Termina

Termina is a Solana simulation and historical data service built by Nitro Labs Inc. It replays past Solana slots and lets you pause the chain at any point. You can then run your own trades or program code against the chain as it was at that moment. The Termina website sums it up as "experiment on history, not production".

Termina began in 2024 as a scaling platform for Solana "network extensions". In October 2026 its website and docs cover only the simulation product. It is built for trading desks, market makers and protocol teams that want to test a change before it touches real money. You need an API key, which the team gives out on request.

How Termina's Solana slot replay and simulation works

Termina keeps an archive of historical Solana state and replays it slot by slot. A slot is one block-sized step of the chain, well under a second long. You pick a slot range, Termina starts a session paused at the first slot, and you step forward when you are ready. At each pause you can read accounts, send transactions and change state before the replay carries on.

The Termina docs frame the problem this way: a price feed and a list of past trades cannot answer a "what if" question. To know what a pool would have quoted at ten times the size, you need the chain exactly as it was at that slot, plus a way to run a transaction against it. Solana does not offer either natively.

Inside a session you can override an account's balance, owner or data, and you can swap a program's code for a new build. The docs give the order of execution in each slot: the real historical transactions run first, then anything you sent through the session's RPC endpoint, then the batch you attached to the step command. Signature checks are switched off, so you can send a transaction "from" any wallet without holding its key. That is what makes it possible to replay other people's trades against your modified setup.

The sim CLI, Rust SDK and session RPC

Termina gives you three ways in, and all of them talk to a simulator that Nitro Labs hosts. The sim command-line tool is the quickest. It lists the slot ranges on offer, runs a replay for a program you name, and compares two runs side by side. Two Rust crates, simulator-client and simulator-api, give full control over a session. Each session also has its own Solana RPC address, so your bots and scripts can connect to it like a normal node.

The CLI comes as a ready-made download for Linux and Apple Silicon Macs. The docs say the CLI can only swap a program's code. To change an oracle price, top up a vault or add a new pool, you need the Rust SDK.

Here is how a regression test might go. You run last week's traffic through your live program and save the result. You run the same slots again with your new build swapped in. Then sim compare shows which trades ended differently and how balances moved. Nitro Labs publishes six worked examples. They cover spread and depth, quote comparison, how fast a quote goes stale over 50 slots, and catching regressions.

Rerouting historical order flow through Jupiter, DFlow, OKX and Titan

Termina can take swaps that really happened and ask where they would have gone under different conditions. The simulator recognises swaps from four aggregators: Jupiter JUP$0.302-1.3%, DFlow, OKX xBTC$81,398.08-0.2% and Titan. It then routes them again through Jupiter's Metis router against the modified state. A venue can see how much flow a tighter spread or a new curve would have won or lost.

By default only Jupiter swaps are rerouted, which the docs say gives "the most faithful replay". A second mode skips the router and sends each swap straight to one venue, using a template of that venue's swap instruction. The docs are frank about what this second mode shows: whether the venue would have won on price, but not whether a router would have sent the trade there.

Termina datasets: on-chain depth, aggregator depth and hypothetical fills

Termina also offers the output of its own simulations as ready-made data. The prebuilt datasets come in three kinds:

• On-chain depths: how much liquidity each venue offered at each size, worked out from pool state.
• Aggregator depths: the same venues as quoted by Jupiter Metis, including how far the router's view lagged the chain.
• Executed and hypothetical fills: the fill each swap got, next to the fill every other venue would have given.

The files are in Parquet format, split by date, market and venue. They sit in an S3 bucket, and your API key gets you a short-lived login to it. You can also order a custom depth dataset for a market and slot range you choose. Only the key that ordered a custom dataset can read it.

Who Termina is for: market makers, prop AMMs, routers and protocol teams

Termina suits teams that make or lose money on trade execution and can write Rust. Market makers and prop AMMs (pools run by a single trading firm) can use it to tune spreads and curves. Router teams can check their routes against rivals. Protocol developers can run a new build against real mainnet traffic before they ship it. The website also lists working out the profit and loss of past liquidations as a use.

Termina is a poor fit for individual traders. It has no charts and no self-serve signup. You get an API key by booking a demo or messaging the team. The site asks you to bring a slot range, a program ID and a build to test. If you want to backtest a price strategy on candles, this is the wrong tool.

Termina risks and limits: simulation fidelity, access and pricing

The main risk with Termina is trusting a replay more than it deserves. The docs name some gaps themselves. Arbitrage trades are often built by outside bots and then wrapped in an aggregator call. Rerouting them "often won't reflect how they were actually constructed", the docs say, so they are left out by default. Only Jupiter flow is rerouted unless you opt in to the others. And no replay can show how other traders would have reacted to your change. That is true of any backtest.

Other points to weigh:

• Hosted service. The docs describe a simulator run by Nitro Labs and a proprietary archive format. The client crates and examples are public, but the docs describe no self-hosted option.
• No public pricing, rate limits or service terms. All of it is settled in a sales conversation.
• Limited history on tap. The docs say prebuilt bundles "cover the past 30 days"; older ranges, or gaps between bundles, need a custom bundle build.
• Session endpoints are open. Creating a session needs your API key, but the per-session RPC URL is unauthenticated by design, so treat a session ID like a secret.
• A changed product. The company's earlier scaling roadmap is no longer on its site, which matters if you plan to build a long-lived workflow on a small vendor.

Termina has no on-chain program for the simulator and takes no custody of funds in the documented flow. We found no security audit of any Nitro Labs product.

Alternatives to Termina for Solana historical data and replay

We found no tool that matches Termina feature for feature, so the real choice is often Termina or building it yourself. Helius LaserStream offers historical replay of about the last 48 hours. It plays past events back to you. It cannot run your own trades against old state. Jetstreamer is an open-source tool from Anza that Nitro Labs has forked on GitHub. It is made to index and backfill data from any point in Solana's past. That gives you the raw data and leaves the "what if" layer to you.

From network extensions to simulation: Nitro Labs history, funding and team

Nitro Labs launched Termina in July 2024 as a way for apps to run their own Solana blockspace. It had three parts. The SVM Engine ran custom execution. The zkSVM prover, built on Succinct's SP1 and announced in December 2024, made proofs that a batch of trades ran correctly. Data Anchor, announced in May 2025, stored data cheaply with a proof on Solana. Founder Yiwen Gao explained the plan on the Solfate podcast in April 2025; see our summary of that interview.

In October 2024 Nitro Labs raised $4 million in a seed round led by Lemniscap, The Block reported. Animoca Ventures, Borderless Capital, Finality Capital, Race Capital and No Limit Holdings also took part. The company had fewer than 10 staff at the time.

The company blog has no post after the Data Anchor launch on 20 May 2025. The homepage and docs no longer mention the three scaling parts. We found no public statement from Nitro Labs about the change.

Its GitHub page shows where the work is going. The simulator examples and docs were updated in October 2026. The Data Anchor code was last updated in April 2026. The website says the team includes engineers from SpaceX, NEAR, Microsoft, Lyft, Amazon and Optiver.

Does Termina have a token?

Termina has no token. The 2024 seed round was a SAFE with a token warrant, which gives investors a claim on a future token if one is ever issued. Yiwen Gao told The Block at the time that no timeline had been set. The current website and docs do not mention a token at all. Any token using the Termina name is unconnected to Nitro Labs as far as its official channels show.