{ "schemaVersion": 1, "id": "apex-omni-vs-evedex-vs-sai", "version": "1.1.0", "name": "ApeX Omni vs EVEDEX vs SAI", "reviewedAt": "2026-10-24", "reviewIntervalDays": 14, "reviewer": "Decentralised News editorial research", "evidenceType": "documentation_comparison", "liveTested": false, "summary": "Current documentation sharpens the comparison without producing a winner. ApeX Omni now exposes broader cross-collateral and API limits; EVEDEX clarifies hybrid gasless trading, broader markets and cashback timing; SAI now quantifies taker, trigger, rapid-close, borrowing and liquidation charges.", "scope": "3 pinned documentation briefs compared by decision condition. Not a live execution test, security audit, exhaustive product inventory or individual eligibility assessment.", "comparisonContext": "ApeX Omni account transfers, EVEDEX USDT settlement and SAI collateral on Nibiru EVM describe distinct systems. This is a comparison of documented decision conditions, not a common-network test or an equal-depth product inventory.", "comparisonParticipants": [ "apex-omni", "evedex", "sai" ], "sources": [], "networks": [ { "id": "perpetuals", "name": "Perpetual trading across distinct product scopes", "collaterals": [], "collateralNote": "Market, account and route dependent. No universal collateral equivalence or shared deployment is asserted." } ], "illustration": null, "rows": [ { "id": "funding", "label": "Funding and collateral", "meaning": "Funding account, settlement token and collateral route remain different concepts. Confirm the destination account/network and usable margin before comparing capital.", "apex-omni": "Funding still requires moving assets from the Omni funding account to the Perps account; current docs list USDT plus eight cross-collateral tokens and hourly funding exchange.", "apex-omniSources": [ "api" ], "evedex": "Trades still settle in USDT, while the current supported-market set spans crypto, commodity/RWA and stock-perpetual symbols with instrument-specific leverage/margin rules.", "evedexSources": [ "markets" ], "sai": "SAI still documents USDC and stNIBI collateral on Nibiru EVM; bridge-route compatibility remains separate from collateral support.", "saiSources": [ "about" ] }, { "id": "fees", "label": "What a fee statement means", "meaning": "A signed ceiling, hybrid gasless matching and explicit trade rates describe different cost layers. Compare actual executed fees plus holding and exit costs.", "apex-omni": "Limit Fee remains a signed maximum rather than the final charge; current order data exposes actual fee separately.", "apex-omniSources": [ "faq" ], "evedex": "Maker/taker fees still apply on execution, while hybrid/off-chain matching removes blockchain gas from order placement but not settlement/withdrawal costs.", "evedexSources": [ "fees" ], "sai": "Current docs quantify 0.05% base taker, 0% maker and 0.01% trigger fees, with borrowing and rapid-close costs separate.", "saiSources": [ "fees" ] }, { "id": "holding", "label": "Size and time sensitivity", "meaning": "Funding, notional-based costs and variable borrowing are distinct holding-cost models. Matched time/size observations are required for a fair comparison.", "apex-omni": "Current docs now explicitly describe hourly funding between long and short position holders; no complete all-in holding-cost benchmark is provided.", "apex-omniSources": [], "evedex": "Trading/funding costs remain based on full notional rather than initial margin; leverage magnifies monetary cost at a given rate.", "evedexSources": [ "notional" ], "sai": "Borrowing fees accrue block by block, vary with open-interest skew and are displayed as a current hourly estimate rather than a fixed life-of-trade rate.", "saiSources": [ "model" ] }, { "id": "exit", "label": "Exit conditions and incentives", "meaning": "Liquidity, rewards and rapid-close penalties affect different exit economics. None alone establishes fastest or cheapest exit.", "apex-omni": "Fast withdrawals still depend on available balance and fast-pool liquidity; current documentation does not establish observed payout time.", "apex-omniSources": [ "api" ], "evedex": "Cashback may reach 50% of commissions and is documented as next-day USDT, but reward eligibility, crediting and withdrawal/gas conditions remain separate.", "evedexSources": [ "rewards" ], "sai": "Rapid-close