THE CHALLENGER SERIES The Challenger Series is a seasonal ranked league where traders compete head to head for their spot on the ladder. Ranks have been revealed. Season 1 begins SOON. app.bulk.trade/aura

BULK is one of the fastest growing derivatives exchanges A 8% compounded daily growth, on avg $350k in net OI added per day since launch Global derivatives represent roughly $1 quadrillion in outstanding notional. At $100B+ in open interest, perps represent only around 0.01% of that scale In the last few months Perps have already demonstrated substantial demand and price discovery during non trading hours. As more of traditional finance catches on to perpetuals, I believe capturing more than 10% of the broader derivatives market over the next few years is possible But to get there, we (onchain) need the risk infrastructure that tradfi has spent decades developing: that allows institutions to manage complex portfolios. SPAN is part of that history. Used since 1988 across exchanges and clearing orgs worldwide, it puts portfolio risk and eligible hedge offsets at the centre of margining Cme's portfolio-margining programme alone averaged $8.4B in daily margin savings during 2025, with savings exceeding $10B per day at the beginning of 2026 That is billions of dollars in lower collateral requirements through better portfolio risk management In the next few years, there wont be a distinction between trad and defi. But if we want to make that happen, we have to do better We, as a industry should offer the beautiful features of blockchain to risk infrastructure built through decades That is the direction we believe onchain derivatives should take to grow: recognise useful hedges, charge for the risk that remains, and account for what it would cost to close positions under stress. Ultimately, that means helping traders use their capital more efficiently BULK brings that portfolio-risk philosophy onchain through its own margin model. A long BTC / short SOL portfolio can receive margin credit because the positions partially offset. The credit depends on sizing, correlations and risk conditions, while leverage constraints and closeout reserves remain in place We are so early, To bring the world of derivatives onchain, we need to learn, adapt and build a better system For us at BULK, the job is clear: build and share the best risk systems onchain, and shove it down tradfi's throat Over time, we want to bring that same margining philosophy to a broader set of instruments: swaps, forwards, options and other OTC derivatives, alongside interest-rate and FX futures and options Accelerating, tick by tick.

How long to reach $10M OI: Perpl — 9+ months GRVT — 10 months Variational — 6–8 months Phoenix — 6 months Txflow — 5 months Hyperliquid — 5 months Extended — 4 months Lighter — 3 months Arcus — 3 months Pacifica — 3 months RisEx — 3 months BULK — 30 days Thank you x

The margin requirement for these positions on any other onchain venue today is over $10,500 BULK requires just $3,600. Almost 70% savings! That is money back in your pocket simply by choosing the right venue @bulktrade will lead the margin efficiency meta

DID YOU RANK UP?? Season 1 of The Challenger Series begins next week... don't fall behind 👀 Check your rank: app.bulk.trade/aura

Margin Efficiency Meta

There is a new player in the race

this is what peak performance looks like

Bulk can be 2x+ more capital efficient than traditional perp platforms Since Bulk uses SPAN margining, the Long BTC, Short ETH pair trade I'm running is 2x more efficient than if using isolated margin, and a good deal more than other cross-margining approaches Pretty incredible, can use the extra margin to put on other trades or crank-up and capture greater funding rate income

TAXI DRIVERS IN CONTROL Trade $XRP by @Ripple with up to 10x leverage now on app.bulk.trade!

PUMP IT Trade $PUMP by @Pumpfun with up to 10x leverage now on app.bulk.trade!

IT IS BULKING SZN $500m in volume has been traded on our invite-only mainnet Are you BULKing yet?

We're British, we don't do high school musicals bruv 😂 You can take us out of London but you can never take the mandem out of us. Tomorrow's class: BRITISH CULTURE Tune in for a surprise 🇬🇧🎬

No AURA? Better get to work The Challenger Series begins Sept 26 👀