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.