charges can start at 1.15% of position size (higher on some protected markets), decay with holding time and are capped relative to collateral.", "saiSources": [ "fees" ] }, { "id": "execution", "label": "Execution evidence", "meaning": "Order submission, trigger activation and actual fills remain separate events. No matched execution-quality test supports a speed or reliability ranking.", "apex-omni": "Market orders still require a signed price bound and can be cancelled under documented conditions; current API rate limits also constrain automation throughput.", "apex-omniSources": [ "faq" ], "evedex": "The documentation review still does not independently establish depth, stop-loss reliability or completed withdrawals.", "evedexSources": [], "sai": "SL/TP conditions still require an external trigger call to finalize closure, so a triggered condition is not itself a completed fill.", "saiSources": [ "chain" ] }, { "id": "permissions", "label": "Permissions and remaining risk", "meaning": "Signing scope, recovery and liquidation risk remain separate controls. Documentation does not substitute for a live permission/security audit.", "apex-omni": "API credentials remain distinct from ZkLink signing keys; current docs publish private request and order-creation limits but DN has not tested revocation or recovery.", "apex-omniSources": [ "faq" ], "evedex": "External wallets and email/Apple/Telegram smart accounts use different recovery/signing paths; provider self-custody claims are not an independent audit.", "evedexSources": [ "wallet" ], "sai": "Liquidation penalties remain separate from ordinary trade-fee discounts; SAI documentation here does not establish delegated key or recovery behavior.", "saiSources": [ "fees" ] }, { "id": "evidence", "label": "What remains unmeasured", "meaning": "Individual eligibility, current depth, all-in executable costs and independently tested withdrawals remain unknown. Documentation volume is not a safety ranking.", "apex-omni": "This pinned snapshot provides no independent measurements of execution, withdrawal reliability or individual eligibility.", "apex-omniSources": [], "evedex": "This pinned snapshot provides no independent measurements of execution, withdrawal reliability or individual eligibility.", "evedexSources": [], "sai": "This pinned snapshot provides no independent measurements of execution, withdrawal reliability or individual eligibility.", "saiSources": [] } ], "unknowns": [ "Matched executable quotes including entry, holding and exit costs", "Independent fill, stop-loss and withdrawal reliability", "Current permissions, recovery and revocation behaviour", "Individual eligibility and current regional restrictions" ], "history": [ { "date": "2026-10-24", "type": "DN evidence refresh", "detail": "Comparison refreshed to ApeX Omni 1.1.0, EVEDEX 1.1.0 and SAI 1.1.0 after primary-source review. No live fill, withdrawal, reward-redemption, signing-revocation or eligibility test was performed." }, { "date": "2026-10-14", "type": "DN publication", "detail": "Initial comparison of pinned documentation snapshots. Evidence coverage differs; unsupported conditions remain unknown." } ], "reviewTriggers": [ "Changed official product, fee, margin or withdrawal documentation", "A substantiated correction", "The earliest underlying editorial review deadline" ], "disclosure": "DN may receive compensation through commercial links elsewhere on the site. This comparison has no trading CTA or payout-based ranking. Documentation does not establish current operational status, safety or user eligibility.", "evidenceSnapshots": { "apex-omni": { "schemaVersion": 1, "id": "apex-omni", "version": "1.1.0", "name": "ApeX Omni", "reviewedAt": "2026-10-24", "reviewIntervalDays": 14, "reviewer": "Decentralised News editorial research", "evidenceType": "provider_documentation", "liveTested": false, "summary": "ApeX Omni still separates funding from trading balances and requires distinct API/ZkLink signing controls. Current API docs now specify 8 cross-collateral assets, hourly funding, explicit private/order rate limits and separate actual-fee vs limit-fee fields.", "scope": "Provider-documentation review of ApeX Omni perpetual trading. Not a live execution test, exhaustive product inventory, security audit or individual eligibility