Migrate from Synthetix to perps.studio
A practical migration guide for teams moving from Synthetix Perps to perps.studio's whitelabel infrastructure on Hyperliquid and Aster DEX.
Synthetix has been a pioneering force in DeFi derivatives, providing the liquidity layer that powers front-ends like Kwenta, Polynomial, and others. If your team has built a trading experience on Synthetix Perps (v2 or v3), you understand the power of decentralized perpetual futures but may also be familiar with Synthetix's complexity: SNX staking requirements, sUSD mechanics, oracle-dependent pricing, and the challenges of building a differentiated product on shared infrastructure.
perps.studio eliminates these complexities by providing a fully managed whitelabel layer on top of Hyperliquid (HIP-3) and Aster DEX. You get deeper liquidity, a true order book, and complete branding control without managing synthetic asset infrastructure. This guide covers the full migration process.
Why Migrate from Synthetix to perps.studio
Synthetix's architecture introduces several layers of complexity that perps.studio removes entirely:
- No synthetic asset dependency: Synthetix Perps requires sUSD (or snxUSD in v3) as the margin asset, which users must acquire through swaps or the Synthetix staking system. perps.studio uses USDC directly, eliminating a major onboarding friction point.
- True order book execution: Synthetix Perps uses an oracle-based pricing model where traders trade against a debt pool. perps.studio routes through Hyperliquid's fully on-chain order book, providing real price discovery and professional-grade execution.
- No staking layer dependency: Synthetix's liquidity depends on SNX stakers. Changes in staking incentives, governance decisions, or SNX price volatility can directly impact your exchange's available liquidity. Hyperliquid's liquidity is independent of any staking mechanism.
- Managed infrastructure: Building on Synthetix Perps means managing smart contract integrations, handling protocol upgrades (v2 to v3 migration), and maintaining custom front-end code. perps.studio provides a turnkey solution with managed updates.
- Complete whitelabel with revenue sharing: While multiple front-ends exist on Synthetix (Kwenta, Polynomial), differentiating your product is challenging on shared infrastructure. perps.studio gives you full branding control with native revenue sharing.
Architecture Comparison: Synthetix Perps vs perps.studio
The shift from Synthetix to perps.studio represents a significant architectural simplification.
| Feature | Synthetix Perps | perps.studio |
|---|---|---|
| Liquidity model | Debt pool backed by SNX stakers | Order book (Hyperliquid / Aster DEX) |
| Pricing | Oracle-based (Pyth/Chainlink) | Order book price discovery |
| Margin asset | sUSD / snxUSD | USDC |
| Chain | Optimism / Base (v3) | Hyperliquid L1 |
| Margin modes | Isolated (v2), cross (v3) | Cross, isolated, and portfolio margin |
| Protocol governance | SNX governance affects all front-ends | Independent operator control |
| Markets | ~50-70 pairs | 150+ pairs |
| Whitelabel | Front-end fork (shared liquidity layer) | Fully managed whitelabel platform |
| Revenue model | Integrator fee sharing (limited) | Native revenue sharing with full operator control |
The most impactful change is removing the synthetic asset dependency. Your users no longer need to acquire sUSD or understand Synthetix's staking mechanics to trade on your platform.
What Changes vs What Stays the Same
What stays the same
- Core perpetual futures mechanics: leverage, funding rates, liquidations
- Your brand identity and user community
- EVM wallet compatibility (users can use the same wallets)
- Core order types: market, limit, stop-loss, take-profit
- The fundamental value proposition of decentralized, transparent trading
What changes
- Margin asset: Users deposit USDC directly instead of sUSD/snxUSD. This removes a significant friction point and makes onboarding much simpler.
- Execution model: Trades execute against a real order book instead of a debt pool. Users get true limit orders and visible market depth.
- Network: Trading moves from Optimism/Base to Hyperliquid's L1. Users bridge USDC to Hyperliquid.
- Protocol independence: Your exchange is no longer subject to Synthetix governance decisions. Changes to SNX staking incentives, debt pool parameters, or protocol upgrades won't affect your platform.
- Fee structure: You move from Synthetix's integrator fee model to perps.studio's native revenue sharing with full control over fee tiers.
- Margin modes: Users gain access to portfolio margin, which calculates requirements across all positions, a significant advantage for professional traders.
