Crypto made asset issuance permissionless It never made derivatives creation permissionless A futures market is not just a ticker and a pool. It is an agreement between contract design, reference pricing, liquidity, matching, margin, clearing, collateral, liquidation and distribution In the traditional derivatives stack, those functions are split across institutions: The exchange defines the contract and operates the matching engine The clearing house becomes the central counterparty, sets margining rules, nets obligations, manages settlement and maintains the default waterfall. FCMs, brokers and prime brokers provide market access, financing, collateral management and house margin It is expensive and slow to coordinate, but robust! CEXs compressed that stack, but kept the most valuable gate for themselves. Everyone has heard what a listing actually costs 😄 Ten years of CEX innovation also failed to bring TradFi-level capital efficiency to defi. Most perp venues still margin positions individually or use static margin tables that barely respond to changing market conditions Portfolio margin is the most powerful tool in derivatives and the most gatekept. It is why a fund runs a hedged book for a fraction of the capital a retail account posts on the same two legs. In TradFi you need an ISDA, a prime broker and a six figure account to access it. We built it into the base layer of the exchange and opened it to everyone.. Margin should scale with the net risk of the whole book, not the gross size of each position alone. Required margin scales with portfolio variance -when one position offsets another, the required collateral should reduce. A real hedge should release capital instead of being margined twice CME is the Industry standard benchmark - SPAN evaluates a discrete risk array and grants cross-position relief through exchange-defined spread credits! Every crypto offset CME offers, is a contract against itself in another wrapper. Bitcoin against Micro Bitcoin. Ether against Micro Ether. Futures against options on the same underlying. Long Bitcoin, short Ether is two different assets, and you need to use a third product, the Ether/Bitcoin Ratio future to access the benefit. Here's how BULK risk engine (inspired by SPAN) performs better: Netting: every position is evaluated against every other position through a live correlation matrix. The measured relationship is the credit, there is no eligible-spread list Regime: maintenance margin changes with the live volatility and trend state across nine market regimes. A position should not require the same margin in a calm trend and a correlated crash Resolution. SPAN is 16 scenarios. BULK runs a 500,000 path Monte Carlo at every point of a 3,024 point grid of threshold by leverage by regime by side. Roughly 1.5 billion simulated paths per asset (and more), each path 25k+ steps, with regime transition dynamics. It prices the real tail and the path into it.. the resulting risk surfaces and correlations are protocol state. Every validator applies the same margin, liquidation and settlement logic. There is no private risk desk granting one account a better margin agreement Same principle CME pioneered, margin the net risk of the book. A generation newer in execution, and transparently decentralised! BIP-1 brings that engine to market creation BULK compresses functions divided between the exchange, clearing house, broker and prime broker into one deterministic base layer. For deployers, the opportunity is larger than launching another long-tail crypto perp. A deployer can build markets around commodities, rates, indices, sector baskets, regional assets or any other product with a defensible reference price and real liquidity. You can prove demand for your idea without persuading any committee! And once that market matures, its traders enjoy the fruits of portfolio margining. The market can become part of a wider capital network, where positions hedge against existing markets and collateral is allocated to the net risk of the whole portfolio Innovate. Deploy. Prove demand. Calibrate the risk. Unlock Portfolio margining. That is BIP-1

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

Asian uncles from my pool league are long XRP on BULK

Genuinely excited for this to hit mainnet BULK deposits and withdrawals currently wait for solana finalisation to process which takes about 12 seconds today - with new alpenglow finalisation taking about 150ms to 400ms this unlocks huge possibilities >Faster/Near-instant deposits and withdrawals to bulk >Cross composability to solana - the ability to execute/talk to solana programs becomes near instant, allowing us to use solana's great spot liquidity through propamms and routers >BULK's risk engine now can talk to solana lending/borrow protocols faster and finalise the decisions needed - unlocking cheaper haircuts >Ability for solana programs to execute bulk actions in the future by talking to bulk program on solana directly When we start looking at LSTs and Kamino positions as collateral, Alpenglow cleara a huge blocker for us to be able to realise this sooner Props to the team as always 🫡

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!

GOLD on BULK Trade $PAXG by @Paxos with up to 20x 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?

Testnet upgrade: ALO_SLIDE and ALO_JOIN are available We’ve added two post-only limit-order modes for testing: > ALO_SLIDE - If your limit would cross the opposite best price, it adjusts to the closest non-crossing price on the market’s tick grid. > ALO_JOIN - If your limit would cross, a buy joins the best bid and a sell joins the best ask. If that same-side quote is absent, it falls back to SLIDE. For example, with 99.00 bid / 101.00 ask and a 0.01 tick, a buy submitted at 105.00 would work at 100.99 with SLIDE or 99.00 with JOIN, subject to normal validation. Non-crossing orders keep their submitted price. The adjustment happens once on entry - resting orders do not continuously follow the BBO. Both remain post-only; ordinary balance, size and risk checks still apply. Integration and signing - Send "tif":"ALO_SLIDE" or "tif":"ALO_JOIN" in your limit action. - Use Testnet signing domain 2. - Set the TIF and submitted limit price before signing. Sign the original request, not the server-adjusted working price. - Custom binary signers: transaction TIF values are 3 for SLIDE and 4 for JOIN, encoded as little-endian u32. - Update closed TIF enums in your request encoder and /exchangeInfo decoder. - Order/account updates use postOnlySlide and postOnlyJoin. Testnet state was refreshed, so recheck your account, funding and open-order state. If you have any feedback - open a ticket on discord!