assessment.", "decisionTitle": "Separate the balance you hold from the actions you authorize.", "decisionContext": "Scope: Omni perpetuals and their funding/API workflow. Spot, prediction and tokenized-asset products are outside this brief. Documentation is not proof of current account eligibility or successful execution.", "sources": [ { "id": "api", "name": "ApeX Omni API reference", "url": "https://api-docs.omni.apex.exchange/", "reviewedAt": "2026-10-24" }, { "id": "faq", "name": "ApeX Omni API FAQ", "url": "https://api-docs.omni.apex.exchange/faq/index.html", "reviewedAt": "2026-10-24" } ], "networks": [ { "id": "apex-omni", "name": "ApeX Omni perpetual trading (review scope)", "collaterals": [ "USDT", "USDC", "WBTC", "WETH", "ETH", "cmETH", "mETH", "cbBTC", "USDe" ], "collateralNote": "USDT remains a base trading asset while the current API docs list eight additional cross-collateral tokens. Confirm current valuation, eligibility and chain support before use." } ], "claims": [ { "id": "funding", "question": "Does a funding deposit immediately become trading margin?", "label": "Provider-reported", "finding": "Current API docs still require funds to move from the Omni funding account into the Perps/contract account before trading. Funding fees are exchanged hourly between long and short position holders, with the rate refreshed each hour.", "consequence": "Confirm both the balance transfer into the trading account and the current hourly funding rate. A deposit alone does not establish usable margin or holding cost.", "sourceIds": [ "api" ] }, { "id": "collateral", "question": "Does cross collateral mean every asset has the same risk?", "label": "Provider-reported", "finding": "The current API docs list eight cross-collateral tokens alongside USDT: USDC, WBTC, WETH, ETH, cmETH, mETH, cbBTC and USDe. Account equity and maintenance margin remain separate calculations.", "consequence": "Do not treat supported collateral as equal-value margin. Check current haircut/valuation and maintenance requirements for the actual asset.", "sourceIds": [ "api" ] }, { "id": "fees", "question": "Is Limit Fee a quoted all-in cost?", "label": "Provider-reported", "finding": "Current order data exposes both limitFee and actual fee fields. The FAQ still defines Limit Fee as the maximum fee authorized in the signed request rather than the final fee paid.", "consequence": "Use the executed order's actual fee when available. The signed limit is only a ceiling and excludes funding, execution and withdrawal costs.", "sourceIds": [ "faq" ] }, { "id": "signing", "question": "Is an ordinary API key the complete signing model?", "label": "Provider-reported", "finding": "ApeX Omni continues to distinguish API credentials from ZkLink keys; order creation and withdrawals require ZkLink signatures. Current API docs also publish rate limits of 300 POST and 600 GET private requests per minute per account, with a 200-order creation limit per user.", "consequence": "Automation must respect both credential scope and request/order limits. DN has not tested revocation, recovery or compromise handling.", "sourceIds": [ "faq" ] }, { "id": "withdrawal", "question": "Does a fast-withdrawal request guarantee an immediate payout?", "label": "Provider-reported", "finding": "The withdrawal-fee endpoint requires sufficient available balance; fast withdrawals also require available fast-pool liquidity.", "consequence": "Verify route, fee and available capacity before relying on a withdrawal deadline. No payout timing has been measured.", "sourceIds": [ "api" ] }, { "id": "execution", "question": "Does a market-order API request guarantee a fill?", "label": "Provider-reported", "finding": "The FAQ requires a signed price for market orders and describes conditions under which the order is cancelled.", "consequence": "Validate price bounds and cancellation handling. A submitted request is not an execution receipt.", "sourceIds": [ "faq" ] } ], "illustration": null, "unknowns": [ "Current executable quotes and all-in holding costs", "Independent fill, stop-loss and withdrawal reliability", "Live signing permissions and revocation behaviour", "Individual eligibility and current regional restrictions" ], "history": [ { "date": "2026-10-24", "type": "DN evidence review", "detail": "Re-opened the ApeX Omni API reference and FAQ. This version adds