Perpetual DEX Rankings by Use Case

A perpetual future (or "perp") is a derivative contract that tracks an asset's price with no expiry date. Traders hold long or short leveraged positions for as long as they want, and a periodic funding payment between longs and shorts keeps the contract price tethered to the underlying spot index.

Funding is a small payment exchanged between long and short position holders. When the perpetual trades above spot, longs pay shorts (positive funding); when it trades below spot, shorts pay longs (negative funding). On BULK, funding is calculated and settled every hour at the top of the hour, and the exchange does not take a cut of the payment.

Open interest (OI) is the total number of outstanding perpetual contracts that haven't been closed. Rising OI while price is flat can indicate a build-up of leveraged positions that may unwind sharply (a liquidation cascade) if price moves against the crowd. Watch OI together with funding and order flow, not in isolation.

Isolated margin caps a position's risk at the collateral allocated to that position alone. Portfolio margin prices the whole account together so that offsetting positions share margin and reduce each other's requirement. BULK uses true portfolio margining with a correlation-aware risk engine; on hedged books BULK reports up to ~70% capital savings versus isolated margin.

A mark price is derived from the underlying spot index rather than the last traded print, so a single outlier trade cannot trigger liquidations. Exchanges value positions and decide liquidations against the mark price. This is standard practice on every serious perp venue, BULK included.

Going long means you profit when the asset's price rises; going short means you profit when it falls. Perpetuals allow both directions with leverage, which is why they are the preferred instrument for expressing a view on any asset, up or down.

No. This is a reference and data page - it explains each perpetual futures market and links out to the Bulk.Trade trading interface, which is the live order-flow source and where trades are actually placed. This is an independent reference site. Every outbound trading link may include referral attribution - there is nothing to copy or type.

BULK is a decentralized perpetual futures exchange built as a specialized L0 execution layer running natively alongside Solana. Instead of competing for slots in Solana's general transaction queue, BULK validators run a dedicated consensus and matching engine (BULKBFT) that targets 5-20ms matching and propagation latency. It offers a USDC-margined central limit order book (CLOB), true portfolio margining and self-custodial settlement on Solana. Official documentation: https://docs.bulk.trade

BULK mainnet is live (launched September 5, 2026), and entry runs through referral links. Open app.bulk.trade through a trading link like the ones on this site and the referral is applied automatically - nothing to copy, nothing to type. During the invite window a brand-new account may also be asked for a one-time access code; those codes rotate weekly and are not kept on this site.

BULK has committed 30% of its future token supply to the community, a structure it has compared to Hyperliquid's 31% HYPE distribution to early users. AURA is the points system that tracks that allocation, and it is now earned from mainnet activity - trading volume, holding BulkSOL, and referrals - rather than from pre-deposits. Referral rewards are paid weekly from a dedicated AURA pool (docs.bulk.trade). No token is live yet, and final terms can change.

A referral link attributes a new account when the account is created through it. BULK pays referrer rewards each week from a dedicated pool of AURA (docs.bulk.trade), and referral links are the on-ramp during the invite-only mainnet. Every outbound trading link on this site includes attribution - for example https://app.bulk.trade/trade/BTC-USD?ref=YETI - so your account is attached automatically. Terms are set by BULK and can change.

BULK fees and rebates settle per fill in USDC, and there is no separate liquidation fee. In the Phase 1 Genesis period (the first 30 days of mainnet) the base maker fee is 0 bps and taker fees run from 3.5 bps down to 2.2 bps by 14-day volume tier; qualifying makers can also earn rebates up to -1.5 bps. A Phase 2 schedule introduces a base maker fee for lower tiers. Full schedule: https://docs.bulk.trade/bulk-exchange/fees

BULK prices margin across the entire account, not per market in isolation. Its real-time risk engine detects market regimes and adjusts correlation so that a hedged book - for example a BTC long against a correlated market - requires far less margin than the sum of isolated positions. BULK reports up to ~70% capital efficiency versus isolated margin on correlated positions. Risk documentation: https://docs.bulk.trade/bulk-exchange/portfolio-margining

Yes. The BULK program was audited by Zellic, with the audit reported complete on August 17, 2026. Program upgrades and admin authority run through 5-of-8 Squads multisigs protected by a 3-hour timelock, and user funds settle on Solana using FROST threshold signatures that require a supermajority of validators. Audit details: https://docs.bulk.trade/architecture/audits

BULK targets 5-20ms matching and propagation latency within regional validator sets, far below Solana's ~400ms block time, using its leaderless BULKBFT consensus. Orders are fair-ordered with cryptographic sort keys, and maker liquidity gets a 25ms window before taker-capable transactions become eligible to match. The design goal is CEX-grade speed without a central sequencer or MEV. See https://docs.bulk.trade/architecture/fair-ordering

BulkSOL is the liquid staking token of the BULK network. Holders earn base Solana staking yield and MEV from BULK's validator set, and BULK shares 12.5% of trading fees with its validator ecosystem. BulkSOL positions also continue to earn AURA while mainnet is live. It is available through venues such as Titan, and can be used as collateral across Solana DeFi.

BULK currently lists 20 perpetual markets, from BTC-USD, ETH-USD and SOL-USD to HYPE-USD, NEAR-USD, ZEC-USD, JUP-USD, AAVE-USD, XRP-USD, TAO-USD, SUI-USD, DOGE-USD and newer listings such as FARTCOIN-USD. Every market on this site links straight to its live BULK order book with referral attribution applied, for example https://app.bulk.trade/trade/SOL-USD?ref=YETI.

No. This is an independent reference and market-data site. It is not BULK, and it is not a broker or financial advisor. Outbound links to the Bulk.Trade trading interface may carry referral attribution so the operator earns referral rewards from BULK's program. Nothing here is financial advice.