Derivatives · Review
InactiveSynFutures V1 Review 2026: Phased-Out Futures DEX
SynFutures V1 was the first release of the SynFutures derivatives protocol, built for permissionless futures on crypto assets. It has been phased out, and its remaining TVL is negligible.
By the DappsAtlas editorial team · Updated
DappsAtlas score
3.5/10
Weak
Our verdict on SynFutures V1
3.5/10SynFutures V1 matters mainly as history: it was an early attempt at permissionless futures listing on Ethereum-compatible chains. Its main strength was that idea. The main caveat is that it has been phased out and holds only about $12,700 in TVL. Anyone wanting active derivatives trading should look at the current SynFutures version or other venues instead, and anyone with legacy funds should verify withdrawal options through official channels.
Score breakdown
How SynFutures V1 scores
- Security
- 5.0/10
- Ease of use
- 3.0/10
- Fees
- n/a
- Features
- 4.0/10
Scores run from 0 to 10 and are based only on facts we could verify. Where information was missing we mark the score n/a rather than guess.
What is SynFutures V1?
SynFutures V1 is the original version of the SynFutures derivatives protocol. It launched as a closed alpha in 2021 and aimed to let anyone list and trade futures on crypto assets without approval from a central party.
The project has since moved on. A Dune dashboard states that V1 has been phased out, and later versions, V2 and V3, replaced it. The current SynFutures site presents a broader onchain trading protocol covering crypto, stocks and ETFs, which is a different product from V1.
DefiLlama tracks V1 as a derivatives protocol on Ethereum, Polygon, Arbitrum and BNB Chain, listed since December 2022. Its TVL is about $12,700 and has dropped sharply in the past month, so little value remains in the contracts.
How SynFutures V1 works
SynFutures V1 let users trade futures contracts on crypto assets through smart contracts rather than a centralized exchange. Traders post collateral, such as ETH or a stablecoin, and open leveraged long or short positions on a pair.
The distinctive feature was permissionless listing. Any user could create a market for an asset without waiting for the team to approve it, which widened the range of tradable pairs compared with exchanges that curate listings.
Prices and liquidity came from participants on the platform rather than an order book run by a company. The project later moved to V2, which uses shared-margin perpetuals, and then V3, which uses the Oyster AMM model. V1 itself is documented as phased out.
5 features
Key features
01
Permissionless listing
V1 introduced listing and trading of futures on any crypto asset without requiring prior approval from the team.
02
Futures trading
The docs describe SynFutures as a decentralized synthetic asset derivatives trading platform, with futures as the core product.
03
Stable and ETH collateral
Launch collateral included ETH, USDC, USDT and DAI, according to the project docs.
04
Multi-chain deployment
DefiLlama lists deployments on Ethereum, Polygon, Arbitrum and BNB Chain.
05
Trustless design goal
The protocol was designed so trading did not depend on a central operator approving markets.
Pros and cons
What we like
- Introduced permissionless listing of futures on any crypto asset, an early idea in onchain derivatives.
- Backed by an organisation that continued to build V2 and V3, with a Series B announced in 2023.
- Documentation, a whitepaper and a tech paper exist for the legacy version.
- Deployed across four chains, which shows broad original ambitions.
- One audit is listed for the protocol.
Watch out for
- The V1 dApp has been phased out, so new users cannot rely on it as an active trading venue.
- Total value locked is only about $12,700 and fell sharply over the last 30 days, which points to almost no remaining liquidity.
- Liquidity this thin means poor pricing and high slippage for any trade that might still be possible.
- Fee schedules and per-market parameters for V1 are not published on the current homepage.
- Only one audit is listed, and its scope and findings are not detailed.
- Users are directed to newer versions, which have different mechanics from V1.
SynFutures V1 fees
V1 trading fees, funding mechanics and per-market parameters are not published on the current homepage. Anyone researching the legacy protocol would need to check the archived V1 documentation and whitepaper linked from the project's legacy page.
Beyond protocol fees, users would also pay network gas on the chain they used. Given the near-zero liquidity, slippage would likely be the largest practical cost.
Is SynFutures V1 safe?
One audit is listed for the protocol, but the auditor and scope are not given. Smart contract risk applies to any derivatives protocol, and leverage adds liquidation risk on top of it. Collateral stays in contracts rather than with a custodian, so users bear contract risk directly.
