Morpher vs Synthetix vs Mirror vs UMA

Which synthetic asset protocol is best? That’s for you to decide. But we think you’ll appreciate this breakdown of how Morpher compares to other DeFi derivatives platform.

Compare Synthetic Asset Protocols

Trading FeesØ0.3%-2% per trade0.3% per tradeOracle fees
Leverage10x, long & short3x, only short via CDP (debt risk)3x, only short via CDP (debt risk)5x, only short via CDP (debt risk)
ShortingYesYes via iSynth Only Crypto & IndicesYes, via CDPYes, via CDP
Infinite LiquidityYesYesNoNo
Trades Processed800,00058,00023,000< 10k
Total Markets660+40+ Long, 20+ Short20+10+
Market Availability24/7Market hours only24/7 to buy, market hours to short/mintn/a
Market DowntimeRare95% of iSynths currently frozenn/an/a
Current MarketsStocks, Cryptos, Commodities, Forex, IndicesStocks, Cryptos, Commodities, Forex, IndicesStocks, Cryptos, IndicesCryptos, Indices, Forex
Market SpreadsYesn/aYesn/a
Perpetual MarketsYesYesYesIn development
Collateral RequiredNoYesYesYes
Collateral Ration/a5.0 SNX, 1.50 ETH1.51.25
Collateral Optionsn/aSNX, ETHUST, mAssetsMany
Token PurposeTrade settlementCollateralGovernance, CollateralGovernance, Collateral
Token InflationYesYesFirst 4 yearsYes
Inflation Rate5.48% + aggregate user returns75% to 2.5% in 2023233% to 0%5% of voting stakes
Stable Tokenn/asUSDUSTn/a
Rewards5.48% to stake MPH26% to stake SNX 30%+ to stake short (add liquidity)68% to stake MIR 40%+ to stake market3.55% to stake UMA & vote
Scaling SolutionMorpher Sidechain (Ethereum PoA)In development (Optimism Ethereum)Terra Chain (dPoS)n/a
Price OracleMorpher OracleChainlinkBand ProtocolUMA DVM
Price UpdatesLiveVaries, updated daily or after 1% moveEvery 30sn/a
On-chain Price RequiredNoYesYesNo
Requirements for New MarketsDatafeedChainlink supportBand Protocol support Bootstrapped liquidity for each marketDVM support Bootstrapped liquidity for each market
LiquidationsLive off-chain via Oracle, lazy on-chainLiquidation 3 days after C-Ratio below 200%Anyone can call liquidation and get collateral at discountAnyone can call liquidation and claim reward
Penalty for Low C-Ration/a10%No10%
Withdrawal Feesn/an/a1.5% to close CDPn/a
Source of ReturnsMinted MPHStaked SNXStaked collateral per marketStaked collateral per market
CounterpartyNoneSNX stakersmAsset stakersMarket stakers
Collateral RiskNoYes, but pooledYesYes
Max Loss (Position)100%500% (worse if levered)150% (worse if levered)125% (worse if levered)
Currency RiskYesYesNoDepends on collateral
Portfolio RisksMPH inflation MPH price volatility.SNX price volatility sUSD de-pegging CDPs going under (per pool)UST de-pegging CDPs going under (per market)CDPs going under (per market) Other risks based on collateral type
GovernanceVoting by MPH holders (developing)SIPs, community proposed changesVoting by MIR holders on pollsUMIPs voted on by UMA holders
Security AuditsYes, by SolidifiedYes, by iosiroYes, by Cyber UnitYes, by OpenZeppelin
Project Funding$2.5M$46M$58M$3.9M

Updated 6/5/2021


What Makes Morpher Unique?

The Morpher Protocol launched June 2020: enabling 300,000 wallets to make 800,000 trades in 660+ markets (see our sidechain block explorer).

Morpher does not require any collateral to create synthetic markets. That’s why we already have 10x more markets and growing. There's also a huge variety of markets we can support: from weed spot price to NYC real estate to corporate fundamentals. You can trade an unlimited number of markets on Morpher, especially markets that can’t exist in traditional finance.

Liquidity is the lifeblood of markets, so having to build up liquidity through staking is a significant hurdle. On Morpher, all markets are available to trade with one currency: MPH. For users that means there are no debt positions to repay, they can just swap MPH for ETH/USDC/DAI to exit the Morpher ecosystem. For our team it means there’s only one market we need to foster & maintain (in liquidity and value).

Moreover, Morpher is easy to use and simple to understand. Using leverage and shorting is effortless, these critical trading features are just parameters in our smart contracts. That’s really important because complicated financial instruments are hard to use and obscure the real risks. To democratize investing we believe shorting has to be as simple as buying a stock. As for professional traders, they can enjoy a maximum leverage of 100x or more in the future.

In traditional finance, the trading volume of derivatives dwarfs the underlying asset markets. The same is true for the Morpher Protocol and our virtual markets, which have few limitations on scale. Morpher can support significantly more trading volume than any other protocol from day one.

Most important of all, there is no counterparty in the Morpher Protocol. In contrast, SNX stakers are counterparties for Synthetix and each market on Mirror and UMA has direct counterparties. The financial crises showed counterparties can and will default. Morpher is the only protocol that is completely solvent by design.

DEX Features

  • Long & short exposure to every market
  • 24/7 trading
  • Stocks, commodities, forex, and cryptos
  • Infinite liquidity
  • Zero slippage on any order size
  • 10x leverage
    • Go long Bitcoin 10x
  • Global permissionless access (no signup)
  • No counterparty
  • Swap any ERC20 token directly into a market position
    • Morph ETH into Tesla / Amazon
    • Morph DAI into Polkadot / Cardano / Tron
  • Earn over 5% a year by staking

Discover the difference for yourself.