BULK Exchange Glossary

A last-resort risk mechanism that closes profitable opposing positions when the insurance fund cannot cover a liquidation. BULK describes ADL as a 'rare event' that triggers only when the insurance fund is insufficient.

The distribution of 30% of the BULK token supply to early users, the same allocation structure as Hyperliquid's $7B+ HYPE airdrop. Eligibility is gated by Aura points, trading activity, and BulkSOL holdings.

An order type that will only rest in the order book as a maker. If the order would cross the book and take liquidity, it is cancelled instead.

BULK Exchange's loyalty and activity metric. Aura accumulation is the most heavily-telegraphed input into the BULK token airdrop allocation. The mechanics page is listed as "coming soon" in the official docs.

The first BULK Improvement Proposal. Specifies permissionless perpetual market creation — any wallet can deploy a new perp market without exchange approval, with risk isolated per market via listing bonds and pluggable oracles.

The native token of the BULK Exchange protocol. 30% of supply is allocated to community distribution. Used for governance and value capture from exchange trading fees.

A decentralized perpetuals DEX operating as an L0 execution layer alongside Solana. Targets 5–20ms matching latency within regional validator clusters, uses leaderless BFT consensus, and enforces fair ordering that makes front-running mathematically impossible within a batch.

The L0 execution layer that BULK Exchange runs on. Operates in parallel to Solana, using Solana for settlement and stake inheritance while running its own consensus and matching for sub-second execution.

A leaderless Byzantine fault-tolerant consensus mechanism. No single validator controls what transactions enter a batch. The fast path achieves agreement in 2 message delays — the theoretical minimum for BFT agreement.

A Solana liquid staking token (LST) that earns four yield streams simultaneously: base Solana staking yield, MEV tips, BULK Exchange trading fee revenue share, and Aura point accumulation toward the airdrop.

BULK uses a fully on-chain deterministic CLOB. Every validator produces identical output from the same input without communication during execution — the opposite of AMM-style pricing.

Orders that trigger off market state, not user action. BULK supports stop-loss, take-profit, trailing stops, range orders (OCO), and on-fill triggers — all running without manual intervention.

A margin mode where all positions in an account share a single margin pool. BULK Exchange uses portfolio cross-margin by default with correlation-adjusted effective notional.

A property of BULK's matching engine where every validator processes the same input and produces byte-identical output. Pre-flight checks, execution, and state updates run on all validators in parallel without communication.

A Solana-native perpetuals exchange running as standard Solana programs at 400ms block times. Compared to BULK's 5–20ms L0 execution layer in our deep-dive comparison.

A Cosmos app-chain perpetuals exchange. Compared to BULK Exchange (which runs as a Solana-aligned L0) in our comparison covering composability, liquidity, and governance speed.

A lending protocol used in the BulkSOL yield stack — depositors lend BulkSOL or borrow against it to layer additional yield onto the base staking position.

BULK Exchange's 4-layer mechanism that makes front-running mathematically impossible within a single batch. Combines Fisher-Yates shuffle, leaderless admission, structural defenses, and real-time matching stack rules. No other perp DEX has documented all four layers.

The randomization algorithm BULK uses to shuffle order arrival positions within a batch. Cannot be front-run because the order is determined after admission, not before.

An SDK primitive that lets HFT builders subscribe to a chosen validator's pre-consensus stream and react to fills 2–5ms earlier than consensus-confirmed fills.

The threshold signature scheme used in BULK's validator key management. Ensures that no single validator (or small subset) can move user funds — signatures require a threshold of the validator set.

The mechanism that tethers perpetual futures prices to spot. Positive funding means longs pay shorts; negative means shorts pay longs. Settled continuously on BULK Exchange.

The first 30 days of BULK Exchange mainnet. Features 0 bps maker fees as a launch incentive. After Genesis Phase ends, standard maker/taker tiers apply.

BULK supports HFT integration via the client SDK, follower mode, and the Alpha Program (7.5% of taker fees rebated to qualifying market makers).

The risk model BULK uses for portfolio margin. Classifies the market into one of 9 volatility/correlation regimes and adjusts margin requirements continuously — no cliff edges.

A purpose-built perpetuals L1. The most direct competitor to BULK Exchange. See our full comparison: latency, margin efficiency, community allocation, fair ordering.

A pool that backs liquidations on BULK Exchange. Funded by liquidation fees and protocol revenue. When insufficient to cover a liquidation shortfall, ADL is triggered.

