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SNX to USDT Converter
1 SNX = 0.195794 USDT · updated 06:21 UTC
Volume Bubbles Chart (1h)
Each 1-hour candle's volume is signed by its direction (up candles count as net buying, down candles as net selling) and drawn as a bubble at the closing price, green for buying and red for selling. Bubble size and colour intensity show how strong that flow is compared with the last 300 candles: the strongest 30% get full bubbles with their USD value, the rest stay as small dots. Unusually large bubbles flag aggressive buying or selling worth a closer look, often near breakouts, reversals or key levels.Seasonal Chart
Plots one line per calendar year showing the % change since the start of that year, with the current year highlighted against up to four previous years. Lining the years up on the same calendar shows whether the price tends to rise or fall in the same months, helping you spot recurring seasonal patterns. Treat it as context rather than a forecast: past seasonality does not guarantee future moves.Synthetix Markets
Synthetix Historical Data
About Synthetix (SNX)
Synthetix (SNX) is the token of Synthetix, a decentralized finance protocol whose main product is now a perpetual futures exchange. Perpetual futures, or perps, let traders take leveraged long or short positions that have no expiry date. SNX holders stake their tokens to back the system and vote on its direction. For the chart and return tables below, FMchart uses its composite index, which combines SNX trading on several exchanges into a single dollar quote.
Stakers, sUSD and shared debt
For years, Synthetix worked by letting SNX holders lock their tokens as collateral and mint sUSD, the protocol's dollar-pegged stablecoin. Stakers shared a pool of debt and earned fees in return. A change called SIP-420, launched in 2025, shifted debt risk from stakers to the protocol itself, Cointelegraph reported. Soon after, sUSD came under pressure and the protocol looked to stakers for help.
From inflation rewards to buybacks
Synthetix used to reward stakers with newly minted SNX every week. In December 2023, The Block reported that holders approved SIP-2043 to end that inflation. Stakers no longer needed to claim weekly rewards. The protocol said it planned to use trading fees to buy back and burn SNX instead, with the change implemented in its Andromeda release. The Block noted that inflation had become less effective as an incentive. At the time, about 328 million SNX existed. Synthetix's 2026 roadmap, published in March 2026, directs all trading revenue to buybacks of SNX and sUSD, split 50/50 until the sUSD peg is restored.
Perps return to Ethereum mainnet
On 18 December 2025, Synthetix launched perps on Ethereum mainnet in a private beta. It began with Bitcoin, Ether and Solana markets, leverage of up to 50x, a limit of 500 users and deposits capped at 40,000 USDT each. Early users included past Synthetix and Kwenta power users, sUSD and 420 Pool stakers, and trading competition entrants. Withdrawals were not enabled on the first day as a precaution. A roadmap update on 1 May 2026 said the mainnet exchange was live. It was opening to wider public access after a private alpha that ran through April 2026.
When sUSD lost its peg
sUSD had fallen as low as $0.68 by April 2025, Cointelegraph reported, and a Synthetix spokesperson linked the swings to structural shifts after SIP-420. On 18 April the project launched the 420 Pool, offering a share of 5 million SNX over 12 months to people who locked sUSD for a year. Founder Kain Warwick said the new mechanism was still very manual, and he told stakers that pressure would follow if participation stayed low. The episode showed how stablecoin trouble can land on SNX stakers, and leveraged trading adds its own risks.
Last reviewed: Oct 8, 2026
Synthetix (SNX) FAQ
What is Synthetix (SNX)?
Synthetix is a DeFi protocol focused on perpetual futures trading, and SNX is its staking and governance token. Stakers back the system with their SNX and vote on proposals. Since December 2025, Synthetix has run a perps exchange on Ethereum mainnet.
What is sUSD?
sUSD is Synthetix's stablecoin, designed to track the US dollar. SNX stakers mint it by locking their tokens as collateral. Holders have used it for trading on Synthetix markets. In 2025 it lost its peg, falling as low as $0.68 according to Cointelegraph, after SIP-420 changed how debt was shared between stakers and the protocol.
Does Synthetix still pay SNX inflation rewards?
No. Holders approved SIP-2043 in December 2023 to end SNX inflation, so stakers stopped receiving weekly newly minted tokens. The protocol said it would use trading fees to buy back and burn SNX instead, starting with its Andromeda release. Its March 2026 roadmap sends all trading revenue to SNX and sUSD buybacks, split 50/50 at first.
What is SNX trading at?
SNX trades around $0.1955 according to FMchart's composite of several exchanges. Over the last day, about $372.2K worth of SNX traded across the exchanges in FMchart's composite. Prices on a single platform can differ from this blended figure, especially during fast markets.
How many SNX tokens are in circulation?
About 580,980,590 SNX are in circulation, and market data lists no maximum supply. Valued at FMchart's composite price, those tokens make up a market cap of about $113.6M. That gives Synthetix rank 256 among crypto assets. New SNX is no longer minted as staking rewards, since inflation ended in 2023.
When did SNX reach its record price?
SNX's all-time high in market data is $28.53, from Feb 13, 2021. Synthetix has changed a great deal since then, ending inflation, reworking staking and moving its main exchange to Ethereum mainnet. The Price Statistics panel tracks today's distance from that peak.
What were SNX's biggest monthly moves?
In FMchart's composite price history (since December 2020), SNX posted its largest monthly rise in January 2021 (+138.4%) and its largest monthly drop in November 2025 (-45.9%). Other months are in the Monthly Returns (USD) grid, with yearly totals in Annual Price (USD) Change. Past swings are not a forecast.
What is the Synthetix 420 Pool?
The 420 Pool was launched on 18 April 2025 to deal with sUSD's depeg. People who locked sUSD for a year could earn a share of 5 million SNX over 12 months. It followed SIP-420, which shifted debt risk from stakers to the protocol itself.
Is Synthetix live on Ethereum mainnet?
Yes. Synthetix launched perps on Ethereum mainnet in a private beta on 18 December 2025, starting with BTC, ETH and SOL markets. A May 2026 roadmap update said the exchange was live and moving to wider public access after a private alpha through April 2026.
Is SNX a good investment?
FMchart leaves that decision to you and does not offer investment advice. SNX no longer has inflation, and its 2026 roadmap directs trading revenue to SNX and sUSD buybacks. Against that, the 2025 sUSD depeg put pressure on stakers, and the protocol depends on a perps exchange that competes for traders with many rivals.