Step-by-Step Migration Process
Phase 1: Platform Setup (Days 1-3)
- Create your perps.studio operator account and complete onboarding
- Configure your custom domain, SSL certificates, and DNS
- Upload all brand assets: logos, color palette, typography, and UI preferences
- Configure revenue sharing parameters and fee tiers
- Set up referral program structure
Phase 2: Exchange Customization (Days 3-7)
- Curate your market selection from 150+ available perpetual futures pairs
- Configure the trading terminal layout, default chart settings, and order panel
- Set up default margin modes and leverage limits
- Configure sub-accounts and vault management features
- Enable one-click trading for seamless user experience
Phase 3: Testing and Validation (Days 7-11)
- Execute comprehensive testing across all order types and margin modes
- Verify wallet connection flows across major wallet providers
- Test revenue sharing calculations with sample trades
- Update any API integrations or trading bots to use perps.studio endpoints
- Validate liquidation behavior and risk parameter accuracy
Phase 4: User Migration (Days 11-14)
- Publish migration announcement emphasizing the simplified onboarding (USDC instead of sUSD)
- Provide clear guides for bridging funds to Hyperliquid
- Launch the perps.studio exchange alongside existing Synthetix integration
- Offer migration incentives such as reduced fees for early adopters
- Monitor metrics and phase out Synthetix integration
Communicating the sUSD to USDC Transition
The shift from sUSD to USDC as the margin asset is one of the biggest user-facing improvements. Here's how to communicate it effectively:
- Simpler onboarding: New users no longer need to understand Synthetix's staking system or acquire sUSD through swaps. They simply bridge USDC to Hyperliquid and start trading.
- No peg risk: sUSD occasionally depegs from $1, which can create confusion and unexpected margin impacts. USDC is a well-established stablecoin with consistent peg stability.
- Wider accessibility: USDC is available on virtually every chain and exchange. sUSD requires interaction with the Synthetix ecosystem, which limits your potential user base.
- Direct deposits: Users can deposit USDC directly from any major exchange or wallet without intermediate swap steps.
Frame this change as a major quality-of-life improvement. Many traders who were hesitant to use your Synthetix-based exchange due to sUSD complexity will find the USDC-based experience much more accessible.
Timeline and Resource Requirements
| Phase | Duration | Resources |
|---|---|---|
| Platform setup | 2-3 days | 1 project lead, 1 developer |
| Exchange customization | 3-5 days | 1 developer, 1 designer |
| Testing and validation | 3-5 days | 1-2 developers, 1 QA |
| User migration | 3-4 days | 1 developer, 1 community manager |
Total expected timeline: 10-14 business days. Teams with deep Synthetix integrations (custom smart contracts, complex fee routing, or multi-account systems) should budget closer to 14 days. Teams with primarily front-end integrations can often complete the migration in 8-10 days.
Post-migration, your engineering team will spend significantly less time on protocol-level maintenance. No more tracking Synthetix SIPs, managing sUSD integrations, or handling protocol upgrade migrations (like the v2 to v3 transition).
Common Pitfalls and How to Avoid Them
- Not planning the sUSD exit: Users holding sUSD need clear instructions for converting to USDC and bridging to Hyperliquid. Prepare step-by-step conversion guides with recommended DEX routes.
- Assuming identical fee mechanics: Synthetix's fee model (dynamic fees based on skew) differs from Hyperliquid's maker/taker model. Update your fee documentation and user guides accordingly.
- Overlooking governance dependency risks: If your Synthetix integration relied on specific governance parameters (like market-specific OI caps or fee rates), verify that equivalent controls exist in your perps.studio configuration.
- Rushing the parallel operation period: Users may have open positions on your Synthetix-based exchange. Allow sufficient time for them to close positions and migrate funds before sunsetting the old platform.
- Not leveraging new features: perps.studio offers capabilities that weren't available on Synthetix, such as vault management, advanced referral programs, and portfolio margin. Plan to introduce these features during or shortly after migration to demonstrate immediate value.
Frequently Asked Questions
Do my users need to convert sUSD to USDC?
Yes. perps.studio uses USDC as the margin asset instead of sUSD. Users will need to swap their sUSD to USDC (via DEX aggregators like 1inch or Paraswap) and then bridge USDC to Hyperliquid. This is actually a simplification, as new users can deposit USDC directly without ever interacting with the Synthetix ecosystem.
How does this migration affect my protocol's dependency on Synthetix governance?
After migrating to perps.studio, your exchange is completely independent of Synthetix governance. Changes to SNX staking incentives, debt pool parameters, or protocol upgrades will no longer affect your platform. You gain full control over your exchange's parameters through the perps.studio operator dashboard.
Will liquidity be better or worse than Synthetix Perps?
Hyperliquid consistently offers deeper liquidity than Synthetix Perps, with daily volumes regularly exceeding $5B+. Unlike Synthetix, where liquidity depends on SNX staker participation, Hyperliquid's liquidity comes from active market makers on a real order book, resulting in tighter spreads and better execution.
Can I offer the same markets that were available on Synthetix?
perps.studio provides access to over 150 perpetual futures markets through Hyperliquid and Aster DEX. All major markets available on Synthetix Perps are covered, plus many additional pairs. You can curate which markets to feature on your branded exchange.
What about Synthetix v3 migration? Should I wait?
No. Migrating to perps.studio avoids the complexity of the Synthetix v2 to v3 transition entirely. Instead of investing engineering resources in adapting to a new version of the same architecture, you can move to a fundamentally simpler and more performant infrastructure.
How long does the migration typically take?
Most teams complete the migration in 10-14 business days. The process includes platform setup, exchange customization, testing, and user migration. The sUSD-to-USDC transition for users is typically the most communication-intensive aspect.
Ready to launch your exchange?
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