Synthetix has announced a $1 million trading competition to precede the launch of its perpetual decentralized exchange (DEX) on Ethereum Mainnet, scheduled for Q4 2025. The event will run for one month starting in October 2025 and involve 100 selected participants, including top Kwenta users, pre-depositors, and lottery winners.
The DEX is designed to be the first high-performance perpetuals exchange that settles directly on Ethereum Mainnet without bridges, enabling gasless trades, low latency, and zero settlement costs. Traders can use multi-collateral margin with assets like sUSD, sUSDe, wstETH, and cbBTC, allowing them to maintain portfolio exposure while earning yield. This approach leverages Ethereum's extensive liquidity, which exceeds $90 billion across staking, lending, and liquidity pools.
Participants will trade key perpetual markets, including BTC, ETH, SOL, and DOGE, using seeded margin capital. The trader with the highest ending margin balance wins the $1 million grand prize, with additional rewards in SNX tokens and exclusive benefits like Infinex Patron status. The competition aims to stress-test the DEX's infrastructure, scalability, and partner integrations under real trading conditions, with feedback used to refine usability and capital efficiency.
Synthetix expects this launch to position Ethereum Mainnet as a central hub for decentralized derivatives trading, combining performance with DeFi composability. Rewards will be distributed on-chain in November 2025.