# Intro to Sai
Over the last few years, crypto trading has moved from spot markets to derivatives. Perpetual futures, or perps, now drive most activity, and a new wave of perpetual DEX apps has proven that crypto perpetual futures are the product many traders care about most.
Crypto trading has evolved, but the user experience hasn't kept up. Traders are still forced to choose: the performance of a CEX, or the security of a DEX.
Sai is a decentralized perpetuals platform built to deliver CEX-level performance with an intuitive UX and reliable settlement. The system provides easy access to yield, reinforces collateral and features protection within the trading experience. Traders get a familiar, streamlined workflow, while liquidity providers gain a transparent path to earning from real activity.
Trading made simple. Perps without limits.
Sai combines:
* Oracle settled pricing that tracks the global market
* Flexible collateral so capital can be reused across positions
* Single asset vaults that let anyone earn fees from real trading
Sai’s Trading Interface
## What Traders Get with Sai
### Fair Pricing
Trades settle at oracle based prices that reflect global markets. Your fills and liquidations follow a reliable price feed. This reduces scam wicks, increases confidence when sizing larger positions, and makes Sai feel like a low slippage DEX even when liquidity appears light.
### Funding that is easy to understand
Many perps platforms use funding payments in fixed windows. This can turn funding into a timing game. Sai uses a continuous borrow fee that updates every block based on open interest. You pay a clear borrow cost instead of needing to remember when the next funding window hits:
* Others have payments in fixed windows
* Sai has continuous block by block payments
* Clear borrow costs instead of timing the windows
### Collateral that works cross-chain
Sai will soon support multiple collateral types, such as USDC and yield-bearing assets like stNIBI. You can deposit USDC from chains like Ethereum or Base, and the protocol treats it the same once it arrives.
### How Sai compares to other platforms
Under the hood, Sai is built around a simple question: what would the best perpetual platform look like if it was designed from scratch?
#### Oracle-native Perps Model
| Aspect | Details |
| --------------------- | --------------------------------------------------------------------------------------- |
| **Why it works** | Oracle settled pricing, continuous borrow fee, single asset vaults, flexible collateral |
| **Impact on Traders** | Fairer fills, more, predictable costs, clear roles for traders and LPs |
#### Sai vs Legacy Models
| Platform Type | Common Issues | Impact on Traders |
| -------------------------- | --------------------------------------------------------------------------------------- | --------------------------------------------------------------------- |
| Centralized Perp Exchanges | Custody risk, opaque liquidation logic, possible withdrawal limits | Funds are not fully under user control |
| AMM Style Perp DEXs | Funding games, skewed vaults, limited markets | Unclear costs, LPs take uneven risk |
| Hybrid Off-Chain Engines | Extra trust in sequencers or keepers, downtime risk | Users rely on a middle layer instead of the chain itself |
| Sai | Oracle settled pricing, continuous borrow fee, single asset vaults, flexible collateral | Fairer fills, more predictable costs, clear roles for traders and LPs |
Sai tries to answer a simple question: what would a best perpetual DEX look like if it stayed fully onchain and focused on a small set of strong ideas.
[See how trading works on Sai](https://docs.sai.fun/).
## Sai’s Key Design Choices
Under the hood, Sai is meant to be simple.
| Sai Features | What it Means |
| ------------------------- | ---------------------------------------------------------------------------------------------------------- |
| Oracle Settled Execution | Custody risk, opaque liquidation logic, possible withdrawal limits |
| Continuous Borrow Fee | Funding adjusts per block with OI skew |
| Passive LP via SLP Vaults | Sai V2 allows collateral deposits of USDC or stNIBI. Users can earn a share of fees without managing pairs |
| Real Fee Perks | Volume-tier discounts and perks for ecosystem users |
| Aligned Economics | Revenue flows back to buybacks and ecosystem growth |
| Multi VM Performance | Built on Nibiru's EVM + Wasm stack for smooth integrations |
| Fast Market Onboarding | New markets can list quickly once an oracle feed and liquidity are ready |
## How Does Sai Handle Liquidations?
Liquidations are where most perp platforms break during liquidity crunches. [The Oct 10 flash crash](https://www.coindesk.com/opinion/2025/12/02/why-the-market-crashed-on-october-10-and-why-it-s-struggling-to-bounce) showed how a sharp move on one venue can trigger a chain of forced closes, even when the broader market never truly traded there.