An order type that fills as much as possible immediately and cancels any remaining quantity. Cannot rest in the book.

A margin mode where each position has its own dedicated margin pool. Available on BULK Exchange for traders who want to bound the risk of a specific position.

A Solana LST that captures MEV through Jito's auction system. Often compared to BulkSOL — both earn base staking + MEV, but BulkSOL adds exchange revenue share and airdrop accrual.

An execution layer that operates alongside an L1 (in BULK's case, Solana). BULK Net runs its own consensus and matching for sub-second execution while inheriting Solana's settlement and stake.

The public ranking of BULK Exchange traders by realized PnL, volume, and Aura points. Live at early.bulk.trade. Likely feeds into the airdrop multiplier as the highest-fidelity public record of pre-mainnet engagement.

A consensus design where no single validator proposes blocks. BULKBFT uses leaderless consensus to eliminate the censorship vector that single-leader systems have.

BULK's liquidation engine. Runs a 100-cycle optimizer that skips positions providing hedging benefit, targeting margin recovery with minimal portfolio disruption — instead of naively closing the worst position first.

A Solana borrowing protocol used in the BulkSOL loop strategy. Users deposit BulkSOL as collateral and borrow SOL to acquire more BulkSOL — compounding yield with leveraged exposure.

A tokenized representation of a staked position. BulkSOL is the LST issued by BULK; JitoSOL, mSOL, and bSOL are competitors.

BULK Exchange charges 2.2–3.5 bps taker fees, with maker rebates at higher tiers. 0 bps maker during Genesis Phase. No PFOF, no hidden spread costs.

The live tool at early.bulk.trade that shows portfolio margin requirements, effective leverage, and liquidation prices in real time for any position set.

The core component of BULK Exchange that turns submitted orders into fills. Deterministic, validator-replicated, runs in parallel across the validator set with byte-identical output.

Value extractable by reordering, inserting, or censoring transactions. BULK's fair ordering system makes intra-batch MEV mathematically impossible. BulkSOL captures inter-batch MEV via validator infrastructure.

A set-reconciliation protocol BULK uses for orderbook delta propagation between validators. Bandwidth stays flat regardless of update frequency — O(d) complexity.

The encrypted-channel protocol BULK uses for client-to-validator communication. Combined with AEGIS-128L for the symmetric layer. Same primitive WireGuard uses.

BULK Exchange supports six base order types: market, limit, IOC, ALO (post-only), reduce-only, and trigger orders.

Perpetual markets that anyone can list onchain without exchange approval. BIP-1 specifies the mechanism on BULK — the "Uniswap v2 moment" for derivatives.

A margin model that evaluates an entire account as a single risk unit, using correlation-adjusted effective notional. BULK's 9-regime HMM achieves up to 70% margin efficiency on hedged positions vs naive per-position margin.

BULK's replacement for naive per-second rate limits. Tracks cancel-to-fill ratio, toxic flow indicators, and spam patterns per-account. Affects fee tier, market maker eligibility, and validator inclusion priority.

Listed as 'coming soon' in the official BULK docs. When launched, will let referrers earn from the trading fees of traders they refer.

BULK's open-source client library. Connects directly to the L0 execution layer (no REST gateway), signs orders client-side, and exposes orderbook subscriptions, fill streams, and follower mode.

BULK Exchange supports up to 64 sub-accounts per master wallet, each with independent margin and PnL. Volume aggregates under the master wallet for fee tier calculation.

BULK's pre-mainnet environment. A full exchange simulation that ran the $50k paper trading competition (ended May 28, 2026) and accumulates Aura points toward the airdrop.

The launch of the BULK token. Confirmed: 30% community allocation. Genesis Phase trading window with 0 bps maker fees runs for the first 30 days of mainnet.

The primary venue for swapping SOL into BulkSOL on Solana. First step in the BulkSOL yield stack.

The full BulkSOL → Exponent → Loopscale yield loop. Deposit BulkSOL, borrow SOL against it, swap to more BulkSOL, repeat. Compounds the four BulkSOL yield streams with leveraged exposure.

BULK validators run alongside standard Solana nodes, sharing identity keys and stake. 20+ independent operators represent ~5% of Solana total stake. Validators earn 12.5% of all BULK Exchange trading fees plus standard Solana rewards.

The composable set of protocols that BulkSOL plugs into: Titan (swap), Exponent (lending), Loopscale (leveraged borrowing). Each layer adds yield streams onto base BulkSOL holding.