Intro to Sai

Introducing Sai: Nibiru’s Perpetuals DEX

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.

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 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 Provision (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.

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

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Published: December 16, 2025