Overview
SynFutures launched in 2021 with the vision of creating a fully permissionless futures market — any asset with a price oracle could have a futures contract deployed by anyone. This contrasts with most perps DEXs that only list curated markets. The protocol has iterated through multiple versions, with V3 (Oyster AMM) representing its most mature product.
Oyster AMM is a novel hybrid design that combines an on-chain order book with concentrated liquidity. LPs provide liquidity in price ranges (similar to Uniswap V3's concentrated liquidity model), while the order book handles limit orders. This hybrid approach aims to provide both passive LP participation and active market-making capabilities within the same system.
SynFutures gained significant traction on Blast L2, becoming one of the leading perps DEXs on that chain and at times ranking among the top derivatives DEXs by volume across all chains. The team includes experienced builders from traditional finance and crypto backgrounds.
Smart Contracts
The Oyster AMM represents a technically sophisticated smart contract system. The core contracts handle concentrated liquidity positions for perps (a novel combination), an on-chain order book for limit orders, margin management, liquidation logic, and funding rate calculations. The permissionless listing feature adds complexity — the system must handle arbitrary assets with varying oracle quality and liquidity characteristics. The contracts are built on Solidity and deployed on EVM-compatible chains. The technical ambition is impressive, but the complexity creates a larger attack surface than simpler perps DEX designs.
Security
SynFutures V3 has been audited by Quantstamp and other firms. No major exploits have occurred on the V3 deployment. However, the protocol's complexity — combining an order book with concentrated liquidity AMM for perpetual futures — introduces interaction risks that are difficult to fully capture in audits. The permissionless listing feature means adversarial actors could create markets with manipulable oracles. SynFutures mitigates this with oracle quality requirements, but the permissionless nature inherently introduces risk. Bug bounty program is active.
Liquidity
SynFutures has built meaningful liquidity on Blast, with significant open interest and daily volume on major pairs (ETH, BTC perps). The concentrated liquidity model helps capital efficiency — LPs can provide tight liquidity around current prices. However, Blast dependency means liquidity is chain-concentrated. Less liquid pairs (the "long tail" of permissionless markets) can have thin order books and wide spreads. For major pairs, execution quality is competitive with other leading perps DEXs.
Adoption
SynFutures V3 has achieved respectable adoption, at times ranking in the top 5-10 perps DEXs by daily volume. The Blast ecosystem incentives have helped drive adoption, though this raises questions about organic vs. incentivized usage. The permissionless listing feature attracts users who want to trade assets not listed on competing platforms. Integration with the broader DeFi ecosystem is growing but limited compared to established perps DEXs like dYdX, GMX, or Hyperliquid.
Tokenomics
SynFutures has not fully launched its token at the time of writing. Points programs and potential airdrop expectations have driven some speculative activity. The eventual token is expected to govern protocol parameters and potentially capture trading fee revenue. Until the token launches and tokenomics are finalized, this dimension remains speculative. The Blast ecosystem's general approach to points and airdrops creates uncertainty about sustainable post-incentive adoption.
Risk Factors
- Blast Chain Risk: Heavy reliance on Blast L2, which has its own risk profile (multisig-controlled bridge, newer chain with less battle-testing).
- Complexity Risk: The hybrid order book + concentrated liquidity AMM for perps is novel and complex, increasing potential attack surface.
- Permissionless Listing Risk: Anyone can create markets, potentially with manipulable oracles or thin liquidity traps.
- Incentive Dependency: Volume may decline post-Blast incentives if organic adoption is insufficient.
- Token Uncertainty: Tokenomics not finalized, creating uncertainty for potential investors.
- Competitive Market: Perps DEX space is intensely competitive with strong incumbents (dYdX, GMX, Hyperliquid).
Conclusion
SynFutures represents genuine innovation in the perps DEX space, combining permissionless market creation with a hybrid order book and concentrated liquidity design. The Oyster AMM is technically impressive and addresses real limitations of existing perps DEXs. However, the protocol's heavy association with the Blast ecosystem introduces chain-level risk, and the complexity of the system creates a larger attack surface than simpler designs. The competitive dynamics of the perps DEX market — where Hyperliquid, dYdX, and GMX dominate — make it challenging for newer entrants. SynFutures has shown it can generate meaningful volume, but the sustainability of that volume post-incentives remains the key question.