Start Trading Derivatives on SynFutures via the Ethereum Chain
SynFutures is an upcoming derivatives protocol, currently in V1 Closed Alpha phase. The team is a combination of crypto natives and Wall Street top guns, with the idea to build a solid infrastructure for future DeFi derivatives on Ethereum and other L2/side chains. In June 2021, SynFutures announced $14mn Series A funding led by Polychain Capital with participation from Framework, Pantera Capital, Bybit, Wintermute, CMS, Kronos, and IOSG Ventures. Earlier in 2021, it announced a seed round backed by Dragonfly Capital and Standard Crypto.
Cryptocurrency trading has become very popular in the past few years owing to its 24-hour operation nature, unlike the stock market that has opening and closing hours. Consequently, many cryptocurrencies exchanges have been set up to serve the needs of the traders in this billion-dollar market.
This step-by-step guide will walk you through all you need to know to start trading on the SynFutures exchange.
Step1. Configure SynFutures on MetaMask
SynFutures is not actively supported on MetaMask. To interact with SynFutures using MetaMask, you need to configure Polygon URL on MetaMask.
To get started, you need to have an active MetaMask wallet. If you do not, first download the wallet or add the web-based extension which is supported in Chrome, Opera and Firefox and Brave browsers.
To open the extension, click the icon on the upper right corner, read and accept the terms. Next, you are required to create a new password and click “Create”.
You will then be provided with a 12-word seed phrase, now referred to as secret recovery phrase. Save the phrase and click on “I’ve copied it somewhere safe”.
You have successfully created an account in MetaMask with a new wallet address. You can now view account details, view on Etherscan or connect to other sites.
Now that you have a MetaMask account, you can go ahead and configure SynFutures.
Click the drop down bar on the top right corner and choose “Custom RPC” which is the last option.
The action will generate a form with two tabs on the top, “Settings” and “Info”. In the Settings tab, add the Matic Mainnet in the field of “Network Name”. Fill in the rest of the fields using the below information:
Once you have added the correct information, click on “Save”. The Polygon Mainnet will be automatically added in the network dropdown list.
Step 2: Open the trading platform
Use the link https://alpha.synfutures.com/#/trade to join the trading platform. Make sure you connect it to your MetaMask account.
Step 3: Deposit crypto to fund your account
Now that your account is set, you will need to deposit crypto assets to start trading. If you already own digital assets in another wallet, it is easy to deposit them into your SynFutures account and start trading. Copy the wallet address on the top right corner and in your other wallet, click on “Deposit”, paste the address then confirm.
On the SynFutures site click on “Account” to confirm that the funds have been deposited. Once the amount is successfully deposited into your SynFutures account, you can proceed to trade.
Step 4: Trading on SynFutures
Click on the “Trade” tab at the top of the site. Using the Ethereum Network for the trade, choose MATIC as the base currency and ETH as the Quote. MATIC/ETH will be your trading pair. The Quote asset is required to be an ERC 20 token while the base asset is not restricted, so long as it is available to trade with. Proceed to choose the maturity date depending on the available options.
Next step is to buy long, meaning that your bet is the price going up within the specified period. Key in the amount you would like on the trade first.
And since this is your first margin trade on the site, you will need to make a deposit. To make a deposit, go down to the “Additional Margin for 2x Leverage” and use the recommended leverage ratio.
The leverage ratio indicates how much the size is magnified as a result of the margin held by the trader. You can change the leverage ratio by clicking on the alternatives displayed on the right lower side.
Once you decide on the margin amount, click “Deposit”. A drop down menu will be displayed from Metamask confirming your actions on SynFutures. Click on “Confirm”.
To check the position of your trade, click on “Manage Margin” or “Account” at the top. Here, you can check the margin balance, wallet balance, total balance and the estimated value.
To go back to the trading page, click on “Trade” at the top of the page. Alternatively, at “My Positions” click the hyperlink which will redirect to the trading page.
Step 5: Close Trade
To close your position, you can place a trade on the opposite side and sell short. Click on your current position and the correct trade amount will be generated. Click “Trade” and another drop down menu will be displayed with the trade amounts for your chosen currencies. Click “Confirm”.
Check your account to see your balances. To view the history of all your trades on SynFutures, you can open the “History” page at the top.
SynFutures charges a fixed % of trading fee for all trades depending on the transaction amount. The fee is split into system reserve fees and the rest is paid out to liquidity providers in the transaction pool. Check out the trading fee structure here.
We hope this tutorial has introduced you to SynFutures and helped you set up your trading account. If you have any questions regarding adding SynFutures to MetaMask or trading, contact our support team here.