Sai is being built for a segment of the market that is already large and continues to evolve. Perp DEXs have reached $11.3 trillion in cumulative volume as of Dec. 4, 2025, but most venues still rely on execution models that are highly sensitive to local liquidity conditions. Sai offers an alternative approach: it anchors pricing to decentralized oracles, applies a transparent price impact function tied to open interest and depth, and routes trades through SLP vaults that systematically underwrite P&L. Combined with explicit margin rules, responsive borrowing fees, and a savings layer for idle capital, the platform is designed to make perp behavior more predictable across market regimes while remaining fully onchain and DeFi-native.
Sai's opportunity is to translate this architecture into a durable market share. Success will depend on its ability to grow deep SLP liquidity, responsibly extend asset coverage into equities, commodities, and RWAs, and execute on a roadmap that includes gasless accounts, automated strategies, savings products, and mobile access. If Sai can attract and retain maker capital, sustain organic trading flow, and maintain disciplined risk controls through volatility, it is positioned to become a meaningful venue in the perp DEX landscape and a core piece of infrastructure for onchain leverage across both crypto-native and traditional assets.
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Sai: The Core Perpetual DEX Built on Nibiru
- Published:
06 Feb 2026 -
Author:
Eric Manoukian -
Pages:
13 -
Sai is being built for a segment of the market that is already large and continues to evolve. Perp DEXs have reached $11.3 trillion in cumulative volume as of Dec. 4, 2025, but most venues still rely on execution models that are highly sensitive to local liquidity conditions. Sai offers an alternative approach: it anchors pricing to decentralized oracles, applies a transparent price impact function tied to open interest and depth, and routes trades through SLP vaults that systematically underwrite P&L. Combined with explicit margin rules, responsive borrowing fees, and a savings layer for idle capital, the platform is designed to make perp behavior more predictable across market regimes while remaining fully onchain and DeFi-native.
Sai's opportunity is to translate this architecture into a durable market share. Success will depend on its ability to grow deep SLP liquidity, responsibly extend asset coverage into equities, commodities, and RWAs, and execute on a roadmap that includes gasless accounts, automated strategies, savings products, and mobile access. If Sai can attract and retain maker capital, sustain organic trading flow, and maintain disciplined risk controls through volatility, it is positioned to become a meaningful venue in the perp DEX landscape and a core piece of infrastructure for onchain leverage across both crypto-native and traditional assets.