Jun | bulk trade

We @bulktrade fundamentally believe that in a financial system like derivatives trading, it is critical that transaction ordering and execution are independent -that multiple operators arrive at the same conclusion without a single authority influencing the outcome An exchange that enables the human urge to trade should not have unilateral control over who wins and who loses Crypto is a weird place to run unregulated exchanges that can censor, reorder, or delay our transactions with zero accountability Real ex: you have a position open, liquidation is 10bps away, you try to close - on every CEX and every single sequencer DEX.. there is no guarantee your close is processed without any bias Last 5 years the industry has suspected various chinese cexs of doing exactly this for liquidation fees! Operator controls the order of execution and you have to trust them not to abuse it Scaling an exchange without a single operator is a hard problem. You need to offer real advantages to different participants - maker protections against toxic flow, low-latency ticks for price discovery, fair execution for retail. The industry assumed you needed a centralised sequencer to deliver this! Our thesis and code proves you don't BULK delivers 20ms ticks and price discovery while being operated by a distributed set of Solana validators, A decentralised L0 network running a purpose-built BFT consensus that commits in a single round! To the people saying you need to defy physics to do this, you haven't touched low-latency distributed systems... Solana with MCP and Alpenglow already proves that lower latency and different market structures are possible at the L1 level BULK takes this to the extreme: leaderless consensus, multi-operator, Institutional grade risk engine and still faster than any true dex! We spent a long time building this infrastructure - from consensus, to recovery, to a risk engine that does real time margining with true portfolio margin unlocks that have never existed on-chain before. All this code boils down to one thing: cementing a great product at early.bulk.trade that traders love! Fastest fills and Best risk management with no compromises! An example of how different BULK's risk engine is from what exists today on a onchain dex : Liquidations are triggered by off-chain keeper bots.. These are external agents are incentivised to call a liquidation instruction when your margin ratio drops below threshold, the bots evaluate each position independently, close it via market order, and collect a fee There is no awareness of your portfolio. No consideration of whether that position was hedging another. No optimisation of market impact or how wider book will react! This is destructive. Closing a position that provides correlation benefit to the rest of your portfolio "a hedge" can actually increase your portfolio risk! Triggering further liquidations in a downward spiral, this is exactly what happens during cascading liquidation events, and it's why every major blowup in crypto exchanges follow the same pattern.. On the other hand - BULK's liquidation engine is an optimiser, not a simple closer. When a portfolio breaches its maintenance margin, the system evaluates every position and computes an "impact ratio": how much margin is reduced per $ of liquidation cost. Positions that reduce the most risk for the least market impact are liquidated first. Positions that provide hedging benefit: where closing them would increase portfolio margin are explicitly preserved This is how worlds biggest clearing houses manage defaults (CME, OCC.. etc) It has never existed on-chain before! And this is just one part of a wider, deeply integrated risk system: portfolio margin, regime-adaptive margining, continuous risk surfaces, real-time trade checks - all running deterministically on every validator Building a product that gives every trader access to best tools, the same tools that (in tradfi) need you to have high 6 figure accounts and prime brokerage relationships (ex- CME SPAN requires 50% of last clearing price of an contract as margin) brings me great joy. We are here to win with our traders..and we will do it tick by tick, transparently and by building a great product. Gbulk

Leaderboard is LIVE! Compare your profit taking skills vs the top BULK tradoooors You'll want to maximize ROI... soon you will know why👀

@kdotcrypto Bro just wrote a banger at 5am

After over 2 years of blood, sweat and sacrifice… Mainnet is imminent. We have spent an inhumane amount of hours building what we believe to be not only the most complete trading venue in the world... But also infrastructure that will serve as the blueprint for the largest technological advancement for financial products in recent history. We have come along way since the birth of perpetual contracts, but we are still a considerable distance away from offering an environment that real size is willing to deploy on In a game of never ending exchanges, the question we have repeatedly asked ourselves is "why would people switch?" The answer for us is simple, we offer that environment. For the longest time the debate has been between globally distributed, or fast… And although you absolutely need both, this misses the point entirely. The heart of an exchange is the risk engine. Where real people trade real money, you must offer the most efficient venue for protecting and enabling capital. BULK approaches risk management like a tradfi clearing house - precise and robust. Our key differentiator is SPAN style portfolio margining, where every asset has a correlation that adjusts required margin dynamically based on market conditions. A result of this is positions hedge each other resulting in lower margin requirements. Leading CEXs and DEXs don’t offer anything close to this, but instead they view your portfolio on a per position basis, which puts capital at risk. For over 3 decades SPAN has been the gold standard for futures and we are brining it on chain. Liquidations are like precise surgeries where it’s an optimisation being run in realtime. During market momentum bulk removes positions that don’t correlate and reduces your protfolio risk, instead of liquidating an entire position To build an engine like this is incredibly expensive when it comes to compute, which is why no L1 today is able to offer the same. There has never been a better environment for someone to disrupt this space and offer an experience that the industry so desperately needs Competing between ourselves in crypto is too short sighted, as the true TAM for this is EVERYTHING The best thing about this, is that because we are a complete stack, every market participant from traders and hedge funds to validators and market makers, get to become part of the network and benefit in the growth of it. As an ecosystem, we have repeatedly told each other not to let the traditional giants come and take everything we have worked so hard to build… This is our chance to see that reality. We are not only committed, but obsessed with building something truly capable of advancing modern finance on a global scale One Exchange. Infinite Markets.

