Overview
- Satori announced on June 16 that it will begin winding down operations and that users must close positions and withdraw funds by July 16, 2026 at 23:59 UTC.
- The company said no hacks or exploits occurred and that user assets remain under user control during the wind-down, but some users have reported withdrawal frictions on non-Ethereum chains.
- On-chain data showed activity and locked value fell sharply before the shutdown with total value locked near $1.2 million, down from roughly $6.7 million in 2024, which cut fee income and strained the business model.
- Satori raised $10 million in a 2022 seed round led by Polychain with participation from Coinbase Ventures and Jump Crypto and it operated a multi-chain perpetual-futures product offering up to 25x leverage.
- The closure highlights a wider squeeze on smaller derivatives venues that need steady daily volume and deep liquidity to cover costs and could push more traders toward a handful of larger platforms.