The Ethereum-based perpetuals DEX is on the rise as the SNX token sees a bullish rally to nine-month highs.
Synthetix SNX $2.28 24h volatility: 131.8% Market cap: $778.43 M Vol. 24h: $1.06 B recorded strong momentum and inflows over the past day as the broader crypto market recovered from a bloodbath.
SNX rallied 93% in the past 24 hours and is trading at a nine-month high of $1.87 at the time of writing. The asset even touched a local high of $1.90 early on Monday, Oct. 13.
The native token of the perpetual decentralized exchange experienced a tenfold increase in its daily trading volume, surpassing $600 million with a market capitalization of $640 million.
With the recent price rally, SNX became the 99th-largest digital asset in the market.
Synthetix, which is originally known as a derivatives liquidity protocol, also recorded roughly $334,000 in US dollar inflows, its largest positive net flow since June 21, according to data from DefiLlama.
This brings the protocol’s total value locked close to $224 million.
Time of Perps
The rise of Hyperliquid brought many traders to the perpetual trading ecosystem. The exchange currently has a $5 billion TVL and collected just over $4 million in fees over the past 24 hours.
A major reason could be that perpetual trades, unlike futures, don’t have an expiration date. This might be appealing to many traders who aim for short-term and high-leverage bets on cryptocurrency movements.
Synthetix is bringing perpetual trades to Ethereum, so the network’s native users would have to worry about moving back and forth to Hyperliquid or BSC’s Aster.
The exchange also announced a $1 million trading competition that will start on Oct. 20.
$SNX Could have a very interesting next couple of months👇
– $1 Million Trading competition starts 10/20
– Perp-dex mainnet coming back to ETH
– Prizes for sUSD deposits till 11/7
– All top traders will be posting about the event
– Mindshare/attention will begin to flow to $SNX… pic.twitter.com/DgDKslDpLD— Tactical Investing (@tacticalinvest_) October 13, 2025
The analyst expects bullish momentum to start for SNX before the trading competition begins next week, while hinting at its all-time high of $28.
If Synthetix sees similar interest from traders to what Hyperliquid experienced, the SNX token will likely break the $1 billion market cap. However, the market-wide sentiment and macro conditions could push the price either way due to the current uncertainty.
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