Sujiko

Sujiko was a decentralized exchange for NFT perpetual futures on Solana. Its official website now says the protocol is closed. Traders could take leveraged long or short positions on blue-chip NFT collections without buying the NFTs themselves.

Status: protocol closed

The Sujiko website now shows a "Protocol closed" notice and the line "Built. Traded. Archived." It works as an archive of past markets and says the project's Discord "is now closed." According to the site, Sujiko handled about $250 million in DevNet volume, most of it paper trading, and about $1 million on mainnet before it shut down. The team has not published a closure date on the site. The last posts in the @sujiko_perps X feed are from January 2025 and are general community posts, not product updates.

The rest of this profile explains what the protocol was and how it worked, based on the documentation it left behind.

What it did

The Sujiko docs described it as "a decentralised exchange (dex) for nft perpetual futures, which enables traders to long and short blue chip nft collections with leverage." The idea was to give traders price exposure to expensive NFT collections for as little as $1. On Sujiko, a trader held a position in a perpetual contract that tracked a collection's floor price, not the NFT itself. The site describes the markets as covering collections on Bitcoin, Ethereum and Solana. The docs also list Polygon collections. Trading and settlement ran on Solana.

Sujiko ran a paper-trading phase on Solana devnet first. Users connected a wallet, received devnet SOL and USDC from airdrops, and traded with play money. The docs set an August 2023 target for the mainnet launch. Sujiko was built by SolWorks, a Solana development studio linked from the Sujiko site. Founder Zhe talked through the product in an episode of the Decod3rs Show about NFTFi perpetuals on Solana.

How it worked

Liquidity: hybrid vAMM, auctions and orderbook

The liquidity mechanism combined three parts:

• Just-in-time Dutch auctions. Incoming orders first went through a short Dutch auction, about 5 seconds long. This was meant to screen out toxic order flow, especially during liquidations.
• A hybrid virtual AMM (vAMM). Orders that did not fill in the auction could trade against a constant-product vAMM. Unlike a standard AMM that charges a flat fee, it quoted separate bid and ask prices: a reservation price, plus or minus a base spread, plus an adjustment based on inventory skew. The base price moved with the oracle price.
• A decentralized limit orderbook. Orders that were not matched stayed on the book as limit orders. Keepers filled orders, and traders could pay keepers an extra fee, capped at 0.1 SOL, to improve their chances of a fill.

Each market stored its ten most recent oracle values to dampen volatility, along with 1-hour and 5-minute time-weighted average prices (TWAPs). A market could enter a restricted mode if long and short positions became badly unbalanced, or if the mark price moved more than 20% away from the oracle price.

Oracles

NFT floor prices are much harder to measure than token prices. According to the oracle documentation, Sujiko ran its own data pipeline. It pulled on-chain sales data from the top NFT marketplaces and used a band-pass filter to drop unusually high or low sales that could be used to manipulate the price. It then set a floor price from higher-order quantiles over a rolling window of past sales. The docs name Switchboard and Pyth as the oracle networks that delivered these prices on-chain.

Funding payments

Like other perpetual exchanges, Sujiko used funding payments to keep contract prices close to the oracle price. According to the funding documentation, funding was settled every hour. The rate was the average hourly premium of the mark TWAP over the oracle TWAP, multiplied by 1/24. Funding payments were capped at 1% per hour and funding rebates at 0.1% per hour. Rebates could also be limited if the market's funding pool ran short.

Fees

The trading fee schedule charged market and taker orders a base fee of 1% of notional size. On top of that came a dynamic fee that rose as the mark price moved away from the oracle price. Post-only maker orders earned a 0.1% rebate plus a dynamic rebate. Fees paid for several protocol pools, including an insurance pool, a PnL pool, a funding-rate pool and an R&D pool. The docs also described volume-based discounts over a rolling 30-day window and planned discounts for staking Sujiko Warriors NFTs.

Sujiko Warriors

The project also launched an NFT collection, Sujiko Warriors, which it used for community membership and planned fee benefits. Its X account regularly addressed followers as "warriors." Aside from the fee-discount plans in the documentation, this profile does not list holder benefits because they could not be confirmed in a primary source.

Place in the Solana ecosystem

Sujiko was one of a small group of NFTFi projects that tried to bring derivatives-style trading to NFTs during the 2023 NFT market. It relied on Solana's low fees and fast block times to run an onchain orderbook and frequent oracle updates. Its design borrowed the vAMM, JIT auction and orderbook approach of Solana perpetual DEXs and applied it to NFT floor prices. According to the project's own archive, mainnet volume reached about $1 million, far below its devnet paper-trading volume. The protocol is now closed, and anyone researching it should treat sujiko.trade as a historical record, not a working exchange.