the current 8-token cross-collateral list, hourly funding, actual-fee vs limit-fee fields, and current API/order rate limits. No live fill, withdrawal, signing-revocation or eligibility test was performed." }, { "date": "2026-10-14", "type": "DN publication", "detail": "Initial documentation brief. Account-specific conditions and evidence limits are preserved in this version." } ], "reviewTriggers": [ "Changed official product, fee or margin documentation", "A substantiated correction", "The 14-day editorial review deadline" ], "disclosure": "DN may receive compensation through commercial links elsewhere on the site. This brief contains no trading CTA or payout-based ranking. A documentation review does not establish current operational status or user eligibility." }, "evedex": { "schemaVersion": 1, "id": "evedex", "version": "1.1.0", "name": "EVEDEX", "reviewedAt": "2026-10-24", "reviewIntervalDays": 14, "reviewer": "Decentralised News editorial research", "evidenceType": "provider_documentation", "liveTested": false, "summary": "EVEDEX still settles reviewed perpetuals in USDT and charges on executed notional, but current docs now show a much broader market set, hybrid gasless trading, next-day USDT cashback and expanded smart-account onboarding routes.", "scope": "Provider-documentation review of EVEDEX perpetual trading. Not a live execution test, exhaustive product inventory, security audit or individual eligibility assessment.", "decisionTitle": "Measure the trade before counting the rewards.", "decisionContext": "Scope: perpetual trading and documented wallet/reward workflows. Simulator results, loyalty benefits and provider custody claims are not independent execution or security evidence.", "sources": [ { "id": "markets", "name": "EVEDEX supported currencies", "url": "https://help.evedex.com/en/articles/11136636-which-currencies-are-supported", "reviewedAt": "2026-10-24" }, { "id": "fees", "name": "EVEDEX trading fees", "url": "https://help.evedex.com/en/articles/11136645-what-are-the-trading-fees", "reviewedAt": "2026-10-24" }, { "id": "notional", "name": "EVEDEX leverage and fees", "url": "https://help.evedex.com/en/articles/11401445-how-leverage-affects-trading-fees-perpetual-and-futures-contracts", "reviewedAt": "2026-10-24" }, { "id": "rewards", "name": "EVEDEX reward usage", "url": "https://help.evedex.com/en/articles/11136244-how-to-use-rewards-on-evedex", "reviewedAt": "2026-10-24" }, { "id": "wallet", "name": "EVEDEX onboarding", "url": "https://help.evedex.com/en/articles/11091764-how-to-get-started-on-evedex", "reviewedAt": "2026-10-24" } ], "networks": [ { "id": "evedex", "name": "EVEDEX perpetual trading (review scope)", "collaterals": [], "collateralNote": "The supported-currencies article states USDT settlement. It does not establish that every deposit asset or chain is accepted as margin." } ], "claims": [ { "id": "settlement", "question": "Does a USD market name tell you the settlement token?", "label": "Provider-reported", "finding": "The current supported-currencies guide still says all trades settle in USDT, but the documented market set is now much broader and includes crypto, commodity/RWA and stock-perpetual symbols with varying leverage and margin requirements.", "consequence": "Treat USDT settlement separately from asset coverage and margin rules. Confirm the specific instrument's leverage and current availability.", "sourceIds": [ "markets" ] }, { "id": "fees", "question": "When is a trading fee charged?", "label": "Provider-reported", "finding": "The current fee guide still uses maker/taker pricing and charges only on execution. It also states that trading itself has no blockchain gas fee because matching is hybrid/off-chain, while final settlement interacts with the blockchain.", "consequence": "Separate trading commission from settlement/withdrawal/network costs. Gasless order execution is not zero total cost.", "sourceIds": [ "fees" ] }, { "id": "notional", "question": "Are costs calculated on the initial margin only?", "label": "Provider-reported", "finding": "The leverage guide bases trading and funding costs on full position size, with trading fees applying to opening and closing.", "consequence": "Calculate exposure before comparing fees. Raising notional against unchanged margin increases the monetary cost at the same rate.", "sourceIds": [ "notional" ] }, { "id": "rewards", "question": "Is cashback automatically equivalent to spendable cash?", "label": "Provider-reported", "finding": "Current docs say loyalty cashback can reach up to 50% of trading commissions, is credited in USDT the next day, and is generally available for trading or withdrawal subject to balance/gas requirements and reward conditions.", "consequence": "Do not subtract headline cashback from cost before it is actually credited and withdrawable. Reward eligibility and gas requirements remain separate.", "sourceIds": [ "rewards" ] }, { "id": "wallet", "question": "Does email onboarding remove wallet responsibilities?", "label": "Provider-reported", "finding": "Current onboarding supports external wallets plus email-, Apple- and Telegram-based smart-account creation. The email flow is described as self-custodial with recovery credentials controlled on the user's side.", "consequence": "Each onboarding route has a distinct recovery and signing model. Provider descriptions are not an independent custody or key-recovery audit.", "sourceIds": [ "wallet" ] }, { "id": "unknown", "question": "Have live execution and access conditions been tested?", "label": "Unknown", "finding": "This review does not establish personal eligibility, current executable depth, stop-loss reliability or withdrawal completion.", "consequence": "Check current terms and market conditions separately. Rewards and documentation do not establish operational safety. ", "sourceIds": [] } ], "illustration": null, "unknowns": [ "Current executable quotes and all-in holding costs", "Independent fill, stop-loss and withdrawal reliability", "Live signing permissions and revocation behaviour", "Individual eligibility and current regional restrictions" ], "history": [ { "date": "2026-10-24", "type": "DN evidence review", "detail": "Re-opened the five cited EVEDEX help pages. This version captures the broader supported market set, hybrid gasless trading, next-day USDT cashback terms and expanded smart-account onboarding routes. No live execution, reward redemption, withdrawal or custody-recovery test was performed." }, { "date": "2026-10-14", "type": "DN publication", "detail": "Initial documentation brief. Account-specific conditions and evidence limits are preserved in this version." } ], "reviewTriggers": [ "Changed official product, fee or margin documentation", "A substantiated correction", "The 14-day editorial review deadline" ], "disclosure": "DN may receive compensation through commercial links elsewhere on the site. This brief contains no trading CTA or payout-based ranking. A documentation review does not establish current operational status or user eligibility." }, "sai": { "schemaVersion": 1, "id": "sai", "version": "1.1.0", "name": "SAI", "reviewedAt": "2026-10-24", "reviewIntervalDays": 14, "reviewer": "Decentralised News editorial research", "evidenceType": "provider_documentation", "liveTested": false, "summary": "SAI remains gasless on Nibiru for trading, but its current documentation now quantifies the full fee stack: 0.05% base taker, 0% maker, 0.01% trigger, variable borrowing, rapid-close penalties and a 10% liquidation penalty on remaining collateral.", "scope": "Provider-documentation review of SAI perpetual trading. Not a live execution test, exhaustive product inventory, security audit or individual eligibility assessment.", "decisionTitle": "Gasless does not mean a cost-free round trip.", "decisionContext": "Scope: SAI perpetuals on Nibiru and documented fee mechanics. No live fee, contract-parameter or execution benchmark was performed. Liquidity-vault returns are outside scope.", "sources": [ { "id": "about", "name": "SAI platform and collateral guide", "url": "https://sai.fun/docs/learn", "reviewedAt": "2026-10-24" }, { "id": "fees", "name": "SAI trading and rapid-close fees", "url": "https://sai.fun/docs/learn/trading/fees", "reviewedAt": "2026-10-24" }, { "id": "model", "name": "SAI borrowing-model explanation", "url": "https://sai.fun/blog/01-intro-to-sai/", "reviewedAt": "2026-10-24" }, { "id": "chain", "name": "Nibiru SAI overview", "url": "https://nibiru.fi/docs/ecosystem/apps/sai-fun-perps", "reviewedAt": "2026-10-24" } ], "networks": [ { "id": "sai", "name": "SAI perpetual trading (review scope)", "collaterals": [], "collateralNote": "The