BULK Review 2026
About BULK
BULK is a non-custodial perpetual futures DEX that runs its own order book network alongside Solana and settles deposits and withdrawals in a Solana program. Mainnet opened on September 5, 2026 in an invite-only phase: a new user needs a one-time access code from an existing user to start trading. BULK lists 22 USDC-margined perpetual markets in its mainnet API, of which 8 were open for trading on October 4, 2026 (BTC, ETH, SOL, XRP, HYPE, ZEC, PAXG, PUMP) and 14 were suspended. The BULK mainnet API reported about 21 million dollars of 24-hour volume and about 9 million dollars of open interest on October 4, 2026. BULK charges a 0.035% taker fee and a 0% maker fee at the base tier during its Genesis phase, which the docs define as the first 30 days of mainnet. Taker fees fall to 0.022% for accounts with 4 billion dollars of 14-day volume, and makers with at least 5% of a market's maker volume get a 0.015% rebate. The published Phase 2 schedule raises the base maker fee to 0.02% and keeps the taker fee at 0.035%. Maximum leverage on live markets is 40x on BTC, 25x on ETH, 20x on SOL, XRP and PAXG, and 10x on the rest. The docs state a protocol limit of up to 100x per instrument, but no live market is set above 40x. All collateral is USDC, deposited from Solana. BULK uses portfolio margin by default, which calculates margin on the correlation-adjusted exposure of the whole account, and offers per-instrument isolated accounts and sub-accounts. Orders are matched by a validator network running the BULKBFT consensus, with a stated matching latency of 5 to 20 milliseconds and no gas fees for orders. Withdrawals need a FROST threshold signature from the validator set. Zellic audited the BULK Solana program in July 2026. Crypto Briefing reported an 8 million dollar seed round in September 2025, co-led by Robot Ventures and 6th Man Ventures, and a pre-deposit campaign that started on June 1, 2026 and collected over 25.9 million dollars in USDC. DeFiLlama showed 7.9 million dollars in the custody vault on October 4, 2026. The Terms of Use dated August 17, 2026 prohibit use from 43 jurisdictions, including the US, the UK, Germany, France, Japan and Singapore.
KEY FACTS
- CUSTODY
- non-custodial
- TAKER FEE
- 0.035%
- MAX LEVERAGE
- 40x
- NETWORKS
- Solana
- KYC REQUIRED
- No
- FOUNDED
- 2025
Fee Structure
| MARKET | TAKER | MAKER |
|---|---|---|
| Perpetuals | 0.035% | 0% |
| Best Tier | 0.022% | 0% |
Leverage & Margin
Security
Pros & Cons
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
- + No gas fees on orders and a stated matching latency of 5 to 20 milliseconds, with post-only orders and cancels executed ahead of taker orders in every batch
- + Conditional orders include stop, take-profit, trailing stop, range (OCO) and on-fill TP/SL, and a public testnet with a faucet is available for practice
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
- − The Terms of Use prohibit 43 jurisdictions, including the US, the UK, Germany, France, the Netherlands, Japan, South Korea, Singapore, the UAE, Turkey and Ontario, and they ban VPN use
- − The Zellic audit covers the Solana deposit and withdrawal program; the matching and risk network had been live for about one month as of October 4, 2026, and TVL fell from 27.3 million dollars in June to 7.9 million dollars
Frequently Asked Questions
Is BULK open to the public?
No, BULK mainnet is invite-only as of October 4, 2026. The docs state that access codes are the only way for new users to get in. Codes are single-use, reset every week, and are issued to pre-launch depositors and to traders, who earn one code per 1 million dollars of volume. BULK has not announced a public opening date.
What are BULK trading fees?
BULK charges a 0.035% taker fee and a 0% maker fee at the base tier during the Genesis phase, the first 30 days of mainnet. Taker fees fall in eight tiers to 0.022% at 4 billion dollars of 14-day volume. The published Phase 2 schedule sets the base maker fee at 0.02%. There are no gas fees on orders.
Is BULK safe?
BULK is non-custodial: user funds are held in a Solana program, and withdrawals require a threshold signature from the validator set. Zellic audited that program in July 2026. The matching network itself launched on September 5, 2026, so it has a short track record. A protocol risk vault and auto-deleveraging cover liquidation shortfalls.
Does BULK require KYC?
No, BULK does not require KYC to trade. Users connect a Solana wallet and enter an access code. The Terms of Use dated August 17, 2026 reserve the right to run KYC or source-of-funds checks and to suspend accounts that fail them. The terms also prohibit 43 jurisdictions, including the US and the UK, and ban VPN use.
What leverage does BULK offer?
BULK offers up to 40x leverage on BTC, 25x on ETH, 20x on SOL, XRP and PAXG, and 10x on HYPE, ZEC and PUMP, according to its mainnet API on October 4, 2026. The docs mention a protocol limit of up to 100x per instrument, but no live market is set that high. Cross and isolated margin are both supported.
How does the BULK referral program work?
BULK pays referrers in AURA points from a weekly pool, with no published share of trading fees. Each user creates a referral link on the referrals page of the BULK app. During invite-only mainnet, users also get weekly one-time access codes that attach new users to that link: 5 to 15 codes for pre-launch depositors, plus one per million dollars traded.
What can I trade on BULK?
BULK had 8 perpetual markets open on October 4, 2026: BTC, ETH, SOL, XRP, HYPE, ZEC, PAXG and PUMP, all margined and settled in USDC. Another 14 listed markets, including DOGE, SUI, BNB and AAVE, were suspended. BULK has no spot trading. Minimum order value is 1 dollar on BTC and 40 to 50 dollars on other markets.
BULK documentation (docs.bulk.trade): fees, referral, contract specifications, order types, margin, liquidations, security practices, audits, API changelog · BULK mainnet API (mainnet-api1.bulk.trade/api/v1): exchangeInfo, stats, feeState, queried October 4, 2026 · BULK Terms of Use (bulk.trade/terms), last updated August 17, 2026 · DeFiLlama API (TVL, slug bulk) · CoinGecko derivatives API (id bulk), checked and not used for volume: it reported about 1.63 billion dollars against 21 million dollars in the BULK API · Crypto Briefing, BulkTrade launch report, September 5, 2026