Synthetix price and where to buy SNX

What is Synthetix?

Synthetix is a protocol that supplies liquidity for on-chain derivatives such as perpetual futures. SNX holders stake their tokens as collateral behind the system and earn a share of trading fees in return.

How to buy Synthetix, step by step

1. Pick an exchange. SNX is listed on four of the five exchanges we track. Compare fees, funding options and whether it serves your country in our exchange reviews.
2. Create and verify your account. Regulated exchanges ask for identity documents before you can deposit fiat.
3. Fund the account. A bank transfer or a stablecoin deposit usually costs far less than a card payment.
4. Buy SNX. Use the SNX/USDT or SNX/USD market, and check the cheapest venue in the table above first.
5. Decide where to keep it. On the exchange is simplest, but the exchange then holds your coins. SNX exists on Ethereum and Optimism; choose the network your wallet expects.

Where to buy Synthetix at the best price

The cheapest venue right now is marked in the table above. Add its trading fee before comparing: on SNX the venues disagree by about 0.30 percent on average, so on a small purchase the fee and the funding method usually matter more.

• The price on that venue. Each row shows the gap to our composite.
• The trading fee. Our fee comparison lists spot fees side by side.
• How you fund the account. A bank transfer or stablecoin deposit is usually far cheaper than a card payment, which often costs several percent.

Why the Synthetix price differs between exchanges

In our minute-by-minute measurement the gap between the highest and lowest venue averaged about 0.30 percent, against about 0.025 percent for Bitcoin. It went above half a percent in about 173 minutes out of every thousand, and reached about 2.1 percent at its widest.

Just over half of the SNX spot volume we track trades on a single venue. The spread figure at the top of this page is the live measurement; our guide on why crypto prices differ between exchanges explains the mechanism.

What moves the Synthetix price

The wider crypto market, and in SNX’s case its own news too. In our hourly composite, SNX moved with Bitcoin at a correlation of about 0.57, where 1 would mean identical moves, and its moves were about twice the size of Bitcoin’s.

SNX-specific drivers come on top: derivatives volume on the protocol, changes to its staking rules and leverage. The funding rates on this page show whether leveraged traders are paying to be long or short right now.

Pros and cons of Synthetix

Pros

• Staked SNX earns a share of trading fees.
• Its hourly moves were closer to Bitcoin’s than many coins at this size in our data.

Cons

• One of the widest price gaps between exchanges we track, above half a percent in about 173 minutes per thousand.
• It trades on four of the five exchanges we track.
• Stakers carry the risk of the system’s debt.

Synthetix’s highest price

Synthetix’s all-time high is about $28.5 on volume-weighted data. The chart above shows the last 30 days of our composite, and the SNX to USD converter applies the live price to any amount.