Disclosed are a process and a system for synthesis gas conversion. The process includes contacting a synthesis gas feed of hydrogen and carbon monoxide having a H2/CO ratio from 0.5 to 3.0 with a hybrid catalyst of particles having a particle size from 50 to 500 μm and having at least one zeolite and a Fischer-Tropsch component wherein the ratio of zeolite to Fischer-Tropsch component is from 0.1:1 to 30:1 and the hybrid catalyst includes from 0.5 to 40 wt % Fischer-Tropsch component. The process is conducted in a compact heat exchange reactor having a set of reaction passages disposed between a synthesis gas feed header and a products header and a set of coolant passages disposed between a coolant inlet header and a coolant outlet header. The set of coolant passages conducts a coolant therethrough, and the set of reaction passages contains the hybrid catalyst therein and conducts synthesis gas and reaction products therethrough. The process is conducted at a temperature from 200 to 2800° C., a pressure from 5 to 40 atmospheres, a recycle ratio from 1 to 3, and a gaseous hourly space velocity less than 20,000 volumes of gas per volume of catalyst per hour. The effluent produced includes a hydrocarbon product containing at least 50 wt % C5+ hydrocarbons and less than 5 wt % C21+ hydrocarbons at a C5+ productivity from 0.05 to 2 gC5+/gcat/h.