{
  "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."
}