gBULK

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absolute margin cinema tek by @bulktrade

Bulk is the most serious piece of perp DEX engineering on Solana rn, and the numbers don't show it properly yet imo. That's exactly the setup I like. But first, quick recap of what @bulktrade actually is: Solana validators run a second binary (bulk-agave) next to their normal client, form their own leaderless BFT network (BULKBFT), agree on each batch of orders, and then every validator runs the same deterministic matching engine on the same batch. Custody stays in a Solana program, so there is no bridge, no sequencer, and no block proposer to bribe. On top sits a portfolio margin engine that prices your full holdings against a live correlation matrix across 9 volatility regimes. Nobody else on Solana is doing this. Pacifica matches on its own servers offchain, Bullet runs a bonded sequencer, and Phoenix mainly bets on the L1 catching up (which is hard against app-specific designs). Bulk is the only one that sits inside the validator set itself. Okay cool. But what do the numbers say? 46 days after the 5th of Sep mainnet, Bulk sits at: - About $1.3B in cumulative volume, $36M in the last 24h, 7d average back around $30M - OI $14.6M, up from $1.4M on the 9th of Sep, so roughly 10x in six weeks - TVL $8.3M, fees about $9K a day, $353K over 30d - Realized fee take around 3.5bp, roughly $4M annualized. Hyperliquid prints $82M a month, Pacifica carries 4x the OI - 12 live markets, incl $NEAR listed this month However, while the growth trajectory is clear, it's still tiny from a data-driven perspective next to the venues it's gunning for. But OI is the one number on a perp DEX you can't fake with wash flow, and currently, it keeps building. What also keeps building, is the team. On the product. BIP-1 hit testnet on the 19th too, a.k.a. anyone can deploy a perp market, isolated margin first, full portfolio margin after a $2M USDC bond. That’s imo also the main growth lever that can be a rapid accelerator if there is deployers that deploy markets that you can't find in other places. They also have a pretty interesting incentive structure in place. The Challenger Series runs until the 5th of Dec, where 12.5% of net revenue flows into weekly USDC pools ($5K to $10K a week rn). The rank likely matters more than the cash part tho if you think about a potential airdrop, and the top of the season goes to "Playoffs". Since the 20th, referrals pay 10% of your referees’ net fees in USDC too, no cap for Season 1. The real test is December tho. The 25ms taker speed bump sunsets between the 4th of Dec and the 3rd of Jan, the “first 30 days” of zero maker fees (still running on day 46) should be over by then, and Challenger Season 1 ends on the 5th of Dec. That means three sets of training wheels off in the same month. If the book holds once makers pay to quote and the league points stop, this gets a lot bigger. Until then the setup is simple: the most ambitious architecture in Solana perps trades at a rounding error of its competitors’ size, points still running, no token out. That’s usually the moment to be early. NFA ofc. But Bulk is the only Solana perp DEX I actually trade on.

So apparently nerds can make gold in a lab now What's amazing about this is that you can long BTC and short Gold with up to HALF of the margin required anywhere else Need a code? Let me know below 👇

Bitcoin is the new gold

Thank you @anza_xyz 🫡

REFER FRIENDS TO BULK. GET PAID. 💰 It’s not just AURA anymore… referrers now earn: → 10% of your referrals’ fees → 1% of THEIR referrals’ fees → No earnings cap for Season 1 You're gonna get tired of winning 👀 Grab your ref link: app.bulk.trade/referrals

The majority of trading happens algorithmically As AI continues to upskill the average user, we will see this continue to grow Agents scout for the best execution on a venue where their margin is utilised the most efficiently This is our bread and butter

Onwards

I’ve always believed that you either do something better than everyone else, or you don’t touch it at all. So when we sat down to rethink referrals at @bulktrade, we started from scratch. Weekly codes are gone. You now have one link you can share anywhere, without copying codes one by one. On top of AURA, you earn up to 15% of your referrals’ trading fees and up to 2% from the traders they bring in. There are no requirements to start earning and no cap this season, so if you make $10M, it’s all yours. Personally, what always bothered me about referral programs is that the value goes to one side, usually the referrer. We wanted the trader you invite to benefit too, so they get up to a 10% boost on their Trading AURA. Using a referral link finally makes sense for both parties. And this is only V1. We’ll keep adding new perks for the traders you invite, and much more is coming!

Uncapped 👍

gBulk Another big day 🫡

Crypto thrives on open experimentation Until now, deploying markets have been an incredibly large expense BIP1 removes the barriers which are currently preventing new and unique markets from finding a home onchain If you have the ability to price it, deploy it

BIP 1 IS COMING The first BIP 1 integrations are deploying on testnet... New and ~experimental~ markets are on the way 😉 If you are interested in becoming a BIP 1 deployer, please reach out!

BULK brings the SIMM-style model banks use for uncleared derivatives onchain: every position's requirement is combined through a correlation table, so offsets across coins count, something summed and scenario engines don't give. A market maker's book long some coins and short others can need about 20% of what its positions need one by one: roughly 5x the inventory on the same capital, and 5x the leverage The discount rests on correlations holding, and on 10/10 ETH's correlation with BTC fell from about 0.86 to about 0.46. BULK phases higher rates in gradually and doesn't liquidate an account in profit just because its requirement rose The plan is one account for a trader's whole Solana book. Kamino and Loopscale positions would count as collateral where they sit, BulkSOL and other assets would be haircut by their volatility and their correlation to the positions they back, and spot, options and borrowing would join perps in the same account

Monk would have used $2500 less margin on BULK

🚨 BREAKING: @bulktrade has Leveled UP their CHALLENGER SERIES and increased League Cash rewards and Gauntlets.

Saturdays are for stimmys

You are running out of reasons Enter the arena: app.bulk.trade