Quick Overview
SynFutures V3 gained attention in early 2024, reaching $9B in trading volume in its first month. By Q2 it pushed $98B and became the second largest perpetual DEX by volume. Despite a modest TVL of $70M, daily volumes often exceeded $1B due to incentive campaigns.
Key Features
- Oyster AMM: Hybrid engine combining orderbook and concentrated liquidity AMM into one on-chain core.
- Single token capital provision for defined price ranges.
- Native limit orders executed before AMM reserves.
- Price stabilization through smoothed marks and penalty fees.
What Stands Out
- Low margin requirements.
- Fully on-chain matching logic.
- Cross margin and synthetic index support added in 2025.
Usage Breakdown
| Metric | Figure |
|---|---|
| Daily Perp Trading Volume | ~$1–1.5B (Q2 2024) |
| Quarterly Volume | ~$98B |
| Daily Active Users | ~3,000–9,500 |
| Total TVL | ~$70M |
| Cumulative Trades | ~$294B |
By August 2025, SynFutures recorded over 321,000 users, $294B in volume, and $23.8M in fees.
What I Noticed
The interface is fast and responsive. Market UIs and order forms work smoothly. Swaps and futures sections behave like standard DEX panels, and limit orders execute reliably when liquidity is deep.
Where It Makes Sense
Perfect for derivatives traders seeking low slippage, liquidity providers using precise strategies, and DeFi developers studying advanced AMM designs.
Areas of Caution
- TVL remains modest despite high volumes.
- Single token liquidity concepts may confuse newcomers.
- Governance centralization persists through admin controls.
Recent Updates in 2025
- Cross margin trading launched in July.
- Real World Asset synthetic indices introduced in July.
- Smart contract audit completed in June.
- Governance vote in June adjusted fee allocation to boost decentralization.
Final Verdict
SynFutures V3 merges AMM and orderbook models through Oyster AMM, redefining on-chain derivatives. With strong volumes and innovations, it stands out as an advanced platform. However, centralization aspects and complexity may limit adoption for casual users. For pros, it’s a solid, innovative option.