MEV (maximal extractable value) in perpetuals takes three forms: front-running large market orders, racing cancel-replace strategies, and exploiting liquidation events. BULK Exchange is the first perp DEX to address all three through a documented four-layer fair ordering system.
Liquidation happens when your margin falls below the maintenance threshold. Understanding the trigger conditions, how mark price differs from last-traded price, and how BULK Exchange handles liquidations differently from most exchanges can prevent unexpected losses.
A central limit order book (CLOB) is the matching engine used by every major stock exchange and most CEXes. It matches buyers and sellers at agreed prices using price-time priority. BULK Exchange is the first Solana perp DEX built on a fully deterministic CLOB with sub-20ms execution.
Perpetual futures are derivatives contracts with no expiry date. Instead of settling at a fixed date, they use a funding rate mechanism to keep price anchored to spot. They are the dominant trading instrument in crypto, with hundreds of billions in daily notional volume.