Sabitlenmiş Tweet
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
English
