| FEATURE | VERANTA | BULK |
|---|---|---|
| Type | DEX | DEX |
| Taker Fee | 0.045% | 0.035% |
| Maker Fee | 0.001% | 0% |
| Max Leverage | 500x | 40x |
| Perp Pairs | 148 | 8 |
| Spot Trading | No | No |
| KYC Required | No | No |
| Rating | 3.5 | 3.0 |
Veranta vs BULK: key differences
Opening and closing a $10,000 position with market orders costs $7.00 on BULK and $9.00 on Veranta at base-tier taker fees, a difference of $2.00 per round trip.
For limit orders, Veranta charges makers 0.001%, while BULK charges makers nothing.
Veranta allows up to 500x leverage against 40x on BULK. The headline figure usually applies to a few markets only, so check the limit on the pair you trade.
Veranta lists 148 perpetual markets, BULK lists 8.
Veranta is the more liquid venue, with $50M in 24-hour volume against $21M on BULK (about 2.4 times more). Deeper books mean less slippage on large orders.
Neither exchange requires KYC: both are used by connecting a wallet.
Figures as of 2026-10-04, from each exchange's documentation, CoinGecko and DeFiLlama.
Costs, liquidity and safety in detail
| Veranta | BULK | |
|---|---|---|
| Taker round trip on $10,000 | $9.00 | $7.00 |
| Maker round trip on $10,000 | $0.20 | $0 |
| Best-tier taker fee | 0.0315% | 0.022% |
| BTC max leverage | 500x | 40x |
| Margin modes | isolated | cross, isolated |
| 24h volume | $50M | $21M |
| TVL | $11M | $8M |
| Custody | non-custodial | non-custodial |
| Collateral | USDC | USDC |
| Deposit networks | Base, Ethereum | Solana |
| Minimum order | $100 | $1 |
| Order types | 8 | 9 |
| Options | No | No |
| Mobile app | No | No |
| Testnet or demo | No | Yes |
| Vaults or copy trading | No | No |
| Insurance fund | No | Yes |
| Audited | Yes | Yes |
| Restricted jurisdictions | 6 | 43 |
| Founded | 2023 | 2025 |
Choose Veranta if
- You want higher leverage: up to 500x against 40x.
- You trade smaller or newer markets: 148 perpetual pairs against 8.
- You trade size and need liquidity: $50M in 24-hour volume against $21M.
- You want a sign-up discount: 5% off fees through a referral link.
Choose BULK if
- You mostly use market orders: 0.035% taker fee against 0.045% on Veranta.
- You place limit orders: 0% maker fee against 0.001% on Veranta.
Veranta
PROS
- + Zero maker and taker fees on forex, commodities, indices and equities while those markets are in growth mode (spread and funding still apply)
- + Crypto fees of 0.045% taker and 0.001% maker per side, where maker means a trade that reduces open-interest skew
- + Upside Perps on BTC, ETH, SOL, XRP and HYPE: no opening, closing or borrow fees, and traders keep 75% to 95% of profit on winning trades
CONS
- − Deployed on Base only, and USDC is the only accepted collateral
- − Fixed-fee leverage on crypto majors is capped at 50x and altcoins at 40x; higher crypto leverage requires Upside Perps, which take 5% to 25% of profit
- − Profit on a single position is capped at 2500% of collateral on most markets, and positions are liquidated at an 85% loss
BULK
PROS
- + Base taker fee of 0.035% and maker fee of 0% during the Genesis phase, with taker fees down to 0.022% at 4 billion dollars of 14-day volume and maker rebates of up to 0.015%
- + Portfolio margin is the default: margin is calculated on the correlation-adjusted exposure of the whole account, which the docs say can cut requirements for a hedged BTC and ETH position by 30% to 70% against isolated margin
- + Non-custodial: funds sit in a per-user account of a Solana program, withdrawals need a FROST threshold signature from the validator set, and Zellic audited the program in July 2026
CONS
- − Mainnet is invite-only since September 5, 2026: access codes are the only way in for new users, they are single-use and expire weekly, and no date for public access has been announced
- − Only 8 of 22 listed perpetual markets were open for trading on October 4, 2026, there is no spot trading, and USDC on Solana is the only collateral
- − 24-hour volume was about 21 million dollars and open interest about 9 million dollars on October 4, 2026 per the BULK API, and BTC accounted for 14.3 million dollars of that volume
Frequently Asked Questions
Is Veranta or BULK better?
Veranta has a higher rating (3.5 vs 3). BULK offers lower fees (0.035% vs 0.045%). Choose Veranta for higher leverage, and BULK for lower fees.
What are the fees on Veranta vs BULK?
Veranta charges 0.045% taker / 0.001% maker. BULK charges 0.035% taker / 0% maker for perpetuals.
Which has higher leverage, Veranta or BULK?
Veranta offers up to 500x, and BULK offers up to 40x. Maximum leverage applies to selected markets and falls as position size grows on both exchanges.
Do Veranta and BULK require KYC?
Veranta does not require KYC. BULK does not require KYC. Both restrict some jurisdictions (Veranta lists 6; BULK lists 43), so check the terms of service for your country before depositing.
Is Veranta or BULK safer?
Veranta has been audited and has no insurance fund on record here, and custody is non-custodial. BULK has been audited and runs an insurance fund, and custody is non-custodial. Neither audits nor insurance funds remove smart contract risk, so size deposits accordingly.
Which has more trading volume, Veranta or BULK?
Veranta recorded $50M in 24-hour volume and BULK recorded $21M, as of 2026-10-04. Veranta lists 148 perpetual markets and BULK lists 8.