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

warming up @bulktrade is pretty smooth

Tokenisation and trading are the strongest PMF we have for global state machines like Solana and Ethereum. Global adoption of derivatives built natively on blockchains is still in its early days We are building BULK towards that future: the best margining + execution stack onchain. The benchmark is not a crypto exchange - it should be systems like CME SPAN. Tradfi derivatives markets already use sophisticated portfolio margining, but blockchains give us the opportunity to go further by unifying collateral, risk and execution in a programmable, globally accessible state machine. Derivatives trade trillions of dollars every day, yet access to the underlying market remains fragmented. Blockchains can change that in the same way they opened up global access to spot assets. Opportunity to deploy trillion dollar derivatives for RWA / Equities, rests entirely with BIP1 BIP-1 is about enabling people to craft entirely new derivatives - markets with pricing, settlement and risk structures that would be impossible to build on traditional rails Excited to be working with BIP-1 deployers already pioneering new ways to price markets across every kind of asset. The great “let’s make a derivative of everything” era is upon us!

Options will be huge onchain Lots of new strategies are unlocked when you are able to hedge options with the correlated perp in a single venue Lots of room to grow here

DONT GET STUCK IN BRONZE 👀 AURAMAXX. CLIMB THE RANKS. GO FOR GLORY. COMING SOON TO: app.bulk.trade/aura

BULK Mainnet Scheduled Upgrade - Sunday, September 20, 2026 Maintenance schedule - UTC 12:00–13:00 - Scheduled downtime. Trading will be unavailable; API and WebSocket connections will be interrupted. 13:00–13:30 - Markets reopen in post-only / reduce-only mode. Post-only orders or orders that reduce existing positions will be permitted. 13:30 - Normal trading is scheduled to resume, subject to final checks. ALO / POST ONLY orders will be cleared during the upgrade. All GTC and conditionals remain untouched. Clearing orders does not close existing positions! What’s changing: - L2 market-data improvements: updated initial subscription snapshots and filtering of stale deltas already covered by the snapshot, improving order-book reconstruction on connection and resubscription. - Order lifecycle fixes: improved place/cancel response tracking and cleanup of executed isolated conditional orders. - Execution safeguards: improved error handling and execution-budget refresh after collateral transfers. - Conditional-order integrations: builder-code support and associated signing updates. - API improvements: clearer maintenance responses, trusted-proxy rate-limit handling, and corrected daily statistics/open-interest reporting. No breaking change in normal - market & limit orders is expected, but a change in format for orders carrying builder codes will change. And the new format will be published post upgrade. Happy trading and gBULK!

I have been particularly vocal about how excited I am to offer a margining system we have been able to build. Simply put, we enable you to do more, with less. We are in the infancy of being able to showcase what BULK's portfolio margin enables. That is not clearly visible to the user today with limited assets, limited to perps. In spite of this, we have been blessed with an incredibly strong start which the entire team is stoked about. Our focus now is on ensuring you get to leverage the full power of portfolio margin accross a complete trading stack. What is launched on Day 1 is a mere fraction of how we look on day 1000. More assets More collateral options Spot Markets Lend/Borrow Options All grouped into a unifieid, portfolio aware margin account to offer you the absolute gold standard of efficiency for your onchain dollars

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One of these is only 3 days old...

Propamms could replace the expensive quoting part of a price time ladder that an orderbook holds. You can reprice bunch of levels with a very small txn and that’s best way to reprice on Solana currently.. The complexity is a layer deeper - matching and risk checks, A matcher or core engine of this perps exchange has to touch multiple propamms to find the best price to the users order but also has to do bunch of risk checks that are expensive ie calculate margin, leverage, portfolio impact, etc Exchange lifecycle is also cost that we always forget when we talk about these prop amm vs clob ideas - the expense still remains where you have to read and write literally thousands of users to keep them updated at all times (even moreso during volatility or when accounts are closer to liquidations) All these costs can be shifted but the costs remain nonetheless Clobs are beautiful as they hide this complexity- matching is usually O1, Risk and lifecycle can be 01 too Majority costs of clob are in downstream that needs to be compressed and represented on a Solana block

beginning - but lot of work left to do 🧱

Successful relaunch Time to scale products and available assets🫡