SNX arbitrage between HyperLiquid and Coinbase: we compare the price of SNX on HyperLiquid (futures) and Coinbase (spot) in real time — the executable spread (buy at the ask, sell at the bid), basis, volume and deposit/withdrawal status. You can see whether the gap holds or is a one-second blip you would never get into.

About Synthetix

Synthetix is a decentralized perpetual futures protocol built on Ethereum Mainnet. Synthetix uses a hybrid design — off-chain order matching on a high-performance CLOB with on-chain settlement — to deliver low latency, deep liquidity, and MEV-resistant execution while keeping custody and finality on Ethereum. Traders get CEX-like performance with on-chain security and composability. The protocol’s liquidity is provided by the Synthetix Liquidity Provider (SLP) vault and backstopped by staked SNX collateral, which underwrites the issuance of the sUSD stablecoin and the solvency of the SLP vault.

Decentralized Exchange (DEX), Exchange-based Tokens, Decentralized Finance (DeFi), Yield Farming

SNX: Coinbase — deposit open, withdrawal open.

Open interest in SNX right now — $8.6M: Binance $2.1M, BingX $2.0M, Bybit $1.3M, KuCoin $1.1M, Bitget $952.2K. See OI SNX.

News about SNX

Hyperliquid’s 50% Fee Split Won’t Last, Says Synthetix’s Kain Warwick

About SNX arbitrage

How do I read the SNX spread?

The spread is how many percent higher SNX trades on one exchange than on the other. We measure it at tradeable prices (ask/bid) net of fees; “net” is closer to what you actually keep.

Is this arbitrage worth taking?

Look past the spread: check volume, order-book depth and the deposit/withdrawal status on HyperLiquid and Coinbase. If deposits or withdrawals are shut, or the book is thin, the spread exists on paper but you cannot trade into it.

How do I get SNX alerts?

Build a rule in the the builder with the spread threshold you want — the notification arrives as a Telegram direct message within seconds.