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Sable Finance Review 2026: CDP Stablecoin Plus Perps DEX

Sable Finance is a collateral-backed stablecoin protocol on BNB Chain that has added a perpetuals DEX. Its TVL is small, and its public descriptions are inconsistent, so treat it with caution.

BNB Chain

By the DappsAtlas editorial team · Updated Nov 4, 2026

DappsAtlas score

5.8/10

Mixed

Visit Sable Finance

Our verdict on Sable Finance

5.8/10

Sable Finance suits experienced DeFi users who want to understand a small CDP stablecoin protocol with a perpetuals DEX attached. Its strengths are the stated 110% collateral ratio, the low-interest model and broad chain support on the homepage. The main caveat is that TVL is only about $605K and the sources disagree on which stablecoin and collateral are used. Verify the current setup, audits and liquidation rules, and start with a small position.

Score breakdown

How Sable Finance scores

Security: 5.5/10
Ease of use: 6.0/10
Fees: 5.0/10
Features: 6.5/10

Scores run from 0 to 10 and are based only on facts we could verify. Where information was missing we mark the score n/a rather than guess.

What is Sable Finance?

Sable Finance is a decentralized stablecoin protocol that lets users lock collateral and mint a stablecoin. DefiLlama classifies it as a CDP and lists it on BNB Chain, with listing since August 2023 and a SABLE token.

The homepage now leads with an omnichain perpetuals DEX that it says powers the stablecoin, built by Wombat Exchange and using Pyth and Orderly Network. It lists a long set of supported chains, including Arbitrum, Optimism, Base, Solana and others.

DefiLlama shows TVL of about $605,245, down 5.3% over seven days. That is small for a stablecoin protocol. The sources also disagree on details: one says ETH liquid staking derivatives mint USDS, another says BNB mints SUSD. Readers should confirm the current setup in the app.

How Sable Finance works

Sable Finance is a collateralized debt position (CDP) protocol. A user locks a supported asset in a smart contract and mints a stablecoin against it. The value of the collateral has to stay above the required ratio, which the homepage gives as 110%. If it drops too far, the position can be liquidated.

Sable describes the system as autonomous and immutable, with no custodians, and says it charges a small interest rate rather than a high variable one. Public sources differ on which asset backs the stablecoin: the homepage meta says BNB is the collateral for SUSD, while DefiLlama says ETH liquid staking derivatives mint USDS.

The newer part of the product is a perpetuals DEX, powered by Pyth for price data and Orderly Network for orderbook infrastructure. The project says protocol revenue from perp trading flows back into the Sable liquidity pool. It also says liquidity is aggregated from many supported chains.

6 features

Key features

Collateral-backed stablecoin

Users deposit collateral and mint a stablecoin against it. The homepage names Sablecoin (SUSD), while DefiLlama refers to USDS.

110% collateral ratio

The homepage says collateral ratio is maintained at 110%, which is a thin buffer but efficient for borrowers.

Low interest rate model

Sable says it charges a small, competitive interest rate instead of a high and variable one. The exact rate is not given publicly.

Perpetuals DEX

The site offers a perpetuals DEX that combines an orderbook with a liquidity layer for spot and perpetual futures. It is powered by Pyth and Orderly Network.

Revenue-funded liquidity pool

Protocol revenue from the perp DEX is meant to keep growing the Sable liquidity pool, which the project calls a liquidity flywheel.

Multichain reach

The homepage lists many supported chains, including Arbitrum, Optimism, Base, Mantle, Ethereum, Solana and BNB, with liquidity aggregated across them.

Pros and cons

What we like

Clear CDP model with a stated 110% collateral ratio, which is capital efficient for borrowers
Describes a small interest rate instead of a variable one, which makes costs easier to predict
Perps DEX uses Pyth price feeds and Orderly Network infrastructure
Homepage lists many supported chains, giving users a wide choice
Listed on DefiLlama since 2023 with two audits listed

Watch out for

TVL is small, about $605,000 on DefiLlama, which limits liquidity depth and suggests modest adoption
Public sources give conflicting descriptions: DefiLlama describes an ETH LSD-backed stablecoin (USDS), while the homepage metadata describes BNB-backed SUSD
Only BNB Chain TVL is listed on DefiLlama, even though the homepage lists many supported chains
The perpetuals DEX layer adds smart-contract and market risk on top of the stablecoin mechanism
Stablecoin fees, interest rates and liquidation penalties are not fully published publicly, only a 'small' interest rate
A 110% collateral ratio leaves little buffer in a sharp price drop, so positions can be liquidated

Sable Finance fees

The project does not give a full fee schedule. The homepage says Sable charges a small and competitive interest rate on minted stablecoin rather than a high, variable one, but gives no percentage.

Minting, redemption, liquidation and perp trading fees are not stated publicly. Users would find them inside the Sable app or in the project documentation before they transact. Network gas fees on the chosen chain also apply.

Is Sable Finance safe?

DefiLlama lists two audits for Sable Finance, but the project does not name the auditors or report findings. The homepage calls the protocol autonomous and immutable, which means no custodian holds user funds, but also that bugs may be hard to fix. No hacks or incidents appear.

The main risks are smart-contract bugs, oracle failures, liquidation at a 110% collateral ratio, and the added complexity of a perps DEX and multichain liquidity. Stablecoins can also lose their peg. The small TVL means there is limited liquidity, and a Google search for the name turns up unrelated companies, so make sure you use the official site. Not financial advice.

6 steps

How to get started with Sable Finance

1
Read the official site and documentation and confirm which stablecoin (SUSD or USDS) and which collateral are supported on your chain.
2
Check the audit information and look at the current TVL on DefiLlama before depositing.
3
Set up a self-custody wallet that supports the chain you plan to use, such as BNB Chain.
4
Start with a small deposit of supported collateral and mint a small amount of stablecoin to learn how it works.
5
Watch your collateral ratio against the 110% level and keep a buffer to avoid liquidation.
6
Treat the perps DEX as a separate, high-risk product and only trade with money you can afford to lose.

Open Sable Finance

Who Sable Finance is for

Sable Finance fits experienced DeFi users who already understand collateralized debt positions, liquidation risk and perp trading, and who are comfortable with a small, lower-liquidity protocol. It is a poor fit for beginners or anyone looking for a deeply established stablecoin.

Sable Finance FAQs

What is Sable Finance?

Sable Finance is a stablecoin protocol where users lock crypto collateral to mint a stablecoin. It also offers a perpetuals DEX built with Orderly Network and Pyth, and the project says it was built by Wombat Exchange.

What collateral does Sable Finance accept?

The homepage meta text says BNB is used as collateral to issue Sablecoin (SUSD). The DefiLlama description instead refers to ETH liquid staking derivatives minting USDS. The two descriptions differ, so check the current app before depositing.

What is the collateral ratio?

The homepage says collateral ratio is maintained at 110% and that Sable charges a small, competitive interest rate instead of a high, variable one. Exact rates are not stated publicly.

Has Sable Finance been audited?

DefiLlama lists audits for the protocol, with a count of 2, but the project does not say who performed them or what they found. An audit does not remove smart-contract risk.

Does Sable Finance have a token?

DefiLlama lists a token called SABLE. The homepage has a link to buy SABLE, but the project does not describe its supply, utility or distribution.

Is Sable Finance still active?

The project does not show a shutdown. DefiLlama shows TVL of about $605,245 and a 5.3% drop over seven days, and the homepage carries a 2025 copyright notice. Still, that TVL is small, so users should do their own checks.

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