Sujiko

Sujiko was a crypto exchange on Solana for NFT perpetual futures. Its official website now says the protocol is closed. (This is the Sujiko crypto project, not the Japanese salmon roe or the number puzzle of the same name.) Traders could take leveraged long or short positions on the floor prices of blue-chip NFT collections without buying the NFTs. Mainnet went live in 2023 after a long paper-trading phase on devnet. Sujiko now serves only as an archive of its past markets.

Is Sujiko still working? Protocol closed

No. The Sujiko website shows a "Protocol closed" notice and the line "Built. Traded. Archived." It says the Discord "is now closed." It gives no date for the shutdown. The site still links the @sujiko_perps X account and the docs, which now serve as the record of how the exchange worked.

As a final tally, the site says Sujiko did about $250 million of volume on devnet, where trading used play money. Real trades on mainnet came to about $1 million.

What was Sujiko on Solana?

The Sujiko docs called it "a decentralised exchange (DEX) for NFT perpetual futures, which enables traders to long and short blue chip NFT collections with leverage." The pitch was simple: bet on pricey NFT collections with as little as $1. You did not buy the NFT. You held a contract that tracked the collection's floor price.

The site says its markets covered NFTs on Bitcoin, Ethereum and Solana. The docs also list Polygon. All trading and settlement ran on Solana.

Sujiko began with paper trading on Solana devnet. Users linked a wallet, claimed free devnet SOL and USDC, and traded with play money. The docs set August 2023 as the mainnet target. By October 30, 2023, the NFTfi Weekly newsletter from Vamient Labs said Sujiko was live on mainnet. At that point traders could use markets for BAYC, Pudgy Penguins and Mad Lads, with leverage of up to 2x.

The Sujiko site credits SolWorks, a Solana studio, as the builder.

How did Sujiko NFT perps work?

Liquidity: auctions, a hybrid vAMM and an orderbook

Sujiko's liquidity mechanism passed each order through three layers: a short auction, a virtual AMM, then an orderbook.

A market order first went into a Dutch auction lasting about 5 seconds. The price started at the oracle price and moved toward the vAMM's bid or ask. The aim was to weed out harmful order flow, mostly during liquidations. Each market could run up to 32 auctions at once.

Whatever the auction left could trade against a hybrid virtual AMM (vAMM). The vAMM quoted its own buy and sell prices around a base price, and its spread widened when the pool leaned too far one way. If the mark price sat more than 5% from the oracle for over 3 hours, the protocol reset (re-pegged) it.

Orders still unfilled sat on a limit orderbook. An off-chain network of keepers filled them, and traders could tip keepers up to 0.1 SOL to get filled sooner. Each trader could hold up to 64 open orders across all markets.

Each market kept its ten latest oracle prices, plus 1-hour and 5-minute average prices for health checks. A market went into a restricted mode if the gap between mark and oracle price passed 20%.

NFT floor price oracles

An NFT floor price is much harder to pin down than a token price. The oracle docs describe Sujiko's own data feed. It pulled sales from the top NFT marketplaces. It threw out sales priced far too high or low, since those could be used to move the price. It then set the floor from the rest of the recent sales, using rolling windows of past prices. The docs name Switchboard SWTCH$0.00002759-7.8% and Pyth Network PYTH$0.066+3.9% as the networks that put these prices on-chain. Trading was blocked when the feed failed checks, for example when a price had not updated for 30 seconds or moved outside its normal band.

Funding payments

Funding kept contract prices close to the oracle price. According to the funding documentation, funding settled every hour. The rate was the average hourly premium of the contract over the oracle, times 1/24. Payments were capped at 1% per hour and rebates at 0.1% per hour. Rebates dropped to zero if the funding pool could not cover the next payout, and funding paused entirely if mark and oracle prices drifted more than 50% apart.

Sujiko trading fees

The fee schedule charged takers a base fee of 1% of order size. Makers earned a 0.1% rebate.

When mark and oracle prices drifted far apart, an extra dynamic fee or rebate applied. Its size depended on whether the trade widened or narrowed the gap.

Taker fees were split across five protocol pools:

The docs also described discounts for high 30-day volume. A discount for staking a Sujiko Warrior NFT was still marked "coming soon".

Sujiko Warriors NFTs

Sujiko Warriors was the project's own NFT collection. The docs name one holder benefit: a fee discount for staking a Warrior. The fee schedule still listed it as "coming soon". The docs and site name no other perks. Now that the protocol is closed, the discount has nothing to apply to.

Sujiko airdrop or token?

The only airdrops in Sujiko's docs are the devnet SOL and USDC faucets for paper trading. That play money had no value. No Sujiko token or token airdrop appears in the project's own sources. With the protocol closed, treat any site or message offering a Sujiko token claim as a likely scam.

Who was Sujiko for?

Sujiko was built for traders who wanted to bet on NFT floor prices, long or short, without the cost and illiquidity of holding the NFTs. It also suited holders who wanted to hedge a collection they owned. Today it suits only one group: researchers and builders studying how perps can work on thin, hard-to-price assets. The oracle and liquidity docs are a useful record of that design. It is no use to anyone looking for a working NFT perps exchange, because it has none.

Sujiko risks and what went wrong

The main risk today is simple: Sujiko is closed. There is no live exchange, support desk or Discord, so a user with a problem has no official channel to raise it.

• Sujiko's docs and site link no security audit, and none turned up in independent sources.
• Sujiko's program addresses are not published in its docs or in our project listing, so who controlled upgrades could not be checked. With the team gone, nobody is known to maintain the contracts.
• Real trading stayed thin. Lifetime mainnet volume of about $1 million, by the site's own count, is small for a leveraged market, and launch leverage was capped at 2x.
• NFT floor prices update slowly and a few sales can push them. That is why Sujiko filtered its oracle data so heavily, and it is the core weakness of any NFT perps market.

Sujiko history

Sujiko went from a test site in 2023 to a closed one by 2026.

• In 2023, Sujiko ran paper trading on Solana devnet, with the docs aiming for mainnet in August.
• By October 30, 2023, it was live on mainnet with BAYC, Pudgy Penguins and Mad Lads at up to 2x leverage, per Vamient Labs' NFTfi Weekly.
• By November 2026, the site reads "Protocol closed" and the Discord is shut. No shutdown date is given.

Real trading never came close to the paper-trading numbers. Treat sujiko.trade as a record, not a working exchange.