SPAN risk management settles trillions each day in traditional futures markets BULK is the first to bring it onchain Perps traders deserve better than the current status quo, soon they will have it

@momotavrrr @bulktrade @kdotcrypto Very cool

The whole point of having a transparent venue is being able to see this Hyperliquid, Paradex, Aster, Lighter - none of them tell you how their margin model works. you size a position, you pay margin, you get liquidated @bulktrade just publishes the whole thing, every cell, every regime, every decay curve Hedges count. long BTC / short ETH on Bulk gets netted via the live correlation between them Your effective notional drops, your margin requirement drops with it (everyone else just margins each leg like the other one isnt there) Markov Regime Model. when a regime kicks in Bulk gets strict, then it relaxes as time passes. you can actually watch this on the heatmap in bulkstats.com/analytics/risk that smooth transition is how CME SPAN handles volatility regimes than anything else in DeFi Live mode shows what Bulk actually charging right now Strict mode shows the worst case if a regime just kicked in if your venue cant show you any of this - ask why

@Nevergreen911 My habit of keeping hundreds of browser tabs open translated to subaccounts too Each subaccount tab has its own layout and customisation while staying initiative to all user groups 😄

Bulk subaccounts are simply a masterpiece

If you run a validator, your will earn more on your compute with BULK If you are a trader, you will spend less on spreads with BULK If you are a builder or deployer, you will have a more efficient GTM with BULK If you are an MM, you have the best execution environment with BULK

@kdotcrypto Spreads and margin 😆

@trevor_flipper @kdotcrypto @bulktrade locked in while locked in

@kdotcrypto @junbug_sol @bulktrade you let him out the basement?

This is exactly why we’re building @bulktrade You can deposit tokenised gold directly as collateral and short the gold perp against it - no borrow/lend required Our portfolio margin engine (SPAN-style) recognises the correlation between your gold collateral and your short gold perp. The effective margin requirement is near-zero because the position is naturally hedged at the portfolio level. On binance, you would need USDC to margin the short, If you hold gold, you're forced to either sell it or borrow USDC against it through a separate lending protocol - paying interest, taking on liquidation risk, and fragmenting your position across two systems We are merge the exchange, clearing house, and prime brokerage stack into one system. In TradFi these are separate entities - the exchange matches orders, the clearing house nets risk, and the prime broker extends cross-asset margining. Each adds a layer of cost and a lot of counterparty risk. BULK collapses all three into a single protocol - your collateral, positions, and risk are evaluated as one unified portfolio with no intermediaries between them

@jsblair @kdotcrypto @bulktrade tell me more

@kdotcrypto @junbug_sol @bulktrade now just need a rate market to hedge the variable funding rate and BOOM now you have the fixed income strategy you're wanting to run

I will never be convinced that programmatically buying back tokens just to burn them is a better use of capital than actually scaling the business tied to them

learn more here: docs.bulk.trade/architecture/m… docs.bulk.trade/api-reference/…

When designing these features, we asked ourselves and our traders - how can we solve the most clunky, complex problems. And this is our shot at building the best exchange possible: Sub Accounts are off-curve addresses that hold no private key and your master account owns them; a simple authorization model that is safe, & doesn't require emails or special api keys. to make it intuitive we designed the UI to act like a tab switcher just like how a browser would - having multiple accounts with their own layouts, strategies or settings, & seamlessly switch between them. To enable margin transfers between any account in the network - we built a native gasless transfer layer that moves assets between users all under 20ms! Last but not least the most important for institutional and power users is a multisig baked in the network - which has timelocks, expiry and other modules too You can place orders or any action a normal account can do through a multisig I am super excited to see cool things built utilising these tools - New payments apps that also offer finance / yield that work as neobanks; all while connected to the fastest execution exchange in crypto. A cool security focused trading app like @fusewallet where my passkey, email and wallet are a 2/3 multisig that allows me to seamlessly place / manage my trades from a mobile app Our vision has always been one exchange, infinite markets and to build that we are expanding these rails to support development of next billion dollar apps that consumers will love using - powered by BULK tick by tick 🫡

Beyond excited with this latest update Anyone who runs multiple strategies at once will know how frustrating the navigation between accounts and positions can be Sub accounts have been done before, but the ease of navigation and capital transfer here is an experience I believe isn't being offered anywhere else onchain The transfer feature is also the first showcase into being able to present BULK as not just an exchange, but a truly powerful network Whether you're transferring capital between your accounts, or sending some to a friend... You no longer need to leave the exchange to transfer (completely for free) using BULKnet

The largest BULK upgrade to date is HERE • Sub Accounts • BULK Native Asset Transfers • BULK Native Multisig • Isolated Margin One portfolio. Total control. Only on early.bulk.trade

imagine the grand exchange with order books

@qubitn8 I think you should take a look at BULK's portfolio margining; solves a lot of static margining issues, while introducing real time dynamic regimes