Synthetix Rolls Out ETH Margin as Multicollateral Goes Live

Synthetix has enabled multicollateral margin on its decentralized perpetuals, making ETH the first non-stable asset accepted as collateral on Ethereum Mainnet. Traders can now deposit ETH and maintain ETH exposure while trading perps without converting to stablecoins; collateral value uses a real-time index with a haircut and liquidations/funding/fees are settled in USDT. The feature lowers friction for basis and delta-neutral strategies and could unlock “over $100 billion” of idle ETH capital into derivatives markets, potentially boosting perp liquidity, funding-rate strategies, and on-chain leverage demand. Synthetix expects to add other non-stable and yield-bearing collaterals next.