Sai liquidates using onchain rules and a global oracle price, not a thin local order book. Validator feeders pull prices from multiple venues using a commit then reveal flow. The chain only accepts updates when participation clears a threshold, then publishes a weighted median price. If data is stale or participation is low, Sai uses the last good price and caps large moves so a single bad update does not snowball into unfair liquidations.
Liquidation is meant to be a last resort. Sai uses a deep buffer, with liquidations only triggering once losses and fees have consumed roughly 90 percent of posted collateral. Your liquidation price is deterministic and includes fees, so it is predictable. If you set a stop loss that would exit earlier than liquidation, Sai prioritizes the stop loss instead of forcing a liquidation. Any remaining collateral after closing costs is returned to the trader.
### Built for stress
* Oracle guardrails (multi source median, participation checks, last good price fallback, capped large moves)
* Exposure limits so single markets do not get dangerously crowded
* Stop loss checks so orders cannot be set in a way that only triggers after liquidation
* Onchain enforcement with permissionless triggering, so execution stays fast and transparent when markets move quickly
## Sai as an All-Market Platform
With oracle based pricing and pooled SLP liquidity, Sai can list any asset that has a reliable price feed and strong market demand.
### What this unlocks for traders
* Tokenized stocks and IPOs that trade around the clock
* Commodities such as gold or oil through onchain futures
* Synthetic indexes, such as sector or theme based baskets
For many users, this is what a modern decentralized derivatives exchange should look like: one adaptable venue always ready for the next phase of decentralized finance.
### What this unlocks for LPs
* Core vaults gain more fee sources as new markets appear
* Different vaults can target different levels of risk and return
* In future versions, SLP holders will be able to vote on listings and earn extra rewards for backing new markets early
Sai contributors and the community will surface high-potential assets to list. Users can propose and vote on new markets, keeping listings aligned with real demand. When interest is strong, the protocol can seed initial liquidity so trading can start immediately without relying on external market makers.
## Earning with Sai Liquidity Positions (SLP)
SLPs earn trading fees by providing liquidity through single asset vaults. Vaults can be segmented by volatility profile, giving LPs more control over exposure. At launch, deposits in USDC and stNIBI are supported.
Risk note: SLPs are the counterparty to traders. When traders profit, vaults can take losses. When traders lose, LPs earn fees.
Each vault will support a curated basket of markets, ranging from bluechips to volatile assets to RWAs.
**For example:**
* Vault 1: Solana, Bitcoin, Ethereum, and other bluechips
* Vault 2: WIF, Pepe, TRUMP, Aster, Hype
* Vault 3: S\&P 500, Gold Index, Japanese Yen
[Provide liquidity for Sai - app.sai.fun.](https://app.sai.fun/buy-SLP/)
## Sai Roadmap (2026)
Sai will continue shipping in three main verticals: more markets, better tools, and deeper yield.
### Near term focus
* **Real world asset markets:** Add new pairs, through crypto, stocks and commodities to grow liquidity on current markets
* **Refined trading interface:** Continue improvements for a simple interface for new users and fast execution for active traders
* **DeFi integrations:** Connect Sai to other DeFi apps for swaps, routing, and using SLPs as collateral through the earn tab
### New products and yield
* **Sai Savings**: A way for traders to earn yield on their idle stables parked on Sai, 5% on all idle funds while maintaining control and flexibility
* **Automated strategies:** Launch vaults that run user managed strategies on Sai so users can get exposure with one click
* **Accounts:** A true CEX UX with gasless trades, multi-chain and fiat deposits
### Ecosystem and access
* **Cross chain and fiat funding:** Support more networks for USDC deposits and improve on ramps so users can fund with a card or bank account
* **Mobile app:** Release a mobile app that covers core trading and portfolio management
* **Comprehensive tooling:** Robust tooling for developers to build apps on the Sai platform
* Data platform: Backtesting, historical data, custom order types, and automated strategies
Sai’s vision is simple: a platform that matches CEX scale while staying transparent and onchain, and expands into whatever markets traders demand.
## Stay Updated with Sai
Don't miss what's coming next. Follow us for real-time updates on:
* **Beta Launch**: Early access opportunities and testing phases
* **Feature Releases**: New trading pairs, vault strategies, and platform upgrades
* **Developer News**: API changes, smart contract updates, and integration guides
* **Community Events**: Trading competitions, AMAs, and governance discussions
### Follow Sai
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*Published: December 16, 2025*
