75b in trading volume, aproximately double the monthly volume currently traded on Optimism Perps v2

Financial Specification

In total, this STP allows for up to 500k SNX for fee rebates. The maximum fee rebate to any trader will be the total cost of fees paid, using the SNX 7-day TWAP price at UTC midnight of final night of each rebate period.

The Treasury Council retains the right to unilaterally suspend or withholw fee rebates to traders determined to be putting at risk the integrity or stability of the Synthetix protocol.

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