Bullet: Solana perps via a purpose-built execution layer
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Solana did ~$451B in perps volume in 2025 versus Hyperliquid's ~$3T, because shared blockspace sets a latency floor. Bullet adds a native Rust runtime, FIFO sequencer, SP1 ZK proofs, Celestia DA and Solana settlement.
Key claims
Solana perp DEXs did ~$451B volume in 2025
Hyperliquid did nearly $3T in total exchange volume
Delphi 2026 outlook calls full-stack perp DEXs the cycle's defining trend
Solana did ~$451B in perps volume across all its DEXs in 2025.
Hyperliquid alone did nearly $3T in total exchange volume. The largest crypto ecosystem by active users and spot liquidity has been completely absent from the fastest growing vertical in DeFi.
The core problem is architectural. Shared blockspace and 400ms block times (not accounting for shreds) create a latency floor that makes serious market making unviable. Every Solana-native perps DEX has been building around this constraint rather than eliminating it.
Bullet takes a different approach:
- @sovereignxyz SDK for a purpose-built execution environment running native Rust with no general-purpose VM (BulletSVM plans on roadmap tho)
- Application-specific FIFO sequencer (structurally eliminates latency-based MEV)
- @SuccinctLabs' SP1 proving network for zk state verification
- @Solana L1 for settlement and liquidity access
- @celestia for data availability
- @PythNetwork Lazer for 1ms oracle feeds
The result is appchain-level performance that still plugs back into Solana. Settlement happens on L1 via zk proofs, so liquidity and composability with the broader ecosystem stay largely intact.
Closest analog is probs what @HyperliquidX did by building a purpose-built L1, except Bullet plugs into Solana's existing user base and liquidity graph instead of bootstrapping from scratch.
Delphi's 2026 outlook calls perp DEXs going full-stack (brokerage, exchange, custodian, clearinghouse in one venue) the defining trend of this cycle.
If that thesis plays out, the Solana ecosystem needs infrastructure that can actually compete at the execution layer.
@Bulletxyz is the most credible attempt so far.
We also previously covered Bullet with @a1research__ if you want to dive deeper:
x.com/a1research__/status/1973786141485670702
QUOTING @Bulletxyz
Perps Trading on Solana is about to change for the better. Mainnet is live. Here's how you can get in early 馃憞 t.co/ATa5dnDIzM
Perps Trading on Solana is about to change for the better. Mainnet is live. Here's how you can get in early 馃憞 t.co/ATa5dnDIzM