Coinbase-Backed Crypto Perps Exchange Satori Finance Is Shutting Down
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- Satori Finance announced it will cease operations after July 16 at 7:59 p.m. ET, telling users on X that "prolonged unfavorable market conditions" left revenue insufficient to sustain the platform.
- The multi-chain perps DEX raised $10 million in 2022 from Coinbase Ventures, Jump Capital, and other investors, and supported trading across Ethereum, BNB Chain, Base, Arbitrum, and other networks.
- Satori claimed more than 3 million customers and nearly $99 billion in lifetime trade volumes, according to its website.
- The shutdown lands as Bitcoin trades around $65,340, down 48% from its all-time high of $126,080.
- Satori joins a string of recent crypto shutdowns that also swept up Bitcoin layer-2 network Botanix, Mythical Games mobile title "Pudgy Party," and the Pudgy Penguins NFT collection within the past week.
- Earlier 2025 closures cited include infrastructure firm Syndicate Labs, NFT marketplace Nifty Gateway, and DeFi lender ZeroLend.
- Cardano founder Charles Hoskinson warned his community of an expected "wave of failures" from financial constraints, while major firms including Coinbase, Robinhood, Block, and Crypto.com have all conducted sizable layoffs this year.
Why it matters: With 3 million users and nearly $99 billion in lifetime volume, Satori's closure shows even a well-capitalized perps DEX cannot stay solvent through a 48% Bitcoin drawdown. Users have until July 16 to withdraw, and the shutdown extends a domino chain—Botanix, ZeroLend, Nifty Gateway—that is now claiming infrastructure and trading venues across the crypto stack, not just speculative tokens.
