Fee Rebates are Live on Base

Kwenta, in partnership with the Synthetix Treasury, is excited to announce the launch of an SNX incentive program for perps trading on Base. With up to 500,000 $SNX tokens allocated for fee rebates and Kwenta’s brand new crosschain experience, now is the time to start trading on Kwenta.

Program Details:

  • Allocation: The Synthetix Treasury will allocate up to 500,000 SNX for fee rebates on perps markets on Base.

  • Rebate Details: Traders can receive a rebate of 90% of fees paid, up to the 50k SNX weekly cap, on a first-come-first-serve basis.

  • Program Duration: The incentive program will begin on May 22nd, with the first rewards epoch running from May 22nd, 8 PM UTC. New epochs will begin every Wednesday at 8:00 PM UTC for a total of 10 weeks, concluding on July 31st, 2024.

  • Reward Distribution: $SNX rewards will be available in your wallet within 24-48 hours after the end of each epoch. There’s no need to claim!

Why Trade on Base?

Kwenta’s new Perps v3 is live exclusively on Base, one of the fastest growing chains in the Optimism Superchain network. For more information about the Perps v3 system on Base, see our breakdown of the benefits in this blog detailing the Beta launch.

  • Rewards: Of course, the rebates! Traders on Kwenta can use Base and receive up to 90% back in $SNX rebates. Additional rewards announcements are coming soon.

  • Low Fees: Even without rebates, fees on Base are even lower than Kwenta’s Perps v2 on Optimism. Enjoy fees as low as 0bp on trades which balance the skew. You heard that right: absolutely no fee on some orders.

  • Native Cross Margin: With v3, you can share your margin across your entire portfolio, allowing traders on Base to more efficiently manage up to 10 simultaneous positions.

  • USDC Support: One of our most requested features is support for USDC, a backed, redeemable stablecoin popular in DeFi. With USDC support, traders never have to worry about peg variance or liquidity when trading on Kwenta.

How to Get Started:

  1. Create an Account: To start trading, visit any of our v3 perps markets, like this one, and create a Kwenta account.

  2. Deposit Margin: If you don’t already have USDC on Base, Kwenta makes it easy! Simply select “Bridge & Swap” right in the Kwenta app when making a deposit. With the “Bridge & Swap” tool, you can deposit nearly any asset from any chain.

  3. Track Rewards: Monitor your weekly SNX distributions and total fees paid directly from the Kwenta UI, or follow your progress on the Synthetix rebates leaderboard.

Ready to get started? Awesome! Start earning rewards now at https://kwenta.io/ and be sure to use Base. There’s a link to our Discord below, or @ us on Twitter if you have any questions. Happy earning!

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