Because V1 is phased out, legacy contracts and interfaces may not receive updates or support. Users with leftover positions should confirm withdrawal options through official channels and be wary of imitation sites. Regulatory status for V1 is not published. Derivatives trading may be restricted in some jurisdictions, so check the rules where you live.
6 steps
How to get started with SynFutures V1
- 1
Read the project's legacy documentation and V1 whitepaper to understand how the original design worked.
- 2
Check whether any funds remain in V1 positions or pools and whether the legacy dApp still allows withdrawals.
- 3
Review the Dune dashboard for V1 metrics and its phase-out notice.
- 4
Move to the current SynFutures version on the official site if you want an active derivatives venue.
- 5
Verify the official domain before connecting a wallet, since legacy links can be copied by phishing sites.
- 6
Start with small amounts and understand leverage and liquidation rules before trading derivatives.
Who SynFutures V1 is for
This page suits readers researching the history of onchain derivatives or users who still hold legacy V1 positions. It is not suited to anyone looking for an active venue to trade futures today.
SynFutures V1 FAQs
What was SynFutures V1?
SynFutures V1 was the first version of the SynFutures derivatives protocol, launched in 2021 as a closed alpha. Its main idea was permissionless listing and trading of futures on crypto assets without prior approval.
Is SynFutures V1 still active?
No. A Dune dashboard describes V1 as phased out and points users to later versions. The remaining TVL is only about $12,700, so it is not an active venue.
Which chains and assets did SynFutures V1 support?
DefiLlama lists V1 on Ethereum, Polygon, Arbitrum and BNB Chain. The launch collateral assets named in the docs were ETH, USDC, USDT and DAI.
Does SynFutures have a token?
V1 has a token listed under the ticker F, which is the SynFutures token. The project does not describe how it was used in V1 specifically. Check the current official documentation for token details.
What replaced SynFutures V1?
The current SynFutures site now presents an onchain trading protocol for crypto and real-world assets, including stocks and ETFs. Later versions include V2 with shared-margin perpetuals and V3 with the Oyster AMM model. Check the official site for what is live today.
Compare
SynFutures V1 alternatives
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ApeX Pro is a decentralized perpetuals exchange, now branded ApeX Omni, offering 100+ markets with up to 100x leverage and self-custody for derivatives traders.
Antarctic is a self-custodial perpetual futures DEX on Arbitrum for leveraged traders, with no listed audits or token.
Contango V2 is a DeFi protocol that automates leveraged looping on lending markets across ten chains for long, short and yield strategies.
Orderly is omnichain, shared-orderbook infrastructure that lets builders launch perpetual-futures DEXs, used by traders through those frontends.
Grvt Bridge is the Ethereum bridge into Grvt, a non-custodial zero-knowledge exchange for crypto, stock and commodity perpetuals, for active traders.
Same category
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Hyperliquid is a Layer-1 blockchain with a non-custodial onchain exchange for perpetual futures and spot trading, aimed at active crypto traders.
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Jupiter Perpetual Exchange is a Solana perpetuals venue where LPs fund a pool that leveraged traders trade against at oracle prices.
MUX Perps is a decentralized perpetuals trading protocol and aggregator offering up to 100x leverage across several chains, for experienced non-US traders.
Drift is a Solana-based on-chain exchange offering leveraged perpetual futures and spot trading for active crypto traders.
GMX is a decentralized exchange for spot and perpetual futures trading with up to 50x leverage, running on Arbitrum and Avalanche, for experienced DeFi traders.
Same chain
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Aave V3 is a non-custodial DeFi lending protocol on 21 chains where users earn interest on deposits or borrow against collateral.
Uniswap V4 is the latest Uniswap DEX version with hooks and concentrated liquidity, running on 22 chains for self-custody token swaps and liquidity provision.
Uniswap V3 is a non-custodial decentralized exchange protocol for token swaps and concentrated liquidity provision across 40+ chains.
DeFi Saver is a non-custodial tool for managing and automating leveraged lending positions across major DeFi protocols on Ethereum and layer-2 networks.
OKX is a major centralized crypto exchange for spot and derivatives trading, earn products and a Web3 wallet, with its own OKB token.
How we checked
Sources
Last updated . Spotted an error? Tell us and we will correct it.