Solana perps · Validator-embedded

Bulk

Solana perp DEX inside the validators.

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Research: 7
Posts: 8
Covering since: Oct 2025
Partner pieces: 1

In numbers · from my research

OI $14.6M vs $1.4M on 9 Sep22 Oct 2026 · Breakdown Realized fee take ~3.5bp, ~$4M annualized22 Oct 2026 · Breakdown 25ms taker speed bump sunsets between 4 Dec and 3 Jan22 Oct 2026 · Breakdown Pacifica $220B+ cumulative volume16 Sep 2026 · Map Jupiter ~$510B cumulative, no longer the volume leader16 Sep 2026 · Map Drift lost $285M in an April exploit and rebranded as Velocity16 Sep 2026 · Map

My research · newest first

22 Oct 2026Bulk: validator-embedded perp DEX on Solana, 46 days after mainnetBulk runs matching in a leaderless BFT network of Solana validators. After 46 days it has ~$1.3B cumulative volume, $14.6M OI (10x since 9 Sep) and ~$9K daily fees; December removes the speed bump, zero maker fees and Challenger Season 1 together.BreakdownPartner

17 Sep 2026Solana Alignment Spectrum: where perp DEX matching sits in the stackSplits Solana perp DEXs by how deep matching sits in Solana: Pacifica offchain on its own servers, Bullet in a bonded sequencer, Bulk in ~5% of validators, Parasol aiming for inside Agave itself.Map

16 Sep 2026Solana perp DEX ecosystem map: Phoenix, Pacifica, Jupiter, Bulk and 11 moreLandscape of 15 Solana perp venues with architecture and traction: Phoenix (crankless CLOB, $1B all-time), Pacifica ($220B+ cumulative), Jupiter (~$510B cumulative), Bulk, GMTrade, Bullet, Parasol and Drift's rebuild as Velocity.Map

23 Aug 2026Bulk pre-deposits and AURA: validator-embedded perp DEX on SolanaBulk validators run a bulk-agave fork beside Solana's client, forming leaderless consensus with 20-40ms finality and ~5% of stake. Portfolio margin against a correlation matrix can cut hedged margin up to 70%. Last week of AURA pre-deposits, zero maker fees for 30 days.Breakdown

31 Oct 2025Bulk: a Solana validator-integrated CLOB execution layerBulk is an execution layer in a custom validator client giving a CLOB bypassing the L1 queue, with FIFO matching via cryptographic sort keys, gasless orders and fee sharing with validators.Breakdown

28 Oct 2025Solana catalysts: ETF, Firedancer, Alpenglow, network extensionsLists Solana catalysts: spot SOL ETF filings, Firedancer, Alpenglow finality of 100-150ms in early 2026, Jito BAM, DoubleZero and network extensions like Bullet and Arcium. Concludes it may be the best bet among majors besides HYPE.Thesis

24 Oct 2025Why Solana TVL holds at $11B while user activity fellSolana TVL is near ATH while active users dropped since the meme and agent peak. Attributes the shift to perp appchains, Phantom's Hyperliquid integration, BNB Chain and Base retail competition, and prediction markets absorbing gambling flow.Market take

From my posts · on X

22 Oct 2026Bulk is the most serious piece of perp DEX engineering on Solana rn, and the numbers don't show it properly yet imo. That's exactly the setup I like. But first, quick recap of what @bulktrade actually is: Solana validators run a second binary (bulk-agave) next to their normal client, form their own leaderless BFT network (BULKBFT), agree on each batch of orders, and then every validator runs the same deterministicOn X 29 Sep 2026That's the shortlist for now. Also attending private dinners by @get_truenorth and @bulktrade, so happy to link up if you're part of any of those events. See y'all in Singapore!On X 17 Sep 2026The Solana Alignment Spectrum. The real split in Solana perps isn't fees or points, it's how deep the matching engine sits in Solana's own stack. The design space is broad: - @pacifica_fi runs it on its own servers, Solana holds the vaults - @Bulletxyz runs it in a bonded sequencer, its own lane settling to Solana - @bulktrade runs it inside ~5% of Solana's validators, right next to Agave - @buildonparasol wants iOn X 16 Sep 2026Solana Perp DEX Wars Line-Up @solana has held the crown for being the #1 token launch and onchain spot trading chain for years. Aside @base and most recently Robinhood, there was rarely any serious competition. However, perps on Solana have always struggled to gain the traction of Hyperliquid, or even Lighter/Variational. Yet, the price is big, so the landscape is getting more and more crowded. Meet the Solana peOn X 23 Aug 2026The last week of AURA farming through pre-deposits on @bulktrade. And while I'm rather late among the early, I will finally give this a try now (just deposited some USDC). With mainnet likely to kick off in a week, my balance should soon convert into trading margin, and it's all gonna be about trading for points. TL;DR on what makes Bulk unique: While a lot of perp DEX teams opt for their own chains, Bulk is takiOn X 31 Oct 2025A few reasons why you should study @bulktrade (and maybe stake your SOL to earn [redacted]): - BULK is a specialized execution layer integrated directly into @solana validators via custom "Bulk-agave" client (forked from jito-agave) that acts as a dedicated "Formula 1 track" for its CLOB while Solana L1 remains the general-purpose highway. - Achieves 20ms async matching tick and 5-20ms immediate matching latency byOn X 28 Oct 2025Solana has a bunch of strong catalysts cooking imo: - SEC has recently approved a new regulatory framework and the filing by asset 21Shares to custody the first U.S. spot SOL ETF. - Full release of Firedancer validator client (successfully achieved over 1 million TPS in testing) is expected in 2025. - Alpenglow consensus upgrade (block finality of 100-150ms) hitting mainnet in early 2026. - Continued ecosystem and iOn X 24 Oct 2025Solana's $11B TVL is not too far from ATH, while active user numbers have been down ever since the peak of meme and agent season. So while protocols like Jupiter, Kamino, Jito, Sanctum, Raydium, Marinade, Drift, Meteora or Orca have been able to sustain TVL, a lot of the daily activity has moved elsewhere. This makes sense as perp season increasingly overtook gambling on memes and low cap pumpfun tokens. While SolOn X

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Solana perp DEX inside the validators.

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The rest of my stack

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