current About guide describes USDC and stNIBI collateral. Verify the supported asset, bridge route and current app configuration before depositing." } ], "claims": [ { "id": "collateral", "question": "Is a funding-chain asset already usable on Nibiru?", "label": "Provider-reported", "finding": "The About guide describes USDC and stNIBI collateral and bridge routes to Nibiru EVM.", "consequence": "Verify the destination token and network. A supported collateral name does not make every transfer route compatible.", "sourceIds": [ "about" ] }, { "id": "gas", "question": "Which costs remain when trading gas is zero?", "label": "Provider-reported", "finding": "Current docs quantify trading fees at 0.05% base taker, 0% maker and 0.01% trigger for automated orders, while trading gas on Nibiru is 0. Bridge gas remains separate.", "consequence": "Gasless trading does not eliminate commission or trigger/bridge costs. Use the full entry, holding and exit path.", "sourceIds": [ "fees" ] }, { "id": "rapid", "question": "Can a quick exit add a separate fee?", "label": "Provider-reported", "finding": "The current rapid-close model starts at 1.15% of position size on most markets, decays exponentially and is forced to zero after about 300 blocks (~12 minutes). Some protected markets use a 2.117% peak; the charge is capped at 50% of collateral.", "consequence": "Very short holds can carry a large extra exit cost, especially at high leverage. Check the market-specific curve and hold duration.", "sourceIds": [ "fees" ] }, { "id": "liquidation", "question": "Do referral or tier discounts reduce every charge?", "label": "Provider-reported", "finding": "Current documentation sets a 10% liquidation penalty on remaining collateral, split between closing and trigger components. Fee-tier and referral discounts do not reduce liquidation penalties.", "consequence": "Keep liquidation penalties separate from ordinary trading discounts. Discounts do not protect against liquidation loss.", "sourceIds": [ "fees" ] }, { "id": "holding", "question": "Does the absence of a fixed funding window remove holding costs?", "label": "Provider-reported", "finding": "Borrowing fees are variable, accrue block by block and depend on open-interest skew at both market and group level. The market header converts the current rate into an hourly estimate; the rate is not locked for the life of the trade.", "consequence": "Estimate holding cost from position size, current hourly borrowing rate and expected duration. The rate can change while the trade is open.", "sourceIds": [ "model" ] }, { "id": "execution", "question": "Does oracle settlement guarantee the desired exit?", "label": "Provider-reported", "finding": "Nibiru docs still describe oracle settlement and market/limit plus SL/TP triggers. SAI's current execution guide notes that an external trigger call is required to finalize SL/TP, so a triggered condition is not itself a completed close.", "consequence": "Do not treat trigger configuration as guaranteed execution. DN has not measured keeper reliability, fill quality or stress behavior.", "sourceIds": [ "chain" ] } ], "illustration": null, "unknowns": [ "Current executable quotes and all-in holding costs", "Independent fill, stop-loss and withdrawal reliability", "Live signing permissions and revocation behaviour", "Individual eligibility and current regional restrictions" ], "history": [ { "date": "2026-10-24", "type": "DN evidence review", "detail": "Re-opened SAI fee, borrowing/execution and Nibiru overview documentation. This version adds current taker/maker/trigger rates, detailed rapid-close curves, block-by-block borrowing behavior, the 10% liquidation penalty and trigger-finalization caveat. No live trade or trigger reliability test was performed." }, { "date": "2026-10-14", "type": "DN publication", "detail": "Initial documentation brief. Account-specific conditions and evidence limits are preserved in this version." } ], "reviewTriggers": [ "Changed official product, fee or margin documentation", "A substantiated correction", "The 14-day editorial review deadline" ], "disclosure": "DN may receive compensation through commercial links elsewhere on the site. This brief contains no trading CTA or payout-based ranking. A documentation review does not establish current operational status or user eligibility." } } }